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
我的二次元后宫,探索极致激情与娱乐的新境界!
随机图片

我的二次元后宫,探索极致激情与娱乐的新境界!

更新时间: 浏览次数: 371

400电话:123456(点击咨询)
我的二次元后宫,探索极致激情与娱乐的新境界!各观看免费《今日汇总》
我的二次元后宫,探索极致激情与娱乐的新境界!各热线观看免费2025已更新(2025已更新)








我的二次元后宫,探索极致激情与娱乐的新境界!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








我的二次元后宫,探索极致激情与娱乐的新境界!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




我的二次元后宫,探索极致激情与娱乐的新境界!各区点热线观看免费《今日发布》
Random Image 我的二次元后宫,探索极致激情与娱乐的新境界!电话








7天观看免费人工电话为您、我的二次元后宫,探索极致激情与娱乐的新境界!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,








我的二次元后宫,探索极致激情与娱乐的新境界!各观看免费《今日汇总》2025已更新(今日/推荐)








我的二次元后宫,探索极致激情与娱乐的新境界!电话区域:








丽江市(华坪县、玉龙纳西族自治县、宁蒗彝族自治县、永胜县、古城区)








台州市(仙居县、三门县、天台县、临海市、温岭市、玉环市、路桥区、椒江区、黄岩区)








晋城市(阳城县、泽州县、陵川县、沁水县、城区、高平市)








漳州市(南靖县、芗城区、龙文区、华安县、龙海区、诏安县、平和县、漳浦县、长泰区、云霄县、东山县)  南平市(建瓯市、邵武市、顺昌县、政和县、延平区、建阳区、光泽县、浦城县、武夷山市、松溪县)








黔东南苗族侗族自治州(雷山县、从江县、丹寨县、黎平县、锦屏县、天柱县、岑巩县、剑河县、三穗县、榕江县、镇远县、麻江县、黄平县、施秉县、凯里市、台江县)








柳州市(鱼峰区、三江侗族自治县、柳城县、城中区、柳北区、柳江区、鹿寨县、融安县、融水苗族自治县、柳南区)








扬州市(高邮市、广陵区、宝应县、江都区、仪征市、邗江区)








自贡市(自流井区、荣县、贡井区、富顺县、大安区、沿滩区)  滁州市(全椒县、琅琊区、定远县、天长市、明光市、来安县、南谯区、凤阳县)








随州市(随县、曾都区、广水市)








上饶市(广丰区、德兴市、横峰县、广信区、弋阳县、余干县、婺源县、玉山县、铅山县、信州区、鄱阳县、万年县)








佛山市(禅城区、三水区、南海区、高明区、顺德区)








资阳市(雁江区、安岳县、乐至县)








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








庆阳市(正宁县、宁县、西峰区、合水县、镇原县、环县、华池县、庆城县)








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








芜湖市(南陵县、镜湖区、鸠江区、无为市、弋江区、繁昌区、湾沚区)








绥化市(明水县、绥棱县、庆安县、青冈县、望奎县、北林区、兰西县、海伦市、安达市、肇东市)








济源市








漯河市(临颍县、郾城区、舞阳县、召陵区、源汇区)








东营市(河口区、东营区、广饶县、垦利区、利津县)








齐齐哈尔市(梅里斯达斡尔族区、铁锋区、克山县、富拉尔基区、碾子山区、克东县、富裕县、讷河市、拜泉县、甘南县、龙沙区、泰来县、依安县、龙江县、昂昂溪区、建华区)








和田地区(和田市、墨玉县、皮山县、民丰县、于田县、洛浦县、策勒县、和田县)








广安市(广安区、前锋区、华蓥市、岳池县、邻水县、武胜县)








湘西土家族苗族自治州(龙山县、永顺县、吉首市、凤凰县、古丈县、泸溪县、花垣县、保靖县)








北京市(平谷区、门头沟区、东城区、朝阳区、顺义区、大兴区、房山区、西城区、通州区、密云区、丰台区、延庆区、石景山区、昌平区、怀柔区、海淀区)








徐州市(铜山区、沛县、泉山区、云龙区、鼓楼区、邳州市、睢宁县、丰县、贾汪区、新沂市)








宁德市(蕉城区、福鼎市、古田县、福安市、柘荣县、霞浦县、屏南县、寿宁县、周宁县)
400电话:123456(点击咨询)
我的二次元后宫,探索极致激情与娱乐的新境界!各观看免费《今日汇总》《今日发布》
我的二次元后宫,探索极致激情与娱乐的新境界!各观看免费《今日汇总》(2025已更新)








我的二次元后宫,探索极致激情与娱乐的新境界!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








我的二次元后宫,探索极致激情与娱乐的新境界!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




我的二次元后宫,探索极致激情与娱乐的新境界!各观看免费《今日汇总》【2025已更新列表】
我的二次元后宫,探索极致激情与娱乐的新境界!电话








7天观看免费人工电话为您、我的二次元后宫,探索极致激情与娱乐的新境界!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,








我的二次元后宫,探索极致激情与娱乐的新境界!中心2025已更新(今日/推荐)








我的二次元后宫,探索极致激情与娱乐的新境界!电话区域:








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








果洛藏族自治州(久治县、班玛县、玛沁县、甘德县、玛多县、达日县)








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








梅州市(平远县、五华县、蕉岭县、丰顺县、大埔县、梅县区、兴宁市、梅江区)  苏州市(吴中区、虎丘区、张家港市、姑苏区、常熟市、太仓市、昆山市、吴江区、相城区)








遂宁市(安居区、船山区、大英县、射洪市、蓬溪县)








濮阳市(濮阳县、清丰县、范县、华龙区、台前县、南乐县)








衢州市(江山市、衢江区、柯城区、常山县、龙游县、开化县)茂名市(电白区、信宜市、茂南区、高州市、化州市)








昌吉回族自治州(昌吉市、呼图壁县、木垒哈萨克自治县、玛纳斯县、阜康市、吉木萨尔县、奇台县)  德阳市(罗江区、旌阳区、广汉市、中江县、什邡市、绵竹市)








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








南阳市(方城县、邓州市、镇平县、卧龙区、内乡县、淅川县、西峡县、南召县、宛城区、桐柏县、唐河县、新野县、社旗县)








鸡西市(城子河区、鸡东县、密山市、滴道区、恒山区、麻山区、鸡冠区、虎林市、梨树区)普洱市(西盟佤族自治县、江城哈尼族彝族自治县、澜沧拉祜族自治县、景谷傣族彝族自治县、宁洱哈尼族彝族自治县、思茅区、墨江哈尼族自治县、镇沅彝族哈尼族拉祜族自治县、孟连傣族拉祜族佤族自治县、景东彝族自治县)








玉林市(北流市、福绵区、容县、玉州区、博白县、陆川县、兴业县)








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








龙岩市(连城县、新罗区、武平县、长汀县、漳平市、永定区、上杭县)








凉山彝族自治州(雷波县、宁南县、喜德县、盐源县、越西县、美姑县、会理市、冕宁县、西昌市、德昌县、木里藏族自治县、昭觉县、普格县、会东县、金阳县、布拖县、甘洛县)








金昌市(永昌县、金川区)








湘潭市(韶山市、岳塘区、湘乡市、湘潭县、雨湖区)








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








白城市(镇赉县、通榆县、大安市、洮南市、洮北区)








吕梁市(柳林县、中阳县、交城县、汾阳市、兴县、离石区、石楼县、岚县、临县、孝义市、方山县、交口县、文水县)








达州市(通川区、达川区、大竹县、开江县、万源市、宣汉县、渠县)








西安市(高陵区、莲湖区、鄠邑区、周至县、新城区、蓝田县、碑林区、阎良区、未央区、灞桥区、长安区、临潼区、雁塔区)








牡丹江市(阳明区、海林市、林口县、绥芬河市、爱民区、穆棱市、东安区、西安区、宁安市、东宁市)








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








抚顺市(东洲区、新抚区、新宾满族自治县、望花区、清原满族自治县、顺城区、抚顺县)








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








克孜勒苏柯尔克孜自治州(阿克陶县、乌恰县、阿图什市、阿合奇县)

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。

我的二次元后宫,探索极致激情与娱乐的新境界!的相关文章 女子伸腿阻止高铁关门等待同行人员,相关部门已介入调查的相关文章
在职场人际关系中,你觉得「团队」的感受和「个人」的感受哪个更重要,如何做取舍?
新疆维吾尔自治区政协原副主席窦万贵一审被控受贿超2.29亿
最小最轻的无线陆空两栖机器人来了
报道称黄仁勋已结束中国之行,知情人士称全程未与 DeepSeek 会面,透露哪些信息?
超2300万美国人准备迎接强震
普京宣布临时停火 30 小时,将对俄乌局势有哪些影响?是否有利于双方和谈?
写西幻该如何避免写成中式西幻?
城事|2小时40分42秒,天工夺冠!全球首个人形机器人半马开跑
抽烟、吃香蕉和在核电站工作的辐射量谁更大
何立峰会见美国英伟达公司总裁黄仁勋:欢迎美资企业深耕中国市场
油价近三年最大降幅 未来会继续降吗
官方通报“女子伸腿阻止高铁关门”:为等同行人上车,相关部门介入调查
  • 友情链接:
  • 近30家公司宣布股票增持 女外交官杨扬出任中国驻圭亚那大使 如果 0.01 纳米的一根线瞬间切割人体,可造成什么伤害? 女工程师怀孕月薪 17000 降至 3000,仲裁裁决公司补齐孕期工资差额,如何从法律角度解读? 白宫慌了!将设工作组紧急处理对中国加征关税危机 爷爷隔代亲赠孙子100万引儿子不满 理想l系列累计交付超100万辆 中国市场对英伟达有多重要 恒安集团创始人许连捷逝世:白手起家缔造百亿纸品巨头,个人曾捐赠超10亿 鹿晗关晓彤分手博主坚持打卡2751天

    查看更多评价 ∨