銆€銆€榛�(di菐n)鎿婃煡鐪嬶細2013骞寸稉(j墨ng)婵�(j矛)甯€冭│(涓礆(j铆)寤虹瓚)閲嶉洠榛�(di菐n)璎涚京3銆€銆€

銆€銆€绗簩绡€(ji茅) 寤鸿ō(sh猫)闋�(xi脿ng)鐩⿻(p铆ng)鍍�(ji脿)

銆€銆€銆愰洠榛�(di菐n)銆戜簲绋⿻(p铆ng)鍍�(ji脿)鑸囧垎鏋愬崁(q奴)鍒�

銆€銆€璨�(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)

銆€銆€寰為爡(xi脿ng)鐩嚜韬搴﹁⿻(p铆ng)鍍�(ji脿)璐忓埄鑳藉姏銆佸劅鍌佃兘鍔涚瓑

銆€銆€缍�(j墨ng)婵�(j矛)璨�(f猫i)鐢ㄦ晥鐩婂垎鏋�

銆€銆€寰炶硣婧愬悎鐞嗛厤缃殑瑙掑害锛屽垎鏋愰爡(xi脿ng)鐩姇璩囩殑缍�(j墨ng)婵�(j矛)鏁堢巼鍜屽皪(du矛)绀炬渻(hu矛)绂忓埄鎵€鍋氬嚭鐨勮并鐛�(xi脿n)

銆€銆€璨�(f猫i)鐢ㄦ晥鏋滃垎鏋�

銆€銆€姣旇純闋�(xi脿ng)鐩殑鏁堟灉鑸囨敮浠樼殑璨�(f猫i)鐢�锛屽垽鏂烽爡(xi脿ng)鐩不(f猫i)鐢ㄧ殑鏈夋晥鎬ф垨鍚堢悊鎬�(鐩哥暥(d膩ng)浜庡墠闈㈣瑳閬庣殑鍍�(ji脿)鍊煎伐绋�)

銆€銆€鍗€(q奴)鍩熺稉(j墨ng)婵�(j矛)鑸囧畯瑙€缍�(j墨ng)婵�(j矛)褰遍熆鍒嗘瀽

銆€銆€寰炲崁(q奴)鍩熺稉(j墨ng)婵�(j矛)瑙掑害鎴栧湅(gu贸)姘戠稉(j墨ng)婵�(j矛)瑙掑害锛屽垎鏋愰爡(xi脿ng)鐩皪(du矛)鍗€(q奴)鍩熷強鑷冲湅(gu贸)瀹跺畯瑙€缍�(j墨ng)婵�(j矛)鐨勫奖闊�

銆€銆€闋�(xi脿ng)鐩挵(hu谩n)澧冭⿻(p铆ng)鍍�(ji脿)

銆€銆€闋�(xi脿ng)鐩皪(du矛)鐠�(hu谩n)澧冪殑褰遍熆

銆€銆€2.1. 璨�(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)

銆€銆€2.1.1璨�(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)姒傝堪

銆€銆€缍�(j墨ng)鐕�(y铆ng)鎬ч爡(xi脿ng)鐩�

銆€銆€璐忓埄鑳藉姏

銆€銆€鍎熷偟鑳藉姏

銆€銆€璩嫏(w霉)鐢熷瓨鑳藉姏

銆€銆€闈炵稉(j墨ng)鐕�(y铆ng)鎬ч爡(xi脿ng)鐩�

銆€銆€璨�(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏

銆€銆€涓嶇⒑瀹氭€у垎鏋�

銆€銆€鐩堣櫑骞宠　鍒嗘瀽

銆€銆€鏁忔劅鎬у垎鏋�

銆€銆€2.1.2璨�(c谩i)鍕�(w霉)璐忓埄鑳藉姏鎸囨(bi膩o)鍒嗘瀽

銆€銆€2.1.2.1 璨�(c谩i)鍕�(w霉)鍏�(n猫i)閮ㄦ敹鐩婄巼(IRR)

銆€銆€鍑堢従(xi脿n)鍊肩瓑浜庨浂(NPV=0)鏅�(sh铆)鐨勬姌鐝�(xi脿n)鐜�

銆€銆€鍙嶆噳(y墨ng)闋�(xi脿ng)鐩殑璐忓埄鑳藉姏

銆€銆€濡傛灉瑭叉敹鐩婅兘鍔涘ぇ浜庣瓑浜庡熀婧�(zh菙n)鏀剁泭鐜囨垨瑷�(sh猫)瀹氱殑鎶樼従(xi脿n)鐜�锛岃〃鏄庨爡(xi脿ng)鐩彲鎺ュ彈锛屽灏忎簬鍩烘簴(zh菙n)鏀剁泭鐜�锛屽墖鏂规涓嶅彲鎺ュ彈

銆€銆€鍏�(n猫i)閮ㄦ敹鐩婄巼鐨勮▓(j矛)绠楁柟娉�

銆€銆€鍏�(n猫i)閮ㄦ敹鐩婄巼鍑芥暩(sh霉)鏄笡鍑芥暩(sh霉)

銆€銆€r1鏅�(sh铆)锛屽噲鐝�(xi脿n)鍊肩偤NPV1>0锛屽墖FIRR涓€瀹氭瘮r1澶�

銆€銆€r2鏅�(sh铆)锛屽噲鐝�(xi脿n)鍊肩偤NPV2<0锛屽墖FIRR涓€瀹氭瘮r2灏�

銆€銆€瑙ｇ瓑寮忛潪甯稿京(f霉)闆�锛屾墍浠ヤ竴鑸敤鎻掑€兼硶

銆€銆€r1鏅�(sh铆)锛屽噲鐝�(xi脿n)鍊肩偤NPV1>0

銆€銆€r2鏅�(sh铆)锛屽噲鐝�(xi脿n)鍊肩偤NPV2<0

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銆€銆€2.1.2.2 璨�(c谩i)鍕�(w霉)鍑堢従(xi脿n)鍊�(FNPV)

銆€銆€鍑堢従(xi脿n)鍊兼槸鎸囬枊鐧�(f膩)闋�(xi脿ng)鐩湪鎶曡硣娲诲嫊(d貌ng)鏈夋晥鏈熷収(n猫i)鐨勫噲鐝�(xi脿n)閲戞祦閲�锛屾寜闋�(y霉)鍏堣(gu墨)瀹氱殑鎶樼従(xi脿n)鐜囨垨鍩烘簴(zh菙n)鏀剁泭鐜�锛屾姌绠楀埌闁嬬櫦(f膩)闋�(xi脿ng)鐩(sh铆)鏂介枊濮嬬殑鍩烘簴(zh菙n)骞寸殑浠ｆ暩(sh霉)鍜�(NPV)

銆€銆€(F~P)(A~P)

銆€銆€NPV鈮�0锛岃鏄庢柟妗堟濂介仈(d谩)鍒伴爯(y霉)瀹氱殑鎶曡硣鏀剁泭姘村钩锛屾垨鑰呭皻鏈夌泩浣�锛岄爡(xi脿ng)鐩彲浠ユ帴鍙�

銆€銆€NPV<0锛岃鏄庢柟妗堥仈(d谩)涓嶅埌闋�(y霉)瀹氱殑鏀剁泭姘村钩锛屾柟妗堜笉鍙帴鍙�

銆€銆€2.1.2.3 鎶曡硣鍥炴敹鏈�(Pt)

銆€銆€浠ラ爡(xi脿ng)鐩殑鍑堟敹鐩婂洖鏀堕爡(xi脿ng)鐩姇璩囨墍闇€瑕佺殑鏅�(sh铆)闁�锛屾槸鑰冩叜闋�(xi脿ng)鐩姇璩囧洖鏀惰兘鍔涚殑涓昏鎸囨(bi膩o)

銆€銆€绱▓(j矛)鍑堢従(xi脿n)閲戜箣鍜岀偤姝ｇ殑骞存暩(sh霉)鐐簄

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銆€銆€2.1.2.4 绺芥姇璩囨敹鐩婄巼(ROI)

銆€銆€鎸囬爡(xi脿ng)鐩仈(d谩)鍒拌ō(sh猫)瑷�(j矛)鑳藉姏鍚庢甯稿勾浠界殑骞存伅绋呭墠鎴栭亱(y霉n)鐕�(y铆ng)鏈熷収(n猫i)骞村钩鍧囨伅绋呭墠鍒╂饯(r霉n)(EBIT)鑸囬爡(xi脿ng)鐩附鎶曡硣(TI)鐨勬瘮鐜�

銆€銆€绺芥姇璩囨敹鐩婄巼楂樹簬鍚岃妤�(y猫)鐨勬敹鐩婄巼鍙冭€冨€肩殑锛岄爡(xi脿ng)鐩彲琛�

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銆€銆€銆€銆€

銆€銆€2.1.3 鍎熷偟鑳藉姏鎸囨(bi膩o)鍙婂垎鏋�

銆€銆€2.1.3.1 鍒╂伅鍌欎粯鐜�(ICR)

銆€銆€鎸囧湪浠樺€熸鍎熼倓鏈熷収(n猫i)鐨勬伅绋呭墠鍒╂饯(r霉n)(EBIT)鑸囨噳(y墨ng)浠樺埄鎭�(PI)鐨勬瘮鍊�

銆€銆€寰炰粯鎭硣閲戜締婧愯搴﹀弽鏄犻爡(xi脿ng)鐩�?j墨)鏁荤П槎�?w霉)鍒╂伅鐨勪繚闅滅▼搴�

銆€銆€鍒╂伅鍌欎粯鐜囨噳(y墨ng)鍒嗗勾瑷�(j矛)绠�

銆€銆€鍒╂伅鍌欎粯鐜囬珮锛岃〃鏄庡埄鎭劅浠樼殑淇濋殰绋嬪害楂�锛屽ぇ浜�1鎴栨豢瓒冲偟娆�(qu谩n)浜虹殑瑕佹眰鏅�(sh铆)鍙

銆€銆€ICR=EBIT/PI

銆€銆€2.1.3.2 鍎熷偟鍌欎粯鐜�

銆€銆€鎸囧€熸鍎熼倓鏈熷収(n猫i)锛岀敤浜庨倓鏈粯鎭殑璩囬噾鎭▍鍓嶅埄娼�(r霉n)鍔犳姌鑸婂拰鏀ら姺(EBITAD-TAX)鑸囨噳(y墨ng)閭勬湰浠樻伅閲戦(PD)鐨勬瘮鍊�

銆€銆€瑭插€艰〃绀虹敤浜庨倓鏈粯鎭殑璩囬噾鍎熼倓鍊熸鏈伅鐨勪繚闅滅▼搴�

銆€銆€鍎熷偟鍌欎粯鐜囨噳(y墨ng)鍒嗗勾瑷�(j矛)绠�

銆€銆€鍎熷偟鍌欎粯鐜囬珮锛岃〃鏄庡彲鐢ㄤ簬閭勬湰浠樻伅鐨勮硣閲戠殑淇濋殰绋嬪害楂�锛屽ぇ浜�1鎴栨豢瓒冲偟娆�(qu谩n)浜虹殑瑕佹眰鏅�(sh铆)鍙

銆€銆€DSCR=(EBITAD-TAX)/PD

銆€銆€2.1.3.3 璩囩敘(ch菐n)璨�(f霉)鍌电巼(LOAR)

銆€銆€鏄寚鍚勬湡鏈矤(f霉)鍌电附椤�(TL)鍚岃硣鐢�(ch菐n)绺介(TA)鐨勬瘮鐜�

銆€銆€璩囩敘(ch菐n)璨�(f霉)鍌电巼杓冧綆(鍦ㄥ悎鐞嗙殑鑼冨湇鍏�(n猫i))锛岃〃鏄庝紒妤�(y猫)缍�(j墨ng)鐕�(y铆ng)瀹夊叏銆佺┅(w臎n)鍋�锛屽叿鏈夎純寮�(qi谩ng)绫岃硣鑳藉姏锛岄ⅷ(f膿ng)闅�(xi菐n)杓冨皬

銆€銆€LOAR=TL/TA脳100%

銆€銆€2.2缍�(j墨ng)婵�(j矛)璨�(f猫i)鐢ㄦ晥鐩婂垎鏋�

銆€銆€2.2.1 缍�(j墨ng)婵�(j矛)璨�(f猫i)鐢ㄦ晥鐩婂垎鏋愭杩�

銆€銆€鏄緸璩囨簮鍚堢悊閰嶇疆鐨勮搴�锛屽垎鏋愰爡(xi脿ng)鐩姇璩囩殑缍�(j墨ng)婵�(j矛)鏁堢巼鍜屽皪(du矛)绀炬渻(hu矛)绂忓埄鎵€鍋氬嚭鐨勮并鐛�(xi脿n)锛岃⿻(p铆ng)鍍�(ji脿)闋�(xi脿ng)鐩殑缍�(j墨ng)婵�(j矛)鍚堢悊鎬�

銆€銆€涓嬪垪椤炲瀷闋�(xi脿ng)鐩噳(y墨ng)鍋氱稉(j墨ng)婵�(j矛)璨�(f猫i)鐢ㄦ晥鐩婂垎鏋�

銆€銆€鍏锋湁澹熸柗鐗瑰緛鐨勯爡(xi脿ng)鐩�

銆€銆€鐢�(ch菐n)鍑哄叿鏈夊叕鍏辩敘(ch菐n)鍝佺壒寰佺殑闋�(xi脿ng)鐩�

銆€銆€澶栭儴鏁堟灉椤憲鐨勯爡(xi脿ng)鐩�

銆€銆€璩囨簮闁嬬櫦(f膩)闋�(xi脿ng)鐩�

銆€銆€娑夊強鍦�(gu贸)瀹剁稉(j墨ng)婵�(j矛)瀹夊叏鐨勯爡(xi脿ng)鐩�

銆€銆€鍙楅亷搴﹁鏀垮共闋�(y霉)鐨勯爡(xi脿ng)鐩�

銆€銆€瑷�(j矛)绠楁柟娉�

銆€銆€閲囩敤褰卞瓙鍍�(ji脿)鏍艰▓(j矛)绠�

銆€銆€鎶曞叆鐨勮嚜鐒惰硣婧愶紝鐒¤珫璨�(c谩i)鍕�(w霉)涓婃槸鍚︿粯璨�(f猫i)锛岄兘蹇呴爤娓�(c猫)绠楀叾缍�(j墨ng)婵�(j矛)璨�(f猫i)鐢�

銆€銆€涓嶅彲鍐嶇敓鑷劧璩囨簮鐨勫奖瀛愬児(ji脿)鏍兼寜璩囨簮鐨勬(j墨)鏈�(hu矛)鎴愭湰瑷�(j矛)绠�

銆€銆€鍙啀鐢熻嚜鐒惰硣婧愮殑褰卞瓙鍍�(ji脿)鏍兼寜璩囨簮鍐嶇敓璨�(f猫i)鐢ㄨ▓(j矛)绠�

銆€銆€閲囩敤绀炬渻(hu矛)鎶樼従(xi脿n)鐜囧皪(du矛)鏈締缍�(j墨ng)婵�(j矛)鏁堢泭鍜岃不(f猫i)鐢ㄩ€�(j矛n)琛屾姌鐝�(xi脿n)

銆€銆€2.2.2 缍�(j墨ng)婵�(j矛)鍑堢従(xi脿n)鍊�(ENPV)

銆€銆€灏囨瘡涓€鏈熺殑缍�(j墨ng)婵�(j矛)鏁堢泭娴佽垏缍�(j墨ng)婵�(j矛)璨�(f猫i)鐢ㄦ祦鐨勫樊椤�锛岀敤绀炬渻(hu矛)鎶樼従(xi脿n)鐜囨姌鐝�(xi脿n)鍒板缓瑷�(sh猫)鏈熷垵鐨勭従(xi脿n)鍊间箣鍜�

銆€銆€ENPV绛変簬鎴栧ぇ浜�0锛岃〃鏄庨爡(xi脿ng)鐩彲浠ラ仈(d谩)鍒扮ぞ鏈�(hu矛)鎶樼従(xi脿n)鐜囩殑鏁堢泭姘村钩锛屽彲浠ユ帴鍙�

銆€銆€2.2.3 缍�(j墨ng)婵�(j矛)鍏�(n猫i)閮ㄦ敹鐩婄巼(EIRR)

銆€銆€缍�(j墨ng)婵�(j矛)鍑堢従(xi脿n)鍊肩瓑浜�0鏅�(sh铆)鐨勬姌鐝�(xi脿n)鐜�

銆€銆€濡侲IRR绛変簬鎴栧ぇ浜庣ぞ鏈�(hu矛)鎶樼従(xi脿n)鐜�锛岃〃鏄庨爡(xi脿ng)鐩硣婧愰厤缃晥鐜囬仈(d谩)鍒颁簡鍙互鎺ュ彈鐨勬按骞�锛屽彲琛�

銆€銆€2.2.4 缍�(j墨ng)婵�(j矛)鏁堢泭璨�(f猫i)鐢ㄦ瘮

銆€銆€绱▓(j矛)鐨勭稉(j墨ng)婵�(j矛)鏁堢泭鎶樼従(xi脿n)鍊间箣鍜岃垏绱▓(j矛)鐨勭稉(j墨ng)婵�(j矛)璨�(f猫i)鐢ㄧ殑鎶樼従(xi脿n)鍊间箣姣�

銆€銆€姣斿€煎ぇ浜�1锛岃〃鏄庨爡(xi脿ng)鐩硣婧愰厤缃殑姘村钩鍙鎺ュ彈

銆€銆€2.3璨�(f猫i)鐢ㄦ晥鏋滃垎鏋�

銆€銆€2.3.1 璨�(f猫i)鐢ㄦ晥鏋滃垎鏋愭杩�

銆€銆€鏄寚閫氶亷姣旇純闋�(xi脿ng)鐩爯(y霉)鏈熺殑鏁堟灉鑸囨敮浠樼殑璨�(f猫i)鐢�锛屽垽鏂烽爡(xi脿ng)鐩殑璨�(f猫i)鐢ㄦ湁鏁堟€ф垨缍�(j墨ng)婵�(j矛)鍚堢悊鎬�

銆€銆€閬╃敤鑼冨湇

銆€銆€閬╃敤浜庢晥鏋滈洠浜庢垨涓嶈兘璨ㄥ梗鍖�锛屾垨璨ㄥ梗鍖栫殑鏁堟灉涓嶆槸闋�(xi脿ng)鐩洰妯�(bi膩o)鐨勪富楂旀檪(sh铆)

銆€銆€RE/C=E/C

銆€銆€2.3.2 璨�(f猫i)鐢ㄦ晥鏋滃垎鏋愭柟娉�

銆€銆€鏂规硶

銆€銆€鏈€灏忚不(f猫i)鐢ㄦ硶-鏁堟灉鍥哄畾锛岄伕鍙栬不(f猫i)鐢ㄦ渶灏忔柟妗�

銆€銆€鏈€澶ф晥鏋滄硶-璨�(f猫i)鐢ㄥ浐瀹�锛岄伕鍙栨晥鏋滄渶澶х殑鏂规

銆€銆€澧為噺鍒嗘瀽娉�-姣旇純鏁堟灉涔嬪樊鑸囪不(f猫i)鐢ㄤ箣宸�

銆€銆€姝ラ

銆€銆€灏囨柟妗堢敱灏忓埌澶ф帓鍒�

銆€銆€寰炶不(f猫i)鐢ㄦ渶灏忕殑鍏╁€�(g猫)鏂规闁嬪锛岄€氶亷澧為噺鍒嗘瀽閬告搰鍎�(y艒u)鍕�(sh矛)鏂规

銆€銆€灏囧劒(y艒u)鍕濇柟妗堣垏绶婇劙鐨勪笅涓€鍊�(g猫)鏂规閫�(j矛n)琛屽閲忓垎鏋愶紝閬稿嚭鏂扮殑鍎�(y艒u)鍕�(sh矛)鏂规

銆€銆€閲嶅京(f霉)鐩磋嚦鏈€鍚庝竴鍊�(g猫)鏂规鐐烘渶鍎�(y艒u)鏂规

銆€銆€2.4鍗€(q奴)鍩熺稉(j墨ng)婵�(j矛)鑸囧畯瑙€缍�(j墨ng)婵�(j矛)褰遍熆鍒嗘瀽

銆€銆€2.4.1 姒傚康

銆€銆€鍗€(q奴)鍩熺稉(j墨ng)婵�(j矛)褰遍熆鍒嗘瀽

銆€銆€瀹忚缍�(j墨ng)婵�(j矛)褰遍熆鍒嗘瀽

銆€銆€鍒嗘瀽閲嶉粸(di菐n)鏄爡(xi脿ng)鐩垏鍗€(q奴)鍩熺櫦(f膩)灞曟埌(zh脿n)鐣ュ拰鍦�(gu贸)瀹堕暦(zh菐ng)閬�(yu菐n)瑕�(gu墨)鍔冪殑闂�(gu膩n)绯�

銆€銆€鍒嗘瀽鍏�(n猫i)瀹�

銆€銆€鐩存帴璨㈢嵒(xi脿n)鍜岄枔鎺ヨ并鐛�(xi脿n)

銆€銆€鏈夊埄褰遍熆鍜屼笉鍒╁奖闊�

銆€銆€2.4.2 閬╃敤鍗€(q奴)鍩熻垏瀹忚缍�(j墨ng)婵�(j矛)鍒嗘瀽鐨勯爡(xi脿ng)鐩�

銆€銆€闋�(xi脿ng)鐩姇璩囧法澶�銆佸伐鏈熻秴闀�(zh菐ng)(璺ㄤ簲骞磋▓(j矛)鍔冩垨鍗佸勾瑕�(gu墨)鍔�)

銆€銆€闋�(xi脿ng)鐩皪(du矛)鍦�(gu贸)瀹剁稉(j墨ng)婵�(j矛)绲�(ji茅)妲�(g貌u)銆佺ぞ鏈�(hu矛)绲�(ji茅)妲�(g貌u)浠ュ強缇ら珨鍒╃泭鏍煎眬鏈夎純澶х殑鏀硅畩

銆€銆€闋�(xi脿ng)鐩皫(d菐o)鑷存妧琛�(sh霉)閫�(j矛n)姝ュ拰鎶€琛�(sh霉)杞�(zhu菐n)璁�

銆€銆€闋�(xi脿ng)鐩皪(du矛)鐢熸厠(t脿i)鑸囩挵(hu谩n)澧冨奖闊垮ぇ

銆€銆€闋�(xi脿ng)鐩皪(du矛)鍦�(gu贸)瀹剁稉(j墨ng)婵�(j矛)瀹夊叏褰遍熆杓冨ぇ

銆€銆€闋�(xi脿ng)鐩皪(du矛)鍗€(q奴)鍩熸垨鍦�(gu贸)瀹惰病(c谩i)鏀挎敹鏀奖闊胯純澶�

銆€銆€闋�(xi脿ng)鐩殑鎶曞叆鎴栫敘(ch菐n)鍑哄皪(du矛)閫�(j矛n)鍑哄彛褰遍熆澶�

銆€銆€鍏跺畠閲嶅ぇ褰遍熆闋�(xi脿ng)鐩�

銆€銆€2.4.3 鍗€(q奴)鍩熺稉(j墨ng)婵�(j矛)鑸囧畯瑙€缍�(j墨ng)婵�(j矛)鍒嗘瀽鎸囨(bi膩o)楂旂郴

銆€銆€绺介噺鎸囨(bi膩o)

銆€銆€澧炲姞鍊�銆佸噲鐢�(ch菐n)鍊笺€佺磾鏀跺叆銆佽病(c谩i)鏀挎敹鍏�

銆€銆€绲�(ji茅)妲�(g貌u)鎸囨(bi膩o)

銆€銆€涓夋鐢�(ch菐n)妤�(y猫)绲�(ji茅)妲�(g貌u)銆佸氨妤�(y猫)绲�(ji茅)妲�(g貌u)銆佸奖闊垮姏绲�(ji茅)妲�(g貌u)

銆€銆€绀炬渻(hu矛)鑸囩挵(hu谩n)澧冩寚妯�(bi膩o)

銆€銆€灏辨キ(y猫)鏁堟灉鎸囨(bi膩o)銆佹敹鐩婂垎閰嶆晥鏋滄寚妯�(bi膩o)銆佽硣婧愬悎鐞嗗埄鐢ㄦ寚妯�(bi膩o)銆佺挵(hu谩n)澧冩晥鏋滄寚妯�(bi膩o)

銆€銆€鍦�(gu贸)鍔涢仼鎳�(y墨ng)鎬ф寚妯�(bi膩o)

銆€銆€闋�(xi脿ng)鐩娇鐢ㄧ殑璩囨簮鍗犲叏閮ㄨ硣婧愮附閲忕殑鐧惧垎姣�

銆€銆€璨�(c谩i)鏀胯硣閲戞姇鍏ュ崰璨�(c谩i)鏀挎敹鍏ユ垨鏀嚭鐨勭櫨鍒嗘瘮

銆€銆€2.5 鐠�(hu谩n)澧冭⿻(p铆ng)鍍�(ji脿)

銆€銆€2.5.1 鐠�(hu谩n)澧冭⿻(p铆ng)鍍�(ji脿)鐨勪竴鑸(gu墨)瀹�

銆€銆€涓夊悓鏅�(sh铆)鍒跺害

銆€銆€閰嶅鐨勬薄鏌撶挵(hu谩n)澧冮槻娌昏ō(sh猫)鏂�锛屽繀闋堣垏涓婚珨宸ョ▼鍚屾檪(sh铆)瑷�(sh猫)瑷�(j矛)銆佸悓鏅�(sh铆)鏂藉伐銆佸悓鏅�(sh铆)鎶曞叆浣跨敤

銆€銆€蹇呴爤閫�(j矛n)琛岀挵(hu谩n)澧冭⿻(p铆ng)鍍�(ji脿)鐨勫缓瑷�(sh猫)闋�(xi脿ng)鐩�

銆€銆€鍙兘閫犳垚閲嶅ぇ鐠�(hu谩n)澧冨奖闊跨殑锛岀法鍒剁挵(hu谩n)澧冨奖闊垮牨(b脿o)鍛婃浉锛岄€�(j矛n)琛屽叏闈㈣⿻(p铆ng)鍍�(ji脿)

銆€銆€鍙兘閫犳垚杓曞害鐠�(hu谩n)澧冨奖闊跨殑锛岀法鍒剁挵(hu谩n)澧冨奖闊垮牨(b脿o)鍛婅〃锛岄€�(j矛n)琛屽垎鏋愭垨?q奴)锝�?xi脿ng)瑭�(p铆ng)鍍�(ji脿)

銆€銆€灏�(du矛)鐠�(hu谩n)澧冨奖闊垮皬鐨�锛屼笉闇€瑕侀€�(j矛n)琛岀挵(hu谩n)澧冨奖闊胯⿻(p铆ng)鍍�(ji脿)锛屽～鍫�(b脿o)鐠�(hu谩n)澧冨奖闊跨櫥瑷樿〃

銆€銆€鐠�(hu谩n)澧冨奖闊垮牨(b脿o)鍛婃浉鐨勫収(n猫i)瀹�

銆€銆€2.5.2 鐠�(hu谩n)澧冩薄鏌撶殑鍒嗛

銆€銆€鎸夌挵(hu谩n)澧冭绱犲垎

銆€銆€澶ф埃姹℃煋

銆€銆€姘撮珨姹℃煋

銆€銆€鍦熷￥姹℃煋

銆€銆€鎸夋薄鏌撶墿鐨勬€ц唱(zh矛)

銆€銆€鐗╃悊姹℃煋

銆€銆€鍖栧(xu茅)姹℃煋

銆€銆€鐢熺墿姹℃煋

銆€銆€鎸夋薄鏌撶墿鐨勫舰鎱�(t脿i)

銆€銆€寤㈡埃姹℃煋

銆€銆€鍣伈姹℃煋

銆€銆€鍥洪珨鐗╂薄鏌�

銆€銆€杓诲皠姹℃煋

銆€銆€鎸夋薄鏌撶敘(ch菐n)鐢熺殑鍘熷洜

銆€銆€宸ユキ(y猫)姹℃煋

銆€銆€浜ら€氭薄鏌�

銆€銆€杈�(n贸ng)妤�(y猫)姹℃煋

銆€銆€鐢熸椿姹℃煋

銆€銆€鎸夋薄鏌撶殑绌洪枔鍒�

銆€銆€瀹ゅ収(n猫i)姹℃煋

銆€銆€瀹ゅ姹℃煋

銆€銆€鎸夋薄鏌撶墿鐨勫垎甯冭寖鍦�

銆€銆€鍏ㄧ悆鎬ф薄鏌�

銆€銆€鍗€(q奴)鍩熸€ф薄鏌�

銆€銆€灞€閮ㄦ€ф薄鏌�

銆€銆€涓夊虎姹℃煋

銆€銆€寤㈡按

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銆€銆€寤㈡福

銆€銆€鐠�(hu谩n)澧冩薄鏌撴簮鍒嗛

銆€銆€鎸夋薄鏌撶墿鐧�(f膩)鐢熺殑椤炲瀷

銆€銆€宸ユキ(y猫)姹℃煋婧�

銆€銆€绶ㄨ集鎺ㄨ枽锛�2013骞寸稉(j墨ng)婵�(j矛)甯€冭│(涓礆(j铆)寤虹瓚)閲嶉洠榛�(di菐n)璎涚京4