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<section class="" data-style-type="5" data-tools="新媒体排版" data-id="100939" style="max-width: 100%;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><section class="" data-style-type="5" data-tools="新媒体排版" data-id="28971" style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><article class="" data-author="Wxeditor" style="margin: 5px auto;max-width: 100%;font-size: 14px;border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;"><section style="max-width: 100%;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;"><section style="padding-right: 10px;padding-left: 10px;max-width: 100%;display: inline-block;background-color: rgb(254, 254, 254);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 28px;box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span class="" style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;">1</span></strong></span></section><section style="margin-top: -1.2em;margin-bottom: 0.65em;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><section class="" style="margin-right: auto;margin-left: auto;max-width: 100%;border-top: 1px solid rgb(23, 110, 186);border-right-color: rgb(23, 110, 186);border-bottom-color: rgb(23, 110, 186);border-left-color: rgb(23, 110, 186);width: 134px;box-sizing: border-box !important;word-wrap: break-word !important;"></section></section><p style="max-width: 100%;min-height: 1em;font-size: 16px;color: rgb(38, 38, 38);line-height: 30px;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;line-height: 25.6px;box-sizing: border-box !important;word-wrap: break-word !important;">中国资本市场的护城河——居民存款</span></strong></span></p></section></article></section></section><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"></span><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">这些年来，全球发生的大大小小数次金融危机与黑天鹅事件，中国其实都被波及并被深刻影响。全球一体化的当下，我们无法置身事外。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但是，每每我们在一片看空声之下都能快速转危为安，最起码，大面儿上看是这样子的。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">于是很多人讲，我们的国运来了，华夏民族要伟大复兴啊……</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">诚然，中国加入WTO这十几年来，全球的分工秩序得以重构，我们搭上了时代的快车。<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">受益于人口红利与土地生产资料等环境的牺牲，中国崛起的速度可以说是人类历史上一个越级打怪通关的典范。</strong></span>即便到我们老的时候，历史课本上也绝对会用厚重的笔墨来描绘中国这一段辉煌历史。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但很多事情，我们要看的更广博更深邃一些。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">如果聊回我们的资本市场，这些年来，它具备了一条强大的护城河。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">一方面跟我国相对封闭的资本市场与集权制度有很大的关系，另一方面则因为中国拥有<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">巨大的居民存款</strong></span>可以抵御外来冲击。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">什么意思呢？</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">任总在公开场合曾多次讲过，房地产是政府的夜壶，需要的时候就拿来用用，不需要的时候就踢到床底下。</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">很多人听后都哈哈一笑，拿来当个茶后谈资的笑梗罢了，很少有人去深究这句话背后的深义。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但我们现在琢磨琢磨这句话，每当国外出问题的时候，外需没了。政府需要房地产拉动内需拉动GDP，让房地产发力崛起的时候，重要的是最后都是谁去买了房子接了盘呢？</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">对啊！谁买的呢？</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">论国民经济三大基本部门，也就是政府、企业与居民三大部门。其实买房子最后就是居民部门。政府不买房子，企业虽然买，但主要集中在商业写字楼厂房上，与庞大的住宅市场相比，占比毕竟有限。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">最后就落到居民部门头上，当然，居民买房主要还是靠贷款，也就是加杠杆。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">我们都懂杠杆本质就是债务。其实，房地产崛起的背后就是债务转移</span></strong></span><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">，把政府部门的债务转移到老百姓头上来，<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">所以我们看到这几年政府部门杠杆率下降，与此同时出现变化的是居民部门杠杆率的迅速攀升。</strong></span></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br>
<br></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">讲真，从宏观大账户的层面上看，过于巨量的存款对银行也有压力。特别是经济不好的地区，或者处于下行周期阶段，当贷款需求萎靡时，存款每年依旧要支付利息呢。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但存款居民部门60万亿当量的存款让政府有了底气。所谓手里有钱，心中不慌，外面出现危机，我们还有存款呢。怕个啥？！</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br>
<br></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但是到了2018年，很多事情都变了。</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">我们发现过去的2017年，很多地区的银行在贷款增加的同时，存款却持续减少，商业银行的存贷比（指银行贷款总额/存款总额）逐年攀升，甚至很多地区银行出现了存贷比超过75%红线的情况。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><section class="" data-style-type="5" data-tools="新媒体排版" data-id="100939" style="max-width: 100%;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><section class="" data-style-type="5" data-tools="新媒体排版" data-id="28971" style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><article class="" data-author="Wxeditor" style="margin: 5px auto;max-width: 100%;font-size: 14px;border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;"><section style="max-width: 100%;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;"><section style="padding-right: 10px;padding-left: 10px;max-width: 100%;display: inline-block;background-color: rgb(254, 254, 254);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 28px;box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span class="" style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;">2</span></strong></span></section><section style="margin-top: -1.2em;margin-bottom: 0.65em;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><section class="" style="margin-right: auto;margin-left: auto;max-width: 100%;border-top: 1px solid rgb(23, 110, 186);border-right-color: rgb(23, 110, 186);border-bottom-color: rgb(23, 110, 186);border-left-color: rgb(23, 110, 186);width: 134px;box-sizing: border-box !important;word-wrap: break-word !important;"></section></section><p style="max-width: 100%;min-height: 1em;font-size: 16px;color: rgb(38, 38, 38);line-height: 30px;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;line-height: 25.6px;box-sizing: border-box !important;word-wrap: break-word !important;">红色警报！别让居民部门出现赤字！</span></strong></span></p></section></article></section></section><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"></span><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">整个2017年，房地产新闻里最著名的段子就是：<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">全款的往里走、按揭的不要堵在门口，公积金的把车挪走……</strong></span></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">特别是杭宁蓉汉这几个城市的热销楼盘，你没全款的实力你试试？排号资格你都没得！举一家三代人的积蓄去买房在2017年演绎的淋漓极致。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但是，这种卖房模式，使得整个居民部门不仅消耗了大量的存款，还减少了在其他投资市场的新增资金。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">根据央行最新发布的权威数据，2017年，中国居民部门居然第一次出现了储蓄增长率为负的情况！</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">我们的护城河，总算探到了河底儿。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">前一阵子看很多文章，都纷纷写到和欧美发达国家相比，我国的居民杠杆率还处于低位，我们还有很多的空间可以提升！现在不举债就是输给通货膨胀！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">丫的，这些小编怎么这么坏良心啊，大环境都变了，你这种陈腔滥调说了十年不改改么？</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">很少有人告诉你：<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">通俗来讲，举债都是具备赚钱能力和长远眼光的人才能进行的金融行为，杠杆是好东西，但一定要适度，不可穿仓本金！</strong></span></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">更为重要的是加杠杆完全不适合全体居民一起同时进行！</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">前段时间看新闻，很多城市无法购房，极度焦虑下居然有人去贷款买邮票！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">傻呀，一声叹息！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">在去年的这个时候，<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">央行副行长潘功胜曾说过这样的一句话：我国居民杠杆水平不高，但也要防止继续走高。</strong></span></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">大家好好想想潘行长当时为什么这样讲。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">既然杠杆水平不高，为什么要防止走高呢？央行副行长当时没事跑出来说这干啥？</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">其实事实上，如果我们不严格控制居民部门杠杆率，不紧盯我们的存款，未来会有不少居民家庭破产，<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">成为赤字家庭。</strong></span></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">2008年美国次贷危机，有多少美国家庭破产，你以为这种事情只会发生在万恶的资本主义国家么？！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">我们来看央行和一些金融机构的数据。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><blockquote style="max-width: 100%;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 14px;color: rgb(89, 89, 89);box-sizing: border-box !important;word-wrap: break-word !important;">截至2017年，我国住户部门贷款余额达到40万亿，个人住房公积金贷款余额达到4.5万亿，再加上P2P花呗借呗民间小贷公司等七七八八，居民部门的真实杠杆率在60%以上只多不少。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 14px;color: rgb(89, 89, 89);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 14px;color: rgb(89, 89, 89);box-sizing: border-box !important;word-wrap: break-word !important;">换句话说，其实住户部门的负债跟住户存款之间的轧差已经收的越来越紧了。更让人担忧的是：我国居民部门债务占居民可支配收入的比重已经从2007年次贷危机时的不足35%，攀升至目前的90%。</span></p></blockquote><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">这可远远超出其他新兴经济体的水平。至于原因嘛，感谢这两年的房地产去库存吧！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><section class="" data-style-type="5" data-tools="新媒体排版" data-id="100939" style="max-width: 100%;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><section class="" data-style-type="5" data-tools="新媒体排版" data-id="28971" style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><article class="" data-author="Wxeditor" style="margin: 5px auto;max-width: 100%;font-size: 14px;border-width: 0px;border-style: initial;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;"><section style="max-width: 100%;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;"><section style="padding-right: 10px;padding-left: 10px;max-width: 100%;display: inline-block;background-color: rgb(254, 254, 254);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 28px;box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span class="" style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;">3</span></strong></span></section><section style="margin-top: -1.2em;margin-bottom: 0.65em;max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><section class="" style="margin-right: auto;margin-left: auto;max-width: 100%;border-top: 1px solid rgb(23, 110, 186);border-right-color: rgb(23, 110, 186);border-bottom-color: rgb(23, 110, 186);border-left-color: rgb(23, 110, 186);width: 134px;box-sizing: border-box !important;word-wrap: break-word !important;"></section></section><p style="max-width: 100%;min-height: 1em;font-size: 16px;color: rgb(38, 38, 38);line-height: 30px;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;line-height: 25.6px;box-sizing: border-box !important;word-wrap: break-word !important;">又不是西方福利社会，存款就是我们的命</span></strong></span></p></section></article></section></section><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"></span><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">先说说存贷比这个事儿。银行存贷比，就是商业银行贷款总额占存款总额的比例。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">其实商业银行大头就干俩事儿，一边拼命拉存款，一边拼命放贷款。几年前存款不好拉的时候，行长拉存款，行情一杯茅台一百万。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">银行也不容易，存贷比这指标，如果低了说明你银行存款多贷款少，盈利太差，但太高了容易闹金融危机。所以过去商业银行法有个红线——75%。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">后来在2015年10月，国务院取消了存贷比这个红线，改成流动性监测指标。</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">大伙儿记着这个日子，这可是房价暴涨的前夜。</span></strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">存贷比指标取消后，商业银行的这个指标便像脱缰的野马，撒了欢的往上冲。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br>
<br></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但是到了现在这个时点，很多银行日子难受了。<span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">我们发现整个社会持续高位的贷款需求、银行永远不够用的信贷额度、同时伴随的是吸储困难，整个商业银行的存贷款之间的结构性失衡快速加剧。</strong></span></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">据央行公布统计数据，2017年金融机构新增境内人民币存款13.34万亿，同比少增1.8万亿。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">对于广大的老百姓讲讲，我们没有欧洲号称</span><span style="max-width: 100%;font-size: 15px;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">“从摇篮到坟墓”</strong></span><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">的高福利社会制度，从教育、医疗乃至照看婴儿都是国家福利制度的范畴。所以，对于具体国情而言，我们居民存款就是我们的命根子！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">如果真被搅和完了那可真完了!</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">过去十几年，我们居民储蓄率高速增长是中国经济的特色之一，整个特色使得中国经济具有超强的韧性，同时能够战胜国外危机对内陆的冲击。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">但去年中国居民部门第一次出现储蓄增长率为负的情况，如果不能及时遏止，中国居民部门很快就会成为负债部门。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">从法理上讲，企业是有限责任，亏空了可以破产，但是个人是无限责任，到老都要还的。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">未来我们广义货币M2增长持续放缓，居民部门净存款还将持续下降，有些不怀好意的人还让居民全部加杠杆，作死呢？！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">把前面说过的话再叨唠一遍：</span></strong></span><span style="max-width: 100%;font-size: 15px;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">举债都是具备赚钱能力和长远眼光的人才能进行的金融行为，杠杆是好东西，但一定要适度，不可让波动穿仓本金！第二、加杠杆完全不适合全体居民一起同时进行！</strong></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">前段时间大量新闻报道，说今年银监会工作重点是居民去杠杆，相信未来会有许多政策下发。这说明上面是看到了这些潜在严重的问题的。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">小川行长去年拼命指导企业降杠杆，今年要指导居民降杠杆，向小川行长致敬！</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">最后再说说为什么中国的老百姓可能永远不会像欧美百姓一样成为靠信用度日的模式。美国3亿人口拥有十万亿美元的自然资源储量，而中国近15亿人口只拥有五万亿美元的资源。欧洲具有强大的金融、技术、管理、品牌等先发优势，而中国还在追赶过程中。欧美这种寅吃卯粮的社会运营模式我们根据就耗不起。</span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"></span></p><p style="padding-right: 0.5em;padding-left: 0.5em;max-width: 100%;min-height: 1em;color: rgb(62, 62, 62);font-size: 16px;white-space: normal;background-color: rgb(255, 255, 255);text-align: justify;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;">所以，要保护好接盘侠，接盘侠全累死了就没接盘侠了！</span></strong></span></p><p><span style="max-width: 100%;color: rgb(23, 110, 186);box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><br></span></strong></span></p><p style="max-width: 100%;min-height: 1em;background-color: rgb(255, 255, 255);text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;">—— END ——</strong></span></p><p style="max-width: 100%;min-height: 1em;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br></p><p style="max-width: 100%;min-height: 1em;background-color: rgb(255, 255, 255);box-sizing: border-box !important;word-wrap: break-word !important;"><br><br></p>
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狗仔卡
发表于 2018-3-16 22:55
变色卡
抢沙发
