第一章項(xiàng)目投資評(píng)估總論

李曉紅經(jīng)濟(jì)管理學(xué)院E-mail:leexiaohong@126.com

項(xiàng)目投資分析一、課程學(xué)習(xí)的重要性從個(gè)人投資創(chuàng)業(yè)實(shí)踐看從企業(yè)管理需求看從我國(guó)投資體制改革看前言企業(yè)投資項(xiàng)目決策程序（備案制）前言投資機(jī)會(huì)研究決定建設(shè)，轉(zhuǎn)入項(xiàng)目實(shí)施準(zhǔn)備階段可行性研究初步可行性研究終止研究，尋求新的投資機(jī)會(huì)是是是否否否是否存在投資機(jī)會(huì)項(xiàng)目是否有生命力項(xiàng)目在技術(shù)經(jīng)濟(jì)等方面是否可行企盛業(yè)煩投違資插項(xiàng)團(tuán)目俯核媽準(zhǔn)飲程繩序春（建核素準(zhǔn)懷制把）前潮言項(xiàng)目在技術(shù)經(jīng)濟(jì)等方面是否可行？可行性研究編制并遞交項(xiàng)目申請(qǐng)報(bào)告終止研究，尋求新的項(xiàng)目是否核準(zhǔn)通過？核準(zhǔn)建設(shè)，轉(zhuǎn)入項(xiàng)目實(shí)施準(zhǔn)備階段政府核準(zhǔn)審查是否獨(dú)立咨詢機(jī)構(gòu)評(píng)估政穿府迅投湯資悶項(xiàng)矛目蒸決半策穩(wěn)程近序穴（姐審冰批發(fā)制征）前熔言是閥否挖符景合脆行柿業(yè)哪或槐區(qū)演域河規(guī)計(jì)劃在鋼技務(wù)術(shù)沖經(jīng)糾濟(jì)兆等鐘方谷面踩是季否蠢可喝行行業(yè)部門或區(qū)域規(guī)劃批準(zhǔn)建設(shè)，轉(zhuǎn)入項(xiàng)目實(shí)施準(zhǔn)備階段可研究報(bào)告審批項(xiàng)目建議書審批終止研究，尋求新的投資機(jī)會(huì)是是否否是否有必要建設(shè)？是否獨(dú)立咨詢機(jī)構(gòu)評(píng)估獨(dú)立咨詢機(jī)構(gòu)評(píng)估二客、痰課伏程蓋性據(jù)質(zhì)乎以痰及薯教肺學(xué)職目臘的本報(bào)課鏈程棗,榆有作較弦強(qiáng)棄理盤論擊性批、伯實(shí)孕踐聽性馬。通爽過剝本舟課從程脾，素希筒望沉：學(xué)引會(huì)稱:找伴到詠好肥的丙投既資軟項(xiàng)灶目槐，扔衡遭量蓄投何資只項(xiàng)搜目皮的迫投裁入贊與沃產(chǎn)跪出藝，曬分瓦析捧投熊資部項(xiàng)丑目剛的塵風(fēng)拼險(xiǎn)市。達(dá)在到蛇：提調(diào)高赤投吵資稱分愧析造技谷能來和看投嘉資燥決顏策亭水帖平田。前扶言具透體軟掌焰握救：項(xiàng)購目普建風(fēng)議睛書襲/崇商紫業(yè)缺計(jì)科劃揚(yáng)書上/成項(xiàng)氧目毫可鄙行劇性壩研王究巖報(bào)努告斥的蓬編駝寫企糧業(yè)撫投曾資梳戰(zhàn)律略刻和朗策紀(jì)略裁制要定區(qū)率域運(yùn)優(yōu)勇勢(shì)必產(chǎn)陷業(yè)升投蹄資可機(jī)絮會(huì)降分靈析區(qū)理域汪投配資靜環(huán)錄境恒評(píng)貓價(jià)市容場(chǎng)單調(diào)獎(jiǎng)研化與裁預(yù)腳測(cè)資伶金將籌跪措所與廉使剛用殖方質(zhì)案帝制份定財(cái)價(jià)務(wù)哈、淺經(jīng)置濟(jì)后、備生灶態(tài)憑、照社盈會(huì)蒸效拉果他計(jì)趁算帳與欲評(píng)請(qǐng)價(jià)項(xiàng)堤目泳風(fēng)幸險(xiǎn)勤分叨析一爸般拉投慨資朗決葵策辣方藏法部運(yùn)縣用前勇言三鎮(zhèn)、置教移學(xué)稈安脅排第宰一冬章怪總誰論3學(xué)臘時(shí)第之二鋤章街市標(biāo)場(chǎng)橋可濱行堵性坡分稈析9學(xué)昂時(shí)第采三燙章腰建聾設(shè)馳條銹件鐮與深技度術(shù)飄方痛案井分釀析6學(xué)爭(zhēng)時(shí)第框四拖章售投酷資吐效林果抱評(píng)梳價(jià)星指痕標(biāo)釋及磚方叢法6學(xué)擴(kuò)時(shí)第緣瑞五異章頌財(cái)睜務(wù)錘分翅析9學(xué)絞時(shí)第企六脅章用國(guó)素民設(shè)經(jīng)飽濟(jì)鍋評(píng)級(jí)價(jià)3學(xué)鍬時(shí)第飯七杯章票風(fēng)振險(xiǎn)獸分嬌析3學(xué)梨時(shí)前秧言四貴、那參連考爐書嚴(yán)目項(xiàng)歸目胞評(píng)雞估高奇等就教很育粉出墻版史社校張妨少柿杰滋等提主治編投凡資彈項(xiàng)煤目府評(píng)郊估清六華群大隊(duì)學(xué)鑄出蹄版粒社溉蘇隔益脆編惑著投巧資陪項(xiàng)箱目兼評(píng)皮價(jià)中刮國(guó)彎人部民危大壯學(xué)鬧出川版械社設(shè)成聰其樓謙因編狗著結(jié)(撫2靜版)投醉資陪項(xiàng)銅目扒可辯行變性添研弓究天輝津駕大朽學(xué)缸出耕版仗社飄趙波國(guó)亦杰盡主帝編投歐資芹環(huán)唱境耳優(yōu)教化久與珍管興理中銅國(guó)村人瞧民螞大度學(xué)敗出梳版執(zhí)社堡付鈴曉污東皆等可著《貓建解設(shè)左項(xiàng)顛目葛經(jīng)革濟(jì)略評(píng)甚價(jià)告方闊法濱與聯(lián)參機(jī)數(shù)庫》（刊第標(biāo)三損版蠢）榆，饒國(guó)價(jià)家葵發(fā)菌展將改壺革隔委塞、犧建粱設(shè)栽部算發(fā)與布降，己中旦國(guó)簡(jiǎn)計(jì)丈劃炭出越版賽社汪，競(jìng)2持0答0擺6《跡投祖資叮項(xiàng)侵目潮可群行源性斑研脈究遭指雅南濤》玩（筋試單用著版康），國(guó)害家城發(fā)酷改訓(xùn)委饞組葬織鉛編款寫如，導(dǎo)中吉國(guó)趙電流力距出叛版呆社猛，啊2日0悶0猴2投妨資稠建音設(shè)組項(xiàng)隸目涼決錄策中扇國(guó)信計(jì)矮劃塵出黑版化社全朋國(guó)雜投睜資令建客設(shè)辣項(xiàng)協(xié)目礦管決理霸師窄考老試職專巴家樂委雜員鋪會(huì)攜編膊寫前幣言第摔一數(shù)節(jié)卵投禍資底項(xiàng)喜目紐奉分拐析貝概撥述第輛二燥節(jié)牌投調(diào)資往項(xiàng)倉目探分籌析雨依置據(jù)疫、祝注趣意梅事冷項(xiàng)決及奶原橡則第麗一何章逃總巧論1投圣資畏內(nèi)齡涵概炎念刻：投冊(cè)資切主蘆體花為描獲猾取那預(yù)屯期奪收搬益穿，黑投賴入碌一耽定您量略資悄本俗，源不材斷族形朵成埋資刷產(chǎn)番以慚期綁實(shí)也現(xiàn)毅其拋增抱值黑的棍經(jīng)猶濟(jì)煩活柔動(dòng)壓。要坊素盡：投惑資滔主擇體蘭：自春然緣瑞人禮、墳企演業(yè)繼法甩人危、訴政憤府瓜、捉外搬商投工資就目沉的婚：獲醫(yī)取炮收攻益麻：拾財(cái)泉?jiǎng)?wù)頌、壟經(jīng)漸濟(jì)勁、員社災(zāi)會(huì)唇、鼓生候態(tài)投可資甘手燈段榆：貨研幣駝、頓實(shí)欠物佩、最知獅識(shí)團(tuán)產(chǎn)棉權(quán)粉、火土框地晴使侍用吵權(quán)死等投含資栽方攜向職：直測(cè)接痕投饞資眾、峽間璃接富投飛資投得資商過棍程晨：投基入掌、朋實(shí)而施漠、籌回腔收嚼過尖程傭，棵具敞不驕確您定阻性證。第歲一狠節(jié)據(jù)投謎資場(chǎng)項(xiàng)惡目蟻分士析碧概泡述直姑接潤(rùn)投獄入渡生循產(chǎn)箭經(jīng)謠營(yíng)辨性慨領(lǐng)攝域相華對(duì)錦較耀大迷風(fēng)永險(xiǎn)不襲低毀于青注惠冊(cè)路資謊本棟3愧0濤%2項(xiàng)交目阿內(nèi)院涵概串念鏈：某妄主駕體釣管緣瑞理經(jīng)、框?qū)崒毷╀?、獻(xiàn)完輛成宴的軟一彩項(xiàng)陜單煩次秧性粘任經(jīng)務(wù)福。要丈素:第初一哄節(jié)苦投非資芳項(xiàng)漲目瀉分筒析畝概她述時(shí)井間推性目體標(biāo)概性約涂束議性直親接娘性主牽體頃性3投調(diào)資叮項(xiàng)愈目閉內(nèi)挺涵概憂念淘：怎投哲資茂主示體耽為受獲劉取蛾預(yù)炒期拾收橡益侄而極實(shí)莊施厘、扭管演理川的敵一輛項(xiàng)乓直噴接噸投素資霸活方動(dòng)脊。注戲意加：項(xiàng)宵目艇、投坡資糠項(xiàng)柱目盤、勵(lì)建捆設(shè)赤項(xiàng)塑目第份一逆節(jié)并投君資霧項(xiàng)味目捆分清析閥概樓述4投沿資喬項(xiàng)可目蔽分舟類按情投輩資押目蜓標(biāo)村分經(jīng)哥營(yíng)款性截項(xiàng)痰目非蒸經(jīng)海營(yíng)墻性選項(xiàng)江目按劃項(xiàng)郵目凱產(chǎn)唉品嫁分公臉共投性嫁項(xiàng)膏目非績(jī)公青共芬性種項(xiàng)則目按衰投鬧資親主疲體佳分政與府隸投限資科項(xiàng)母目企棵業(yè)勢(shì)/寫個(gè)階人掌投彎資電項(xiàng)隙目按船與章原家有粗企口業(yè)必資扣產(chǎn)右關(guān)俯系間分新似設(shè)尊法垮人廢項(xiàng)可目既稻有散法凳人喬項(xiàng)聲目第楚一理節(jié)歷投漸資竄項(xiàng)凍目域分娛析陡概例述4投屈資駕項(xiàng)蜘目廉分奸類按施建霜設(shè)利性蛛質(zhì)庭劃具分新呈建尺項(xiàng)繁目擴(kuò)托建菊項(xiàng)掛目改憲建帳項(xiàng)壓目遷唐建影項(xiàng)面目恢陜復(fù)浸建蜘設(shè)陷項(xiàng)默目并鋸購紗項(xiàng)缸目按說計(jì)葉劃學(xué)管卷理觀要坊求捉劃錫分基附本紅建醋設(shè)揭項(xiàng)品目更勵(lì)新麥改蓮造材項(xiàng)位目其楊它獻(xiàn)固忠定頸資園產(chǎn)照投研資腦項(xiàng)偏目痕（響如犁房筍地穴產(chǎn)丈）第夕一渴節(jié)盆投棄資蒙項(xiàng)揉目逝分?jǐn)偽鲰樃攀[述4投丸資看項(xiàng)蔑目熟分鐮類按匙施抬工否情監(jiān)況掀劃舍分按往工票作廣階驚段雙劃僅分項(xiàng)馳目城按攪隸腥屬李關(guān)索系愁劃驕分前旁期沃項(xiàng)逆目預(yù)推備就項(xiàng)混目新暖開啊工銳項(xiàng)律目籌竹建吵項(xiàng)貪目施續(xù)工裳項(xiàng)拾目投蠟產(chǎn)聾項(xiàng)丘目收州尾夾項(xiàng)婆目中抄央剪項(xiàng)陡目地剪方垃項(xiàng)推目合薦建旋項(xiàng)雞目第堵一鐘節(jié)壟投抓資梳項(xiàng)屯目證分戲析促概尋述4投鞋資虹項(xiàng)閣目悠分旁類按場(chǎng)在廣國(guó)噸民狹經(jīng)鄭濟(jì)省中流的尊用方途爐劃率分生妨產(chǎn)憂性封項(xiàng)妥目今：指優(yōu)直箱接番用膨于箏物稅質(zhì)弱生地產(chǎn)著或歇直還接販為測(cè)物肺質(zhì)異生伏產(chǎn)盞服布務(wù)晝的齒項(xiàng)客目透。非退生卷產(chǎn)鳳性聾項(xiàng)疾目舒：指鹽直艙接幅用臥于騰滿哭足給人拴民敏物爬質(zhì)蔑和淹文簡(jiǎn)化互生莖活梅需垂要贏的深項(xiàng)修目彩。如違：擴(kuò)工孩業(yè)梯、桌建褲筑普業(yè)叨、定資舉源琴勘紛探逮業(yè)跨、很農(nóng)檔林嶼水景利短業(yè)捧、躲運(yùn)騰輸算郵翁電厘業(yè)枝、撤商千業(yè)豎和束物唐資性供撞應(yīng)解等瘡目腐等。如夫：暑住研宅攀、斃教誤育宮、纖文望化腫、癥衛(wèi)偷生稈、沸體詞育突、摩社蔬會(huì)求福手利艷、襯科鄭學(xué)侮實(shí)普驗(yàn)狂研暴究貨、因金夸融緊保刮險(xiǎn)童、碌公喉用街生您活譽(yù)服敢務(wù)筒事抵業(yè)乓、普行傻政癥機(jī)匆關(guān)齊和牛社域會(huì)愛團(tuán)句體貨辦戀公凈用砌房罷等府項(xiàng)篇目第要一甩節(jié)泡投勾資擊項(xiàng)頂目騎分盡析結(jié)概綱述4投統(tǒng)資悄項(xiàng)濃目曾分混類按闖項(xiàng)避目釋建絕設(shè)閥規(guī)刃?；即髷嘈?yán)劃狹分基徐本順建航設(shè)賄項(xiàng)差目世：大賞型瓶、枝中野型搖、命小員型露項(xiàng)題目更販新礎(chǔ)改交造免項(xiàng)冰目千：限往額錢以撈上背、句限附額閘以悄下勾項(xiàng)毀目然。劃壤分升標(biāo)靠準(zhǔn)攻參推見在國(guó)泄家啦行爛業(yè)軌規(guī)蹄定第巾一努節(jié)秧投投資欲項(xiàng)燥目慢分炎析俯概仔述4投畏資說項(xiàng)扯目斤分閘類按寫資餓金每來熟源畜可安分胞為財(cái)看政遍撥你款岡項(xiàng)糖目貸鉛款傍項(xiàng)墳?zāi)孔院I潛項(xiàng)培目援曉助凍項(xiàng)客目合和資田項(xiàng)非目第堆一段節(jié)穴投克資刷項(xiàng)第目君分琴析坑概譜述4投筋資稻項(xiàng)遞目然分押類按護(hù)投遠(yuǎn)資駕收懷益截、求市運(yùn)場(chǎng)冒競(jìng)披爭(zhēng)籌狀營(yíng)況劣和脹資上金念籌樸措且方禍?zhǔn)綆X不捐同燒分?。焊?jìng)撥爭(zhēng)練性觀項(xiàng)津目：工能業(yè)殘、密餐望飲法供叉銷提倉砍儲(chǔ)負(fù)服插務(wù)嘗業(yè)套、惹建遍筑籃、鴨房吳地富產(chǎn)污、災(zāi)咨廊詢伏、融金種融鍬保緞險(xiǎn)具等基怒礎(chǔ)扇性扣項(xiàng)折目：農(nóng)劉林猾水戶利賠、程能捷源鞠交辟通稱、棍郵腐電跨通選訊昆、豬城握市削公庭用烘設(shè)棟施敬、攝地診質(zhì)棕普排查距和滋勘浴探丸、盲部武分風(fēng)支畏柱獸產(chǎn)抹業(yè)毒等公患益準(zhǔn)性收項(xiàng)制目：文漠教喊衛(wèi)邊生圣、役體另育轎、竟環(huán)格保蒸、頌廣奧播袖電貪視撇、蜓公奧檢留司鍬法率、森國(guó)架防綿、全政旁府鏟、濟(jì)社大會(huì)氏團(tuán)周體首等仔設(shè)慕施收卻益你高等、糊能欄吸圖引秋眾獸多漿投形資勾者傘進(jìn)攤?cè)氚?，諒自肥籌福資鋤金基巡壽本渡無妻收儉益刷，尊很醬難袖吸則引魔一時(shí)般帥投版資僚者包，赴政崗府廚投禽資侍：柔非搖競(jìng)洪爭(zhēng)梁性艦和囑非以排赴他龍性有涉收奪益棵，業(yè)但賓投剝資智額膛度宇大屯、開回免收沉期老長(zhǎng)孤，灑一飲般執(zhí)投字資絹者蔑很墓難犧進(jìn)鼻入備，悉政縫府懶投跪資軍+社民互間料投難資第繁一盒節(jié)欲投注資股項(xiàng)居目六分友析掩概蘭述5項(xiàng)艱目潛周鴨期盲、致項(xiàng)六目橫壽肺命邪期春及留項(xiàng)嫌目叮計(jì)欲算療期項(xiàng)傍目氏周群期紛：從僵最冒初指項(xiàng)承目革設(shè)軍想菠、分提胡出抬、組建旱設(shè)澆，君直膝到配建憶成型投襯產(chǎn)芳的菊全膏過珠程割。項(xiàng)雖目間壽牙命疊期?。喉?xiàng)賺目順從憲開賠始反建債設(shè)釣到鼠主撈要謝固購定般資搭產(chǎn)悲報(bào)上廢屈所騙經(jīng)怕歷庫的銅時(shí)料間廁。項(xiàng)織目淺計(jì)對(duì)算噸期板：項(xiàng)澇目沸分恩析隨時(shí)孔需灰要異考駁察節(jié)計(jì)佛算曬項(xiàng)針目罪投順資巡壽、詢成井本扛、聲收姿入啦和目利累潤(rùn)探等火數(shù)先據(jù)遮的壓時(shí)作間艦長(zhǎng)磚度快。是的項(xiàng)遭目星分村析仆中燦真乘正止使臉用蕉的通懶常1饞5年夸左貞右室，醒最艘長(zhǎng)典不相超懸過2召0年建揚(yáng)設(shè)群期圣+尾主乒要倘固哪定類資床產(chǎn)態(tài)折狐舊只年淺限投戒資御前橡期俘+登投勝資凳期瓜+符生網(wǎng)產(chǎn)斜期第字一貓節(jié)劉投班資菜項(xiàng)唱目辰分米析你概茫述項(xiàng)視目憲分悔析項(xiàng)舉目核管少理企蒜業(yè)狂管騾理第腐一飲節(jié)眾投挨資筒項(xiàng)神目乖分屈析或概餡述生產(chǎn)時(shí)期生產(chǎn)運(yùn)營(yíng)投資后評(píng)價(jià)6投然資英項(xiàng)璃目叫分澇析隨含溜義指禁在則項(xiàng)泛目撿投賤資講決飽策倆前弊，貫對(duì)萬與譽(yù)擬田建殿項(xiàng)免目紀(jì)有政關(guān)宿的塔社杜會(huì)灰、身經(jīng)玩濟(jì)丈、銅技還術(shù)辣等曾問呈題口進(jìn)慣行降全用面真、欠詳遮細(xì)釣、關(guān)深視入款地棍調(diào)分查爐研驕究離，只對(duì)制項(xiàng)誤目拆的賊建虧設(shè)峽條當(dāng)件律及透技晃術(shù)溉方判案禁進(jìn)串行亂比驕較秀選蔑優(yōu)掩，莫對(duì)稍項(xiàng)俘目勤未構(gòu)來愧的體投槍資土、拼收們益鵲、慣費(fèi)敗用臟進(jìn)鑒行魚預(yù)狠測(cè)漿估小算岔，悶回辱答摩項(xiàng)革目犯建史設(shè)者上肌的貿(mào)必芽要裂性鋼和遣可雙能猶性酬，掘技戴術(shù)搭上添的嶼先尖進(jìn)隊(duì)性類和粒適四用釀性楊，的經(jīng)概濟(jì)欠上倍的撇合憐理君性志和洗有沸效呈性屠，精為殺項(xiàng)怎目抖決尿策版提愚供陳科鳴學(xué)山的雪依逆據(jù)碗。注營(yíng)意臭:目墳的時(shí)速間去段內(nèi)貓容步挪驟第造一煩節(jié)棕投槍資拴項(xiàng)裝目敲分婦析泰概味述7投答資匹項(xiàng)抵目厘分尤析津作窮用是請(qǐng)?zhí)釗旄呖ㄍ顿Y資炮效脅益探的尺首障要嘆措輕施??；是獻(xiàn)項(xiàng)怖目撿投肌資答決悄策簡(jiǎn)的飄依意據(jù)維；是鄙國(guó)徒際歸經(jīng)升濟(jì)晚發(fā)掛展茶的防需跟要分；是刻協(xié)戶調(diào)胳宏黎觀稀經(jīng)按濟(jì)雄效斜益編和賽微內(nèi)觀智經(jīng)聚濟(jì)講效披益與的憲基映礎(chǔ)氧；是使項(xiàng)么目仆后呢續(xù)賓工鞭作貢的乏基餅礎(chǔ)欺。第罩一凳節(jié)米投努資沿項(xiàng)及目遙分器析煙概旺述8投規(guī)資攻項(xiàng)每目罵分落析月階切段粗劃訓(xùn)分研究階段機(jī)會(huì)研究初步可行性研究可行性研究評(píng)估與決策研究性質(zhì)項(xiàng)目設(shè)想項(xiàng)目初選項(xiàng)目判定項(xiàng)目評(píng)估研究?jī)?nèi)容鑒別投資方向，尋找投資機(jī)會(huì)，提出項(xiàng)目投資建議，并作概略分析。對(duì)項(xiàng)目方案作初步審查，必要時(shí)作專項(xiàng)輔助研究，以判斷項(xiàng)目的初步可行性（主要針對(duì)對(duì)大中型項(xiàng)目）對(duì)項(xiàng)目進(jìn)行深入細(xì)致的論證分析，從技術(shù)上、建設(shè)條件上、財(cái)務(wù)經(jīng)濟(jì)上探討項(xiàng)目的合理性、可能性、必要性，并作多方案比選，提出項(xiàng)目可行與否的結(jié)論性意見和建議。對(duì)可行性研究報(bào)告進(jìn)行全面審核和評(píng)價(jià)，判斷其可靠性、真實(shí)性、科學(xué)性對(duì)項(xiàng)目作出最終決策。研究成果和作用編制項(xiàng)目建議書，為初步選擇投資項(xiàng)目提供依據(jù)。編制初步可行性研究報(bào)告，確定是否有必要進(jìn)行下一步詳細(xì)可行性研究。編可行性研究報(bào)告，為項(xiàng)目投資決策提供依據(jù)。編項(xiàng)目評(píng)估報(bào)告，為投資決策提供最后依據(jù)。估算精度

±30%

±20%

±10%

±10%費(fèi)用占總投資的百分比

0.2-1.0

0.25-1.5大型項(xiàng)目：0.2-1中小型項(xiàng)目：1-3需要時(shí)間

1-3個(gè)月

4-6個(gè)月8-12個(gè)月或更長(zhǎng)第獵一些節(jié)擊投良資貸項(xiàng)煌目崗分氣析午概貧述第拋1沫章艘項(xiàng)貍目置總坑論第由2伸章粒項(xiàng)擺目截背沙景第療3便章泛市沾場(chǎng)乓預(yù)后測(cè)虹與吃分遼析第界4走章助項(xiàng)客目味地冤點(diǎn)直的殿選旺址第視5運(yùn)章扣項(xiàng)早目蘿總貞體避方饑案祥設(shè)顛計(jì)第致6苦章靠設(shè)軟備莊與律物磁質(zhì)穿采刃購第啞7尖章李環(huán)扎境馬保館護(hù)努與絲式安具全紡生專產(chǎn)第涌8分章壩項(xiàng)萍目愁的我組擔(dān)織鉤與進(jìn)管嫩理第糊9兆章需項(xiàng)湯目針總閑投矮資圓估煌算烤與石資此金傾籌夾措第岡1榜0生章底項(xiàng)忌目霉財(cái)賓務(wù)柴估譯算第晨1恨1錯(cuò)章沈項(xiàng)溫目宏效嗎益怖評(píng)哄價(jià)第砌1害2申章遙項(xiàng)嚼目桑風(fēng)步險(xiǎn)古分勤析第帆1趟3幟章?lián)Q結(jié)轉(zhuǎn)論取與暫建隔議附稀件9投熔資鮮項(xiàng)嫩目高分汁析腹內(nèi)著容甘—號(hào)—赴農(nóng)舊業(yè)撲項(xiàng)工目什可石行群性露研斑究呼報(bào)亞告敘模功板經(jīng)握濟(jì)抄性鑒分?jǐn)牢錾喈a(chǎn)改建非設(shè)員條草件貼及存技刃術(shù)蟲方茅案選分僻析市狠場(chǎng)短可豆行騙性偏分丈析第匆一埋節(jié)店投膊資講項(xiàng)慌目略分錫析美概尺述9投鐘資錢項(xiàng)型目慮分燥析參內(nèi)塑容察—抵—劈燕非迷政潮府防投趟資襲項(xiàng)小目售申知請(qǐng)劃報(bào)綱告項(xiàng)蟲目明申鐮請(qǐng)痕報(bào)嚼告奧主艱要輸包闖括構(gòu)以缸下吹內(nèi)紐奉容甲：（店1僑）湯項(xiàng)疼目芹申膀報(bào)就單笑位闊情擾況班；（施2掛）殖擬答建釘項(xiàng)蜓目墊情榨況瞇；（街3帖）意建丹設(shè)衣用看地鎖與芝相扎關(guān)戴規(guī)裙劃驅(qū)；（者4晚）蹤蝶資蠶源供利懂用藥規(guī)昂劃慣和余能艱源塑耗成用達(dá)分臉析堅(jiān)；（粗5鍋）可生慢態(tài)暴環(huán)煉境吩影玻響粘分前析顏；（單6隙）牢經(jīng)臥濟(jì)駝和茶社具會(huì)晶效拌果舅分切析砍。（寒7堡）架附狗件（攤1打）陰城某市牌規(guī)摔劃酬行劇政白主鬼管錫部疼門復(fù)出偷具墳的撇城榮市內(nèi)規(guī)墓劃仿意妖見峽；（恰2廊）皇國(guó)利土虎資竹源僑行顫政停主的管嶺部糠門般出襖具鬧的沙項(xiàng)秒目卻用蔬地意預(yù)浩審猜意之見標(biāo)；（杏3籠）銳環(huán)偏境分保厲護(hù)獎(jiǎng)行冤政涼主呆管酷部認(rèn)門拼出尋具宿的瞎環(huán)掙境載影易響價(jià)評(píng)絡(luò)價(jià)拼文只件肝的增審否批修意灰見撫；（伯4差）遲根近據(jù)糾有拿關(guān)監(jiān)法慶律找法滿規(guī)災(zāi)應(yīng)乘提割交準(zhǔn)的密其脖他慢文牽件。第池一剛節(jié)嗓投筐資尊項(xiàng)態(tài)目鹽分迅析起概椒述1收0項(xiàng)傭目襪評(píng)扛估概堪念投麥資熊決類策毫部規(guī)門賄或未貸膊款其機(jī)高構(gòu)渾在幫可易行番性丈研捆究郵報(bào)壯告菠基抓礎(chǔ)駝上獄，執(zhí)對(duì)帝建罩設(shè)戰(zhàn)項(xiàng)傻目頂進(jìn)沸行慚再災(zāi)分僵析臺(tái)和絕再宮評(píng)灣價(jià)眾過首程虎。與拾項(xiàng)伶目絞分稀析紛區(qū)悠別發(fā)全起禽主樣體斃：研柏究籍次梳序污：研從究拆側(cè)肥重禽點(diǎn)炸：研窗究竹作柴用耗：與益項(xiàng)乓目婆分肉析赴的拆聯(lián)脖系對(duì)善象耳、榨基搖礎(chǔ)咽、鑒內(nèi)惰容第施一繪節(jié)緒投布資傭項(xiàng)懲目才分名析句概牧述國(guó)補(bǔ)民帆經(jīng)充濟(jì)雪建秘設(shè)強(qiáng)方遷針械政籃策輔和準(zhǔn)長(zhǎng)本遠(yuǎn)方規(guī)悟劃見；投陵資艇者哄的咱初姿步渡設(shè)慌想蓬（籠目忘標(biāo)附、菠要厲求役、裂范荷圍勤等哭）巧；國(guó)折家弓批企準(zhǔn)培的獅工坊業(yè)妹基幻玉地產(chǎn)、噴河牌流揚(yáng)流災(zāi)域至、仙國(guó)臉土組開查發(fā)喬整躲治腐、姐路匆網(wǎng)凳等徑規(guī)溜劃灰及具資斃源撒報(bào)巧告幣；有償關(guān)當(dāng)自不然根、黃地歐理貢、惕氣推象之、毯地道質(zhì)傾、赤經(jīng)勸濟(jì)您、音社惕會(huì)費(fèi)等址方繼面茶資幟料處；有慚關(guān)蹦工肝程蔥技鼻術(shù)拉方紡面睛的靠標(biāo)納準(zhǔn)與、勤規(guī)發(fā)范船、援規(guī)噴程祥、姿指艷標(biāo)肉；國(guó)腎家貧公六布梢的書用族于鐮項(xiàng)烤目盟評(píng)臣價(jià)城的賢方火法翁、苦指游標(biāo)鬧和但參奶數(shù)彼。有鬼關(guān)鳥市擦場(chǎng)嫩信噴息躲的蒼調(diào)尊研虜報(bào)梅告射。第睜二虧節(jié)趙投移資昨項(xiàng)香目揮分詢析退依可據(jù)妖、灰注顛意咬事濃項(xiàng)驕及完原次則1投仇資熔項(xiàng)染目罪分葬析燭的憲依消