市場(chǎng)風(fēng)險(xiǎn)的管理措施

金融風(fēng)險(xiǎn)管理馮玉梅第三章市場(chǎng)風(fēng)險(xiǎn)的管理措施§1風(fēng)險(xiǎn)對(duì)沖§2損失與資本配置§1風(fēng)險(xiǎn)對(duì)沖

一、風(fēng)險(xiǎn)管理的一般措施二、風(fēng)險(xiǎn)對(duì)沖的含義三、對(duì)沖的類型四、風(fēng)險(xiǎn)對(duì)沖的基本程序§唉1仰風(fēng)拌險(xiǎn)削對(duì)扛沖一頁(yè)、但風(fēng)撈險(xiǎn)宗管影理牢的但一滾般語(yǔ)措搏施回奮避煤風(fēng)蛋險(xiǎn)主艦動(dòng)放艇棄或拒糾絕墻實(shí)種施某培項(xiàng)幸可玻能腥引起油風(fēng)喬險(xiǎn)臟損刃失波的寒方麻案-最免徹谷底典也專最想消加極辮。防雁范拍與取控筑制對(duì)餐風(fēng)晨險(xiǎn)腎的預(yù)眼防和抑另制，料以捷期減竭少風(fēng)魄險(xiǎn)慕發(fā)個(gè)生飲的換次旋數(shù)卸，減緣瑞少損偏失請(qǐng)。風(fēng)恢險(xiǎn)次轉(zhuǎn)蛇移風(fēng)移險(xiǎn)警分女散脾（釣資欺產(chǎn)賭組閑合邀管帆理?yè)P(yáng)）：諸非壯系斬統(tǒng)醋（佩個(gè)趟體下）饅風(fēng)伶險(xiǎn)風(fēng)之險(xiǎn)賴（送中枝和且）核對(duì)翅沖：蔑系咱統(tǒng)廣風(fēng)動(dòng)險(xiǎn)保險(xiǎn)轉(zhuǎn)移非保險(xiǎn)轉(zhuǎn)移以合同形式承擔(dān)風(fēng)險(xiǎn)二廊、壘風(fēng)良險(xiǎn)羽對(duì)罷沖轎的雁含半義H號(hào)e芒d菜g捕i旺n邊g僵：對(duì)菠沖齡也建稱役套瞧期正保析值答。澆是穗指拖針銀對(duì)鐮某震一省資美產(chǎn)覽組鳥(niǎo)合活面視臨火的只金比融頑風(fēng)桃險(xiǎn)浪，利填用堵特范定未的杜金雞融蔬工扶具栗構(gòu)姐造切與縱其造價(jià)楚值鉛變飼化牙方育向謊相遞反功的嶺頭而寸，榨以減漢少辦或樣消硬除資配產(chǎn)乘組綠合爺市紛場(chǎng)婆風(fēng)必險(xiǎn)樸的蘆過(guò)絮程最。原驅(qū)理瓦：某裂市毒場(chǎng)膠因祝子淺變口化約導(dǎo)些致著的對(duì)壇沖貌資混產(chǎn)與資地產(chǎn)釘組舍合價(jià)狂值濱變蘋化它的斥方榆向殃相居反債。悅從屈而蠅當(dāng)都市殺場(chǎng)啊因脈子確變嶺化漸時(shí)投，洲可淹以偵用暗對(duì)瘋沖望資噴產(chǎn)貧的頓收攏益者彌璃補(bǔ)箱資詢產(chǎn)阿組憂合你的忠損始失悼。舉欺例蛋：資合產(chǎn)安組物合浙—市—誰(shuí)出勤售享n機(jī)份敲股劇票封看痰漲案期這權(quán)對(duì)湊沖膠資鳥(niǎo)產(chǎn)壓—鳳—設(shè)購(gòu)件買鑼期句權(quán)總所欣對(duì)流應(yīng)革的匹股蹈票大資四產(chǎn)三截、間對(duì)巡壽沖想的著類軋型（兩一賠）度按趣是甲否辛完災(zāi)全奪消并除凱風(fēng)黃險(xiǎn)鎖劃遞分1蝦、掘完模全犧對(duì)敞沖完殺全懼對(duì)棚沖翠：所寒構(gòu)浮造勉的對(duì)項(xiàng)沖懷頭欣寸梅的至風(fēng)粥險(xiǎn)誤特潑性與資集產(chǎn)聚組挑合鎮(zhèn)的掃風(fēng)局險(xiǎn)飼特籍性完年全奏相篩反，征資眾產(chǎn)匹組狼合毅的餡風(fēng)瓣險(xiǎn)草可背以凡被完脆全胸消討除。特建點(diǎn)普：價(jià)年格臥的汁有遙利怨變棒動(dòng)歌和平不辜利仇變歇?jiǎng)訙惗寂莸每档阶恿朔竿戬B全市對(duì)陣沖雕，破對(duì)銜沖功后噴資桐產(chǎn)瘡組塌合烤的帆風(fēng)紅險(xiǎn)淚暴趨露功為各確燥定尼的茫零侍值臣。完全對(duì)沖不完全對(duì)沖2頃、炕不絞完渡全因?qū)δ_不青完羊全掩對(duì)猜沖皆的餃原鑰因傘：（穗1展）豬無(wú)泡法票構(gòu)床造旨與顏資蘭產(chǎn)日組抖合罩風(fēng)必險(xiǎn)理特屋性烘完薦全崗相客反醫(yī)的霉頭摸寸喉；（灰2碗）棕對(duì)堅(jiān)沖男成窄本炒（術(shù)比亞如禽交墾易屋成貝本羽）晚太遙高據(jù)；（面3巧）慘經(jīng)鼻濟(jì)傾主坑體靈愿意意霉承域擔(dān)碗一梨定交的旺風(fēng)枯險(xiǎn)版—屠—酬可壘以呢容癢忍點(diǎn)一遍定茄程案度搞的毫價(jià)酷格殺變紫動(dòng)勒，悟只他需湯對(duì)方超妥過(guò)矛一繪定次水徐平治的倆不單利木價(jià)叔格漲變會(huì)化倍進(jìn)亮行剛對(duì)叔沖豬。（伶二左）佩按默對(duì)鏟沖袋期瓦間桂是本否遍變圍換早對(duì)絡(luò)沖滾資免產(chǎn)1施、士靜勇態(tài)艘對(duì)直沖業(yè)：在姻對(duì)桂沖溪開(kāi)翅始姑時(shí)圣建勾立漢頭科寸幼并皇保阻持碰不蜻變岡，蒜直詢至忍對(duì)棚沖沒(méi)期川間污結(jié)笛束催。輩—爪—吊適極用證于元對(duì)不沖犬工諸具婆與輝標(biāo)妄的乒資耐產(chǎn)句價(jià)簡(jiǎn)格食線蒸性憤相囑關(guān)培的車情爸況絮。2霉、核動(dòng)鮮態(tài)類對(duì)夸沖專：要酒求啦在惱對(duì)給沖懷期俘內(nèi)燃不印斷樂(lè)的辯調(diào)躲整糠對(duì)側(cè)沖鄭組蓮合娃?！K—片適斤用坑于循期賓權(quán)拘等叢非局線熟性媽衍拋生尸產(chǎn)薦品坦風(fēng)妖險(xiǎn)林的杜對(duì)漲沖狡。靜態(tài)對(duì)沖動(dòng)態(tài)對(duì)沖四啄、宮風(fēng)擁險(xiǎn)及對(duì)挽沖折的旨基朗本左程槍序（血一句）達(dá)確罷定俗對(duì)幕沖邪目科標(biāo)（龜二騎）導(dǎo)確鴨定拉對(duì)湊沖衰策揮略（邊三躍）橫選程擇元對(duì)末沖摩工摘具（察四盟）茶確倍定賞對(duì)蛾沖訓(xùn)比修（倦套擾期五保掀值衰率王）1評(píng)、奸對(duì)些沖鞭比2躲、亦對(duì)鍋沖藝工炭具3故、換基甩礎(chǔ)科金吉融歡資典產(chǎn)催風(fēng)杠險(xiǎn)章對(duì)遷沖是（果線妨性唇對(duì)種沖濱）命比種的智確政定4狀、希衍秧生血金問(wèn)融宜資攜產(chǎn)默風(fēng)風(fēng)險(xiǎn)底對(duì)飲沖攀比黨的搬確惹定四淚、演風(fēng)距險(xiǎn)離對(duì)妹沖魂的暗基別本堅(jiān)程床序（帳一課）此確綠定雅對(duì)幟沖謎目怨標(biāo)（辟二戶）鄰確艘定邪對(duì)假?zèng)_姻策子略完全消除風(fēng)險(xiǎn)?承擔(dān)部分風(fēng)險(xiǎn)？投資者對(duì)市場(chǎng)的預(yù)期（對(duì)未來(lái)價(jià)格走勢(shì)的看法）完全對(duì)沖不完全對(duì)沖（待三諒）害對(duì)裂沖芽工村具先的累選嚇擇辭與純構(gòu)缸造完全對(duì)沖遠(yuǎn)期合約互換期貨合約遠(yuǎn)期利率協(xié)議不完全對(duì)沖遠(yuǎn)期合約互換期貨合約遠(yuǎn)期利率協(xié)議期權(quán)類金融工具條件：對(duì)沖資產(chǎn)與原資產(chǎn)組合的變化方向相反，變化程度相同或近似；期限相同或近似。（懇四漿）為確廉定芽對(duì)云沖屠比柳（端套疲期糕保調(diào)值儲(chǔ)率隨）傾-H辛e削d念g標(biāo)i溪n叮g愧r感a挨t宅i攀o1躲、道對(duì)鑼沖喪比典：為梯抵鮮消榜資骨產(chǎn)伸組膠合扒的和某驅(qū)種咐風(fēng)揪險(xiǎn)它所民需港要洞的燃對(duì)歸沖斷工糧具桿的鬧數(shù)姻量離。2豈、府對(duì)蠅沖誤工敵具對(duì)爽沖躁工百具少原蛛理乓：縫風(fēng)壓險(xiǎn)信特堅(jiān)性押相反反矛的騎資巖產(chǎn)明之康間倡可籠以啄相識(shí)互序?qū)μ頉_獸。比吩如尋：最畫常版見(jiàn)貸最招簡(jiǎn)小單侍的瘋是蠻現(xiàn)猾貨蔬資巡壽產(chǎn)壟與新衍巴生抄產(chǎn)墨品魔之彼間巾進(jìn)絨行臥對(duì)翁沖根據(jù)衍生證券價(jià)值與其標(biāo)的資產(chǎn)價(jià)格之間的關(guān)系線性衍生證券：遠(yuǎn)期；期貨；互換非線性衍生證券：期權(quán)線之性亞衍鎖生咳證駁券非市線慮性砍衍某生吉證唯券逼的揭定載價(jià)（卸B樓-嚼S滾期臉權(quán)撈定將價(jià)料模亞型蜓）3揀、叨基枕礎(chǔ)畜金膨融贈(zèng)資檔產(chǎn)鞏風(fēng)銹險(xiǎn)允對(duì)纖沖計(jì)（燈線月性毯對(duì)愧沖親）縮慧比枕的臭確節(jié)定（薦1紹）臂線旱性分對(duì)染沖晉：利愁用圈對(duì)錘沖繩工首具俊價(jià)驅(qū)格仗與命資塌產(chǎn)組組煮合扣價(jià)補(bǔ)格浪線稠性圖相墻關(guān)包的綿特羊點(diǎn)側(cè)進(jìn)災(zāi)行飛的啦對(duì)曉沖懇。沖比鹿如薯：執(zhí)現(xiàn)燙貨匆資鄙產(chǎn)倉(cāng)與浙以蠶該誼現(xiàn)耍貨商資望產(chǎn)按為戲標(biāo)賓的債衍犯生質(zhì)產(chǎn)蚊品頁(yè)之富間幣的吳對(duì)淡沖趴；嘉現(xiàn)怨貨錄資酬產(chǎn)尺與算現(xiàn)尊貨百資賢產(chǎn)泳之毫間援的預(yù)對(duì)男沖串，上等拐等械。（占2糖）凱線屢性站對(duì)味沖粱比妥：?jiǎn)嗡换驅(qū)藳_最饞優(yōu)困對(duì)軋沖繪比單姥位房誠(chéng)對(duì)綱沖剖（u洞n舅i厘t蘋a艱r釣y醒h筍e透d荷g珠e）:對(duì)悉沖漂工渡具淋的塑金斜額外（謙頭仁寸殘）國(guó)與蔬資沫產(chǎn)捐組史合更的蟲(chóng)金廟額且（殘頭木寸業(yè)）讀相倘等創(chuàng)的提對(duì)梁沖測(cè)?！G—期望貨鹽對(duì)房誠(chéng)沖起（典遠(yuǎn)草期賓合酸約逝對(duì)妄沖門）盒具陰有押?jiǎn)螖?shù)位智對(duì)壟沖胡比（決期占貨甩與弄現(xiàn)緞貨疑價(jià)悟格祥一記般恩一瞞起彩變奇動(dòng)拍，姻而林且箏變鹽動(dòng)薦的踐方刷向痕和夫幅穴度曠大村致歉相拿等尊）舉屆例隸：一田美躁國(guó)拜出主口報(bào)商耕，沸預(yù)蠢計(jì)7掏個(gè)奏月菊后竊收面到污1坡.腎2柳5確億擦日川元頸貨恢款。猜理底想耕的量對(duì)怠沖嬸應(yīng)爬當(dāng)另是兼購(gòu)發(fā)買蓮一丙個(gè)吃7弱個(gè)翻月霜期該的霸遠(yuǎn)陸期拳合毛約濾。暫但識(shí)由陳于勝場(chǎng)昨外社交溉易胖的奔遠(yuǎn)擾期駐合鄭約切流光動(dòng)春性淡較決差衛(wèi)，秋該告出蠅口朝商驕轉(zhuǎn)拍而躲以拔期數(shù)貨盾合陜約對(duì)進(jìn)狀行障對(duì)鹽沖童。峰芝鄰加秋哥勻期沃貨叼交吵易此所喜有稈9疾個(gè)淘月站到騙期除的屑該奧期泛貨丟品椒種贊，夕面庸值避為倚1伐2放5析0叼萬(wàn)勞日腐元姜，闊所紅以恒該殺出亂口西商獵可泥以1彈0岡份職該肯期兼貨津合蓋約踩空備頭來(lái)奸對(duì)雙沖羽日冒元患貶盲值銀的患風(fēng)夠險(xiǎn)忘?；睿?=S1-F1125000000×（0.00806-0.006711)-Q(F2-F1)＝Q(Ｓ2-Ｓ1)＝125000000×（0.006667-0.008000)結(jié)松論籠：對(duì)饒沖漁的賣結(jié)銅果美：就柄是躍將京價(jià)班格趟風(fēng)番險(xiǎn)而轉(zhuǎn)靜換館為燙基平差把風(fēng)毒險(xiǎn)聰。你基污差包風(fēng)芳險(xiǎn)愚即采現(xiàn)國(guó)貨蔑與宋期程貨明的誤價(jià)盲差侮（慣即粱基維差半）壩在身對(duì)塊沖帆期錯(cuò)間么擴(kuò)奮大筑或金縮滑小氧的認(rèn)不茶確軌定欠性襯。撤即姨對(duì)沒(méi)沖相后仗的奏新蜜組惱合詢的惡損壇益卷值降僅槳僅伐依痛賴醬于薪基久差多的腳變皮動(dòng)阻。對(duì)袋沖捕決都策施標(biāo)慈準(zhǔn)無(wú)：如煌果基顛差錫的踢波礎(chǔ)動(dòng)遠(yuǎn)岸遠(yuǎn)迅小暈于現(xiàn)梁貨春價(jià)獸格摧的嬸波紫動(dòng)，麻則貍對(duì)真沖咸就漁是敵有邀效懸的繼。勝（民基紛差補(bǔ)的窯波奮動(dòng)患趨旁于窗零沫時(shí)閉可駱以貞實(shí)豪現(xiàn)妙完定全湯對(duì)蔥沖稍）即b2-b1大小的不確定性最砍優(yōu)饅對(duì)求沖服比轉(zhuǎn)：（臺(tái)單欣位毒對(duì)豆沖羊通裁常尾較玩難智以拴實(shí)翼現(xiàn)曉）最副優(yōu)文對(duì)秘沖氏比銹：是勵(lì)指淡可掠以哈將資蹄產(chǎn)仆組夫合撇風(fēng)就險(xiǎn)降疏低宜到煮最梁低昨限狐度朝的稅對(duì)薄沖神資渾產(chǎn)護(hù)的諷數(shù)享量質(zhì)。最羽優(yōu)迅對(duì)嚴(yán)沖風(fēng)比垂的災(zāi)確嘗定恐方蛛法速：完株全姨對(duì)垃沖堅(jiān)比簡(jiǎn)率S雨:欄被倒對(duì)筆沖喬資質(zhì)產(chǎn)俱價(jià)目值教F些：腫對(duì)煩沖棍資衛(wèi)產(chǎn)辨價(jià)均值岡N基：拜對(duì)埋沖給資大產(chǎn)哥數(shù)桃量最貝小嗚方鞭差索對(duì)邪沖弦比蓬率令硬上駱式告等淚于多零最酸優(yōu)腿對(duì)豆沖披的肥應(yīng)嚼用久紙期懼對(duì)量沖芝（D拴u這r姻a醫(yī)t酬i瀉o倚n丈H前e尺d北g睜i棍n伶g）完立全鼻對(duì)憤沖羽時(shí)殃：被筑對(duì)招沖咸資蒼產(chǎn)咱價(jià)吉值某變魯化對(duì)暗沖恩資父產(chǎn)側(cè)價(jià)蹤蝶值穗變刻化最爹小郊方妻差蘇對(duì)竊沖厘率總黎結(jié)佩：基最吸優(yōu)育對(duì)澤沖昏比薄率達(dá)就促是旗負(fù)蛋的被冤對(duì)路沖灘資洞產(chǎn)毫修正拌久強(qiáng)期五與瞧其貴價(jià)跳格額之養(yǎng)積除日以對(duì)圈沖腫資則產(chǎn)粉的修味正久控期紙與其價(jià)稍格附之仁積。對(duì)還沖沫：以沾股竊指璃期妖貨療來(lái)割對(duì)睛沖床股陰票習(xí)風(fēng)四險(xiǎn)①完儉全猶對(duì)敞沖膚比兇率假造設(shè)臣rf等鋼于涉零蘭，εt非猾常階?、谧钐匦」鞣阶o(hù)差廢對(duì)眉沖習(xí)率對(duì)飽沖柴總太結(jié)程：使粉用閑股輕指銹期財(cái)貨瞎對(duì)殃沖糾股赤票京（幅組鬼合賭）層風(fēng)臣險(xiǎn)鼠時(shí)鴉，均最字優(yōu)孫對(duì)校沖專數(shù)魂量功等到于揚(yáng)負(fù)脆的筐股劣票類（湖組最合李）極頭短寸疤的β值搞乘物以獨(dú)股怎票孫（墨組脅合湯）儀價(jià)竄值僑與亡股環(huán)指嫁期停貨徒名址義柱值相的繳商崗。對(duì)早沖合的桐效脊果狹依堅(jiān)賴樸于報(bào)模吐型拆中經(jīng)殘刪差率項(xiàng)僅的恒大茶小鄙：邊對(duì)孕于指大早的瓶投因資跑組撞合就，垃近共似觀效傲果摧通惑常痛較峽好燙；談如膨果喂用泛股和指為期屢貨諒來(lái)辮對(duì)驚沖切個(gè)蔥股維的售風(fēng)透險(xiǎn)幟，秧效憶果剖要船差保。4兵、段衍花生投金療融踩資塊產(chǎn)證風(fēng)事險(xiǎn)啞對(duì)皺沖挨比蜜的茂確差定回茅顧影輝響衍致生拜金擁融仿資索產(chǎn)價(jià)嚷格科的屯因蔑子和源相蓄應(yīng)蠅的油風(fēng)府險(xiǎn)維參歇數(shù)匙：（怕1跪）瓶標(biāo)叮的靈資棋產(chǎn)滋的疑價(jià)舌格籠S（徒2棟）曠時(shí)朝間況t（取3撐）爆利柳率覆r（級(jí)4距）蝕標(biāo)土的弦資飲產(chǎn)舉的鹿價(jià)挑格剖的皮波符動(dòng)仆性影響因子衍嘗生筒金撕融捆資米產(chǎn)故價(jià)嫩值顛公勵(lì)式浙可宏一茫般強(qiáng)化滴為托：其景價(jià)件值催變碎化盼的敲泰域勒匪展暖開(kāi)敞式姑可研以品表嗓示談為虧：（評(píng)1騙）匹衍暢生集產(chǎn)腹品刊風(fēng)玩險(xiǎn)出的瓣d柄e住l裁t種a厲對(duì)氣沖舉優(yōu)例拿：只為棚銀祖行軋持震有太的尋一敢份猾互脫換你合刻約砌進(jìn)計(jì)行d搭e占l宣t目a風(fēng)值險(xiǎn)主對(duì)瘦沖互伸換刺合累約寬的請(qǐng)內(nèi)朝容閥如般下斯：給期冰限跪2然年糧；憑2抬5綿兆渡名畝義牢本提金當(dāng)；保銀饅行豎通匪過(guò)哥互舞換霸獲廉得吼6緣瑞個(gè)包月膜期納的L尼I搬B割O條R，昆支訪付疾固壓定吩利沖率姥（7寺.碎7輕7傭%）亂。完假占定忽現(xiàn)鏡在慕的北時(shí)繭間復(fù)是旗1雄2旬月藏中濱旬挨。分槽析備：智衍胖生振產(chǎn)害品很F抓—劫互懂換衍原生知產(chǎn)花品絲式對(duì)蜜應(yīng)鉆的保標(biāo)擴(kuò)的權(quán)資尺產(chǎn)畢S瓣—死利恒率銀棒行叢的宇風(fēng)休險(xiǎn)賣：牲浮鉛動(dòng)邁利韻率拜的借不左確瓦定體性宣（d代e筆l數(shù)t鏈a）則往互厘換碰的擠現(xiàn)鬧金殘流演圖導(dǎo)如崇下休：原危資西產(chǎn)止的些d錄e還l珍t漆a彈值對(duì)信沖么資卻產(chǎn)俗的賴d稱e餃l室t區(qū)a賭值流入的現(xiàn)金流流出的現(xiàn)金流浮動(dòng)利率請(qǐng)芽思垃考桐該歲互卸換辣的算風(fēng)派險(xiǎn)現(xiàn)在時(shí)間假設(shè)即期利率增加一個(gè)基點(diǎn)（0.01%）情況下的預(yù)期新遠(yuǎn)期利率6辱.圣9端%7.77%貼怒現(xiàn)將此類風(fēng)險(xiǎn)對(duì)沖掉可慈以御通翼過(guò)撿債根券弦現(xiàn)瘋貨初、音其婆他貸互俗換蜜或野期觸貨休等夢(mèng)作皂為鉤對(duì)聲沖啞資鳴產(chǎn)療來(lái)憤對(duì)過(guò)沖更來(lái)習(xí)該桿互崗換佩的師風(fēng)皂險(xiǎn)脅。拼假竹設(shè)勢(shì)對(duì)艷沖善資梨產(chǎn)孫為良?xì)W凳洲唱美代元哭期范貨庫(kù)合愧約棄。倡歐畫洲刻美貓?jiān)缕谄ж浐藓瞎诩s舌的揮價(jià)旺值泄由完一反個(gè)因期鉆限求為奴3修個(gè)娃月捎的逐1概0既0證萬(wàn)膊歐煉洲燭美講元醫(yī)大喇額瞎定次期撤存狼單午的剪價(jià)測(cè)值刊決響定秘。葡如潑果貪利帖率殖上大升滔一耗個(gè)響基委本坊點(diǎn)朝，溝這唱一歷存映單緞的項(xiàng)價(jià)府值毒將微會(huì)味下榜將煙2廢5蒼美棗元治（奶即賴期盛貨勻合子約漆的輩d闖e咬l宇t盾a籮為爹-四2躍5感美壺元沖）腹。1煙0櫻7燦7安÷朵2神5嶺≈悅4印3對(duì)老沖碌之撞后貓，孔資援產(chǎn)論對(duì)言利播率茄變學(xué)化腹不補(bǔ)再晌敏崗感對(duì)回沖頌之剃前暈，宇資哭產(chǎn)害對(duì)床利戒率擋變母化姑相碎當(dāng)蔑敏騾感（始2穗）濁衍顫生紡產(chǎn)咐品菊風(fēng)恒險(xiǎn)散的嗓g素a預(yù)m鞏m嚴(yán)a族、顏v恥e講g夠a搜、低t鑼h套e護(hù)t隔a糖和纖r割h布o(jì)鋼等各對(duì)班沖實(shí)沒(méi)施高德督爾漂塔法-獵伽舟馬涼-度維蹦伽園對(duì)漿沖辱存宇在駕的慎問(wèn)縮慧題聾：淚再艱對(duì)噴沖泛?jiǎn)柕茴}蠟(消動(dòng)嘩態(tài)怎對(duì)債沖鄙)為本了外克罪服扎該臥問(wèn)略題猾，揮應(yīng)議進(jìn)兼行孤維虛伽躁-敗伽預(yù)馬膨-紐奉德伐爾伴塔痕對(duì)庫(kù)沖§波2送損鮮失勝與等資山本授配儀置一外、竟損肝失損滅失薦：風(fēng)立險(xiǎn)似的郵可喚能虎變捷為瞇現(xiàn)侮實(shí)折，暢出符現(xiàn)腸經(jīng)房誠(chéng)濟(jì)單價(jià)贏值列減略少肉的偶后暮果賭。一箱般我來(lái)幕說(shuō)搜，惡金炎融會(huì)風(fēng)具險(xiǎn)約管昂理駝中打通日常擔(dān)面殊臨駁三盤種等損地失盟：1百、腐預(yù)更期頂損檔失宋：E付x娘p時(shí)e船c撫t(yī)喂e鎖d家L蔥o梨s苗s狹E封L可存以姐估寬計(jì)喉或換可警預(yù)銳見(jiàn)厚的吩損剪失配。毅主酬要傷根水據(jù)匆歷械史鉗數(shù)缸據(jù)旨測(cè)個(gè)算煤推島定疏。從稅統(tǒng)蝕計(jì)劃學(xué)何角烤度熊看爬，梨預(yù)衡期濁損奶失章是衫損吵失寧分孕布豬的艱期龜望曠值響。以晌提羞取糠損劇失安準(zhǔn)液備奴金暴的跌形別式嶄承植擔(dān)取損亞失狂。2范、曠非神預(yù)詞期冠損班失社：U含n稍e薪x肢p腎e強(qiáng)c奪t同e湖d墻L者o占s叔s任U圖E夢(mèng)L實(shí)肅際研損千失神對(duì)震期蛙望棵損土失舍的躍偏拆離材稱還為健非伐預(yù)賢期刊損據(jù)失煎。根姻據(jù)乖統(tǒng)推計(jì)靈學(xué)危的詞定秤義太，堪非果預(yù)獅期綿損塞失爹是肉損屑失今分六布道的旅標(biāo)梨準(zhǔn)效差獅。以聚提蒜取經(jīng)近濟(jì)討資沉本的均形孟式攻承瞎擔(dān)冬損議失搶。3王、講異鳳常勸損閘失倦：a此b黎n胃o研r陳m胃a舟l捕l驅(qū)o皇s蘿s發(fā)疤生腸概里率腹非跪常滋小餡，符但銀損愁失秒金叢額執(zhí)巨妖大漸。異撐常燈損嘩失脊較倍難嗽以逢度卷量急（真極乒值努理垃論坑，端壓諸力性測(cè)演試嫌）蝦；通洞常隆以濱應(yīng)間急筑預(yù)喘案提的索形攝式槳加碎以未消晚極界管所理捧。二貫、努資灣本寒配到置占（絡(luò)C塔a睡p益i鄰t題a稼l表A太l箏l懇o棚c吉a炒t章i穿o件n牛）對(duì)蝦于續(xù)無(wú)諷法撒回貼避超和饒轉(zhuǎn)焰移腔的唱風(fēng)序險(xiǎn)癥損信失絕，哄金供融奴機(jī)懸構(gòu)敲只協(xié)能留保第留某和味吸源收誦。磁為江此夏，訂必驅(qū)須啞準(zhǔn)定備盈一幟部律分辯特蘭殊謠資殼本醒用誘于突抵隔御氏風(fēng)自險(xiǎn)康損匙失悲。（飯一甚）妻資校本梨的澆作駁用為朝金淺融偉機(jī)扒構(gòu)晶提天供銀融趕資吸爛收融和福消今化鑼損左失限氏制什機(jī)真構(gòu)妙過(guò)準(zhǔn)度撫業(yè)肌務(wù)柴擴(kuò)景張烘和腫過(guò)漠度蟲(chóng)風(fēng)含險(xiǎn)欠承鍋擔(dān)送（隊(duì)監(jiān)裳管爽資療本姑）為狠風(fēng)蠻險(xiǎn)健管臘理漁提魚(yú)供牲最默根牲本揪的荒驅(qū)深動(dòng)亞力（螺二蓬）民會(huì)恭計(jì)虜資謎本籌、俯監(jiān)栽管據(jù)資傘本誼與黑經(jīng)翻濟(jì)咸資慢本1遵、侍會(huì)眠計(jì)西資佳本即儀賬煤面宿資怨本淋，歲權(quán)顏益哪資消本濟(jì)。端（偏對(duì)健資妨本暈的霉傳疫統(tǒng)庸理府解槍）2浪、蓮監(jiān)雄管安資濃本即喪監(jiān)幸管著部宵門置規(guī)寶定膏金第融燙機(jī)輕構(gòu)型應(yīng)晃持宵有殊的夕同認(rèn)其請(qǐng)所鈴承杏擔(dān)貸的授業(yè)銅務(wù)滋總瓶體責(zé)風(fēng)喚險(xiǎn)鋼水適平陣相趨匹塘配極的驗(yàn)資姑本銜。售（暮B榨a璃s握e恩l筒lⅡ）3造、壺經(jīng)士濟(jì)普資饞本遲（騙一獨(dú)種徒概檔念邀上希的賣資緣瑞本爪）描堅(jiān)述殊在刮一盆定縱時(shí)別間割內(nèi)嘆為懇彌校補(bǔ)童金何融姨機(jī)伯構(gòu)猾非塔預(yù)拋期匪損系失頭所耳需魔要臟的秤資棚本督。貞前屢提朝：成對(duì)帳風(fēng)陵險(xiǎn)池進(jìn)某行葉模惡型檢化漢和承量招化盞，學(xué)以截計(jì)繩算腔出即各姑業(yè)旁務(wù)陣部館門濱或倒各獲產(chǎn)賤品賤所呈需僵的逮資您本項(xiàng)。經(jīng)僻濟(jì)暈資躍本挎不寺是伴真共正岡的襲資周本掙，任是厘一寇個(gè)字計(jì)掀算聞出慰來(lái)則的鞭數(shù)晃字勞:搏經(jīng)舊濟(jì)象資峰本塌=亦非老預(yù)拉期爛損尺失（決三地）三扭者厚的墳比稈較會(huì)臨計(jì)梯資牛本緞：漂r錄e呈a仍l炕c父a對(duì)p年i績(jī)t怕a閥l監(jiān)僅管膨資擇本右：它b料e冬n讀c單h孤m猾a狗r孫k經(jīng)決濟(jì)似資裕本原：延r屈e鍬a元l重u踏n芹e乞x死p遠(yuǎn)e研c收t怎e廊d尺r腐i從s浪k（胖四釣）經(jīng)判濟(jì)閃資難本倍利利潤(rùn)取率床是記較骨好號(hào)的宴績(jī)回效獄評(píng)節(jié)價(jià)裝標(biāo)越準(zhǔn)經(jīng)抄濟(jì)糖資研本回回惡報(bào)嚼率詞其檢實(shí)取就焰是滔風(fēng)衛(wèi)險(xiǎn)閣調(diào)咳整及的嗚資麥本漁回凡報(bào)稠率（R詳i迅s捎k憐-雖A敗d烘j研u沈s充t礙e愿d致R湯e月t訂u尺r麗n達(dá)O敏nC芹a臺(tái)p添i島t共a臉l糠，R與A戀R克O嘴C）。各業(yè)宋務(wù)脾部出門淡占躁用尖多辛少集經(jīng)斬濟(jì)投資耗本秤就腹意黃味授著爐承姓擔(dān)仿了系多余少糧風(fēng)嫩險(xiǎn)藍(lán)；牌其血經(jīng)侵濟(jì)薪資言本唉利紙潤(rùn)癥率精就氧是巧其疲實(shí)不際勞風(fēng)漿險(xiǎn)亭利灘潤(rùn)煎率愿，叔以存該息利勤潤(rùn)溫率環(huán)為律基甚礎(chǔ)化對(duì)唯各赤部畝門皮進(jìn)轉(zhuǎn)行膝評(píng)證價(jià)株就便充肌分小考攻慮手了晉風(fēng)拿險(xiǎn)寸因蠻素勾。自搜從訪美把國(guó)悄信烤孚神銀煎行瓜（宇B有a很n男k中e食r赴s戒T駐r碎u削s示t源）普于創(chuàng)1孕9雞7冰0渠年輩代犬提圍出雙風(fēng)均險(xiǎn)欺調(diào)炒整額資駝本怪配牌置臭觀盜念應(yīng)后禮，住風(fēng)煉險(xiǎn)觸調(diào)描整緞資亭本居回懇報(bào)鐮率撐（左R嬸A熄R寨O云C尼）賢開(kāi)哄始蜓為讓金扒融譜界厲人泛士削所貍熟渾悉個(gè)。經(jīng)嶺濟(jì)垮資英本拿回俘報(bào)點(diǎn)率敢計(jì)六算啞公策式魚(yú)為杜:R用A毒R負(fù)O刷C艦=教(吊收悔入認(rèn)-揉支吐出代-競(jìng)預(yù)期呀損攏失循)急/匯經(jīng)盡濟(jì)遵資貸本經(jīng)刻濟(jì)狡資拉本傅概館念山的抹使緞?dòng)蒙嗫苫鸵灾髠鲬蛯?dǎo)啟如創(chuàng)下罵幾稿個(gè)仆理者念么:第舅一伶,題通系過(guò)詢對(duì)愿經(jīng)戲濟(jì)丟資墻本咳進(jìn)委行興分疫配蠟,銅在駱清謙楚變地周顯衡示璃各