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
仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!
随机图片

仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!

更新时间: 浏览次数: 291

400电话:123456(点击咨询)
仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各观看免费《今日汇总》
仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各热线观看免费2025已更新(2025已更新)








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各区点热线观看免费《今日发布》
Random Image 仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!电话








7天观看免费人工电话为您、仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!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,








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各观看免费《今日汇总》2025已更新(今日/推荐)








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!电话区域:








重庆市(北碚区、彭水苗族土家族自治县、巴南区、垫江县、城口县、忠县、江北区、渝北区、石柱土家族自治县、丰都县、潼南区、永川区、合川区、沙坪坝区、云阳县、璧山区、黔江区、九龙坡区、万州区、秀山土家族苗族自治县、巫溪县、梁平区、大足区、巫山县、渝中区、铜梁区、南川区、綦江区、南岸区、江津区、长寿区、酉阳土家族苗族自治县、大渡口区、奉节县、开州区、涪陵区、武隆区、荣昌区)








五指山市(定安县、陵水黎族自治县、屯昌县、文昌市、东方市、琼海市、临高县、琼中黎族苗族自治县、保亭黎族苗族自治县、澄迈县、万宁市、白沙黎族自治县、乐东黎族自治县、昌江黎族自治县)








鄂尔多斯市(杭锦旗、达拉特旗、伊金霍洛旗、鄂托克旗、乌审旗、康巴什区、准格尔旗、东胜区、鄂托克前旗)








兰州市(永登县、榆中县、皋兰县、七里河区、红古区、城关区、安宁区、西固区)  中卫市(中宁县、沙坡头区、海原县)








信阳市(罗山县、商城县、息县、淮滨县、新县、浉河区、潢川县、固始县、平桥区、光山县)








呼伦贝尔市(莫力达瓦达斡尔族自治旗、新巴尔虎左旗、扎兰屯市、新巴尔虎右旗、根河市、牙克石市、阿荣旗、鄂温克族自治旗、陈巴尔虎旗、额尔古纳市、海拉尔区、鄂伦春自治旗、满洲里市、扎赉诺尔区)








白城市(通榆县、洮南市、镇赉县、洮北区、大安市)榆林市(清涧县、佳县、定边县、榆阳区、神木市、横山区、子洲县、米脂县、绥德县、吴堡县、府谷县、靖边县)








乐山市(五通桥区、马边彝族自治县、井研县、夹江县、峨眉山市、市中区、峨边彝族自治县、金口河区、沙湾区、犍为县、沐川县)  天水市(秦安县、秦州区、张家川回族自治县、甘谷县、麦积区、武山县、清水县)








亳州市(谯城区、利辛县、涡阳县、蒙城县)








金昌市(永昌县、金川区)








巴中市(恩阳区、南江县、通江县、巴州区、平昌县)








西双版纳傣族自治州(景洪市、勐腊县、勐海县)








佛山市(顺德区、南海区、三水区、高明区、禅城区)








昌吉回族自治州(昌吉市、玛纳斯县、呼图壁县、奇台县、阜康市、木垒哈萨克自治县、吉木萨尔县)








果洛藏族自治州(玛沁县、甘德县、久治县、玛多县、达日县、班玛县)








赣州市(赣县区、章贡区、定南县、于都县、寻乌县、瑞金市、信丰县、会昌县、全南县、南康区、安远县、龙南市、兴国县、宁都县、上犹县、石城县、崇义县、大余县)








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








鄂州市(华容区、梁子湖区、鄂城区)








南昌市(青山湖区、红谷滩区、青云谱区、南昌县、安义县、东湖区、进贤县、新建区、西湖区)








郑州市(惠济区、荥阳市、新密市、新郑市、登封市、上街区、二七区、中原区、管城回族区、中牟县、巩义市、金水区)








保山市(腾冲市、隆阳区、龙陵县、施甸县、昌宁县)








毕节市(金沙县、威宁彝族回族苗族自治县、大方县、纳雍县、织金县、七星关区、黔西市、赫章县)








喀什地区(岳普湖县、伽师县、巴楚县、疏勒县、英吉沙县、疏附县、喀什市、塔什库尔干塔吉克自治县、泽普县、莎车县、麦盖提县、叶城县)








济南市(平阴县、钢城区、章丘区、济阳区、市中区、莱芜区、商河县、历下区、槐荫区、长清区、历城区、天桥区)








六盘水市(钟山区、盘州市、六枝特区、水城区)








厦门市(同安区、思明区、湖里区、集美区、海沧区、翔安区)








普洱市(宁洱哈尼族彝族自治县、思茅区、景谷傣族彝族自治县、镇沅彝族哈尼族拉祜族自治县、景东彝族自治县、江城哈尼族彝族自治县、澜沧拉祜族自治县、孟连傣族拉祜族佤族自治县、西盟佤族自治县、墨江哈尼族自治县)
400电话:123456(点击咨询)
仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各观看免费《今日汇总》《今日发布》
仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各观看免费《今日汇总》(2025已更新)








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!各观看免费《今日汇总》【2025已更新列表】
仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!电话








7天观看免费人工电话为您、仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!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,








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!中心2025已更新(今日/推荐)








仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!电话区域:








龙岩市(武平县、长汀县、上杭县、永定区、连城县、漳平市、新罗区)








蚌埠市(禹会区、蚌山区、怀远县、龙子湖区、固镇县、五河县、淮上区)








十堰市(房县、郧阳区、张湾区、竹山县、郧西县、茅箭区、竹溪县、丹江口市)








日喀则市(聂拉木县、萨嘎县、江孜县、桑珠孜区、康马县、岗巴县、白朗县、定日县、昂仁县、谢通门县、吉隆县、萨迦县、定结县、亚东县、仁布县、拉孜县、仲巴县、南木林县)  常州市(天宁区、溧阳市、武进区、新北区、金坛区、钟楼区)








长春市(朝阳区、双阳区、宽城区、公主岭市、南关区、德惠市、榆树市、农安县、二道区、绿园区、九台区)








大连市(庄河市、金州区、长海县、中山区、西岗区、旅顺口区、瓦房店市、甘井子区、沙河口区、普兰店区)








自贡市(自流井区、沿滩区、贡井区、富顺县、荣县、大安区)黑河市(嫩江市、逊克县、北安市、五大连池市、爱辉区、孙吴县)








钦州市(钦南区、浦北县、钦北区、灵山县)  通辽市(科尔沁左翼后旗、库伦旗、科尔沁左翼中旗、扎鲁特旗、霍林郭勒市、奈曼旗、开鲁县、科尔沁区)








贺州市(钟山县、平桂区、八步区、富川瑶族自治县、昭平县)








白银市(景泰县、白银区、平川区、靖远县、会宁县)








南阳市(淅川县、社旗县、方城县、宛城区、邓州市、卧龙区、南召县、镇平县、西峡县、唐河县、内乡县、新野县、桐柏县)本溪市(桓仁满族自治县、本溪满族自治县、明山区、南芬区、溪湖区、平山区)








萍乡市(莲花县、湘东区、上栗县、芦溪县、安源区)








邵阳市(邵阳县、绥宁县、城步苗族自治县、北塔区、武冈市、洞口县、隆回县、新邵县、双清区、邵东市、大祥区、新宁县)








滨州市(邹平市、滨城区、无棣县、沾化区、阳信县、惠民县、博兴县)








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








娄底市(娄星区、冷水江市、涟源市、双峰县、新化县)








烟台市(莱州市、芝罘区、栖霞市、福山区、招远市、牟平区、龙口市、蓬莱区、莱山区、莱阳市、海阳市)








香港特别行政区








铜仁市(万山区、思南县、玉屏侗族自治县、石阡县、沿河土家族自治县、江口县、印江土家族苗族自治县、松桃苗族自治县、德江县、碧江区)








宁夏回族自治区








三亚市(崖州区、海棠区、天涯区、吉阳区)








连云港市(灌云县、海州区、东海县、赣榆区、灌南县、连云区)








云浮市(罗定市、云安区、新兴县、郁南县、云城区)








聊城市(高唐县、冠县、阳谷县、茌平区、东昌府区、临清市、东阿县、莘县)








昌都市(八宿县、江达县、卡若区、贡觉县、左贡县、边坝县、丁青县、芒康县、察雅县、类乌齐县、洛隆县)








贵港市(港北区、平南县、港南区、覃塘区、桂平市)








宁波市(余姚市、宁海县、镇海区、北仑区、海曙区、慈溪市、江北区、象山县、奉化区、鄞州区)

  南非财政部周四表示,南非将不会像2025年预算中宣布的那样,从5月1日起提高增值税。

  南非财政部此前计划在两年内将增值税提高1个百分点,但一些政党反对上调。

  来源:Gangtise投研

  飞荣达 2025年第一季度报告显示,公司营业收入同比增长14.74%至11.81亿元,归属于上市公司股东的净利润同比增长85.57%至5776.37万元。报告期内,公司消费电子业务受益于市场需求回暖,手机及笔记本电脑等终端产品业务持续增长;通信领域营业收入也实现同比增长,AI服务器相关业务获得客户小批量订单并逐步进入量产;新能源汽车业务订单量同比有所增长,储能液冷散热相关业务发展向好且订单量及销售额增长明显。然而,部分产品线毛利率略有下降,主要受新客户导入、新项目打样、销售价格下降等因素影响。公司将持续深化内部管理改革,提升管理效能,强化成本意识和控制措施,以提升整体盈利能力。

  2025年4月23日,摩根大通资产及财富管理部首席执行官欧朵思发布致股东信,欧朵思称:“我们致力于利用最先进的技术,这不仅增强了竞争优势,也符合我们为客户提供卓越价值的宏大目标——从试点,到生产,再到盈利。我们正在银行业树立创新标杆,推动可持续增长与长期股东价值。”

  以下是信件全文:

  2024致股东信

  资产及财富管理

  展望未来,

  我们会尽心竭力推动创新和持续增长,

  继续满足您的所需,超越所望。

  摩根大通拥有近两个世纪管理客户资产的辉煌历史,致力于履行受托责任。历经岁月变迁,我们始终为全球的客户提供深刻洞见与卓越业绩,这些客户包括政府、大型机构、中央银行、主权财富基金、企业领袖、创始人及个人。我们不懈追求稳健而持续的回报,争取巩固我们在行业增长中的领先地位。无论是在大通分行为初次储蓄的客户提供现金管理或退休规划方案,还是为大型州立养老计划制定战术性资产配置全盘管理策略,我们通过每次合作不断巩固业务根基,赢得客户信赖。

  我有幸和杰米·戴蒙(JamieDimon)共事二十余年,这段经历让我深刻体会到,成功绝非偶然,也不可视为理所当然。可持续增长之道,在于不断创新、极致专注、全力以赴,同时还需秉持“堡垒思维”——常备不懈迎接严峻挑战,同时静待时机智取新局。我们正置身竞争激烈的环境,既要为客户甄选最佳机遇,也要为自身的未来增长开拓路径,同时致力于降本增效,追求运营卓越。

  在资产及财富管理部,我与同仁努力不懈,持续优化客户投资组合,为未来做好准备。我们通过以下方式实现这一目标:创造领先同业的投资业绩,汇聚业内顶尖人才,践行我们宏大的投资方略。我们重点投资尖端技术与精英人才,努力消除低效,为股东创造丰厚的盈利增长。

  客户持续注入新的资产,就是对我们最大的认可。4,860亿美元净新增资产的托付,使得过去两年间资金净流入合计达近1万亿美元,彰显了客户对我们策略的信心。这一非凡成就是我们业务实力与成效的有力证明。

  凭借如此强劲势头,我们几乎所有财务指标均创新高,五大关键绩效指标更齐攀高峰。

  主动管理客户资产

  过去二十年间,当同行纷纷加大对被动策略的投资时,我们仍一直专注于打造业内领先的主动管理平台并持续投入。在当今市场环境中,掌握基本面洞察力至关重要,我们的职责是主动捕捉未在滞后的基准中所反映的机遇。我们灵活而精准地应对周期轮动,争取持续缔造全球顶尖的投资业绩。我们的卓越表现,不仅为投资者创造了丰硕回报,更进一步巩固了客户对我们作为长期合作伙伴的信任,并吸引更多客户选择我们。

  我们对投资研究能力的重大投入,成为了我们在主动管理领域优于业界的关键:2024年,我们拥有490名专属研究分析师,覆盖多个资产类别,凸显了我们力求做出明智决策的承诺,并将研究融入公司文化与业务生态。仅过去一年,我们的研究团队覆盖约4,700家公司,开展了近1.1万次公司实地考察与交流。这些来自全球的实时实地洞察,结合摩根大通的前沿技术,让团队能够为客户驾驭复杂的全球市场。

  通过深度利用人工智能(AI)、机器学习和专有数据科学等先进技术,我们全面提升业务能力,大幅优化风险管理能力、简化运营并提高整体效率。我们最近推出的GPT-Insights就体现了这一承诺,它为资产管理投资者简化研究流程。这款专有生成式AI工具整合多方数据源,编制全面的公司报告,以简明易懂的方式呈现内部与外部观点。自2024年12月推出以来,GPT-Insights将研究任务耗时缩短高达85%,引导投资者深入探索的方向。我们致力于利用最先进的技术,这不仅增强了竞争优势,也符合我们为客户提供卓越价值的宏大目标——从试点,到生产,再到盈利。我们正在银行业树立创新标杆,推动可持续增长与长期股东价值。

  最后,近年来,我们投入了大量资源发展交易型开放式基金(ETF)平台。出色的主动管理表现与ETF专长的结合,使我们能够在快速扩展的主动型ETF领域占据领先地位。2024年,我们在全行业的主动管理和主动型ETF流入中双双位居前列。

  精英汇萃的顾问团队

  过去五年,我们战略性地扩展并改进全球顾问团队,旨在增强能力,以满足客户多样化和不断演变的需要。这包括聘请新顾问并完善综合培训计划,确保他们掌握最新知识与技能,保持站在行业前沿。2024年,我们的财富管理业务网络拥有超过9,500名顾问,增长率为6%——在行业普遍停滞的背景下,这一成绩尤为显著,展现了我们全球平台的规模以及全力提供顶尖与专业服务的承诺。我们致力于建立面向未来的顾问团队,覆盖财富管理、机构业务及零售领域,树立行业领先的竞争标准。

  除了招聘与培训,我们还为顾问配备尖端AI工具,如ConnectCoach和SalesAssist,大幅提升生产效率,扩大专业范围。凭借超过80%的资产及财富管理部前台员工使用摩根大通大型语言模型(AI)套件,我们每天都在挖掘机会,减省枯燥重复的工作,让团队专注于更高价值的事务。这些举措对提供卓越服务与推动可持续增长至关重要。

  为每位客户量身定制方案

  我们对个性化建议的愿景,是让客户与顾问能够根据独特需求做出灵活选择。为了增强这方面的能力,我们完成了两项重要交易,分别在2020及2021年收购了55ip和OpenInvest。我们的技术团队利用收购的技术和平台,加上持续的专有开发工作,为每个投资组合团队配备最现代化和先进的工具和资源。这让他们能够灵活调整偏好与集中度,适应税务需求,打造符合客户特定目标的投资组合。我们坚信,受托管理者不应为客户投资组合强加选择或偏好。相反,我们让客户指明对其重要的标准,摩根大通团队则据此执行。

  我们认为应该善用受托责任,对所投资的公司发挥影响,借助两个世纪凝聚的深厚底蕴,提升为股东创造的长期价值。我们的内部管理团队独立运作,无需依赖外部代理顾问为政策表决及提供建议。实际上,我们已采取行动大幅减少代理顾问公司对团队的影响,不再将他们的研究报告纳入我们管理团队及投资专家的治理决策体系。我们引以为豪的是,主要投资者均积极参与公司治理,并善用他们的专业知识及见解,为客户资产构筑坚实的监督保障。

  另类投资

  另类投资一直是我们客户投资组合享有的一大差异化优势,因为我们是全球重要的另类投资提供商与投资者之一。近年来,这一资产类别成为行业最大、增长最快的领域之一,主要得益于面向个人投资者的开放式结构。为此,我们战略性地将业务范围重组为两大支柱:资产及财富管理另类投资方案和资产管理私募市场。依托我们60多年的深厚积淀与丰富广博的投资经验,新架构旨在拓宽覆盖范围并实现显着增长。这些改进让我们能够扩大业务范围,充分发挥我们在该领域的深厚专业知识,从第三方策略到自主管理的基金,最终为客户提供全方位、定制化的创新投资方案。通过精准匹配不断变化的市场需求与自身资源及业务能力,我们能够从容驾驭复杂的金融环境,推动这一重要领域的可持续增长。

  全球布局

  作为一家拥有数百年历史的企业,我们深刻理解塑造行业的复杂经济与地缘政治格局。如今,资产及财富管理部在超过150个国家/地区服务客户,彰显了我们致力于服务全球广大客户的承诺。近年来,我们在雅典、杰克逊维尔、曼彻斯特、慕尼黑、盐湖城和斯科茨代尔开设新办事处。此外,我们还在奥斯汀、劳德代尔堡和法兰克福等主要办事处增加超过10%的顾问人数。在中国,我们在外资资产管理公司中拥有较大的中国股票研究分析师团队。这些投资为资产及财富管理业务未来几十年的发展奠定了坚实的基础。 

  除了扩大我们的业务足迹外,我们还通过人才流动培育卓越文化,确保我们的团队不仅熟悉当地市场动态,也与我们具有凝聚力的全球文化保持一致。两者的结合,让我们能够保持灵活敏捷、反应迅速,准确把握新兴趋势,并为全球客户提供一致的体验。最后,在全球大多数资产及财富管理网点,我们都与消费者和社区银行以及商业和投资银行业务伙伴共处同一地点,大大增强了我们对客户和社区的影响。

  策略成效卓著:为公司和股东带来强劲的净资产收益率

  与业内对手相比,我们不仅业绩优异,对摩根大通的整体成功也很关键。我们之所以能够实现行业领先的净资产收益率,源于我们严谨地管理资产负债表上的每一分毫,为股东带来强劲的综合股本回报率。这些成果是在我们对业务保持大量投资下同时实现的,凸显了我们业务的强大实力,以及对战略投资的专注。

  结语

  我们致力于履行对客户的受托责任,这指导了我们的工作方向,引领着每一步的前行。近年的市况充满挑战和波动,我们都能成功引导客户和股东应对,同时也投资布局未来,为此,我深感自豪。

  摩根大通的三大业务板块每日都在各自领域追求卓越,深知整体力量胜于个体之和。我和资产及财富管理运营委员会的同仁努力不懈,为客户尽量提升公司价值,提供投资建议、流动性管理、资本市场专长、信贷、支付、托管及全方位银行服务。客户与每个业务部门一样,都是集团的一份子,共同享有摩根大通庞大的资源和规模优势,这些条件让我们在竞争中脱颖而出。

  我们衷心感谢客户和股东的信赖,并将继续致力于提供至臻服务。凭借摩根大通的优势,我们有信心能够提供卓越价值,保持行业领导地位。展望未来,我们会尽心竭力推动创新和持续增长,继续满足您的所需,超越所望。

  2.注释内容请参见本年报第58页注释33。 

  3.资料来源:公开文件、公司网站、晨星。 

  4.注释内容请参见本年报第59页注释36。 

  5.资料来源:公开文件;净资产收益率或类似指标基于报告数据(如有)。对于未报告净资产收益率或类似指标的同业,计算结果来源于报告的普通股东应占净收入以及报告的平均普通股东权益。

  2024LettertoShareholders

  Asset&WealthManagement

  J.P.Morganhasaproudfiduciaryhistoryspanningnearlytwocenturiesofmanagingclientassets.Throughouteachdecade,wehaveconsistentlydeliveredvaluableinsightsandstrongperformancetoadistinguishedclienteleworldwide,includinggovernments,majorinstitutions,centralbanks,sovereignwealthfunds,CEOs,foundersandindividuals.Oursteadfastcommitmenttodeliveringstrongandconsistentresultshassolidifiedourpositionasaleaderinindustrygrowth.Whethersupportingafirst-timesaverseekingcashmanagementsolutionsorretirementoptionsataChasebranchorservingamajorstatepensionplaninneedoftacticalassetallocationoverlaystrategies,ourfranchisecontinuestostrengthenwitheachnewrelationship,earningthetrustofourclients.

  HavinghadtheprivilegeofworkingforJamieDimonforovertwodecades,Iamremindedeverydaythatsuccessisnotaccidentalandshouldneverbetakenforgranted.Sustainablegrowthrequiresconstantinnovation,extraordinaryfocus,intensityanddrive,coupledwithafortressmindset–alwayspreparingforthetoughestchallengeswhileremainingpoisedtoseizenewopportunities.Weareinafiercelycompetitiveracetoidentifythebestopportunitiesforourclientsandforourfuturegrowthwhilesimultaneouslymaintainingourunwaveringfocusoncuttingwasteandachievingoperationalexcellence.

  InAsset&WealthManagement(AWM),mypartnersandIworktirelesslytooptimizeclientportfoliosandfuture-proofthemforwhatliesahead.Weachievethisbydeliveringleadinginvestmentperformance,leveragingwhatIbelieveisthemostexceptionaltalentintheindustryandexecuting ourmostambitiousinvestmentagendatodate. Ourfocusoninvestingincutting-edgetechnologyandourelitetalent,whiledrivingoutinefficiencies,hasledustohighlyprofitablegrowthforourshareholders. 

  Ourclientsvotedailyonoursuccesswiththeirconsistentcontributionofnewassets.Theyhavedemonstratedtheirongoingconfidenceinourstrategyby entrustinguswithanadditional$486billioninnetnewassets,bringingthetotaltonearly$1trillionofinflowsoverthepasttwoyears. Thisremarkableachievementstandsastheultimatetestamenttothestrengthandeffectivenessofourbusiness.

  Buildingonthistremendousmomentum,wehaveachievedrecordresultsacrossnearlyallfinancialmetrics,reachingall-timehighsinfivekeyperformanceindicators.

  ACTIVELYMANAGINGOURCLIENTS’ASSETS

  Overthepasttwodecades,wehavefocusedonandinvestedintheindustry’sleadingactivemanagementplatform,evenasmanyofourpeersdoubledownonpassivestrategies.Intoday’smarketenvironment,wherehavingfundamentalinsightsiscritical,webelieveourresponsibilityistoproactivelyseekopportunitiesthatarenotyetreflectedinbackward-lookingbenchmarkweightings.Wehaverespondedswiftlyandadeptlytovariousmarketcycles,consistentlyachievingworld-classinvestmentperformance.Ourpeer-leadingperformancehasenabledustodeliverpositiveoutcomesforourinvestors,strengtheningourclients’trustinusastheirlong-termpartnerandattractingmoreclientsthaneverbefore.

  Akeycomponentofourstrategytobetheindustry’sleadingactivemanagerisoursubstantialinvestmentinourresearchcapabilities.In2024,weemployed490proprietaryresearchanalystsacrossvariousassetclasses,underscoringourcommitmenttomakinginformeddecisionsandembeddingresearchintoourcultureandbusinessecosystem.Inthepastyearalone,ourresearchteamprovidedcoverageonapproximately4,700companiesandconductednearly11,000companyvisitsandengagements.Thesereal-time,on-the-groundinsightsfromaroundtheworld,infusedwithJPMorganChase’sdominanttechnology,empowerourteamstoadeptlynavigatecomplexglobalmarketsforourclients.

  Byharnessingandleveragingadvancedtechnologies–suchasartificialintelligence(AI),machinelearningandproprietarydatascience–weenhanceallaspectsofourbusiness,significantlyimprovingourriskmanagementcapabilities,streamliningoperationsandboostingoverallefficiency.OurrecentlaunchofGPT-Insightsexemplifiesthiscommitment,streamliningtheresearchprocessforAssetManagement(AM)investors.ThisproprietarygenerativeAItoolcreatescomprehensivecompanyreportsfrommultiplesources,highlightingbothinternalandexternalperspectivesinaneasilydigestibleformat.SinceitsDecember2024launch,GPT-Insightshasreducedresearchtasktimesbyupto85%,guidinginvestorsonwheretodelvedeeper.Ourdedicationtoleveragingstate-of-the-arttechnologynotonlystrengthensourcompetitiveedgebutalsoalignswithourbroadergoalofdeliveringsuperiorvaluetoourclients–frompilottoproductiontoprofitability.Wearesettinganewstandardofinnovationinthebankingindustry,drivingsustainablegrowthandlong-termshareholdervalue.

  Lastly,inrecentyearswehavemadesignificantinvestmentsinourexchange-tradedfunds(ETF)platform.ThecombinationoftopactivemanagementperformanceandETFexpertisehaspositionedusasaleaderintherapidlyexpandingfieldofactiveETFs.In2024,weweretheleaderininflowsinbothactivemanagementandactiveETFsacrosstheindustry.

  BEST-IN-CLASSADVISORYTEAMS

  Overthepastfiveyears,wehavestrategicallyinvestedinexpandingandelevatingourglobaladvisorteamstoenhanceourcapabilitiesandmeetclients’diverseandevolvingneeds.Thisincludesbothhiringnewadvisorsandexpandingourcomprehensivetrainingprogramstoequipthemwiththelatestknowledgeandskills,ensuringtheyremainattheforefrontofindustrytrends.Withover9,500advisors,ourWealthManagementnetworkreflectsa6%growthin2024–anotableachievementgivenindustrystagnation–demonstratingthescaleofourglobalplatformandourcommitmenttofirst-classserviceandexpertise.Weaimtobuildfuture-readyadvisoryteamsinWealthManagement,InstitutionalandRetail/Funds,settingastandardthatisadmiredbyourcompetitors.

  Inadditiontohiringandtraining,weequipouradvisorswithcutting-edgeAItoolslikeConnectCoachandSalesAssist,significantlyenhancingtheirproductivityandscope.Withover80%ofAWMFrontOfficeutilizingourJ.P.MorganLargeLanguageModel(AI)Suite,eachdayweuncoveropportunitiestoeliminate“nojoy”workandrepetitivetasks,allowingourteamstofocusonhigher-valueactivities.Theseinitiativesareintegraltodeliveringexceptionalserviceanddrivingsustainablegrowth. 

  HIGHLYCUSTOMIZEDSOLUTIONSFOREACHINDIVIDUAL

  Ourvisionforpersonalizedadvicefocusesonempoweringbothclientsandadvisorstomakechoicestailoredtoeachuniquesituation.Toenhanceourcapabilities,wemadetwoimportantacquisitions:55ip(in2020)andOpenInvest(in2021).Ourtechnologyteamsleveragetheseacquisitions,alongsidecontinuousproprietarydevelopments,toequipeveryportfolioteamwiththemostmodernandadvancedtoolsandresources.Thisenablesthemtocustomizepreferencesandconcentrations,adapttotaxconsiderationsandcreateportfoliosthatarealignedwiththeirspecificneeds. Wedon’tbelieveanyfiduciarymanagershoulddictatechoiceorpreferencesforaclient’sinvestmentportfolio.Instead,weempowerclientstospecifycriteriaimportanttothem,andJ.P.Morganteamsexecuteaccordingly.

  Webelieveourfiduciaryvoiceshouldbeleveragedtoinfluencethecompaniesweinvestin,drawingonourtwocenturiesofcollectiveknowledgetoenhancelong-termshareholdervaluecreation.Ourin-housestewardshipteamsoperateindependently,withoutrelyingonexternalproxyadvisorstovoteforus.Infact,wehavetakenmajorstepstominimizetheinfluenceofproxyadvisoryfirmsonourteamsandnolongerincorporatetheirresearchintothegovernancedecisionsmadebyourstewardshipandinvestmentprofessionals.Wetakeprideintheactiveroleourfundamentalinvestorsplayinthegovernanceprocess,utilizingtheirexpertiseandinsightstoensurestrongoversightforclientportfolios. 

  ALTERNATIVES

  Alternativeshavealwaysbeenakeydifferentiatorinourclients’portfolios,asweareamongtheleadingprovidersandinvestorsglobally.Recently,thisassetclasshasemergedasoneoftheindustry’slargestandfastest-growingareas,primarilydrivenbytheopen-endedstructurenowavailabletoindividualinvestors.Inresponse,wehavestrategicallyrestructuredourcoverageintotwodistinctpillars:AWMAlternativeSolutionsandAMPrivateMarkets.Thisnewstructureisdesignedtobroadenourcoverageandenablemeaningfulgrowth,leveragingourrichhistoryofover60yearsandourextensiveexperienceacrossvariousinvestmenttypes.Withtheseenhancements,wearepoisedtoexpandourcoverageandunlockourdeepexpertiseinthisarea,ultimatelyprovidingourclientswithinnovativeandtailoredinvestmentsolutionsacrosstheboard–fromthird-partystrategiestofundsmanagedbyourownteams.Byaligningourresourcesandcapabilitieswiththeevolvingneedsofthemarket,wearewell-equippedtonavigatethecomplexitiesofthefinanciallandscapeanddrivesustainablegrowthinthisimportantarea.

  GLOBALFOOTPRINT 

  Asabusinesswithinafirmwithhundredsofyearsofhistory,wepossessadeepunderstandingofthecomplexeconomicandgeopoliticallandscapethatshapesourindustry.Today,AWMmaintainsclientcoverageinover150countries,underscoringourcommitmenttoservingadiverserangeofclientsglobally.Inrecentyears,wehaveinvestedinopeningnewofficesinAthens,Jacksonville,Manchester,Munich,SaltLakeCityandScottsdale.Additionally,wehaveincreasedournumberofadvisorsbymorethan10%inotherkeyoffices,includingAustin,FortLauderdaleandFrankfurt.InChina,wehaveoneofthelargestteamsofresearchanalystscoveringChinesestocksamongforeign-ownedassetmanagers.TheseinvestmentsbuildastrongfoundationforAWMfordecadestocome.

  Inadditiontoexpandingourgeographicfootprint,wecultivateacultureofexcellencethroughtalentmobility,ensuringourteamsarenotonlyadeptinlocalmarketdynamicsbutalsoalignedwithourcohesiveglobalculture.Thiscombinationallowsustoremainagileandresponsive,positioningustocapitalizeonemergingtrendsandtodeliveraconsistentexperiencetoourclientsworldwide.Lastly,inmostofAWMlocationsaroundtheworld,weco-locatewithourConsumer&CommunityBankingandCommercial&InvestmentBankpartners,significantlyamplifyingourimpactonclientsandcommunities.

  EVIDENCETHATTHISSTRATEGYISWORKING:STRONGROEFOROURFIRMANDSHAREHOLDERS

  OurresultsarenotonlystrongcomparedwitheverymajorcompetitorbutarealsocrucialforthebroadersuccessofJPMorganChase.Ourabilitytodeliverindustry-leadingreturnonequity(ROE)stemsfromourdisciplinedapproachtomanagingeverydollaronourbalancesheet,contributingtoarobustblendedROEforourshareholders.Theseresults,achievedwhilemaintainingsignificantinvestmentinourbusiness,speaktothestrengthofourfranchiseandthefocusofourstrategicinvestmentagenda.

  CONCLUSION 

  Ourfiduciarycommitmenttoourclientsservesasournorthstar,guidingeveryaspectofourwork.Iamproudofhowwehavesuccessfullyguidedourclientsandshareholdersthroughthechallengesandvolatilityofrecentyears,allwhilemakingsignificantinvestmentsinthefuture.

  AseachofthethreelinesofbusinessatJPMorganChasestriveseverydaytoexcelinourrespectiveareas,weareacutelyawarethatourcollectivestrengthsurpassesthesumofourindividualparts.TogetherwithmyOperatingCommitteepartnersinAWM,weworkrelentlesslytomaximizethefirm’svaluetoeveryclient,deliveringinvestmentadvice,liquiditymanagement,capitalmarketsexpertise,credit,payments,custodyandfull-servicebanking.Clientsbenefitfrombeing partofthebroaderJPMorganChaseecosystem,asdoeseachlineofbusiness,withaccesstounparalleledresourcesandscalethatsetusapartfromthecompetition. 

  Wearedeeplygratefulforthetrustourclientsandshareholdersplaceinusandremaindedicatedtodeliveringexcellenceeveryday.ByleveragingthestrengthsofJPMorganChase,weareconfidentinourabilitytodeliverexceptionalvalueandmaintainourleadershippositionintheindustry.Aswelooktothefuture,wearecommittedtodrivinginnovationandconsistentgrowth,ensuringthatwecontinuetomeetandexceedyourexpectations.

  1.Forfootnote,refertopage58footnote34inthisAnnualReport. 

  2.Forfootnote,refertopage58footnote33inthisAnnualReport.  

  3.Source:Publicfilings,companywebsite,Morningstar.  

  4.Forfootnote,refertopage59footnote36inthisAnnualReport. 

  5.Source:Publicfilings;returnonequity(ROE)orcomparablemetricisbasedonasreportedfigures,whereavailable.ForpeersthatdonotreportROEoracomparablemetric,calculationswerederivedfromreportednetincomeattributabletocommonshareholdersandthereportedaveragecommonshareholders’equity.

新闻结尾 仙子被屈辱打开玉腿沦陷,从seav免费网站带您体验前所未有的精彩世界!的相关文章
女子开车去交警队考科目一
法国队今年剩余3个主场都在巴黎踢
美国一架小飞机坠河致三人死亡
蛋荒之下美国人去墨西哥“寻蛋”
网友拍到大爷在悬崖峭壁上耕作
迪亚洛和胡明轩抢球发生冲突
  • 友情链接:
  • 大悦城三年累计亏损超70亿元 美国各地农民面临破产风险 日本长野一夜连震47次 或有更大地震 胡曼黎卖包被情敌包场羞辱

    查看更多评价 ∨