Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了
随机图片

小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了

更新时间: 浏览次数: 145

400电话:123456(点击咨询)
小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各观看免费《今日汇总》
小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各热线观看免费2025已更新(2025已更新)








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各区点热线观看免费《今日发布》
Random Image 小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了电话








7天观看免费人工电话为您、小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各观看免费《今日汇总》2025已更新(今日/推荐)








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了电话区域:








张掖市(民乐县、甘州区、山丹县、高台县、肃南裕固族自治县、临泽县)








北海市(海城区、银海区、铁山港区、合浦县)








太原市(古交市、阳曲县、清徐县、杏花岭区、尖草坪区、小店区、娄烦县、万柏林区、迎泽区、晋源区)








林芝市(波密县、察隅县、朗县、墨脱县、巴宜区、米林市、工布江达县)  乌海市(海南区、乌达区、海勃湾区)








鸡西市(虎林市、鸡冠区、梨树区、城子河区、滴道区、鸡东县、恒山区、麻山区、密山市)








巴中市(恩阳区、巴州区、平昌县、南江县、通江县)








广元市(旺苍县、剑阁县、利州区、苍溪县、昭化区、青川县、朝天区)三门峡市(义马市、渑池县、卢氏县、陕州区、灵宝市、湖滨区)








徐州市(云龙区、新沂市、睢宁县、邳州市、丰县、铜山区、泉山区、鼓楼区、贾汪区、沛县)  五指山市(昌江黎族自治县、白沙黎族自治县、万宁市、定安县、东方市、陵水黎族自治县、保亭黎族苗族自治县、屯昌县、琼中黎族苗族自治县、琼海市、临高县、澄迈县、乐东黎族自治县、文昌市)








驻马店市(正阳县、平舆县、新蔡县、上蔡县、遂平县、确山县、泌阳县、汝南县、驿城区、西平县)








铁岭市(开原市、银州区、铁岭县、清河区、昌图县、西丰县、调兵山市)








延安市(子长市、富县、黄陵县、志丹县、宜川县、延川县、延长县、宝塔区、黄龙县、安塞区、洛川县、吴起县、甘泉县)








平凉市(泾川县、华亭市、灵台县、庄浪县、崇信县、崆峒区、静宁县)








滨州市(滨城区、惠民县、博兴县、沾化区、无棣县、阳信县、邹平市)








朝阳市(凌源市、喀喇沁左翼蒙古族自治县、建平县、朝阳县、龙城区、双塔区、北票市)








伊春市(金林区、汤旺县、铁力市、南岔县、丰林县、嘉荫县、伊美区、友好区、大箐山县、乌翠区)








丽水市(遂昌县、龙泉市、庆元县、缙云县、松阳县、莲都区、景宁畲族自治县、青田县、云和县)








滁州市(定远县、凤阳县、明光市、来安县、琅琊区、天长市、南谯区、全椒县)








天津市(宝坻区、和平区、红桥区、河西区、河东区、北辰区、静海区、滨海新区、蓟州区、宁河区、东丽区、津南区、河北区、西青区、武清区、南开区)








吉林市(磐石市、永吉县、丰满区、龙潭区、昌邑区、船营区、舒兰市、蛟河市、桦甸市)








大庆市(肇州县、龙凤区、肇源县、林甸县、萨尔图区、红岗区、让胡路区、大同区、杜尔伯特蒙古族自治县)








阿勒泰地区(阿勒泰市、布尔津县、青河县、富蕴县、吉木乃县、福海县、哈巴河县)








鹤壁市(浚县、淇滨区、山城区、淇县、鹤山区)








吉安市(吉安县、青原区、遂川县、永新县、新干县、吉州区、吉水县、泰和县、峡江县、永丰县、井冈山市、安福县、万安县)








白城市(大安市、洮北区、镇赉县、洮南市、通榆县)








济宁市(任城区、梁山县、邹城市、金乡县、曲阜市、微山县、鱼台县、泗水县、嘉祥县、汶上县、兖州区)








无锡市(宜兴市、江阴市、惠山区、滨湖区、新吴区、梁溪区、锡山区)








十堰市(竹山县、房县、竹溪县、丹江口市、郧阳区、茅箭区、郧西县、张湾区)
400电话:123456(点击咨询)
小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各观看免费《今日汇总》《今日发布》
小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各观看免费《今日汇总》(2025已更新)








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了各观看免费《今日汇总》【2025已更新列表】
小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了电话








7天观看免费人工电话为您、小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了中心2025已更新(今日/推荐)








小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了电话区域:








黄冈市(红安县、黄梅县、英山县、团风县、武穴市、罗田县、蕲春县、麻城市、黄州区、浠水县)








黄山市(休宁县、祁门县、黄山区、屯溪区、徽州区、黟县、歙县)








文山壮族苗族自治州(丘北县、富宁县、马关县、西畴县、文山市、麻栗坡县、砚山县、广南县)








临沧市(永德县、镇康县、耿马傣族佤族自治县、沧源佤族自治县、双江拉祜族佤族布朗族傣族自治县、云县、临翔区、凤庆县)  茂名市(茂南区、高州市、信宜市、电白区、化州市)








南充市(南部县、高坪区、西充县、阆中市、顺庆区、营山县、蓬安县、嘉陵区、仪陇县)








洛阳市(伊川县、汝阳县、涧西区、栾川县、偃师区、瀍河回族区、新安县、孟津区、西工区、老城区、宜阳县、洛宁县、洛龙区、嵩县)








红河哈尼族彝族自治州(绿春县、元阳县、弥勒市、开远市、红河县、建水县、石屏县、河口瑶族自治县、蒙自市、个旧市、屏边苗族自治县、泸西县、金平苗族瑶族傣族自治县)合肥市(蜀山区、巢湖市、肥西县、长丰县、庐阳区、包河区、肥东县、庐江县、瑶海区)








宜昌市(长阳土家族自治县、宜都市、西陵区、远安县、点军区、五峰土家族自治县、夷陵区、兴山县、当阳市、枝江市、猇亭区、秭归县、伍家岗区)  珠海市(香洲区、金湾区、斗门区)








南京市(六合区、溧水区、高淳区、建邺区、江宁区、鼓楼区、雨花台区、栖霞区、玄武区、浦口区、秦淮区)








乌鲁木齐市(达坂城区、头屯河区、乌鲁木齐县、米东区、新市区、沙依巴克区、水磨沟区、天山区)








鹰潭市(余江区、贵溪市、月湖区)荆州市(江陵县、石首市、公安县、沙市区、荆州区、松滋市、监利市、洪湖市)








百色市(德保县、隆林各族自治县、田林县、平果市、西林县、那坡县、靖西市、凌云县、乐业县、田东县、田阳区、右江区)








阿里地区(改则县、日土县、普兰县、措勤县、札达县、噶尔县、革吉县)








贵阳市(息烽县、白云区、清镇市、南明区、修文县、花溪区、开阳县、观山湖区、云岩区、乌当区)








西宁市(湟中区、城东区、大通回族土族自治县、湟源县、城西区、城北区、城中区)








盘锦市(大洼区、兴隆台区、盘山县、双台子区)








衡水市(武强县、武邑县、深州市、景县、故城县、桃城区、饶阳县、冀州区、枣强县、安平县、阜城县)








绍兴市(嵊州市、新昌县、柯桥区、越城区、上虞区、诸暨市)








石嘴山市(大武口区、惠农区、平罗县)








永州市(新田县、双牌县、江华瑶族自治县、冷水滩区、江永县、宁远县、蓝山县、道县、零陵区、祁阳市、东安县)








聊城市(临清市、东昌府区、东阿县、冠县、阳谷县、莘县、高唐县、茌平区)








开封市(禹王台区、杞县、通许县、龙亭区、祥符区、顺河回族区、鼓楼区、兰考县、尉氏县)








河源市(龙川县、连平县、源城区、和平县、紫金县、东源县)








榆林市(横山区、定边县、米脂县、佳县、吴堡县、神木市、清涧县、靖边县、子洲县、榆阳区、府谷县、绥德县)








三亚市(吉阳区、崖州区、天涯区、海棠区)








长沙市(雨花区、宁乡市、长沙县、开福区、芙蓉区、天心区、浏阳市、岳麓区、望城区)








周口市(淮阳区、扶沟县、川汇区、太康县、郸城县、商水县、西华县、沈丘县、项城市、鹿邑县)

财联社4月25日讯(编辑潇湘)周四(4月24日),本周最后一场附息美国国债标售落下了帷幕,或许是由于人们已厌倦应对层出不穷的特朗普关税拉锯战,这场7年期的美债标售也再度以相对冷淡的需求收场。

美国财政部当天发行了440亿美元的七年期美债,这也是本周最后一批美债标售。此前,由于海外需求大幅下降,周二进行的2年期美债拍卖已表现惨淡;而尽管周三进行的5年期美债拍卖整体稳健,但海外需求依然出现了下降,这也令许多债券市场交易员在隔夜早早便开始关注于这批七年期美债的拍卖情况。

而最终,这批七年期美债标售的得标利率为4.123%,虽然较3月份上一批次的标售下降了11个基点,但仍较4.121%的预发行利率高出了0.2个基点,这也是七年期美债标售连续第二次出现反映需求疲软的尾部利差。

本次拍卖的投标倍数与上月差异不大——最终录得2.55倍,明显低于了过去六次拍卖的平均值2.67倍。

而真正令市场密切聚焦乃至颇为担心的地方,则再次体现在了获配比例的细节上:

知名财经博客网站Zerohedge表示,总体而言,本次7年期美债拍卖表现疲弱,不仅体现在尾部利差上,更令人担忧的是海外需求的持续萎缩。当然,若间接投标者需求真正崩溃,美联储将不得不介入并开始债务货币化操作(QE)。但在当前鲍威尔正与特朗普就美联储为何不应干预市场展开争论之际,若出现这种结果可能会相当滑稽。

从美债市场隔夜的走势看,由于美国总统特朗普本周在对华关税和干预美联储问题上的态度有所软化,各期限美债收益率周四整体延续了前一天的回落态势:指标10年期美债收益率尾盘报4.31%,较周三低约8个基点。

不过,不少市场人士目前依然态度谨慎。CrownAgentsInvestmentManagement固定收益主管SlawomirSoroczynski表示,大额订单推动了周三美债市场波动,而美国政策波动对市场影响的不确定性仍然很高。

他指出,“总体情况仍然很模糊,任何事情都有可能出现。”

  2025年4月23日,德力佳传动科技(江苏)股份有限公司(以下简称“德力佳”)发布了交易所问询函回复公告。这家成立仅7年多的风电齿轮箱制造商,因与三一重能的深度绑定、异常关联交易及独立性缺陷,引发监管与市场的双重质疑。 

  历史纽带:股权结构的双重控制

  德力佳是一家主要从事高速重载精密齿轮传动产品研发、生产与销售的企业,下游应用领域目前主要为风力发电机组,核心产品为风电主齿轮箱。

  德力佳与三一重能的共生关系始于2017年公司创立。招股书披露,三一重能不仅是创始股东(初始持股20%),更通过多重纽带深度介入德力佳运营。

  资产注入疑云:2018年三一重能以1元对价转让北京三一增速机(账面净资产0.28万元),使德力佳获得风电齿轮箱生产资质。资产评估报告显示,该交易标的含价值9368万元设备资产,合理性存疑。  

  股权结构的双重控制:截至招股书签署日,三一重能以28%持股稳居第二大股东,而实控人刘建国夫妇通过多层架构控制41.98%股权。更值得关注的是治理结构:6名非独立董事中,4名具有三一或远景背景;财务总监李常平更是三一重能前财务副总监,在IPO辅导前两周“空降”。这种“股东+高管”的双重身份,使德力佳的决策独立性形同虚设。

  独立性拷问:实控人大部分出资是从三一借款

  德力佳对三一重能的依赖已渗透至企业核心环节。三一重能和远景能源等行业龙头既是公司股东又是大客户的情况较为突出,2022年至2024年,公司对这两家企业的关联销售占比分别为37.39%、45.43%和43.56%,占比近半。

  自2023年以来,德力佳向关联方销售产品的价格高于非关联方。在整机价格年均下降10%的背景下,这种逆价差缺乏合理解释。

  更有意思的是,德力佳实际控制人出资系向三一重能借款。公司成立之初,德力佳实际控制人刘建国3,000万元货币出资中的2,500万元出资款来源于向三一重能的借款。截至2020年11月末,刘建国已完成全部借款本息归还.。

  注:本文创作借助AI工具收集整理市场数据和行业信息,结合辅助观点分析和撰写成文。

新闻结尾 小明永久视频平台领域|整个游戏世界都为之震撼,你准备好了的相关文章
美国滥施关税是在搬起石头砸自己的脚
律师解读订婚强奸案二审判决结果
38岁男子住进小儿骨科病房
美财长暗示:90天内完不成所有协议
《绝密较量》发布全新预告片
哈啰回应1400元顺风车拼了7个人
  • 友情链接:
  • 林诗栋回应晋级世界杯16强 交警回应斑马线上装U型护栏 多所院校考研复试圆满结束 谭维维 太想跟你们待在一起了 中国出口海外最大直径盾构机下线

    查看更多评价 ∨