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【资本论坛】九方智投程伟:全面注册制时代的投资之道

6yue8ri,youhainanshenggongyehexinxihuatingzuoweizhidaodanwei,shanghaibaoyejituan|jiemianxinwenzhuban,haikouguojiagaoxinqu、haikoujiangdongxinquguanlijuzuoweizhichidanwei,tribunekantai、huachenzibenzuoweizhichiqiyedediliujie【zibenluntan】zaihaikouguanlanhudujiajiudianyuanmanluomu。

6yue8ri,youhainanshenggongyehexinxihuatingzuoweizhidaodanwei,shanghaibaoyejituan|jiemianxinwenzhuban,haikouguojiagaoxinqu、haikoujiangdongxinquguanlijuzuoweizhichidanwei,tribunekantai、huachenzibenzuoweizhichiqiyedediliujie【zibenluntan】zaihaikouguanlanhudujiajiudianyuanmanluomu。jiufangzhitoufuzongjinglijianjiufangjinrongyanjiusuosuozhangchengweichuxibenciluntan,bingfabiaotiwei《quanmianzhucezhishidaidetouzizhidao》dezhuzhiyanjiang。

以下为程伟演讲实录:

zunjingdegeweilingdao,geweiguibin,geweipengyoumen,dajiashangwuhao。jiexialaiwolaifenxiangyixiaquanmianzhucezhishidaidetouzizhidao。

jiangdaotouzizhidao,dajiayinggaifeichangganxingqu,wozaiqitadifangyanjiangdeshihou,yibanhuixiandiaoyanyixia:zaichangdepengyoumenchaogudeyouduoshao?yinglideyouduoshao?jinrushichangdeshijidagaishishenmeshihou?jintianzaizuodedoushigeweiqiyejiapengyou,wojiubuzuozheigediaoyanle,danshi,wokeyipingwozhiqianduoniandejingyandoudancaiceyixia,zaitouzilizhenzhenghuodechenggongdegerentouzizhebingbushihenduo。

zheimeduonianwoyizhigengerentouzizhedajiaodao,gentamenjiechu,youyixiehenyouyisidexianxiang,tebiezhidesikaohefenxiang。birushuo,gentamenliaotiandeshihou,tamenshuowotouzideshihou,jibenmianfenxibutaihui,xingyefenxibutaihui,jishufenxiyebutaihui。woshuonipingshigongzuomangma?tashuotingmangde;touzilimianhuaduoshaoshijian?tashuobushihenduo,jiuouerkankan。zheizhongqingkuangxiawozaiwentamenyixiajibendewenti,tamenbuzhidaoshishenme,yebuzhidaoweishenme。dangjintianshichangzouwan,huozheyiduanshijianzhangwanyihou,tamenbuzhidaoweishenmezhang,danshitamentebiexiwangzhidaoshichangmingtianhuizenmeyang。danghenduotouzizhebuzhidaoshishenme,yebuzhidaoweishenme,danshiquexiwangzhidaomingtianhuizenmeyangdeshihou,touzijiubiandefeichangjiannan。

suoyizaizuijinzheiduanshijian,baokuoqunianyijijinjinian,henduogerentouzizhe、zhuanyetouzijigou,touzishouyidoubushitailixiang。

jintianganxiejiemianxinwentigongzheigejihui,fenxiangyixiaerjishichangdegupiaotouzihejijintouzidetouzizhidao,xiwangduigeweidetouziyousuoqifahesikao。

zhucezhigaigezai2018nianqidongyihou,zaiduanduansiwuniandeshijianli,jiezoutuidongdefeichangkuai。2019nian7yuefen,shoupikechuangbanshangshi,2020nianchuangyebangaigezhucezhishidian,beijiaosuo2011nianshangshi,jinnian2yue17riquanmianzhucezhikaishiluodi,zhiciduocengcidezibenshichangtixiquanbuxingchengle。zheigetixidexingcheng,duiqiyejiapengyou、zhunshangshigongsiyinggaishitebieyoulide,butongfazhanjieduan,butongfazhanzhuangkuang,butongxingyeshuxingdeqiye,zaishichanglidoukenenghuizhaodaoyigeshihezijishangshidejihui。

zaizhucezhituijinyihou,womenfaxianshangshixiaolvshidafutishengde。guoqusannianshijian,womenzhenggeaguxinzengshangshishuliang1386jia,zhanaguzongshude25%。zaishangshigongsifenbushang,jiejin80%deqiye,shizaibeijiaosuo、chuangyeban、kechuangbanwanchengshangshide,shizhihuishaoweixiaoyidian,50yiyixiajuduo。

lingwai,womenfaxiangengzhongyaodeyidian,shangshipaiduideshijianshidafusuoduande,zheiyidianduitigaozhijierongzibilishijiweiyoulide。2016nian、2017niandeshihou,congiposhenbao、pilu、shangshishoufa,xuyaoliangnianzuoyoudeshijian,daohoulaizhunianxiajiang,dao2020nian、2021nian、2022nian、2023niandeshihouzhixuyao200duotianshijian,xiaolvtishengle50%,zheigetishengyilaiyuzhucezhitichuyuzhubuluodi。

shangshirukoudaleyihou,yiweizhechukouyehuibiandegengda,zheijiushitaotaijizhi。zaishijinianyiqiandeshihou,womenhenshaotingshuoaguyouyijiashangshigongsituishile,suoyitouzizheyangchengleyigetouzixiguan:maixiao、chaojicha、chaoticai、chaogainian。yinweibuguanzenmeyang,jibianshiduanqidekuisun,yongshijianzonghuiyoujihuixiaohua,jibianxiaohuabuleyedagailvbuhuituishi,caifuyebuhuiquanbuxiaoshi,suoyihuixihuanchaoticaihexiaopangu。

danshiguoquliangsannianshijian,tuishidebilizhujianshangsheng,congzhiqiande0.2%,daoqunian1.1%。danzheigebilihaishibugao。keyiduibiyixiachengshude、quanmianzhucezhidemeigushichangyijilunjiaosuo,tamenjibenshangshi7.6%、6.6%、9.5%debili。yejiushitouzizhemeimai10cigupiaozhangqichiyou,henyoukenengyouyijiagongsihuituishi,zheizhongfengxianjidade。

zheishiquanmianzhucezhishidaijiaoyicelvedezhongdabianhua。zaizhucezhizhiqian,womenfaxianshangshiqianwugejiaoyirizhangdiefubijiaogaode,2022nian、2023nianyihou,qianwugejiaoyirishouyiweifule。shangshishouripofalvzaizhiqianshifeichangdide,qianjinianyouyigedaxindecelve,zhiyaotouzidaxingu,jihuwenzhuanbupeide。henduojijinzhuanmenzuodaxincelve,touzizheyeshimeiyicidaxindejihuidoubufangguo。zheigecelvedangshihaibucuo,danzaiweilaiquanmianzhucezhishidaijiangkenengmianlinshixiao。jiezhi2023nian6yue1ri,shangshideshouripofalvyijingfeichanggao,weilaiyikaodaxindecelve,shouyikenenghuizhujianxiajiang。

genmeiguoxiangbi,womenagushimeiyoutoubuxiaoyingde,chulemaotai。guoqushinianshijian,meigudapangushouyilvgaoyupingjunzhi,aguzhongzheng100zhishushidiyuwandequanade。zhongguohemeiguogushichayibijiaoxianzhu,tebiezaiqunian12yuefendao5yuedi,meiguduocijiaxi,danshiwomenfaxianmeiguzoushiyijiushifeichangqiangjingde。qiangjingdebeihoushibiaopu500zhangle10%,7jiajutouzhangle44%,jiushiwomenershunengxiangdepingguo、tesila、lianshu、yamaxun、yingweidazheixie,danshengyude493jiagongsidezhishuzhizhangle1%。

chengjiaoededuibifangmian,meiguolanchouguchengjiaozhanbishifeichanggaode,agulanchouguchengjiaoxiangbishibuzude。womenpanduanzaiweilaiquanmianzhucezhishidaijiaoyidequshi,yehenyoukenengzouxianglanchoujiyougudejiaoyizhubujizhong。dangyishangqingkuangfashengdeshihou,touzizhejiangmianlinjidadetiaozhan。touzibenlaihennan,zaiguoquhezhunzhi、shenpizhideshihou,gongsishangshishijingguoshenpihezhunde,xinxidepilushaoweiruoyidiandian,zheizhongqingkuangzhixia,womenmorenshangshigongsidoushiyouxiude,doushichengzhangxingtebiehaode。danzaizhucezhideshihou,baxuanzequanjiaojishichang,youtouzizhezijipanbie、zijishibieshifouzhidetouzihetouzijihui。zheizhongqingkuangxiaxuyaoduishichangyougengjiaqingxi、gengjiajingzhunrenzhi,xuyaomeiyiweitouzizheshenkedizhidao,zaitouzideshihou,mianlinshenmeyangdejihuihefengxian。

dangqiandehongguanqushi,keguandishuoshiyouyixieyalide。congzhangqiqushikan,quanqiumuqianchuyukangbodexiaotiaozhouqi,kangbodefusuzhouqiyaodengjiniancainengdaolai,kenengzai2027nianzhi2035niandeshijianduan,kangboxiaotiaozhouqidailailejishudetingzhi。zheigedifangkeyiduojiangyiju,dangqianaijishushihenyoukenengshixianjishuqianjinde,danshizaiaizhiqian,qishizhenggequanqiudejishuxiangduishichuyutingzhide,xinnengyuan、guangfuzheixie,yangeyiyishanglaishuo,buzuyituidongzhenggeshidaidejishujinbu,aijishukenengshibijiaozhongyaodejishu,danyoudaiyuyanzheng。zheizhongqingkuangzhixia,daozhilequanqiuzongxuqiudebuzu,zongxuqiubuzudaozhilingheboyi,zuizhongdaozhidiyuanboyihediyuanchongtu。zheishiwomenguoqujinianshijian,nenggoumingxianganshoudaode。zhongqidejingjiqushi,tixianzaizhongmeiliangdajingjitizhouqidecuowei。womenzaiqunianfangkaizhihouchuyuruofusu+manfusudejieduan,fusudeyuqibiwomenshichangyuqilveweiyouyidiandianchayi。duanqidejingjidetezhengshizhangqidewentiduanqihua。zhangqidewenti,xuyaowomen5nian10nianhuajie。danshi,womenwangwangyongduanqi、jizhideqingxuyanyileweilairuoganniandejibenmian,rangwomenganshoudaogushibushineimerongyitouzi。

womenyeyaoqukeguanrenshishichangdejiyuyufengxian,womenshichangzhendeneimechama?kenengbushi。womentongjilegushizhishuhechengfenguzhangfutongji,biaomianshangzuixinbannianshujuxianshimeiguhenhao,agutouzihennan,danshijishangchengfenguzhongweishuzhangfuaguyuanyuangaoyumeigu。zheigexianxiangfeichangqiguai,shiyinweimeigudeshangzhangzhuyaoshiyou7jiaquanzhonggongsigongxiande。jiujingagutouzigengrongyi,haishimeigutouzigengrongyi,zaiyugeweidexuanze。ruguojinniantouzipaoyingbitouzi,suibianxuanyijiatouzi,pingjunagudaijiwomenshouyi3%,meigudaijiwomenshouyi0.1%。danshiluodaomeiyigegerentouzizhetouzideshihou,zaiyuzijidexuanze,yezaiyurenzhihenengli。

zaishichangtongchangderenzhizhong,dajiayiweiagubodonghenda,fengxianhengao,zongjuedeqianjinianmeiguhao,qishiburan,zheishiagurijunhuanshoulvguogaodaozhidewupan。womenrineihuanshougao,daozhirineibodongtebiegao,danshiquannianxialai,aguchengfengudebiaoxian,genzhenfudezhongweishu,yechuzaiquanqiuzhuliushichangzhongjian。chongfenshuomingwomenagushichangxiangduilaishuohaishibijiaojiankangde,meiyouwomenxiangdetouzineimejiannan。

zheijinian,womenguanchadaolejigexianxiang,bingyinfaleyixiesikao。diyi,saidaotouzifangmian,geweiqiyejiakendingxiwangwomenzheigesaidaozoudejiuyidian,danshishijishangzaizibenshichang、zaizhengquanshichangbushizheiyangzide。wangwangwomenzaiqianbanduantouzitangyingde,houbanduantouziquefeichangjiannan,xianruchoumakunjing。jieguodaozhiwomengujiaheshizhimeiyoubanfazhenshifanyingjingyingzhuangkuang。

dier,shichangdefengxianyuqingmeiyoudikangli。zheibannianshijian,shichangmeitianchuanyiliangpianxiaozuowen,yikaoxiaozuowenchaogufeichangjiannan。yiqianshizaoshangchuxiaozuowen,xiawupiyao,wanshangluokong;xianzaifazhandaoshangwuxiaozuowen,xiawushoupanzhiqianjiuluokongmeiyoule。biruqiantiandeshichangjiushizheiyangzide,fangdichanzhengceshangwuyipiandahaoyuqi,xiawuliangdianzhong、sandianzhongdeshihouganjuemeiyouzheimehuishi,shichanglikekaishifanying。zheijiushifengxiandikanglitairuo,genyuanzaiyuwomenduifengxianderenzhihehuibi。shijishangfengxianbukepa,nenggoukandejiandefengxian,nenggouzhidaomingtianfashengshenme,zheidoubushizhenzhengdefengxian,zhenzhengdefengxianshiwufayuliaode、zhangwobulede,zheiyangdefengxiancaishizhongdadefengxian。womenzuotouzizhejiaoyudeshihouhuihekehujiangqingchu,zheigeshichangnanjiunan,youfengxianjiushiyoufengxian,youyalijiushiyouyali,danshijihuiyebaizaineili。

disan,zhenggexuexiquxianyuelaiyuedouqiao,duitouzizheyuelaiyuebuyouhao。biruwomenchaozhangqidesaidaoqushixingdejihui,benlaiyaozoushinian,ershinianxingqingde,womenaguyinianshijianzouwanle。xinnengyuan2020nian3yuefenkaishi,tichushuangtanmubiaokaishi,xinnengyuanbaola、baozhang,zhangleyinianshijian,2022nianfaxianfeichangjiannan,xianruchoumadekunjing。aibenlaiyeshiyigexiangduidezhangqiqushi,gptde4dao5,zaidaohoulaideyingyong,zaidaoduixian,zheiqishiyeshiyigesanwunianshenzhishiniandezhouqi。danshiwomenzheigedifangzhangleyigeyue,xianzhangwanzaishuo,xianganweijing。zhongqidequshiyizhouzouwan,birushuozhongguoyinxingzhangleyizhoudeshijian,zhunquedishuozhanglesantianshijianjiuzouwanle。nichiyou3nian5nianshijiandoubudongyixia,santianshijianzouwan,neifeichangjiannan,shaoyourennengrennai3nianbushangzhang,xiangshou3tiandeshangzhang。

womenzuotoujiao,jiushiyaobajihuishuodaowei,jiangfengxianjiangtouche。henduotouzizhebihuitanfengxian,shichangduifengxianyoushihouyehuibierbutan。worenwei,shouxian,touziqianyaoxiangqingchu,fengxianshishenme?woruguotouzishibaileduiwodeyingxiangshishenme?womenxuyaocongcaiwuzhiliang、xingyequshi、guzhishuipingzheisangefangmianlaihengliangfengxian。qici,yaofensantouzi。henduotouzizhekandaoyizhigupiaohaojiuzhongcangmaijinqu,huozhezhongcangmairuyizhijijin,zheishiwomentouzixianrukuisunhuoshibaidezhongyaoyinsu。quanmianzhucezhishidaiyihou,tuishibilidafuzengzhang,xianzaishi1.1%,weilaizheigeshuzihuibuhuidao2%,3%,4%,shenzhigenggao?huozheshishuozaimouyitianshijian,jinchuxiangdeng?wojuedezheizhonggailvshihendade。ruguozhijinbuchu,jiuhuixingchengyansaihu,touzijiuhuigengjiajiannan。suoyidaozhongjixingtaishangshihetuishilveweixiangdengshi,zheizhongqingkuangxiacaidaotuishigudegailvshifeichanggaode,womenyaofensancangweiyangekongzhifengxian。

zuihou,peiyangyidingdejiaoyinengli。jiaoyinengliyoulianggeyaodian,diyixuanchuhaogongsi,dierzuoyidingchengdudezeshi。shenmeshihaogongsi,zenmexuanze?wojuedejintiandeluntanfeichanghao,duozhaoyixiedongmi,duozhaoyixiegaoguanjiangjiangnimenqiyedezhuyingyewushishenme,nimenqiyedejingyingzhanlveshishenme,weilaideshengtaihuanjingshizenyangde,touzinideqiyeweilaikenenghuiyounaxiejihuifengxian。tongguochongfendexinxipilu,jiashangjinrongzhongjiejigoufuwu,rangtouzizhezuizhongshibiechuneixiehaodegongsi。

haogongsiyebudengyuhaogupiao,haogongsidaohaogupiaoyexuyaoyidiandianjiyuhezeshi。jiangdaozeshi,wofenxiangyidiandianxiaoxiaodekanfa,weishenmesanhutouzizheduoshushikuiqiande?kuiqianbuwanquanshishuipingbuxing,yebushishichangbuhao,zuigenyuanyidianshishengbufengshi。yuanyinshishenmeni?womenhennankandaoshenbiandetouzizheshuo,zenmedoukuiqianle,shichangzheimenanzuo,woquzuoba。womenwangwangtingdaodeshi,woshenbianpengyoudouzhuanqianle,shichangdouzaizhuanqian,meitidouzaibaodao,gegegujiadouzaifengkuangshangzhang,wangwangrenmenzaizheizhongqingkuangzhixiahuirushi。suoyiworenweiduiyujuedabufenweirushidetouzizheeryan,rushideshijitebiezhongyao,dangnizaishichanghaodeshihourushi,dangnikandaoshenbianmeiyigerendouzhuanqiandeshihouqurushi,shibaidegailvshijiqidade,shichangzoushishiyigezhouqixingde。yinweidangsuoyoudetouzizhekanhaoyaozhangshi,shuomingtadoumaiwanle,meiyouqianmaile,dengnijiejiuhaole,chuxiangaodiandegailvjiaoda,xianranzheigeshijianjinqushifeichangnanzhuanqiande。

yourenfanbowoshuo,weishenmewoganggangrushizhuanqiande,houlaikuiqian,huiguaishichangbuhao。qishiyebushi,yinweidangniganggangrushideshihou,shichangchuzaizuikangfendejieduan,tachuzaiguanxingdishangzhangjieduan,bingmeiyoujieshu。zainirushideshihou,diyitiankaihaohu,nadianqianqumai,suibianmaiyigemingtianzhanglianggedian,mingtianmaidiaohoutianzaimai,youzhanglianggedian,zheigeshichangyanxuyiduanshijian,jiuhuijiashenzixinbiandezifu,huijuedeyuanlaishichangrucijiandan,toujijiukeyile,bulaoerhuojiukeyile,yiweizijifeichanglihai。shubuzhizaizheigeshijianjinrushichang,wangwangshiniushidedingdianheweisheng,houxujiuhuitebiekunnan。yushi,houmianjiushiyilumanzhangdedengdaihejianao。zheijiushihenduogerentouzizhejuede,wogangkaishichaoguhainengzhuanqian,weishenmehoulaiyuechengshu,dongdeyueduoyuebuzhuanqiandeyuanyin,bushinidongdeyueduohaileni,ershiruchangshijibuhao,shengbufengshi。

wozhenzhengjianyiweiruchangtouzizhe,zaishichangdimideshihou、zaibierenkuisundeshihou、zaijijinbuhaofaxingdeshihoumairu。zheijiushibafeitejiangguoyijuhua:bierenkongjudeshihouwotanlan,bierentanlandeshihouwokongju。zheijuhuafeichangjiandan,danwangwangshaoyourennengzuodao。

zailaikanyixiashenmeshihaode?shihezijidezuihao,zhuandeduoshao、diele、zhangledoubuzhongyao,nishiheshenmefengge,shiheshenmetedian。2020niandajiashuobafeitebuxingle,mutoujiezhuandegengduo,danshiliangnianguoqule,fashenglefanzhuan。bafeitemeiniangudongdahuidougaosuni,wochiyouduoshaogupiao,chiyouduoshaocangwei。bafeitetouzizhangnianlaishigaoshouyide,kenengmouyinianbuhao,huozhemouliangnianshijianbuhao,danshiguoqujishinianshijianshigaoshouyide。weishenme?yinweitazhidao,zaishenmeshijianjiedianyinggaiganshenme,shenmeshijianjiedianyinggairennai,juedabufentouzizhebingbuzhidaozheigeluoji。bafeitebatouzidechenggongguijieyu,weidadezuguozaojiuleweidadegongsi,zhangqichiyouzheixieweidadegongsi。cishicike,aguyeshiyiyangde,quanmianzhucezhideluodi,huirangwomengengduoyouxiudechuangxinxing、kejixingdeqiye,bianjierongzi,jitamenhuodegengdadefazhanjiyu。womendeguojiayoulezheixiekejichuangxin,youleyingkejiyihou,qiyeqiangdaqilai,zaojiuweidadegongsi,yehuijidaozibenshichanggengjiafenghoudehuibao。

zuihou,zhongshitouzidegongjuhechanpin。ruguohaogongsixuanbuchulai,zeshinengliyemeiyoude,keyiqumaiyixiezhudongguanlixingdegongmusimu、etfhuozhebaoxianchanpin,zheiyangrenshengcaifucaihuigengjiaxingwenzhiyuanyidian。yourenwenzenmemai?worenweihaishimaizaiwurenwenjindeshihou,dangjijindouyaopeishoudeshihoukeyibuyaomai,dangfabuchuqudeshihoukeyimai。dajiahennankandaojijinliankuisannianwolaimai,henduorenzuobudao,suoyiruguowomennengzuodaozheiyidian,huoxutouzidejieguogenghaoyidiandian,zheigejiushizhouqisiwei。buguanrensheng、shichang、gushihaishijingjizhouqi,haishiwomenzhenggeshijiedefazhan,doushibozhexiangshangde,bushixianxingde,womenyinggaiyongzhouqidesiweikandaishichang,kandaitouzi,kandairensheng。zheiyangwomenrenshengkenenghuitanranyidian,huidandingyidian,huishaoweixingfuyidian。

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【资本论坛】九方智投程伟:全面注册制时代的投资之道

6yue8ri,youhainanshenggongyehexinxihuatingzuoweizhidaodanwei,shanghaibaoyejituan|jiemianxinwenzhuban,haikouguojiagaoxinqu、haikoujiangdongxinquguanlijuzuoweizhichidanwei,tribunekantai、huachenzibenzuoweizhichiqiyedediliujie【zibenluntan】zaihaikouguanlanhudujiajiudianyuanmanluomu。

6yue8ri,youhainanshenggongyehexinxihuatingzuoweizhidaodanwei,shanghaibaoyejituan|jiemianxinwenzhuban,haikouguojiagaoxinqu、haikoujiangdongxinquguanlijuzuoweizhichidanwei,tribunekantai、huachenzibenzuoweizhichiqiyedediliujie【zibenluntan】zaihaikouguanlanhudujiajiudianyuanmanluomu。jiufangzhitoufuzongjinglijianjiufangjinrongyanjiusuosuozhangchengweichuxibenciluntan,bingfabiaotiwei《quanmianzhucezhishidaidetouzizhidao》dezhuzhiyanjiang。

以下为程伟演讲实录:

zunjingdegeweilingdao,geweiguibin,geweipengyoumen,dajiashangwuhao。jiexialaiwolaifenxiangyixiaquanmianzhucezhishidaidetouzizhidao。

jiangdaotouzizhidao,dajiayinggaifeichangganxingqu,wozaiqitadifangyanjiangdeshihou,yibanhuixiandiaoyanyixia:zaichangdepengyoumenchaogudeyouduoshao?yinglideyouduoshao?jinrushichangdeshijidagaishishenmeshihou?jintianzaizuodedoushigeweiqiyejiapengyou,wojiubuzuozheigediaoyanle,danshi,wokeyipingwozhiqianduoniandejingyandoudancaiceyixia,zaitouzilizhenzhenghuodechenggongdegerentouzizhebingbushihenduo。

zheimeduonianwoyizhigengerentouzizhedajiaodao,gentamenjiechu,youyixiehenyouyisidexianxiang,tebiezhidesikaohefenxiang。birushuo,gentamenliaotiandeshihou,tamenshuowotouzideshihou,jibenmianfenxibutaihui,xingyefenxibutaihui,jishufenxiyebutaihui。woshuonipingshigongzuomangma?tashuotingmangde;touzilimianhuaduoshaoshijian?tashuobushihenduo,jiuouerkankan。zheizhongqingkuangxiawozaiwentamenyixiajibendewenti,tamenbuzhidaoshishenme,yebuzhidaoweishenme。dangjintianshichangzouwan,huozheyiduanshijianzhangwanyihou,tamenbuzhidaoweishenmezhang,danshitamentebiexiwangzhidaoshichangmingtianhuizenmeyang。danghenduotouzizhebuzhidaoshishenme,yebuzhidaoweishenme,danshiquexiwangzhidaomingtianhuizenmeyangdeshihou,touzijiubiandefeichangjiannan。

suoyizaizuijinzheiduanshijian,baokuoqunianyijijinjinian,henduogerentouzizhe、zhuanyetouzijigou,touzishouyidoubushitailixiang。

jintianganxiejiemianxinwentigongzheigejihui,fenxiangyixiaerjishichangdegupiaotouzihejijintouzidetouzizhidao,xiwangduigeweidetouziyousuoqifahesikao。

zhucezhigaigezai2018nianqidongyihou,zaiduanduansiwuniandeshijianli,jiezoutuidongdefeichangkuai。2019nian7yuefen,shoupikechuangbanshangshi,2020nianchuangyebangaigezhucezhishidian,beijiaosuo2011nianshangshi,jinnian2yue17riquanmianzhucezhikaishiluodi,zhiciduocengcidezibenshichangtixiquanbuxingchengle。zheigetixidexingcheng,duiqiyejiapengyou、zhunshangshigongsiyinggaishitebieyoulide,butongfazhanjieduan,butongfazhanzhuangkuang,butongxingyeshuxingdeqiye,zaishichanglidoukenenghuizhaodaoyigeshihezijishangshidejihui。

zaizhucezhituijinyihou,womenfaxianshangshixiaolvshidafutishengde。guoqusannianshijian,womenzhenggeaguxinzengshangshishuliang1386jia,zhanaguzongshude25%。zaishangshigongsifenbushang,jiejin80%deqiye,shizaibeijiaosuo、chuangyeban、kechuangbanwanchengshangshide,shizhihuishaoweixiaoyidian,50yiyixiajuduo。

lingwai,womenfaxiangengzhongyaodeyidian,shangshipaiduideshijianshidafusuoduande,zheiyidianduitigaozhijierongzibilishijiweiyoulide。2016nian、2017niandeshihou,congiposhenbao、pilu、shangshishoufa,xuyaoliangnianzuoyoudeshijian,daohoulaizhunianxiajiang,dao2020nian、2021nian、2022nian、2023niandeshihouzhixuyao200duotianshijian,xiaolvtishengle50%,zheigetishengyilaiyuzhucezhitichuyuzhubuluodi。

shangshirukoudaleyihou,yiweizhechukouyehuibiandegengda,zheijiushitaotaijizhi。zaishijinianyiqiandeshihou,womenhenshaotingshuoaguyouyijiashangshigongsituishile,suoyitouzizheyangchengleyigetouzixiguan:maixiao、chaojicha、chaoticai、chaogainian。yinweibuguanzenmeyang,jibianshiduanqidekuisun,yongshijianzonghuiyoujihuixiaohua,jibianxiaohuabuleyedagailvbuhuituishi,caifuyebuhuiquanbuxiaoshi,suoyihuixihuanchaoticaihexiaopangu。

danshiguoquliangsannianshijian,tuishidebilizhujianshangsheng,congzhiqiande0.2%,daoqunian1.1%。danzheigebilihaishibugao。keyiduibiyixiachengshude、quanmianzhucezhidemeigushichangyijilunjiaosuo,tamenjibenshangshi7.6%、6.6%、9.5%debili。yejiushitouzizhemeimai10cigupiaozhangqichiyou,henyoukenengyouyijiagongsihuituishi,zheizhongfengxianjidade。

zheishiquanmianzhucezhishidaijiaoyicelvedezhongdabianhua。zaizhucezhizhiqian,womenfaxianshangshiqianwugejiaoyirizhangdiefubijiaogaode,2022nian、2023nianyihou,qianwugejiaoyirishouyiweifule。shangshishouripofalvzaizhiqianshifeichangdide,qianjinianyouyigedaxindecelve,zhiyaotouzidaxingu,jihuwenzhuanbupeide。henduojijinzhuanmenzuodaxincelve,touzizheyeshimeiyicidaxindejihuidoubufangguo。zheigecelvedangshihaibucuo,danzaiweilaiquanmianzhucezhishidaijiangkenengmianlinshixiao。jiezhi2023nian6yue1ri,shangshideshouripofalvyijingfeichanggao,weilaiyikaodaxindecelve,shouyikenenghuizhujianxiajiang。

genmeiguoxiangbi,womenagushimeiyoutoubuxiaoyingde,chulemaotai。guoqushinianshijian,meigudapangushouyilvgaoyupingjunzhi,aguzhongzheng100zhishushidiyuwandequanade。zhongguohemeiguogushichayibijiaoxianzhu,tebiezaiqunian12yuefendao5yuedi,meiguduocijiaxi,danshiwomenfaxianmeiguzoushiyijiushifeichangqiangjingde。qiangjingdebeihoushibiaopu500zhangle10%,7jiajutouzhangle44%,jiushiwomenershunengxiangdepingguo、tesila、lianshu、yamaxun、yingweidazheixie,danshengyude493jiagongsidezhishuzhizhangle1%。

chengjiaoededuibifangmian,meiguolanchouguchengjiaozhanbishifeichanggaode,agulanchouguchengjiaoxiangbishibuzude。womenpanduanzaiweilaiquanmianzhucezhishidaijiaoyidequshi,yehenyoukenengzouxianglanchoujiyougudejiaoyizhubujizhong。dangyishangqingkuangfashengdeshihou,touzizhejiangmianlinjidadetiaozhan。touzibenlaihennan,zaiguoquhezhunzhi、shenpizhideshihou,gongsishangshishijingguoshenpihezhunde,xinxidepilushaoweiruoyidiandian,zheizhongqingkuangzhixia,womenmorenshangshigongsidoushiyouxiude,doushichengzhangxingtebiehaode。danzaizhucezhideshihou,baxuanzequanjiaojishichang,youtouzizhezijipanbie、zijishibieshifouzhidetouzihetouzijihui。zheizhongqingkuangxiaxuyaoduishichangyougengjiaqingxi、gengjiajingzhunrenzhi,xuyaomeiyiweitouzizheshenkedizhidao,zaitouzideshihou,mianlinshenmeyangdejihuihefengxian。

dangqiandehongguanqushi,keguandishuoshiyouyixieyalide。congzhangqiqushikan,quanqiumuqianchuyukangbodexiaotiaozhouqi,kangbodefusuzhouqiyaodengjiniancainengdaolai,kenengzai2027nianzhi2035niandeshijianduan,kangboxiaotiaozhouqidailailejishudetingzhi。zheigedifangkeyiduojiangyiju,dangqianaijishushihenyoukenengshixianjishuqianjinde,danshizaiaizhiqian,qishizhenggequanqiudejishuxiangduishichuyutingzhide,xinnengyuan、guangfuzheixie,yangeyiyishanglaishuo,buzuyituidongzhenggeshidaidejishujinbu,aijishukenengshibijiaozhongyaodejishu,danyoudaiyuyanzheng。zheizhongqingkuangzhixia,daozhilequanqiuzongxuqiudebuzu,zongxuqiubuzudaozhilingheboyi,zuizhongdaozhidiyuanboyihediyuanchongtu。zheishiwomenguoqujinianshijian,nenggoumingxianganshoudaode。zhongqidejingjiqushi,tixianzaizhongmeiliangdajingjitizhouqidecuowei。womenzaiqunianfangkaizhihouchuyuruofusu+manfusudejieduan,fusudeyuqibiwomenshichangyuqilveweiyouyidiandianchayi。duanqidejingjidetezhengshizhangqidewentiduanqihua。zhangqidewenti,xuyaowomen5nian10nianhuajie。danshi,womenwangwangyongduanqi、jizhideqingxuyanyileweilairuoganniandejibenmian,rangwomenganshoudaogushibushineimerongyitouzi。

womenyeyaoqukeguanrenshishichangdejiyuyufengxian,womenshichangzhendeneimechama?kenengbushi。womentongjilegushizhishuhechengfenguzhangfutongji,biaomianshangzuixinbannianshujuxianshimeiguhenhao,agutouzihennan,danshijishangchengfenguzhongweishuzhangfuaguyuanyuangaoyumeigu。zheigexianxiangfeichangqiguai,shiyinweimeigudeshangzhangzhuyaoshiyou7jiaquanzhonggongsigongxiande。jiujingagutouzigengrongyi,haishimeigutouzigengrongyi,zaiyugeweidexuanze。ruguojinniantouzipaoyingbitouzi,suibianxuanyijiatouzi,pingjunagudaijiwomenshouyi3%,meigudaijiwomenshouyi0.1%。danshiluodaomeiyigegerentouzizhetouzideshihou,zaiyuzijidexuanze,yezaiyurenzhihenengli。

zaishichangtongchangderenzhizhong,dajiayiweiagubodonghenda,fengxianhengao,zongjuedeqianjinianmeiguhao,qishiburan,zheishiagurijunhuanshoulvguogaodaozhidewupan。womenrineihuanshougao,daozhirineibodongtebiegao,danshiquannianxialai,aguchengfengudebiaoxian,genzhenfudezhongweishu,yechuzaiquanqiuzhuliushichangzhongjian。chongfenshuomingwomenagushichangxiangduilaishuohaishibijiaojiankangde,meiyouwomenxiangdetouzineimejiannan。

zheijinian,womenguanchadaolejigexianxiang,bingyinfaleyixiesikao。diyi,saidaotouzifangmian,geweiqiyejiakendingxiwangwomenzheigesaidaozoudejiuyidian,danshishijishangzaizibenshichang、zaizhengquanshichangbushizheiyangzide。wangwangwomenzaiqianbanduantouzitangyingde,houbanduantouziquefeichangjiannan,xianruchoumakunjing。jieguodaozhiwomengujiaheshizhimeiyoubanfazhenshifanyingjingyingzhuangkuang。

dier,shichangdefengxianyuqingmeiyoudikangli。zheibannianshijian,shichangmeitianchuanyiliangpianxiaozuowen,yikaoxiaozuowenchaogufeichangjiannan。yiqianshizaoshangchuxiaozuowen,xiawupiyao,wanshangluokong;xianzaifazhandaoshangwuxiaozuowen,xiawushoupanzhiqianjiuluokongmeiyoule。biruqiantiandeshichangjiushizheiyangzide,fangdichanzhengceshangwuyipiandahaoyuqi,xiawuliangdianzhong、sandianzhongdeshihouganjuemeiyouzheimehuishi,shichanglikekaishifanying。zheijiushifengxiandikanglitairuo,genyuanzaiyuwomenduifengxianderenzhihehuibi。shijishangfengxianbukepa,nenggoukandejiandefengxian,nenggouzhidaomingtianfashengshenme,zheidoubushizhenzhengdefengxian,zhenzhengdefengxianshiwufayuliaode、zhangwobulede,zheiyangdefengxiancaishizhongdadefengxian。womenzuotouzizhejiaoyudeshihouhuihekehujiangqingchu,zheigeshichangnanjiunan,youfengxianjiushiyoufengxian,youyalijiushiyouyali,danshijihuiyebaizaineili。

disan,zhenggexuexiquxianyuelaiyuedouqiao,duitouzizheyuelaiyuebuyouhao。biruwomenchaozhangqidesaidaoqushixingdejihui,benlaiyaozoushinian,ershinianxingqingde,womenaguyinianshijianzouwanle。xinnengyuan2020nian3yuefenkaishi,tichushuangtanmubiaokaishi,xinnengyuanbaola、baozhang,zhangleyinianshijian,2022nianfaxianfeichangjiannan,xianruchoumadekunjing。aibenlaiyeshiyigexiangduidezhangqiqushi,gptde4dao5,zaidaohoulaideyingyong,zaidaoduixian,zheiqishiyeshiyigesanwunianshenzhishiniandezhouqi。danshiwomenzheigedifangzhangleyigeyue,xianzhangwanzaishuo,xianganweijing。zhongqidequshiyizhouzouwan,birushuozhongguoyinxingzhangleyizhoudeshijian,zhunquedishuozhanglesantianshijianjiuzouwanle。nichiyou3nian5nianshijiandoubudongyixia,santianshijianzouwan,neifeichangjiannan,shaoyourennengrennai3nianbushangzhang,xiangshou3tiandeshangzhang。

womenzuotoujiao,jiushiyaobajihuishuodaowei,jiangfengxianjiangtouche。henduotouzizhebihuitanfengxian,shichangduifengxianyoushihouyehuibierbutan。worenwei,shouxian,touziqianyaoxiangqingchu,fengxianshishenme?woruguotouzishibaileduiwodeyingxiangshishenme?womenxuyaocongcaiwuzhiliang、xingyequshi、guzhishuipingzheisangefangmianlaihengliangfengxian。qici,yaofensantouzi。henduotouzizhekandaoyizhigupiaohaojiuzhongcangmaijinqu,huozhezhongcangmairuyizhijijin,zheishiwomentouzixianrukuisunhuoshibaidezhongyaoyinsu。quanmianzhucezhishidaiyihou,tuishibilidafuzengzhang,xianzaishi1.1%,weilaizheigeshuzihuibuhuidao2%,3%,4%,shenzhigenggao?huozheshishuozaimouyitianshijian,jinchuxiangdeng?wojuedezheizhonggailvshihendade。ruguozhijinbuchu,jiuhuixingchengyansaihu,touzijiuhuigengjiajiannan。suoyidaozhongjixingtaishangshihetuishilveweixiangdengshi,zheizhongqingkuangxiacaidaotuishigudegailvshifeichanggaode,womenyaofensancangweiyangekongzhifengxian。

zuihou,peiyangyidingdejiaoyinengli。jiaoyinengliyoulianggeyaodian,diyixuanchuhaogongsi,dierzuoyidingchengdudezeshi。shenmeshihaogongsi,zenmexuanze?wojuedejintiandeluntanfeichanghao,duozhaoyixiedongmi,duozhaoyixiegaoguanjiangjiangnimenqiyedezhuyingyewushishenme,nimenqiyedejingyingzhanlveshishenme,weilaideshengtaihuanjingshizenyangde,touzinideqiyeweilaikenenghuiyounaxiejihuifengxian。tongguochongfendexinxipilu,jiashangjinrongzhongjiejigoufuwu,rangtouzizhezuizhongshibiechuneixiehaodegongsi。

haogongsiyebudengyuhaogupiao,haogongsidaohaogupiaoyexuyaoyidiandianjiyuhezeshi。jiangdaozeshi,wofenxiangyidiandianxiaoxiaodekanfa,weishenmesanhutouzizheduoshushikuiqiande?kuiqianbuwanquanshishuipingbuxing,yebushishichangbuhao,zuigenyuanyidianshishengbufengshi。yuanyinshishenmeni?womenhennankandaoshenbiandetouzizheshuo,zenmedoukuiqianle,shichangzheimenanzuo,woquzuoba。womenwangwangtingdaodeshi,woshenbianpengyoudouzhuanqianle,shichangdouzaizhuanqian,meitidouzaibaodao,gegegujiadouzaifengkuangshangzhang,wangwangrenmenzaizheizhongqingkuangzhixiahuirushi。suoyiworenweiduiyujuedabufenweirushidetouzizheeryan,rushideshijitebiezhongyao,dangnizaishichanghaodeshihourushi,dangnikandaoshenbianmeiyigerendouzhuanqiandeshihouqurushi,shibaidegailvshijiqidade,shichangzoushishiyigezhouqixingde。yinweidangsuoyoudetouzizhekanhaoyaozhangshi,shuomingtadoumaiwanle,meiyouqianmaile,dengnijiejiuhaole,chuxiangaodiandegailvjiaoda,xianranzheigeshijianjinqushifeichangnanzhuanqiande。

yourenfanbowoshuo,weishenmewoganggangrushizhuanqiande,houlaikuiqian,huiguaishichangbuhao。qishiyebushi,yinweidangniganggangrushideshihou,shichangchuzaizuikangfendejieduan,tachuzaiguanxingdishangzhangjieduan,bingmeiyoujieshu。zainirushideshihou,diyitiankaihaohu,nadianqianqumai,suibianmaiyigemingtianzhanglianggedian,mingtianmaidiaohoutianzaimai,youzhanglianggedian,zheigeshichangyanxuyiduanshijian,jiuhuijiashenzixinbiandezifu,huijuedeyuanlaishichangrucijiandan,toujijiukeyile,bulaoerhuojiukeyile,yiweizijifeichanglihai。shubuzhizaizheigeshijianjinrushichang,wangwangshiniushidedingdianheweisheng,houxujiuhuitebiekunnan。yushi,houmianjiushiyilumanzhangdedengdaihejianao。zheijiushihenduogerentouzizhejuede,wogangkaishichaoguhainengzhuanqian,weishenmehoulaiyuechengshu,dongdeyueduoyuebuzhuanqiandeyuanyin,bushinidongdeyueduohaileni,ershiruchangshijibuhao,shengbufengshi。

wozhenzhengjianyiweiruchangtouzizhe,zaishichangdimideshihou、zaibierenkuisundeshihou、zaijijinbuhaofaxingdeshihoumairu。zheijiushibafeitejiangguoyijuhua:bierenkongjudeshihouwotanlan,bierentanlandeshihouwokongju。zheijuhuafeichangjiandan,danwangwangshaoyourennengzuodao。

zailaikanyixiashenmeshihaode?shihezijidezuihao,zhuandeduoshao、diele、zhangledoubuzhongyao,nishiheshenmefengge,shiheshenmetedian。2020niandajiashuobafeitebuxingle,mutoujiezhuandegengduo,danshiliangnianguoqule,fashenglefanzhuan。bafeitemeiniangudongdahuidougaosuni,wochiyouduoshaogupiao,chiyouduoshaocangwei。bafeitetouzizhangnianlaishigaoshouyide,kenengmouyinianbuhao,huozhemouliangnianshijianbuhao,danshiguoqujishinianshijianshigaoshouyide。weishenme?yinweitazhidao,zaishenmeshijianjiedianyinggaiganshenme,shenmeshijianjiedianyinggairennai,juedabufentouzizhebingbuzhidaozheigeluoji。bafeitebatouzidechenggongguijieyu,weidadezuguozaojiuleweidadegongsi,zhangqichiyouzheixieweidadegongsi。cishicike,aguyeshiyiyangde,quanmianzhucezhideluodi,huirangwomengengduoyouxiudechuangxinxing、kejixingdeqiye,bianjierongzi,jitamenhuodegengdadefazhanjiyu。womendeguojiayoulezheixiekejichuangxin,youleyingkejiyihou,qiyeqiangdaqilai,zaojiuweidadegongsi,yehuijidaozibenshichanggengjiafenghoudehuibao。

zuihou,zhongshitouzidegongjuhechanpin。ruguohaogongsixuanbuchulai,zeshinengliyemeiyoude,keyiqumaiyixiezhudongguanlixingdegongmusimu、etfhuozhebaoxianchanpin,zheiyangrenshengcaifucaihuigengjiaxingwenzhiyuanyidian。yourenwenzenmemai?worenweihaishimaizaiwurenwenjindeshihou,dangjijindouyaopeishoudeshihoukeyibuyaomai,dangfabuchuqudeshihoukeyimai。dajiahennankandaojijinliankuisannianwolaimai,henduorenzuobudao,suoyiruguowomennengzuodaozheiyidian,huoxutouzidejieguogenghaoyidiandian,zheigejiushizhouqisiwei。buguanrensheng、shichang、gushihaishijingjizhouqi,haishiwomenzhenggeshijiedefazhan,doushibozhexiangshangde,bushixianxingde,womenyinggaiyongzhouqidesiweikandaishichang,kandaitouzi,kandairensheng。zheiyangwomenrenshengkenenghuitanranyidian,huidandingyidian,huishaoweixingfuyidian。

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