作者:admin 日期:2023-12-25 08:25:06 浏览:61 分类:资讯
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会!
来源:北京商报
近日,全市场ETF总份额已突破2万亿份大关,创下历史新高。ETF基金是投资者最省心的投资工具,且被广大金融衍生品配置,是未来发展的重要方向。
ETF基金跟踪某一指数,完全按照指数的权重配置持股比例,以求达到尽可能准确地跟随指数波动,投资者买入ETF基金,可以获得非常接近于指数涨跌的投资收益。虽然说ETF基金的持股几乎不需要基金经理干预,但是从最终的结果发现,大多数主动型基金最终的投资业绩都无法超过大型ETF基金的投资收益率,所以大型的ETF指数基金也被称之为“魔鬼基金”。
随着金融市场的不断发展,单纯的股票买卖已经无法满足投资者的投资需要,买入ETF基金的投资者也不再是单纯的基金投资者,由于有股指期货、股票期权的存在,很多大型机构、做市商都在不断买入卖出ETF指数基金进行风险规避。
例如,当有投资者在股票期权市场不断买入股指看涨期权的时候,期权做市商就不得不卖出大量的股指看涨期权提供流动性,但是此时做市商也担心未来股指上涨可能引发自己卖出的股指期权出现投资风险,于是做市商就可以买入ETF基金进行套期保值,即做市商通过一边买入ETF基金一边卖出股指看涨期权的操作,回避股指上涨的风险,同时赚取期权投资者的权利金。
此外,也会有投资者因为看好未来股市的上涨机会,又希望获得很大的杠杆收益,选择通过买入股指期货合约投资股市上涨,此时股指期货出现升水交易,大型机构看到了期货和现货之间的价格差异,也可以一边做空股指期货,一边买入ETF基金进行几乎无风险的期现套利交易。
因此,ETF基金并不仅仅由普通基金投资者买入并持有,也作为很多金融工具的一项基础配置存在,在当下的A股市场里,ETF基金意义重大、不可或缺。
在本栏看来,近期ETF基金的份额快速增长,或许与“国家队”不断买入有一定关系。社保基金等合规机构通过ETF基金投资股市,具有管理成本低、无需调仓换股等优点,也不需要有人每日监测是否需要配股缴款、是否需要认购配售可转债等其他操作。同时购买ETF基金也不会引发老鼠仓的嫌疑,从某种程度上来说,买入ETF基金也是“国家队”支持股市的最佳投资渠道。
不过,ETF基金的份额增长也受到指数规模的限制。例如沪深300指数基金等大型指数基金,市场容量可以做到很大,基金规模也能做到几乎无限大的扩张,但是对于一些相对较小的行业ETF基金来说,如果规模过大,可能会引发基金的一举一动影响到整个行业指数的波动,所以对于小型指数的ETF基金,规模并不能够无休止地增长。
https://www.china-epi.net/post/a6759282.html
https://www.china-epi.net/post/a7608766.html
https://www.china-epi.net/post/a1122526.html
https://www.china-epi.net/post/a1127346.html
https://www.china-epi.net/post/a9944651.html
https://www.china-epi.net/post/a8174079.html
https://www.china-epi.net/post/a7321112.html
https://www.china-epi.net/post/a4746148.html
https://www.china-epi.net/post/a5043528.html
https://www.china-epi.net/post/a6520562.html
https://www.china-epi.net/post/a5705300.html
https://www.china-epi.net/post/a2294557.html
https://www.china-epi.net/post/a308687.html
https://www.china-epi.net/post/a7595379.html
https://www.china-epi.net/post/a3723477.html
https://www.china-epi.net/post/a5990696.html
https://www.china-epi.net/post/a2631260.html
https://www.china-epi.net/post/a6365433.html
https://www.china-epi.net/post/a9214531.html
https://www.china-epi.net/post/a5564393.html
https://www.china-epi.net/post/a344755.html
https://www.china-epi.net/post/a1391767.html
https://www.china-epi.net/post/a5553107.html
https://www.china-epi.net/post/a1580273.html
https://www.china-epi.net/post/a2005174.html
https://www.china-epi.net/post/a3871319.html
https://www.china-epi.net/post/a9702469.html
https://www.china-epi.net/post/a2021818.html
https://www.china-epi.net/post/a1893740.html
https://www.china-epi.net/post/a9223510.html
https://www.china-epi.net/post/a4603321.html
https://www.china-epi.net/post/a2503376.html
https://www.china-epi.net/post/a835812.html
https://www.china-epi.net/post/a3386071.html
https://www.china-epi.net/post/a943031.html
https://www.china-epi.net/post/a6840706.html
https://www.china-epi.net/post/a820000.html
https://www.china-epi.net/post/a9554144.html
https://www.china-epi.net/post/a9142067.html
https://www.china-epi.net/post/a3477116.html
https://www.china-epi.net/post/a2276705.html
https://www.china-epi.net/post/a6203021.html
https://www.china-epi.net/post/a3816291.html
https://www.china-epi.net/post/a2557662.html
https://www.china-epi.net/post/a8036652.html
https://www.china-epi.net/post/a7156304.html
https://www.china-epi.net/post/a1273337.html
https://www.china-epi.net/post/a2267865.html
https://www.china-epi.net/post/a1362361.html
https://www.china-epi.net/post/a2339051.html
https://www.china-epi.net/post/a7941309.html
https://www.china-epi.net/post/a8298883.html
https://www.china-epi.net/post/a2915947.html
https://www.china-epi.net/post/a5635887.html
https://www.china-epi.net/post/a8822947.html
https://www.china-epi.net/post/a3436820.html
https://www.china-epi.net/post/a8933178.html
https://www.china-epi.net/post/a9650773.html
https://www.china-epi.net/post/a2377549.html
https://www.china-epi.net/post/a9096586.html
https://www.china-epi.net/post/a6755976.html
https://www.china-epi.net/post/a358008.html
https://www.china-epi.net/post/a4101668.html
https://www.china-epi.net/post/a3509989.html
https://www.china-epi.net/post/a7538081.html
https://www.china-epi.net/post/a1080762.html
https://www.china-epi.net/post/a5206003.html
https://www.china-epi.net/post/a213859.html
https://www.china-epi.net/post/a8037301.html
https://www.china-epi.net/post/a4495534.html
https://www.china-epi.net/post/a5838181.html
https://www.china-epi.net/post/a5863433.html
https://www.china-epi.net/post/a4245271.html
https://www.china-epi.net/post/a5442948.html
https://www.china-epi.net/post/a1209599.html
https://www.china-epi.net/post/a459919.html
https://www.china-epi.net/post/a2376603.html
https://www.china-epi.net/post/a6249287.html
https://www.china-epi.net/post/a8405319.html
https://www.china-epi.net/post/a4703216.html
https://www.china-epi.net/post/a3106218.html
https://www.china-epi.net/post/a2259590.html
https://www.china-epi.net/post/a9477448.html
https://www.china-epi.net/post/a3375302.html
https://www.china-epi.net/post/a1000497.html
https://www.china-epi.net/post/a1666778.html
https://www.china-epi.net/post/a2757113.html
https://www.china-epi.net/post/a6786282.html
https://www.china-epi.net/post/a398719.html
https://www.china-epi.net/post/a8068748.html
https://www.china-epi.net/post/a6580475.html
https://www.china-epi.net/post/a5528414.html
https://www.china-epi.net/post/a6735693.html
https://www.china-epi.net/post/a2820626.html
https://www.china-epi.net/post/a2278907.html
https://www.china-epi.net/post/a5983969.html
https://www.china-epi.net/post/a4924875.html
https://www.china-epi.net/post/a8849175.html
https://www.china-epi.net/post/a3110990.html
https://www.china-epi.net/post/a1373539.html
https://www.china-epi.net/post/a2441528.html
https://www.china-epi.net/post/a9900600.html
https://www.china-epi.net/post/a5507091.html
https://www.china-epi.net/post/a5439881.html
https://www.china-epi.net/post/a9945290.html
https://www.china-epi.net/post/a1663004.html
https://www.china-epi.net/post/a2636827.html
https://www.china-epi.net/post/a1509395.html
https://www.china-epi.net/post/a8239194.html
https://www.china-epi.net/post/a543504.html
https://www.china-epi.net/post/a3169517.html
https://www.china-epi.net/post/a7167033.html
https://www.china-epi.net/post/a7577610.html
https://www.china-epi.net/post/a3257742.html
https://www.china-epi.net/post/a4367324.html
https://www.china-epi.net/post/a8511862.html
https://www.china-epi.net/post/a450426.html
https://www.china-epi.net/post/a4287351.html
https://www.china-epi.net/post/a8539796.html
https://www.china-epi.net/post/a7590937.html
https://www.china-epi.net/post/a9410615.html
https://www.china-epi.net/post/a9340958.html
https://www.china-epi.net/post/a4169646.html
https://www.china-epi.net/post/a8612223.html
https://www.china-epi.net/post/a3131868.html
https://www.china-epi.net/post/a6474415.html
https://www.china-epi.net/post/a4708021.html
https://www.china-epi.net/post/a5946124.html
https://www.china-epi.net/post/a2371143.html
https://www.china-epi.net/post/a2729857.html
https://www.china-epi.net/post/a9226950.html
https://www.china-epi.net/post/a4645622.html
https://www.china-epi.net/post/a5977019.html
https://www.china-epi.net/post/a930985.html
https://www.china-epi.net/post/a549432.html
https://www.china-epi.net/post/a1850995.html
https://www.china-epi.net/post/a7057058.html
https://www.china-epi.net/post/a984409.html
https://www.china-epi.net/post/a4293057.html
https://www.china-epi.net/post/a3844519.html
https://www.china-epi.net/post/a4506640.html
https://www.china-epi.net/post/a4254522.html
https://www.china-epi.net/post/a4594158.html
https://www.china-epi.net/post/a6534446.html
https://www.china-epi.net/post/a6515590.html
https://www.china-epi.net/post/a3379211.html
https://www.china-epi.net/post/a62318.html
https://www.china-epi.net/post/a3525337.html
https://www.china-epi.net/post/a6496253.html
https://www.china-epi.net/post/a1734727.html
https://www.china-epi.net/post/a2142039.html
https://www.china-epi.net/post/a8113343.html
https://www.china-epi.net/post/a4595098.html
https://www.china-epi.net/post/a7619901.html
https://www.china-epi.net/post/a9687797.html
https://www.china-epi.net/post/a2499459.html
https://www.china-epi.net/post/a2027234.html
https://www.china-epi.net/post/a2162848.html
https://www.china-epi.net/post/a3981722.html
https://www.china-epi.net/post/a5970133.html
https://www.china-epi.net/post/a9288308.html
https://www.china-epi.net/post/a277850.html
https://www.china-epi.net/post/a4387802.html
https://www.china-epi.net/post/a6201822.html
https://www.china-epi.net/post/a8933861.html
https://www.china-epi.net/post/a1823200.html
https://www.china-epi.net/post/a4377356.html
https://www.china-epi.net/post/a9088620.html
https://www.china-epi.net/post/a2359409.html
https://www.china-epi.net/post/a410345.html
https://www.china-epi.net/post/a9892165.html
https://www.china-epi.net/post/a5796939.html
https://www.china-epi.net/post/a3121248.html
https://www.china-epi.net/post/a163875.html
https://www.china-epi.net/post/a4181553.html
https://www.china-epi.net/post/a7377926.html
https://www.china-epi.net/post/a2892132.html
https://www.china-epi.net/post/a1533968.html
https://www.china-epi.net/post/a8320695.html
https://www.china-epi.net/post/a7382620.html
https://www.china-epi.net/post/a1262004.html
https://www.china-epi.net/post/a4091876.html
https://www.china-epi.net/post/a6521062.html
https://www.china-epi.net/post/a8304728.html
https://www.china-epi.net/post/a1068946.html
https://www.china-epi.net/post/a8839352.html
https://www.china-epi.net/post/a6667741.html
https://www.china-epi.net/post/a2674952.html
https://www.china-epi.net/post/a8257946.html
https://www.china-epi.net/post/a8594161.html
https://www.china-epi.net/post/a1462907.html
https://www.china-epi.net/post/a6660348.html
https://www.china-epi.net/post/a6273123.html
https://www.china-epi.net/post/a6088115.html
https://www.china-epi.net/post/a9632663.html
https://www.china-epi.net/post/a3025159.html
https://www.china-epi.net/post/a8026600.html
https://www.china-epi.net/post/a9544796.html
https://www.china-epi.net/post/a8551636.html
https://www.china-epi.net/post/a5714280.html
https://www.china-epi.net/post/a4206256.html
https://www.china-epi.net/post/a2424036.html
https://www.china-epi.net/post/a5060735.html
https://www.china-epi.net/post/a7920865.html
https://www.china-epi.net/post/a1846277.html
https://www.china-epi.net/post/a2321030.html
https://www.china-epi.net/post/a9865510.html
https://www.china-epi.net/post/a7924194.html
https://www.china-epi.net/post/a6381185.html
https://www.china-epi.net/post/a7448931.html
https://www.china-epi.net/post/a2241548.html
https://www.china-epi.net/post/a6112529.html
https://www.china-epi.net/post/a2406355.html
https://www.china-epi.net/post/a9183346.html
https://www.china-epi.net/post/a704012.html
https://www.china-epi.net/post/a3742833.html
https://www.china-epi.net/post/a7290739.html
https://www.china-epi.net/post/a2126787.html
https://www.china-epi.net/post/a2255828.html
https://www.china-epi.net/post/a9852287.html
https://www.china-epi.net/post/a6935810.html
https://www.china-epi.net/post/a2918492.html
https://www.china-epi.net/post/a294590.html
https://www.china-epi.net/post/a3990803.html
https://www.china-epi.net/post/a1123136.html
https://www.china-epi.net/post/a1841204.html
https://www.china-epi.net/post/a9399506.html
https://www.china-epi.net/post/a580193.html
https://www.china-epi.net/post/a6947396.html
https://www.china-epi.net/post/a8969956.html
https://www.china-epi.net/post/a5067788.html
https://www.china-epi.net/post/a1135520.html
https://www.china-epi.net/post/a7916916.html
https://www.china-epi.net/post/a7589270.html
https://www.china-epi.net/post/a1355043.html
https://www.china-epi.net/post/a5940001.html
https://www.china-epi.net/post/a1113833.html
https://www.china-epi.net/post/a8071304.html
https://www.china-epi.net/post/a6113994.html
https://www.china-epi.net/post/a1800707.html
https://www.china-epi.net/post/a6506335.html
https://www.china-epi.net/post/a8387857.html
https://www.china-epi.net/post/a7462397.html
https://www.china-epi.net/post/a452376.html
https://www.china-epi.net/post/a9276773.html
https://www.china-epi.net/post/a6429692.html
https://www.china-epi.net/post/a3576014.html
https://www.china-epi.net/post/a4586273.html
https://www.china-epi.net/post/a2580892.html
https://www.china-epi.net/post/a8625921.html
https://www.china-epi.net/post/a967241.html
https://www.china-epi.net/post/a5447817.html
https://www.china-epi.net/post/a5238060.html
https://www.china-epi.net/post/a3991181.html
https://www.china-epi.net/post/a4040786.html
https://www.china-epi.net/post/a820597.html
https://www.china-epi.net/post/a8232695.html
https://www.china-epi.net/post/a9494621.html
https://www.china-epi.net/post/a6081581.html
https://www.china-epi.net/post/a1307256.html
https://www.china-epi.net/post/a5071226.html
https://www.china-epi.net/post/a3545065.html
https://www.china-epi.net/post/a8615612.html
https://www.china-epi.net/post/a8824139.html
https://www.china-epi.net/post/a4079228.html
https://www.china-epi.net/post/a1384492.html
https://www.china-epi.net/post/a9067466.html
https://www.china-epi.net/post/a2692280.html
https://www.china-epi.net/post/a3251390.html
https://www.china-epi.net/post/a7496312.html
https://www.china-epi.net/post/a142858.html
https://www.china-epi.net/post/a7846860.html
https://www.china-epi.net/post/a1638490.html
https://www.china-epi.net/post/a7502704.html
https://www.china-epi.net/post/a4177034.html
https://www.china-epi.net/post/a9355252.html
https://www.china-epi.net/post/a4621955.html
https://www.china-epi.net/post/a9681699.html
https://www.china-epi.net/post/a6518387.html
https://www.china-epi.net/post/a2914059.html
https://www.china-epi.net/post/a2334774.html
https://www.china-epi.net/post/a3029427.html
https://www.china-epi.net/post/a2532290.html
https://www.china-epi.net/post/a8850480.html
https://www.china-epi.net/post/a8683254.html
https://www.china-epi.net/post/a6519240.html
https://www.china-epi.net/post/a9926849.html
https://www.china-epi.net/post/a1045634.html
https://www.china-epi.net/post/a7570732.html
https://www.china-epi.net/post/a619729.html
https://www.china-epi.net/post/a4471563.html
https://www.china-epi.net/post/a7596366.html
https://www.china-epi.net/post/a5599818.html
https://www.china-epi.net/post/a8759997.html
https://www.china-epi.net/post/a9832693.html
https://www.china-epi.net/post/a6435377.html
https://www.china-epi.net/post/a9695189.html
https://www.china-epi.net/post/a7857472.html
https://www.china-epi.net/post/a1429063.html
https://www.china-epi.net/post/a5017623.html
https://www.china-epi.net/post/a6915663.html
https://www.china-epi.net/post/a610068.html
https://www.china-epi.net/post/a4215409.html
https://www.china-epi.net/post/a4118199.html
https://www.china-epi.net/post/a8855210.html
https://www.china-epi.net/post/a370794.html
https://www.china-epi.net/post/a7043241.html
https://www.china-epi.net/post/a729766.html
https://www.china-epi.net/post/a1985421.html
https://www.china-epi.net/post/a8272600.html
https://www.china-epi.net/post/a2842480.html
https://www.china-epi.net/post/a7063377.html
https://www.china-epi.net/post/a4138725.html
https://www.china-epi.net/post/a8879903.html
https://www.china-epi.net/post/a1115600.html
https://www.china-epi.net/post/a7631827.html
https://www.china-epi.net/post/a3920443.html
https://www.china-epi.net/post/a8203208.html
https://www.china-epi.net/post/a1301634.html
https://www.china-epi.net/post/a7563404.html
https://www.china-epi.net/post/a4551945.html
https://www.china-epi.net/post/a9340319.html
https://www.china-epi.net/post/a2923686.html
https://www.china-epi.net/post/a7657802.html
https://www.china-epi.net/post/a5504902.html
https://www.china-epi.net/post/a3860252.html
https://www.china-epi.net/post/a7976594.html
https://www.china-epi.net/post/a5242945.html
https://www.china-epi.net/post/a556916.html
https://www.china-epi.net/post/a1372074.html
https://www.china-epi.net/post/a941555.html
https://www.china-epi.net/post/a8352755.html
https://www.china-epi.net/post/a1364777.html
https://www.china-epi.net/post/a3150310.html
https://www.china-epi.net/post/a4472653.html
https://www.china-epi.net/post/a8794412.html
https://www.china-epi.net/post/a5621610.html
https://www.china-epi.net/post/a9214316.html
https://www.china-epi.net/post/a3574452.html
https://www.china-epi.net/post/a9115751.html
https://www.china-epi.net/post/a6062706.html
https://www.china-epi.net/post/a7188277.html
https://www.china-epi.net/post/a879686.html
https://www.china-epi.net/post/a7212365.html
https://www.china-epi.net/post/a2955859.html
https://www.china-epi.net/post/a7069696.html
https://www.china-epi.net/post/a7320265.html
https://www.china-epi.net/post/a2538284.html
https://www.china-epi.net/post/a7415056.html
https://www.china-epi.net/post/a93653.html
https://www.china-epi.net/post/a2251968.html
https://www.china-epi.net/post/a4671863.html
https://www.china-epi.net/post/a2298113.html
https://www.china-epi.net/post/a9709823.html
https://www.china-epi.net/post/a2269261.html
https://www.china-epi.net/post/a9352340.html
https://www.china-epi.net/post/a8423185.html
https://www.china-epi.net/post/a6766389.html
https://www.china-epi.net/post/a5861819.html
https://www.china-epi.net/post/a6934354.html
https://www.china-epi.net/post/a3222671.html
https://www.china-epi.net/post/a3790810.html
https://www.china-epi.net/post/a3534131.html
https://www.china-epi.net/post/a9678992.html
https://www.china-epi.net/post/a6595273.html
https://www.china-epi.net/post/a9795545.html
https://www.china-epi.net/post/a1364499.html
https://www.china-epi.net/post/a4239841.html
https://www.china-epi.net/post/a5825982.html
https://www.china-epi.net/post/a2323160.html
https://www.china-epi.net/post/a3289275.html
https://www.china-epi.net/post/a2011555.html
https://www.china-epi.net/post/a8664850.html
https://www.china-epi.net/post/a1945013.html
https://www.china-epi.net/post/a9760767.html
https://www.china-epi.net/post/a4442978.html
https://www.china-epi.net/post/a5922475.html
https://www.china-epi.net/post/a5810272.html
https://www.china-epi.net/post/a5678088.html
https://www.china-epi.net/post/a1515394.html
https://www.china-epi.net/post/a9858088.html
https://www.china-epi.net/post/a2767614.html
https://www.china-epi.net/post/a2705635.html
https://www.china-epi.net/post/a2859141.html
https://www.china-epi.net/post/a1770993.html
https://www.china-epi.net/post/a1144445.html
https://www.china-epi.net/post/a8180182.html
https://www.china-epi.net/post/a6068244.html
https://www.china-epi.net/post/a5970371.html
https://www.china-epi.net/post/a6517055.html
https://www.china-epi.net/post/a8212652.html
https://www.china-epi.net/post/a1573164.html
https://www.china-epi.net/post/a9184223.html
https://www.china-epi.net/post/a7068050.html
https://www.china-epi.net/post/a1363929.html
https://www.china-epi.net/post/a4729572.html
https://www.china-epi.net/post/a6737175.html
https://www.china-epi.net/post/a2087698.html
https://www.china-epi.net/post/a3747084.html
https://www.china-epi.net/post/a4162226.html
https://www.china-epi.net/post/a1419258.html
https://www.china-epi.net/post/a8096561.html
https://www.china-epi.net/post/a3260159.html
https://www.china-epi.net/post/a1326063.html
https://www.china-epi.net/post/a4847879.html
https://www.china-epi.net/post/a4326133.html
https://www.china-epi.net/post/a9424008.html
https://www.china-epi.net/post/a5907945.html
https://www.china-epi.net/post/a1347836.html
https://www.china-epi.net/post/a3859457.html
https://www.china-epi.net/post/a1014350.html
https://www.china-epi.net/post/a8318769.html
https://www.china-epi.net/post/a9416881.html
https://www.china-epi.net/post/a319893.html
https://www.china-epi.net/post/a3853335.html
https://www.china-epi.net/post/a6567111.html
https://www.china-epi.net/post/a9400581.html
https://www.china-epi.net/post/a9279579.html
https://www.china-epi.net/post/a1723103.html
https://www.china-epi.net/post/a5813154.html
https://www.china-epi.net/post/a668191.html
https://www.china-epi.net/post/a4413043.html
https://www.china-epi.net/post/a9417936.html
https://www.china-epi.net/post/a9514562.html
https://www.china-epi.net/post/a2479795.html
https://www.china-epi.net/post/a2265749.html
https://www.china-epi.net/post/a4385556.html
https://www.china-epi.net/post/a2988770.html
https://www.china-epi.net/post/a5685342.html
https://www.china-epi.net/post/a437948.html
https://www.china-epi.net/post/a6554269.html
https://www.china-epi.net/post/a3362408.html
https://www.china-epi.net/post/a9551106.html
https://www.china-epi.net/post/a6941006.html
https://www.china-epi.net/post/a4639192.html
https://www.china-epi.net/post/a5209801.html
https://www.china-epi.net/post/a2759317.html
https://www.china-epi.net/post/a8137110.html
https://www.china-epi.net/post/a8380003.html
https://www.china-epi.net/post/a438022.html
https://www.china-epi.net/post/a1286662.html
https://www.china-epi.net/post/a1538753.html
https://www.china-epi.net/post/a3767195.html
https://www.china-epi.net/post/a6114229.html
https://www.china-epi.net/post/a5425925.html
https://www.china-epi.net/post/a9619648.html
https://www.china-epi.net/post/a7219865.html
https://www.china-epi.net/post/a233799.html
https://www.china-epi.net/post/a5488604.html
https://www.china-epi.net/post/a9284939.html
https://www.china-epi.net/post/a2827747.html
https://www.china-epi.net/post/a1258443.html
https://www.china-epi.net/post/a368369.html
https://www.china-epi.net/post/a7293944.html
https://www.china-epi.net/post/a2648230.html
https://www.china-epi.net/post/a3060291.html
https://www.china-epi.net/post/a436081.html
https://www.china-epi.net/post/a2431542.html
https://www.china-epi.net/post/a9913020.html
https://www.china-epi.net/post/a657210.html
https://www.china-epi.net/post/a5114779.html
https://www.china-epi.net/post/a5162372.html
https://www.china-epi.net/post/a5131324.html
https://www.china-epi.net/post/a9452276.html
https://www.china-epi.net/post/a50621.html
https://www.china-epi.net/post/a8579019.html
https://www.china-epi.net/post/a831252.html
https://www.china-epi.net/post/a6792030.html
https://www.china-epi.net/post/a1123324.html
https://www.china-epi.net/post/a5802265.html
https://www.china-epi.net/post/a2266799.html
https://www.china-epi.net/post/a1720016.html
https://www.china-epi.net/post/a7012016.html
https://www.china-epi.net/post/a3374224.html
https://www.china-epi.net/post/a7336088.html
https://www.china-epi.net/post/a5135683.html
https://www.china-epi.net/post/a4976990.html
https://www.china-epi.net/post/a1952011.html
https://www.china-epi.net/post/a8056019.html
https://www.china-epi.net/post/a4816677.html
https://www.china-epi.net/post/a7797953.html
https://www.china-epi.net/post/a5923268.html
https://www.china-epi.net/post/a7355408.html
https://www.china-epi.net/post/a5360076.html
https://www.china-epi.net/post/a8710600.html
https://www.china-epi.net/post/a9432282.html
https://www.china-epi.net/post/a2003857.html
https://www.china-epi.net/post/a5562828.html
https://www.china-epi.net/post/a5386536.html
https://www.china-epi.net/post/a3706818.html
https://www.china-epi.net/post/a1427086.html
https://www.china-epi.net/post/a344007.html
https://www.china-epi.net/post/a7054928.html
https://www.china-epi.net/post/a9816803.html
https://www.china-epi.net/post/a7980009.html
https://www.china-epi.net/post/a6703185.html
https://www.china-epi.net/post/a3201604.html
https://www.china-epi.net/post/a8721113.html
https://www.china-epi.net/post/a5321395.html
https://www.china-epi.net/post/a4200961.html