摘😾(zhai)   要🏇(yao) 　　公⛷(gong)允🔵(yun)定👏(ding)价👊(jia)是🦍(shi)知🚯(zhi)识🍝(shi)产🙇(chan)权🍳(quan)证✏(zheng)券🏂(quan)化😩(hua)过💧(guo)程🔢(cheng)中🤯(zhong)的📨(de)重🐔(zhong)要👗(yao)环🐂(huan)节⌚(jie)，也😨(ye)是🍁(shi)证🛥(zheng)券🔊(quan)成📪(cheng)功😢(gong)发😃(fa)行🚜(xing)和➿(he)流⛓(liu)通🕌(tong)的🚖(de)保🔊(bao)证💋(zheng)
本💄(ben)文🔆(wen)选❓(xuan)取🙃(qu)我⛅(wo)国💏(guo)知🛠(zhi)识🔯(shi)产👚(chan)权👯(quan)融🥘(rong)资🌮(zi)租🍮(zu)赁🚗(lin)资📂(zi)产🦇(chan)支🕣(zhi)持🚔(chi)证🔌(zheng)券🦗(quan)产🍵(chan)品💿(pin)为😄(wei)样🤖(yang)本🥘(ben)，建🚓(jian)立🏞(li)多👍(duo)元😈(yuan)线🕌(xian)性🕴(xing)回🥪(hui)归🤴(gui)模🐵(mo)型📍(xing)，运🅿(yun)用👱(yong)逐🔫(zhu)步🔅(bu)回😾(hui)归🏍(gui)法🥩(fa)识👨(shi)别🛋(bie)出♓(chu)影🔚(ying)响🐱(xiang)知🎵(zhi)识🎌(shi)产👱(chan)权🐹(quan)证🏥(zheng)券🌪(quan)化📩(hua)定🐰(ding)价☝(jia)的😴(de)关📺(guan)键🍁(jian)因🌏(yin)素🎊(su)
研🍈(yan)究🚽(jiu)结➰(jie)果🔺(guo)表✏(biao)明👥(ming)：在🏃(zai)现📕(xian)有🚳(you)的🤙(de)定😟(ding)价👌(jia)模⚾(mo)式🔜(shi)下📲(xia)，我♈(wo)国🍐(guo)知✨(zhi)识🐥(shi)产🚸(chan)权📡(quan)证😼(zheng)券🏐(quan)化🤐(hua)产🅿(chan)品🚨(pin)的🌂(de)定🚈(ding)价🦗(jia)受🧐(shou)到🔷(dao)信😗(xin)用🖌(yong)水📘(shui)平🚝(ping)和💦(he)知🌌(zhi)识👚(shi)产🦂(chan)权🖇(quan)基🤤(ji)础💅(chu)资🚯(zi)产🧣(chan)重👕(zhong)组💏(zu)程🈲(cheng)度🌨(du)的🍈(de)显🌺(xian)著🤧(zhu)影🍪(ying)响✒(xiang)
为🚝(wei)了🛎(le)保🍉(bao)证✋(zheng)定🧤(ding)价🌐(jia)的🥜(de)公🕚(gong)允🌦(yun)性💰(xing)，在🖋(zai)对💛(dui)知😁(zhi)识🛑(shi)产⛲(chan)权🔩(quan)证🔝(zheng)券🧜(quan)化🕢(hua)产🃏(chan)品🔷(pin)定🐹(ding)价🕯(jia)时👢(shi)应🐮(ying)当🈹(dang)注🈴(zhu)重🍾(zhong)对❎(dui)产🏙(chan)品💝(pin)的🎪(de)信🚱(xin)用🐢(yong)情🧦(qing)况👯(kuang)、资💫(zi)产🆙(chan)结🗯(jie)构🥪(gou)的🗂(de)审🛠(shen)查🚿(zha)，使🔕(shi)知🐵(zhi)识🍼(shi)产🌗(chan)权⛩(quan)证✳(zheng)券🦒(quan)化🖍(hua)产🍄(chan)品🐣(pin)的🌻(de)定👀(ding)价🙂(jia)与🔩(yu)其🐅(qi)真⛩(zhen)实🎷(shi)的👬(de)风🐻(feng)险🎌(xian)水🥘(shui)平🔲(ping)相🏷(xiang)匹🐒(pi)配🎺(pei)
　　关🤩(guan)键🦐(jian)词🐊(ci) 　　知🎵(zhi)识🐃(shi)产🍭(chan)权🔑(quan)证🚕(zheng)券👙(quan)化🐋(hua)　利🍄(li)差📣(cha)定⏫(ding)价🙋(jia)　资🔮(zi)产🐧(chan)支👢(zhi)持📀(chi)证🔚(zheng)券🏻(quan)定🏰(ding)价📯(jia) 　　引🎗(yin)言🐡(yan) 　　大🔂(da)力📛(li)推🐥(tui)进🛫(jin)体🐉(ti)制🏅(zhi)机🍓(ji)制👳(zhi)创🚏(chuang)新💽(xin)，拓🔴(tuo)宽🤯(kuan)适🍎(shi)合🚡(he)科📿(ke)技🥗(ji)创🗾(chuang)新🚜(xin)发🎄(fa)展🧔(zhan)的💕(de)多⚽(duo)元🤶(yuan)化✌(hua)融🧦(rong)资🦔(zi)渠🍧(qu)道🤔(dao)，做🚡(zuo)好🐹(hao)科🚄(ke)技👄(ji)金🛅(jin)融🧜(rong)服🥢(fu)务🚖(wu)，是🖌(shi)我🦅(wo)国😓(guo)国🔚(guo)家😑(jia)创📺(chuang)新📪(xin)体🐝(ti)系🛢(xi)建🚪(jian)设🔝(she)的⚫(de)重🔱(zhong)要🏖(yao)内😤(nei)容😠(rong)
其🔛(qi)中🤬(zhong)，充🀄(chong)分🏔(fen)运🕝(yun)用⏰(yong)知🤲(zhi)识💔(shi)产⏰(chan)权❇(quan)，运🏪(yun)用⏺(yong)各🏐(ge)种♌(zhong)方🗽(fang)式⏫(shi)实🥉(shi)现👩(xian)知🎼(zhi)识⬇(shi)产🌜(chan)权📄(quan)的🦀(de)市👏(shi)场🔢(chang)价🚅(jia)值⚽(zhi)，在🕤(zai)多🥀(duo)元🌃(yuan)化👱(hua)融🔬(rong)资🥧(zi)渠🚃(qu)道🖼(dao)的❕(de)探💖(tan)索🍟(suo)中🅾(zhong)凸💜(tu)显👪(xian)出🥘(chu)越📌(yue)来🚔(lai)越🦎(yue)重🍖(zhong)要🤮(yao)的🔬(de)作🗡(zuo)用🍲(yong)
2014年🔵(nian)，知🎋(zhi)识🙆(shi)产🚔(chan)权🏺(quan)局🏒(ju)等⏹(deng)八🥕(ba)部🚻(bu)门😼(men)联🔓(lian)合⛰(he)印🌝(yin)发👴(fa)《关🏼(guan)于🎤(yu)深🛺(shen)入💼(ru)实🏮(shi)施🌑(shi)国👤(guo)家📃(jia)知🕥(zhi)识☕(shi)产👖(chan)权🔋(quan)战📿(zhan)略💴(lve) 加🥈(jia)强🍨(qiang)和🥡(he)改🤠(gai)进💐(jin)知🕊(zhi)识👋(shi)产⬛(chan)权🧢(quan)管🆖(guan)理⏪(li)的👏(de)若♍(ruo)干🥣(gan)意🏯(yi)见🙌(jian)》，首💺(shou)次🌸(ci)明🥀(ming)确📸(que)提😧(ti)出⛽(chu)鼓📲(gu)励🕖(li)金⬆(jin)融📲(rong)机🗡(ji)构📿(gou)开🎵(kai)展👰(zhan)知🧝(zhi)识💝(shi)产🍶(chan)权🎺(quan)证📋(zheng)券🧐(quan)化🔔(hua)融🌯(rong)资🤭(zi)业🤢(ye)务🤷(wu)
随🆚(sui)后👀(hou)鼓📖(gu)励💨(li)开⏩(kai)展📟(zhan)知🛋(zhi)识🛷(shi)产🚗(chan)权🎊(quan)证🤤(zheng)券🗑(quan)化🍲(hua)业🔪(ye)务😲(wu)的🍔(de)政🙏(zheng)策⛩(ce)相👻(xiang)继🆖(ji)出🥈(chu)台🔴(tai)
2020年🤘(nian)财🆔(cai)政🍃(zheng)部📻(bu)和🆕(he)知🌬(zhi)识🍝(shi)产🚆(chan)权🛴(quan)局🏟(ju)发🏼(fa)布🤣(bu)《关🙀(guan)于🏭(yu)做🌂(zuo)好🕤(hao)2020年⏭(nian)知🔩(zhi)识🤶(shi)产🧓(chan)权🎾(quan)运🦍(yun)营⬇(ying)服🐱(fu)务🚸(wu)体👍(ti)系🆔(xi)建⛲(jian)设🕶(she)工🥒(gong)作🚺(zuo)的♟(de)通🎬(tong)知🙂(zhi)》，依💚(yi)法🏷(fa)依🐒(yi)规⏮(gui)推🌁(tui)进🛵(jin)知🍝(zhi)识🚬(shi)产🍍(chan)权🏨(quan)证🗃(zheng)券📙(quan)化🏎(hua)已👚(yi)经🐝(jing)成🔝(cheng)为👭(wei)必🏵(bi)做🎲(zuo)任🍫(ren)务🔣(wu)
　　知❌(zhi)识🌷(shi)产🦏(chan)权🔡(quan)证🧥(zheng)券🔩(quan)化🔷(hua)融♑(rong)资🌓(zi)突🚱(tu)破🚍(po)了🚒(le)传🐓(chuan)统🛍(tong)融🍥(rong)资🛩(zi)渠🥝(qu)道🌬(dao)对❕(dui)低🤴(di)信🚲(xin)用😚(yong)企🔙(qi)业🎍(ye)的🐲(de)融⛎(rong)资🎋(zi)限🛰(xian)制🆓(zhi)，且🤠(qie)具🖍(ju)有🥢(you)融🆒(rong)资🔱(zi)成🐄(cheng)本🤧(ben)低👊(di)、不💪(bu)影😾(ying)响🐗(xiang)融🌏(rong)资⛸(zi)企📹(qi)业⬅(ye)资🌑(zi)产😍(chan)负🌀(fu)债🦕(zhai)水🎞(shui)平🐚(ping)等🐷(deng)优🤑(you)势🔑(shi)
我🍟(wo)国🥋(guo)首🥓(shou)只🔫(zhi)知🚻(zhi)识🚮(shi)产🏺(chan)权⌛(quan)证⭕(zheng)券💂(quan)化🖲(hua)产🕗(chan)品🍭(pin)发💪(fa)行🌽(xing)于🏑(yu)2015年🏢(nian)，据🔷(ju)万🗳(wan)得🧐(de)（Wind）数🍟(shu)据🛠(ju)，截🙊(jie)至👳(zhi)2023年🍈(nian)上⏱(shang)半✔(ban)年〰(nian)，我🔂(wo)国🔺(guo)已🌚(yi)发🍓(fa)行🚢(xing)111只💋(zhi)知🔫(zhi)识🍕(shi)产✊(chan)权🔻(quan)证🏩(zheng)券🍢(quan)化🧞(hua)产👚(chan)品🏏(pin)，为🍐(wei)科❗(ke)技🤒(ji)企🦏(qi)业⏱(ye)融🗿(rong)资🎃(zi)约📚(yue)229.14亿🌷(yi)元🚂(yuan)
目📁(mu)前🦍(qian)，我🎐(wo)国📒(guo)的🚜(de)知💶(zhi)识🍓(shi)产🌍(chan)权🛵(quan)证🗯(zheng)券⛎(quan)化🔥(hua)市♓(shi)场🛌(chang)成♐(cheng)熟🍽(shu)度🔡(du)较😘(jiao)低⚾(di)，相🔠(xiang)关🤗(guan)的🕯(de)配🚠(pei)套🎀(tao)体🤷(ti)制🦂(zhi)和🤤(he)技🚮(ji)术🌭(shu)尚🤫(shang)不🍆(bu)成🏰(cheng)熟💍(shu)。证🍳(zheng)券🖕(quan)的🏂(de)价🤽(jia)格🕜(ge)反😳(fan)映❣(ying)其🍷(qi)投🦅(tou)资🤒(zi)价🌦(jia)值🤧(zhi)和🕶(he)风👚(feng)险👍(xian)状😙(zhuang)况🈲(kuang)，合🍦(he)理😠(li)的🐵(de)定🥑(ding)价🕡(jia)是🛌(shi)证🐙(zheng)券🛄(quan)顺🍆(shun)利😲(li)发🙌(fa)行🎞(xing)和♎(he)正🎰(zheng)常🚵(chang)流😨(liu)通😸(tong)的🐊(de)保⌛(bao)证🗞(zheng)。传🎁(chuan)统⏯(tong)证🍅(zheng)券📔(quan)化🍨(hua)产⏪(chan)品👯(pin)的🕔(de)定🈲(ding)价🙏(jia)技🈯(ji)术🐫(shu)相📩(xiang)对🙋(dui)比🐔(bi)较🐋(jiao)成👤(cheng)熟😘(shu)，但🎻(dan)知🐞(zhi)识🎨(shi)产🍾(chan)权😷(quan)证🔎(zheng)券🐖(quan)化🏌(hua)产🦖(chan)品🤹(pin)的👀(de)基👌(ji)础🛸(chu)资🚶(zi)产🙋(chan)具💵(ju)有🐵(you)无🎴(wu)形🌲(xing)性🍒(xing)和🔉(he)价👆(jia)值🕙(zhi)波👾(bo)动🦎(dong)性❔(xing)，其🥫(qi)风✖(feng)险🐦(xian)状🔣(zhuang)况🐛(kuang)与🔦(yu)传🎧(chuan)统🐨(tong)证🏀(zheng)券🍇(quan)化🏉(hua)产🆑(chan)品🤷(pin)有👔(you)所⬅(suo)差🌭(cha)异🐐(yi)，因🌫(yin)此👌(ci)，传🤩(chuan)统📞(tong)证🍄(zheng)券🍸(quan)化🕙(hua)产😀(chan)品💑(pin)的🥂(de)定♿(ding)价😺(jia)技📙(ji)术🕧(shu)并🌔(bing)不🅱(bu)适🤾(shi)用🕖(yong)于🌈(yu)知❤(zhi)识🖖(shi)产🌳(chan)权🗂(quan)证🏾(zheng)券🍈(quan)化💶(hua)产👵(chan)品🚎(pin)。本🛰(ben)文🐖(wen)以❔(yi)知✂(zhi)识💳(shi)产🏸(chan)权🕞(quan)融🕶(rong)资🌞(zi)租♍(zu)赁🕠(lin)证🏍(zheng)券♌(quan)化💢(hua)产🌙(chan)品🍩(pin)为🐥(wei)研👽(yan)究🗝(jiu)对💌(dui)象😅(xiang)，试🏷(shi)图🐥(tu)探♈(tan)究📔(jiu)知💛(zhi)识⛳(shi)产🎐(chan)权🥚(quan)证😈(zheng)券🕑(quan)化👪(hua)产🐙(chan)品🤗(pin)定❌(ding)价🐶(jia)的😋(de)影💗(ying)响☕(xiang)因♟(yin)素🧑(su)，并🔷(bing)提🥡(ti)出🔎(chu)优📎(you)化🐚(hua)知👢(zhi)识💨(shi)产💞(chan)权🛍(quan)证💔(zheng)券🥅(quan)化🚒(hua)定🎐(ding)价🤺(jia)的🐦(de)相🏡(xiang)关⏩(guan)建🏤(jian)议🍪(yi)。 　　文🌛(wen)献🆔(xian)回🤤(hui)顾🖥(gu) 　　证🕐(zheng)券🌳(quan)化👜(hua)是⏺(shi)一🤞(yi)种🐀(zhong)直😮(zhi)接🥚(jie)融🏭(rong)资🦕(zi)方🛁(fang)式🚾(shi)，其🍰(qi)产🍸(chan)品🎇(pin)资🏨(zi)产🌯(chan)支🗣(zhi)持🔩(chi)证😽(zheng)券🥊(quan)（Asset Backed Securities，ABS）既🍚(ji)具👵(ju)有🖐(you)信🎻(xin)用🐛(yong)债👋(zhai)券✒(quan)性🏒(xing)质😾(zhi)，也♌(ye)具🤥(ju)有🚷(you)衍🎪(yan)生🌆(sheng)品🍾(pin)性🐏(xing)质🚝(zhi)。现♏(xian)有🍺(you)的🔲(de)传🐟(chuan)统🚷(tong)ABS定🔒(ding)价🎳(jia)方🔁(fang)法😐(fa)主🏅(zhu)要💺(yao)基🥗(ji)于🈲(yu)这👈(zhe)两😔(liang)个👞(ge)特😷(te)性💧(xing)，采🎶(cai)用💉(yong)利🛀(li)差📘(cha)定😣(ding)价🐶(jia)模💈(mo)型💻(xing)和🧕(he)期💕(qi)权👼(quan)调🐼(tiao)整😑(zheng)定🥊(ding)价😡(jia)模🗳(mo)型🤘(xing)。其🎛(qi)中💷(zhong)利💃(li)差🔜(cha)定🛷(ding)价🎚(jia)模⚪(mo)型💏(xing)的🎊(de)原😛(yuan)理🐐(li)是🏤(shi)将🎇(jiang)无🧢(wu)风🏂(feng)险😓(xian)利🥇(li)率🥟(lv)加🥄(jia)上😮(shang)信📭(xin)用🌹(yong)风💃(feng)险🤱(xian)补🥘(bu)偿💒(chang)作🙄(zuo)为📀(wei)债🐖(zhai)券🕸(quan)利🤧(li)率🍗(lv)进👀(jin)行🕐(xing)定🙅(ding)价🕔(jia)，信✌(xin)用🔹(yong)风😣(feng)险🚙(xian)水😷(shui)平🕋(ping)受🚬(shou)知❓(zhi)识🍠(shi)产📨(chan)权⏱(quan)制🏼(zhi)度⏮(du)和🎠(he)知💱(zhi)识🎼(shi)产🔺(chan)权🐔(quan)估💼(gu)值📃(zhi)缺📕(que)陷🍥(xian)、知➕(zhi)识🤸(shi)产🈹(chan)权📳(quan)侵👮(qin)权🦇(quan)、预🚻(yu)期💃(qi)现♏(xian)金🦖(jin)流🍯(liu)不🌕(bu)确😥(que)定🤞(ding)性🕑(xing)、成🖋(cheng)本🛠(ben)控🌿(kong)制🧙(zhi)、专🈴(zhuan)利🕳(li)诉🍉(su)讼🦀(song)等🦓(deng)多🥠(duo)种🎭(zhong)因💹(yin)素📌(su)的🛀(de)影🕎(ying)响🈵(xiang)。现🐙(xian)有🆙(you)参🆚(can)考😛(kao)文🐎(wen)献🔷(xian)对🐚(dui)利🥛(li)差📄(cha)的🍛(de)考🎎(kao)虑❣(lv)多🗯(duo)集👛(ji)中👾(zhong)于🎒(yu)对🤵(dui)违🍶(wei)约🖇(yue)过🛥(guo)程🍫(cheng)分😎(fen)布🧚(bu)的👻(de)模🏣(mo)拟🐭(ni)。本📀(ben)文💇(wen)认🔙(ren)为🧛(wei)，知✴(zhi)识🌠(shi)产🍾(chan)权💖(quan)ABS的📹(de)基📃(ji)础👄(chu)资🕦(zi)产🤞(chan)与🕎(yu)信🏫(xin)贷🗨(dai)资⛰(zi)产⏮(chan)证🈶(zheng)券👻(quan)化🔵(hua)产➡(chan)品📽(pin)差🎱(cha)异✖(yi)较🔟(jiao)大✊(da)。相⏪(xiang)对🔜(dui)知🥥(zhi)识🚶(shi)产💅(chan)权😖(quan)来🥠(lai)说😿(shuo)，信🍚(xin)贷👮(dai)资💧(zi)产🌍(chan)的😕(de)信🖱(xin)用💳(yong)风🔃(feng)险🌪(xian)与👈(yu)利💭(li)率🗣(lv)风🛴(feng)险📙(xian)具🤝(ju)有🚠(you)强🎲(qiang)关🏺(guan)联👆(lian)性🚞(xing)，信🕉(xin)贷👏(dai)资🌂(zi)产🎋(chan)证😋(zheng)券💟(quan)化🗳(hua)的👎(de)信💆(xin)用🚔(yong)风✍(feng)险🏀(xian)模❕(mo)型😲(xing)不🦖(bu)能🌅(neng)直🎓(zhi)接🗂(jie)运👚(yun)用👋(yong)于🛫(yu)知🐶(zhi)识🌳(shi)产🏗(chan)权🦒(quan)ABS的🎇(de)定♑(ding)价🐌(jia)，因🈶(yin)此🎧(ci)，对🐱(dui)于🔖(yu)知⤵(zhi)识👅(shi)产🌘(chan)权🗞(quan)ABS信🌬(xin)用🦃(yong)风🤾(feng)险🚗(xian)的🕊(de)建🌩(jian)模♏(mo)需🙄(xu)要🚃(yao)进🤗(jin)行🥐(xing)特👟(te)殊👉(shu)的🤼(de)考⛄(kao)虑🏓(lv)。 　　知📗(zhi)识🔙(shi)产💏(chan)权🍧(quan)ABS定🆚(ding)价🉑(jia)的🚒(de)建🤷(jian)模🈷(mo)需🍍(xu)要🌱(yao)对✉(dui)其🖊(qi)价🎁(jia)格🚈(ge)影🤘(ying)响📣(xiang)因👕(yin)素🎛(su)进🌙(jin)行🛷(xing)探🤘(tan)究💴(jiu)，我🎥(wo)国🅰(guo)目📣(mu)前🕚(qian)还🔓(hai)比🌌(bi)较🔇(jiao)缺🥐(que)乏🗜(fa)这📵(zhe)一🔮(yi)领🎣(ling)域🍕(yu)的💌(de)研🚶(yan)究🌔(jiu)。因💔(yin)此🍑(ci)，基🌷(ji)于🦉(yu)现⏺(xian)有👅(you)的💓(de)对📴(dui)其⛵(qi)他🈵(ta)类😾(lei)型🍙(xing)ABS利🐷(li)差🈶(cha)定🤛(ding)价🛄(jia)影🚅(ying)响💺(xiang)因🗻(yin)素🎸(su)研🐨(yan)究🗺(jiu)分🏏(fen)析🐺(xi)，本😄(ben)文🔑(wen)采🏑(cai)用📭(yong)实🔡(shi)证🌬(zheng)研⏮(yan)究🏯(jiu)方👚(fang)法🤙(fa)探⏸(tan)究🕚(jiu)知🈷(zhi)识🐁(shi)产🛵(chan)权〽(quan)ABS利😔(li)差🐃(cha)定🧜(ding)价🍕(jia)，通🎯(tong)过🎇(guo)建🐯(jian)立⏫(li)多🕐(duo)元💴(yuan)回⏪(hui)归🔣(gui)模🌱(mo)型🆔(xing)，分✂(fen)析⭐(xi)现🤶(xian)有👹(you)产🍍(chan)品🔭(pin)的🔧(de)定🔳(ding)价🌧(jia)特🥝(te)征🐒(zheng)，探🔚(tan)讨🦂(tao)我🔯(wo)国🏻(guo)知😺(zhi)识👣(shi)产👬(chan)权😦(quan)ABS利🚲(li)差🌤(cha)定🐉(ding)价🤢(jia)的👦(de)决🦒(jue)定🕝(ding)性👡(xing)因🈸(yin)素🚋(su)。 　　实🌃(shi)证🕋(zheng)分🏏(fen)析🥟(xi) 　　（一🗓(yi)）相🧜(xiang)关🕐(guan)变🎛(bian)量🍃(liang)与⛴(yu)假🎍(jia)设⚪(she) 　　ABS具👇(ju)有🔩(you)信🕟(xin)用😢(yong)债🤧(zhai)和👟(he)衍👋(yan)生💊(sheng)品🍀(pin)的🏛(de)双🔲(shuang)重🚂(zhong)特🥢(te)性👴(xing)，且🔯(qie)考🗜(kao)虑🌋(lv)到🎈(dao)证🙆(zheng)券✅(quan)化🕵(hua)融🉐(rong)资😸(zi)的🖱(de)资🕧(zi)产🥣(chan)重🏴(zhong)组🎅(zu)特🎓(te)性🚔(xing)，本🚣(ben)文👅(wen)以🎩(yi)知🏻(zhi)识🍦(shi)产🔗(chan)权💶(quan)ABS的🎉(de)利🤖(li)差🐂(cha)作🛢(zuo)为🎒(wei)被🌲(bei)解🚹(jie)释🐕(shi)变🧦(bian)量📋(liang)，以🏃(yi)基❇(ji)础👏(chu)资🐘(zi)产📝(chan)特🥚(te)征🚝(zheng)、证🕷(zheng)券🙍(quan)信🚥(xin)用🍬(yong)特🐓(te)征🕷(zheng)及👡(ji)宏🍵(hong)观😰(guan)经🏞(jing)济🕓(ji)环🗳(huan)境🕋(jing)作⭐(zuo)为🍖(wei)解♉(jie)释🧟(shi)变🤝(bian)量🐆(liang)，探📙(tan)索🉐(suo)影✒(ying)响❗(xiang)知🧦(zhi)识🏤(shi)产🎈(chan)权🎍(quan)ABS定🕳(ding)价🔽(jia)的💚(de)因🤶(yin)素🥑(su)（见🖍(jian)表🤽(biao)1），解📉(jie)释🕘(shi)变🗳(bian)量🥍(liang)具💪(ju)体🥠(ti)含📮(han)义🛷(yi)如✔(ru)下📸(xia)。 　　1．基📡(ji)础🧚(chu)资🎤(zi)产🏓(chan)特💛(te)征🧀(zheng) 　　一💜(yi)是🎑(shi)发🤱(fa)行🏷(xing)规🌇(gui)模🤟(mo)。发🗨(fa)行🦑(xing)规🔚(gui)模📴(mo)既💖(ji)反📪(fan)映📎(ying)了⛅(le)发🐂(fa)行😵(xing)主🕷(zhu)体🤔(ti)的📥(de)融🎼(rong)资🌠(zi)需🖨(xu)求🐄(qiu)，也👼(ye)凸🛏(tu)显⬜(xian)了🕥(le)资😻(zi)产🙏(chan)池🔮(chi)的🔑(de)规💑(gui)模🏬(mo)效♋(xiao)应🌯(ying)，资🤘(zi)产🕑(chan)池🚦(chi)的🔐(de)规💊(gui)模🏎(mo)越🍃(yue)大💑(da)，产🏺(chan)品🎐(pin)越🚰(yue)能🥜(neng)够🛬(gou)获🛃(huo)得🤘(de)更🧘(geng)大㊙(da)的📩(de)边🏧(bian)际🎚(ji)效🛏(xiao)益👅(yi)，产😏(chan)品🧠(pin)的🙅(de)流👕(liu)动🖕(dong)性🐩(xing)也⭐(ye)越🦀(yue)强🌟(qiang)。 　　二🍆(er)是🔮(shi)到🔢(dao)期⏩(qi)期👳(qi)限🐵(xian)。发🚐(fa)行🏿(xing)期🤸(qi)限🤮(xian)越🍒(yue)长🌶(chang)意🗯(yi)味🌇(wei)着🔧(zhe)更📝(geng)高⛱(gao)的💵(de)回♊(hui)报📭(bao)需😎(xu)求🚶(qiu)，因🕜(yin)此💂(ci)，本🔑(ben)文⛰(wen)假🤞(jia)设🚉(she)证🆕(zheng)券➖(quan)的🔰(de)到⏭(dao)期🈺(qi)期🧜(qi)限📮(xian)与🌃(yu)利🌯(li)差🌲(cha)正🎤(zheng)相🌓(xiang)关🍧(guan)。由👽(you)于🍀(yu)现🐪(xian)有✂(you)知👌(zhi)识🙊(shi)产🎋(chan)权🖨(quan)ABS均📫(jun)采🤱(cai)用👂(yong)过💯(guo)手🖋(shou)摊💩(tan)还⬜(hai)的🦖(de)方🐴(fang)式🚷(shi)，其🧢(qi)实🧣(shi)际🎺(ji)到🏻(dao)期🍥(qi)期🔥(qi)限👴(xian)可🚕(ke)能🙂(neng)与👆(yu)预😙(yu)计🕓(ji)到😞(dao)期🏄(qi)期🎩(qi)限🍧(xian)存🥣(cun)在👯(zai)较🍿(jiao)大🌚(da)差🥇(cha)别🏂(bie)，因🐰(yin)此🥇(ci)，本🚹(ben)文💘(wen)采🚼(cai)取🗯(qu)证💨(zheng)券🖇(quan)的⭕(de)加🗞(jia)权🌓(quan)平🌎(ping)均💪(jun)剩💽(sheng)余👹(yu)期💱(qi)限🎛(xian)（weighted-average life，简👢(jian)称🛠(cheng)wal）衡📌(heng)量😀(liang)到💉(dao)期🦌(qi)期🚎(qi)限🌞(xian)，其🚼(qi)计🌫(ji)算🛎(suan)公🛣(gong)式⏪(shi)如😒(ru)下🤬(xia)： 　　其🛢(qi)中🌑(zhong)，Pn表🕌(biao)示🧡(shi)证🦉(zheng)券💲(quan)第🛫(di)n期🐫(qi)收🎙(shou)到🚽(dao)的🦁(de)本🌕(ben)金🛬(jin)金🖱(jin)额🎌(e)，Tn表📦(biao)示🕝(shi)证🚸(zheng)券🚪(quan)定🥖(ding)价🏝(jia)时🍤(shi)点🐖(dian)距🔯(ju)离💈(li)第🦁(di)n期⛳(qi)收💆(shou)到🖖(dao)本🐆(ben)金🕳(jin)的🤳(de)期🕓(qi)限🛰(xian)，N为🗝(wei)本🏦(ben)金📇(jin)支🔠(zhi)付🚫(fu)完🚶(wan)成📐(cheng)的🏐(de)期🔠(qi)数🥐(shu)。 　　三🛬(san)是🥓(shi)资🏚(zi)产🥥(chan)重🎊(zhong)组㊗(zu)程📟(cheng)度🎪(du)。知📗(zhi)识💳(shi)产🤜(chan)权🌳(quan)证🐮(zheng)券🍺(quan)化🕶(hua)的💬(de)历🕌(li)史👠(shi)经⤵(jing)验🌤(yan)表🦇(biao)明🥄(ming)，单🛌(dan)一🤖(yi)知🈺(zhi)识👐(shi)产🦑(chan)权🛒(quan)证⛏(zheng)券♟(quan)化✝(hua)的🚽(de)风🥡(feng)险💖(xian)较🔅(jiao)大🔫(da)，成💚(cheng)功🌶(gong)率🐽(lv)较✉(jiao)低🤐(di)，采🌇(cai)用🕒(yong)多💒(duo)种⭕(zhong)知🛎(zhi)识🎑(shi)产🌲(chan)权⛺(quan)进🗃(jin)行📹(xing)结🛶(jie)构💠(gou)性🧔(xing)重😾(zhong)组🏆(zu)，可🤯(ke)以⛹(yi)改🏀(gai)善⛩(shan)基🏪(ji)础📁(chu)资🏮(zi)产📿(chan)的🔘(de)风🔩(feng)险📉(xian)状🍉(zhuang)况⏺(kuang)，更💇(geng)利🍋(li)于📺(yu)证📎(zheng)券🏧(quan)化💎(hua)的🐠(de)成🛸(cheng)功🏜(gong)。因🌅(yin)此🍷(ci)本👳(ben)文🤡(wen)假😠(jia)设🔻(she)，知🌵(zhi)识😶(shi)产🐁(chan)权🙆(quan)证😌(zheng)券💙(quan)化☕(hua)基♋(ji)础🤝(chu)资🌽(zi)产🚱(chan)的♉(de)重🕺(zhong)组🈁(zu)程😐(cheng)度🚼(du)越🤷(yue)高🖇(gao)，风📧(feng)险🥀(xian)越🗨(yue)小🗃(xiao)，资🚺(zi)产🤣(chan)重🛄(zhong)组🏿(zu)程🏃(cheng)度😣(du)与🐇(yu)利🤴(li)差🍯(cha)负🛺(fu)相🧤(xiang)关🔹(guan)。资🗨(zi)产😒(chan)重🍠(zhong)组🔖(zu)程👍(cheng)度🌿(du)采📛(cai)用💘(yong)“入🈺(ru)池🔱(chi)知⌛(zhi)识😩(shi)产🌌(chan)权🎛(quan)数🥅(shu)量🚩(liang)/融🖋(rong)资🏮(zi)企🏛(qi)业💆(ye)数🔷(shu)量🔗(liang)”进📢(jin)行🌍(xing)衡🛰(heng)量㊗(liang)。 　　2．证⛳(zheng)券🐋(quan)信⚽(xin)用😑(yong)特🎴(te)征🏸(zheng) 　　一🍬(yi)是🖱(shi)证🍯(zheng)券🐪(quan)级🍩(ji)别🏒(bie)。在🌂(zai)证⚪(zheng)券☝(quan)化🕑(hua)结🚆(jie)构🏋(gou)中🏵(zhong)，证🈷(zheng)券🔃(quan)级🌔(ji)别🐧(bie)决🕵(jue)定🧤(ding)着🧑(zhe)其🥑(qi)被👻(bei)偿♋(chang)付📱(fu)的🐻(de)顺🕜(shun)序🚢(xu)，级🚯(ji)别🔀(bie)越🤫(yue)高🐥(gao)意🦃(yi)味🕴(wei)着🀄(zhe)证🐘(zheng)券🐽(quan)遭🥋(zao)遇🔆(yu)违⏩(wei)约🤙(yue)的🎩(de)可🧙(ke)能📑(neng)性🔀(xing)越🔘(yue)低🗾(di)，因👀(yin)此🐡(ci)假💐(jia)设🏵(she)证🔇(zheng)券🐞(quan)级🆘(ji)别🎶(bie)与🏡(yu)利🤧(li)差🌀(cha)负🐘(fu)相✅(xiang)关🆚(guan)。本🐔(ben)文🏪(wen)对🕓(dui)证🐹(zheng)券😄(quan)级💮(ji)别🚫(bie)按🧝(an)照😈(zhao)其🍝(qi)优🎳(you)先🗾(xian)级🖨(ji)别🎏(bie)从🉐(cong)高💟(gao)到🌒(dao)低👧(di)赋🌕(fu)值📅(zhi)：优🎿(you)先🈹(xian)级🍿(ji)=3，次♊(ci)优🚿(you)级➰(ji)=2，次⛴(ci)级🏊(ji)=1。 　　二🎩(er)是💫(shi)信🦓(xin)用🌦(yong)评👇(ping)级🔘(ji)。证🍀(zheng)券☕(quan)的🙆(de)信⚾(xin)用🧡(yong)评😸(ping)级👀(ji)是🔈(shi)通🚙(tong)过🆖(guo)第🏦(di)三👲(san)人🤸(ren)对🕧(dui)证🐩(zheng)券✈(quan)的🆑(de)信🎰(xin)用🥝(yong)风😊(feng)险🍚(xian)进😩(jin)行💛(xing)衡👐(heng)量💀(liang)，是⚽(shi)投♊(tou)资🤒(zi)人🏉(ren)判🍒(pan)断🙅(duan)证🔛(zheng)券🥛(quan)信🏖(xin)用🚕(yong)程⤴(cheng)度🏟(du)的😠(de)重🆚(zhong)要🌰(yao)参🔔(can)考🍋(kao)。一🤧(yi)般🐤(ban)来💮(lai)说👓(shuo)，信⛪(xin)用😳(yong)评😉(ping)级🥑(ji)越🌳(yue)高🈵(gao)，证🐎(zheng)券🍾(quan)的🍊(de)风🌞(feng)险🎠(xian)越😳(yue)低🎢(di)。对😑(dui)于👹(yu)信🐰(xin)用🤛(yong)评🙈(ping)级🗻(ji)的🛌(de)衡🏃(heng)量🖤(liang)，本🚍(ben)文🏗(wen)设🐰(she)定🧞(ding)的🖇(de)信👺(xin)用Ⓜ(yong)评📇(ping)级🐭(ji)数📿(shu)值🍯(zhi)与🍊(yu)利💍(li)差🆓(cha)正🛋(zheng)相🔊(xiang)关🏍(guan)，参🎅(can)考🎈(kao)通🤼(tong)用🎽(yong)做🤥(zuo)法😛(fa)进🐯(jin)行🕦(xing)赋👥(fu)值🌤(zhi)：AAA=1，AA+=2，AA=3。 　　3．宏🕑(hong)观😭(guan)经🖕(jing)济💩(ji)环⏲(huan)境🚕(jing) 　　宏🖋(hong)观😚(guan)经🐱(jing)济🤽(ji)环🚌(huan)境📒(jing)决🏟(jue)定☔(ding)着🐜(zhe)资🔩(zi)本😏(ben)市🐒(shi)场🌧(chang)的😍(de)流🎄(liu)动🔳(dong)性🐩(xing)，在🍩(zai)经🔕(jing)济🐄(ji)收🐝(shou)缩⏱(suo)期🐊(qi)，为♋(wei)了🌰(le)吸⛎(xi)引👝(yin)更🎞(geng)多🚛(duo)的🌇(de)投❓(tou)资👽(zi)者🍔(zhe)，发✒(fa)行📩(xing)人🔜(ren)必🤴(bi)须➿(xu)提🌘(ti)高🛢(gao)发🐊(fa)行⛸(xing)利👡(li)率💄(lv)，即🏆(ji)提🎌(ti)高🤯(gao)证🛠(zheng)券😬(quan)的👐(de)发✊(fa)行🐧(xing)利🧦(li)差🐛(cha)；反🏰(fan)之💱(zhi)，经🧜(jing)济🔊(ji)扩🌶(kuo)张🚩(zhang)期🏚(qi)证😐(zheng)券🍋(quan)的🏺(de)发🔴(fa)行🥅(xing)利🎄(li)差🤦(cha)则🚇(ze)较🍹(jiao)低🏳(di) 　　yi 🚘(yi)shi 🐜(shi)wu 🎿(wu)feng 🏘(feng)xian 💕(xian)li 🕍(li)lv 🤨(lv)。wu 🐌(wu)feng ⭕(feng)xian 🆙(xian)li 🤬(li)lv 🥢(lv)fan ⛵(fan)ying 🤩(ying)le 💨(le)jing 🔲(jing)ji 🚛(ji)ji 🐽(ji)ben 🗞(ben)mian 🧓(mian)de 🎮(de)qing 💇(qing)kuang 🏎(kuang)，ben 🌌(ben)wen 🛳(wen)jia 🚁(jia)she 📃(she)wu 👒(wu)feng 🏆(feng)xian 💇(xian)li 🚽(li)lv 🆚(lv)yu 😟(yu)li 💻(li)cha 🏏(cha)fu 📅(fu)xiang 🙆(xiang)guan 🥊(guan)，cai 🧔(cai)yong ⏲(yong)zheng ✨(zheng)quan 🚉(quan)tong 🔨(tong)qi 🐔(qi)de 🔷(de)chang 🍧(chang)qi 🍞(qi)guo 🌨(guo)zhai 📥(zhai)li 📽(li)lv 🛂(lv)zuo 🏦(zuo)wei 🎫(wei)wu 😝(wu)feng 🐦(feng)xian 🚦(xian)li 🚀(li)lv 🔧(lv)，guo ㊙(guo)zhai 🕠(zhai)li 🕷(li)lv 🈴(lv)zhong ⚡(zhong)yin 😥(yin)han 🐃(han)le 👬(le)jing 👪(jing)ji 👾(ji)zeng 🅱(zeng)chang 🐘(chang)lv 🔓(lv)。 　　er 🕋(er)shi 🚧(shi)guang 🚲(guang)yi 🥠(yi)huo 🚒(huo)bi ✡(bi)gong 💁(gong)ying 🐇(ying)liang ⛎(liang)（M2）zeng 🔋(zeng)su 🤦(su)。M2zeng 🦂(zeng)su 😱(su)fan 🐙(fan)ying 🔽(ying)le 🎡(le)zi 🏊(zi)ben 📨(ben)mian 🔔(mian)de 🏥(de)qing 🔺(qing)kuang 🛹(kuang)，ben 🕤(ben)wen 🍞(wen)jia 🌃(jia)she 🦆(she)M2zeng 🈳(zeng)su 🌘(su)yu 🌔(yu)li 👛(li)cha 🥦(cha)fu 🥀(fu)xiang 🎋(xiang)guan 🏎(guan)，cai ☔(cai)qu ⚽(qu)zheng 🛅(zheng)quan 🔓(quan)fa 📆(fa)xing 🕔(xing)dang 🏭(dang)qi ⏯(qi)de 🧛(de)shi 🏅(shi)ji 🍼(ji)M2zeng 💮(zeng)su 🏠(su)jin 🔅(jin)xing 😨(xing)heng 📻(heng)liang 🐀(liang)。 　　（er 🍃(er)）yan 🕑(yan)jiu 🥧(jiu)mo 🌘(mo)xing 🗡(xing)yu 🏥(yu)yang 🏖(yang)ben 😆(ben) 　　ben 🧔(ben)wen 🤣(wen)shou 🥩(shou)xian 🎗(xian)jian 🗓(jian)li 🐮(li)zhi 🔈(zhi)shi 🕡(shi)chan ♏(chan)quan 🎅(quan)ABSde 👷(de)fa 💍(fa)xing 💏(xing)li 🏻(li)cha 🙅(cha)yu 📐(yu)jie 🛁(jie)shi 🎽(shi)bian 🌂(bian)liang 🦎(liang)de 📚(de)duo 🏥(duo)yuan 👍(yuan)hui 🦈(hui)gui 🌭(gui)mo ❓(mo)xing 🌏(xing)，guan 😻(guan)cha 🎻(cha)bu ❗(bu)tong 🙆(tong)yin 🏩(yin)su 🎳(su)dui ⚽(dui)li 🧚(li)cha ✅(cha)shi 💷(shi)fou 💲(fou)cun 🏴(cun)zai 🔤(zai)ying 🥞(ying)xiang 🦄(xiang)，ran 🚰(ran)hou 🖥(hou)yun ⏸(yun)yong 🌹(yong)zhu 🎅(zhu)bu 🚒(bu)hui 📏(hui)gui 🍁(gui)fang 🔁(fang)fa 🔭(fa)xiao 🔵(xiao)chu 🔌(chu)duo 🚑(duo)zhong 🆘(zhong)gong ❤(gong)xian 🏏(xian)xing 🌄(xing)de 💚(de)ying 🛃(ying)xiang 🐙(xiang)，xuan 🏗(xuan)qu 🐿(qu)zhong 🐓(zhong)yao 🎓(yao)de 📡(de)jie 🍪(jie)shi 💩(shi)bian 🔡(bian)liang 🍫(liang)lai 🛍(lai)dui 🎋(dui)li 🙉(li)cha 🌭(cha)jin 🍱(jin)xing 🌵(xing)jie 🔦(jie)shi 🥂(shi)，zui 😂(zui)hou 💹(hou)dui 🤷(dui)de 🧓(de)dao 🍲(dao)de 🎨(de)mo 🔚(mo)xing 🔴(xing)jin 🚆(jin)xing 🐼(xing)jia 🎥(jia)she 🐖(she)jian 🉑(jian)yan 🌥(yan)he 🐶(he)xiu 🚊(xiu)zheng ⚾(zheng)，de 🔔(de)dao 🦊(dao)wo 🔨(wo)guo 🍪(guo)zhi 🏠(zhi)shi 🚇(shi)chan 🦗(chan)quan 🍍(quan)ABSding 👛(ding)jia 📒(jia)de 💲(de)li 🎣(li)cha 🚇(cha)ying ♍(ying)xiang 🚈(xiang)yin 🐣(yin)su 🤯(su)hui 🙏(hui)gui 😣(gui)mo 🚰(mo)xing 💴(xing)。jian 🦏(jian)li ⤵(li)de 🧡(de)chu 🎃(chu)bu ➿(bu)duo 🎩(duo)yuan 🥏(yuan)hui 🚙(hui)gui 👪(gui)mo 😝(mo)xing 🥚(xing)ru 🧣(ru)xia 🔦(xia)： 　　ben ⌛(ben)wen 👆(wen)xuan 🌞(xuan)qu 🐉(qu)wo ㊗(wo)guo 📑(guo)zi 🧜(zi)2019nian 😞(nian)1yue 🍓(yue)zhi 🍶(zhi)2021nian 📁(nian)10yue 🛂(yue)fa 😧(fa)xing 🏿(xing)de 🤖(de)zhi 📺(zhi)shi 👘(shi)chan 🚓(chan)quan 🚥(quan)rong 🤘(rong)zi 👕(zi)zu 🎖(zu)lin 🕔(lin)zi 🦉(zi)chan 👬(chan)zhi 👍(zhi)chi 😥(chi)zheng ⏫(zheng)quan 🥐(quan)chan 🌫(chan)pin 🖌(pin)wei 🕚(wei)yang 🌮(yang)ben ♿(ben)，lai 🥧(lai)yuan ⏫(yuan)yu 🔲(yu)zhong 🕰(zhong)guo 🎾(guo)zi 🐏(zi)chan 📸(chan)zheng ➖(zheng)quan 🗼(quan)hua 📱(hua)fen 🌹(fen)xi 🐟(xi)wang 🗓(wang)zhong 👼(zhong)“zhi 🌎(zhi)shi 🈯(shi)chan 🌛(chan)quan 🐲(quan)”he 🏮(he)“zhuan ➿(zhuan)li 🚍(li)”liang 🍜(liang)ge 🦋(ge)zi 🎙(zi)men 🏇(men)lei 🤡(lei)zhong ⏫(zhong)“rong 🅿(rong)zi ☝(zi)zu 🍴(zu)lin 🚌(lin)”jiao ❓(jiao)yi 🚖(yi)mo 📚(mo)shi 💼(shi)de 🈯(de)chan 🐯(chan)pin 🕎(pin)。jing ⬆(jing)ti 👦(ti)chu 💱(chu)xin ⬆(xin)xi 🌡(xi)bu 😐(bu)quan 🔫(quan)de 🌲(de)chan ⛱(chan)pin ⬜(pin)，zui 🍸(zui)zhong 🔇(zhong)cai 🥨(cai)yong 🔛(yong)24zhi 🦎(zhi)chan 🐥(chan)pin 😵(pin)de 🛀(de)216tiao 🚩(tiao)zheng 🐣(zheng)quan 🏝(quan)xin 🙈(xin)xi 💞(xi)zuo ⬛(zuo)wei 🚿(wei)yang 💥(yang)ben 🌠(ben)shu ✨(shu)ju ❄(ju)。 　　（san 💅(san)）yan ⛳(yan)jiu 🎗(jiu)guo 🧣(guo)cheng ⛎(cheng)yu 🎥(yu)jie 👫(jie)guo 🌭(guo) 　　1．hui 🙃(hui)gui 🧓(gui)jie 🎫(jie)guo 🌬(guo) 　　yun 😥(yun)yong 🐍(yong)yang 💰(yang)ben 🎚(ben)shu 🍷(shu)ju 🔶(ju)dui 🤠(dui)mo 🤜(mo)xing 🏢(xing)jin 🌒(jin)xing 📠(xing)hui 🦌(hui)gui 😊(gui)fen 🔝(fen)xi 🏡(xi)，de 💳(de)dao 🕵(dao)de 🍓(de)jie 🏚(jie)guo 🌛(guo)ru 🈁(ru)biao 💟(biao)2suo 🥔(suo)shi 😑(shi)，cong 🔓(cong)xiang 💲(xiang)guan 💽(guan)fang 🐿(fang)xiang 💑(xiang)shang 🎢(shang)lai 🛴(lai)kan 🎻(kan)，chu 🙇(chu)xin 🤴(xin)yong 🥎(yong)ping 🐖(ping)ji 📗(ji)yu 🔭(yu)wu 🛁(wu)feng 📜(feng)xian 🎖(xian)li 🗨(li)lv 🥨(lv)zhi 📯(zhi)wai 📸(wai)，jun 🎛(jun)yu 🛰(yu)jia 🆒(jia)she 🚓(she)yi 🐜(yi)zhi ➰(zhi)，dan 🍠(dan)cong 🔯(cong)zhi 💵(zhi)xin 👎(xin)du 🤥(du)lai ⚪(lai)shuo ❎(shuo)，zai 🐃(zai)90%zhi ⭐(zhi)xin 😸(xin)shui 🔸(shui)ping 😽(ping)xia 🖱(xia)，jin 🧕(jin)you 👧(you)zheng 🥌(zheng)quan 👍(quan)ji 🎍(ji)bie 🦌(bie)、wu 🚸(wu)feng 🔧(feng)xian 🍝(xian)li 🤟(li)lv ⛏(lv)yu 🏟(yu)M2zeng 🏸(zeng)su ♋(su)de 🍄(de)xiang 🌵(xiang)guan 💜(guan)xing 🦅(xing)xian ❇(xian)zhu 🚡(zhu)。wei 😷(wei)le 🔷(le)jin 🥇(jin)yi 🍳(yi)bu 💛(bu)tan 🔞(tan)jiu 💅(jiu)zhe 📷(zhe)xie 🌱(xie)yin 🐪(yin)su 🖌(su)dui 🤴(dui)li 🚇(li)cha 📂(cha)de 🌸(de)ying 🌏(ying)xiang 📞(xiang)，you 🏣(you)bi 😷(bi)yao 🤱(yao)dui 🈁(dui)mo 👁(mo)xing 💖(xing)jin 🚬(jin)xing 🤫(xing)xiu 🤡(xiu)zheng 🚊(zheng)。 　　zao 😏(zao)cheng 🤥(cheng)shang 💱(shang)shu 🐗(shu)jie 🤵(jie)guo 🛑(guo)de 🍓(de)yuan 🈸(yuan)yin 🛩(yin)ke 🙊(ke)neng 😼(neng)shi 🖖(shi)bu ⛩(bu)tong 🈳(tong)de 🔝(de)jie 🖨(jie)shi 🔕(shi)bian ⏮(bian)liang 🦅(liang)zhi 🌿(zhi)jian 🔁(jian)cun 🏫(cun)zai 🕸(zai)duo 🙋(duo)zhong 🧐(zhong)gong 🥓(gong)xian 👃(xian)xing 🙎(xing)，wei 🕊(wei)le 🛍(le)xiao 🐋(xiao)chu 🎶(chu)zhe 🤩(zhe)zhong 🤭(zhong)ying 🌵(ying)xiang 🐑(xiang)，ben 👀(ben)wen ⏪(wen)cai 🔰(cai)yong 🍅(yong)zhu 🛡(zhu)bu 🐲(bu)hui 😶(hui)gui 🆗(gui)zhong 🎨(zhong)gou 🈶(gou)jie 🥌(jie)shi 📖(shi)bian 🔔(bian)liang 🔃(liang)zu 📒(zu)he ⌛(he)，de 😯(de)dao 🌍(dao)de ⬛(de)jie 🍌(jie)guo ♈(guo)ru 🎀(ru)biao 🕙(biao)3suo ♟(suo)shi 🛠(shi)。 　　you ♋(you)biao 💟(biao)3ke ⛴(ke)jian 💁(jian)，zhu 🍶(zhu)bu 🔢(bu)hui ⏬(hui)gui 🧟(gui)shai 🅿(shai)xuan 🆕(xuan)chu 🏔(chu)san 😸(san)ge 🔂(ge)zhong 📄(zhong)yao 🎀(yao)de 🕢(de)jie ⏳(jie)shi 🤓(shi)bian ⌚(bian)liang 🦄(liang)fen 🌵(fen)bie 🍲(bie)shi 🚉(shi)zheng ⛓(zheng)quan 📲(quan)ji 🍁(ji)bie 🔢(bie)、xin 🚑(xin)yong 🙁(yong)ping 🌠(ping)ji 🕗(ji)he 👽(he)zi 🚗(zi)chan 🐺(chan)zhong 🔄(zhong)zu 🕯(zu)cheng 💐(cheng)du 🌇(du)；zheng 👼(zheng)quan 🐮(quan)ji 🖲(ji)bie 🤰(bie)yu 🥍(yu)li ⏺(li)cha 🍭(cha)fu 📧(fu)xiang 🍋(xiang)guan 🌗(guan)，xin ♒(xin)yong 🌘(yong)ping 📸(ping)ji 🥪(ji)fu 🕉(fu)zhi 🌈(zhi)yu ⏸(yu)li 💤(li)cha 🌑(cha)zheng 🏇(zheng)xiang 🙄(xiang)guan ➖(guan)，zi 🎰(zi)chan 🕳(chan)zhong 🚤(zhong)zu 🌤(zu)cheng 💘(cheng)du 🚊(du)yu 📩(yu)li 🛠(li)cha ☝(cha)fu 🚅(fu)xiang 🏥(xiang)guan 👽(guan)，qie 🏙(qie)zhe 🔸(zhe)san 🏻(san)zhong 😡(zhong)yin 😊(yin)su ✳(su)zai 😐(zai)90%zhi 😲(zhi)xin 👺(xin)shui ➕(shui)ping 📳(ping)xia 🥒(xia)jun 📢(jun)dui 🤡(dui)li 🐝(li)cha 🏏(cha)ying 🍦(ying)xiang 🏂(xiang)xian 🚓(xian)zhu 🐛(zhu)，0.490de 🌃(de)xiu 🎠(xiu)zheng 🏀(zheng)ke 🛷(ke)jue 🔪(jue)xi 🗄(xi)shu 📑(shu)ye 🤕(ye)xian 🏃(xian)shi 🕊(shi)chu 🌀(chu)jiao 🔗(jiao)hao 🔥(hao)de 🅿(de)ni 🦕(ni)he 🦄(he)you 📺(you)du 🖖(du)。 　　2．jia 🍵(jia)she 🦆(she)jian 🤼(jian)yan 🥗(yan) 　　wei 🐾(wei)le 🤱(le)jin 🗒(jin)yi 🌊(yi)bu ✈(bu)yan 🚲(yan)zheng ✌(zheng)ni 🕐(ni)he 🐵(he)de 🥅(de)hui 🛰(hui)gui 😭(gui)mo 🗻(mo)xing 🚐(xing)de 💰(de)ke ✒(ke)kao ❓(kao)cheng 🎴(cheng)du 📘(du)，hai 👔(hai)xu 🐱(xu)yao ⏺(yao)dui 🤾(dui)qi 🛡(qi)jin 🤚(jin)xing 🏟(xing)jin ⚓(jin)yi 🤟(yi)bu 🈴(bu)yan 👉(yan)zheng 👊(zheng)。zhu 🛬(zhu)bu 🍏(bu)hui 🖤(hui)gui 🕌(gui)yi 👟(yi)jing 🏬(jing)xiao 🎨(xiao)chu 🏬(chu)le ♓(le)duo 📹(duo)zhong 🍷(zhong)gong 🐢(gong)xian 🐃(xian)xing 🎺(xing)de ☝(de)ying 🔚(ying)xiang 🦗(xiang)，hai 🧢(hai)xu 🖕(xu)yao 🕓(yao)dui 📤(dui)wu 🔹(wu)cha 💩(cha)xiang 🏩(xiang)de 💕(de)du 💜(du)li 🤬(li)xing 🥤(xing)he 👉(he)tong Ⓜ(tong)fang 🐒(fang)cha 😏(cha)xing 📦(xing)ji 🔉(ji)ben 📱(ben)jia 🥄(jia)she 🤓(she)jin 🕕(jin)xing 🧑(xing)yan 🧞(yan)zheng 😖(zheng)。 　　yi 🌳(yi)shi ✋(shi)yi 👗(yi)fang 🏻(fang)cha 👮(cha)xing 🐐(xing)。dui 🎅(dui)zhu 🏻(zhu)bu 🤶(bu)hui 🙌(hui)gui 🎹(gui)mo 🏒(mo)xing 🈚(xing)de 🚐(de)can 🙉(can)cha 🌫(cha)jin 🎓(jin)xing 🥕(xing)huai 🕣(huai)te 🕙(te)jian 💠(jian)yan 🏡(yan)，de 🦓(de)dao 🌒(dao)de 📔(de)jie 👋(jie)guo 🧀(guo)ru 📏(ru)biao 💘(biao)4suo 🌻(suo)shi 🈂(shi)，huai 🐕(huai)te 🌨(te)jian 🚞(jian)yan 〰(yan)de 💶(de)Pzhi 🍶(zhi)xiao 🐘(xiao)yu 💔(yu)0.05，ju 😲(ju)jue ✉(jue)tong 🎐(tong)fang 🏷(fang)cha 🥓(cha)de 🚪(de)yuan 💄(yuan)jia 🐮(jia)she 🥈(she)，ke 🗾(ke)jian 🙇(jian)mo 🈶(mo)xing ➿(xing)de 🈶(de)wu 🎠(wu)cha 🕺(cha)xiang 😷(xiang)cun 🍲(cun)zai 💞(zai)yi 🗑(yi)fang 👯(fang)cha 💼(cha)xing 🏸(xing)。 　　er 🛫(er)shi 🎣(shi)zi 🥫(zi)xiang 🍜(xiang)guan 🎉(guan)xing 💏(xing)。zhu ⛪(zhu)bu 🧒(bu)hui 🔑(hui)gui 🗡(gui)jie 💬(jie)guo 🤘(guo)xian ⭕(xian)shi 🏠(shi)，DWjian 😳(jian)yan ✴(yan)zhi ✊(zhi)wei ♟(wei)0.955，jie 🏖(jie)yu 📠(yu)xia 👗(xia)lin 🎞(lin)jie 🤮(jie)zhi 💒(zhi)0.507he 🗺(he)shang 😭(shang)lin 🧜(lin)jie 📀(jie)zhi 🦈(zhi)2.097zhi 🛬(zhi)jian 🌩(jian)，gu 🚚(gu)ping 💏(ping)jie 🌸(jie)DWjian 🤺(jian)yan 🕡(yan)zhi 🈚(zhi)bu 🏿(bu)neng 🈁(neng)pan 🔓(pan)duan 🐹(duan)shi 🖖(shi)fou 😻(fou)cun 🎊(cun)zai 👌(zai)zi 🦐(zi)xiang 🙏(xiang)guan 🥫(guan)。yin 💿(yin)er ⏲(er)dui 🚙(dui)can 😲(can)cha 🎶(cha)jin 🛰(jin)xing 🍭(xing)LMjian 🎓(jian)yan 🌰(yan)，de 😏(de)dao ⚡(dao)de ♐(de)jie 🐅(jie)guo 🌒(guo)ru 🆙(ru)biao 🌪(biao)5suo 💥(suo)shi 🐂(shi)，shuo 🎏(shuo)ming 📉(ming)sui 💳(sui)ji 🎣(ji)gan 🤰(gan)rao 💔(rao)xiang 👩(xiang)cun 👲(cun)zai 🚥(zai)yi 🐒(yi)jie 🐰(jie)zi 🧒(zi)xiang 🤢(xiang)guan ⛰(guan)。 　　3．mo 🏁(mo)xing 😖(xing)xiu 👲(xiu)zheng 🏬(zheng) 　　can 🥤(can)cha 🏭(cha)yi 🚿(yi)fang 🐓(fang)cha 🍜(cha)xing 📀(xing)cun 👪(cun)zai 🍂(zai)ke 📚(ke)neng 😬(neng)hui 👙(hui)zao 🕑(zao)cheng ✅(cheng)hui 💏(hui)gui 🙁(gui)mo 🍨(mo)xing ♒(xing)de 🚐(de)can 🔇(can)shu 🌉(shu)gu 📋(gu)ji ⛓(ji)bu 🤤(bu)shi 🖇(shi)zui 🧛(zui)jia 🚕(jia)wu 🛍(wu)pian 🍮(pian)gu 🔮(gu)ji 😭(ji)，xian 🐵(xian)zhu 🐵(zhu)xing ♊(xing)jian 💸(jian)yan 🔌(yan)shi 🤤(shi)xiao 🛣(xiao)；zi 🎻(zi)xiang 😭(xiang)guan 🍔(guan)xing 🐜(xing)ke 🍍(ke)neng ♑(neng)hui 🕘(hui)shi 🔎(shi)de 🍦(de)zui 🛅(zui)xiao ♉(xiao)er 🛢(er)cheng 🛬(cheng)gu 🦀(gu)ji 🛰(ji)liang 📣(liang)yan ✈(yan)zhong 😁(zhong)wai ⏳(wai)qu 🌈(qu)zhen 🔕(zhen)shi ⏱(shi)qing 🛴(qing)kuang 🍔(kuang)。wei 👔(wei)le 🎁(le)gai 😑(gai)shan ❕(shan)shang 🌌(shang)shu 🏆(shu)qing 🔃(qing)kuang 🚞(kuang)，ben 👎(ben)wen 📔(wen)yun ❇(yun)yong 🍊(yong)jia 🦒(jia)quan 🐜(quan)zui 🏞(zui)xiao 🤧(xiao)er 😽(er)cheng 🔗(cheng)fa 🥓(fa)dui 🏌(dui)zhu 👺(zhu)bu 😫(bu)hui 😭(hui)gui 🌝(gui)mo 🌓(mo)xing 💭(xing)can 🎠(can)shu 🔏(shu)jin 🏉(jin)xing 📫(xing)gu 👆(gu)ji 🔸(ji)lai 🗾(lai)xiao 🦇(xiao)chu 🥑(chu)ying 😥(ying)xiang 🍻(xiang)。jia 🌙(jia)quan 🤝(quan)zui 🖌(zui)xiao 🔼(xiao)er ⛪(er)cheng 📉(cheng)fa 🎂(fa)jin 🐗(jin)xing 🎡(xing)xiu 🎄(xiu)zheng 🔻(zheng)hou 🏞(hou)de 😸(de)dao 😢(dao)de 🗨(de)hui 🅰(hui)gui 🎖(gui)jie 🎸(jie)guo ⭕(guo)ru 🍞(ru)biao 🧛(biao)6suo ☝(suo)shi 🔪(shi)，ke 💿(ke)jian 🎐(jian)cai ✋(cai)yong 🍶(yong)jia 🎲(jia)quan 🎉(quan)zui ⛺(zui)xiao 🕟(xiao)er ㊙(er)cheng 🛥(cheng)fa 🚯(fa)de 🤗(de)hui 😞(hui)gui 🕑(gui)mo 🍹(mo)xing 🛳(xing)ni 🛸(ni)he 🐹(he)you 🍐(you)du 🛋(du)jiao 🏏(jiao)hao 🌒(hao)，ge ➡(ge)jie 🙌(jie)shi 🚌(shi)bian 🕘(bian)liang 🔣(liang)jun 📐(jun)xian 🗻(xian)zhu 🕦(zhu)，xiu 🈵(xiu)zheng 🔍(zheng)ke 🐔(ke)jue 💈(jue)xi 🏮(xi)shu 👕(shu)da 🕰(da)dao 🧒(dao)0.932。sui ❇(sui)hou 🧥(hou)，ben 🦁(ben)wen 🚺(wen)zai 🔘(zai)ci 😲(ci)dui 🥟(dui)mo 🥔(mo)xing 🔡(xing)jin 🚿(jin)xing 💜(xing)huai 💅(huai)te 🆔(te)jian 🏭(jian)yan 🥒(yan)he 🔷(he)LMjian 💸(jian)yan 🦑(yan)，jian 🥚(jian)yan 🍹(yan)jie 🏺(jie)guo 💥(guo)jian 🎺(jian)biao 🐶(biao)7、biao 🍏(biao)8，jie 🍖(jie)guo 🌧(guo)xian 🐜(xian)shi 😾(shi)yi 🚁(yi)fang 🎢(fang)cha 📐(cha)xing 💙(xing)he 💙(he)zi 🍧(zi)xiang 🔆(xiang)guan 🔰(guan)xing 👎(xing)yi 💀(yi)xiao 🍂(xiao)chu 🚌(chu)。 　　zong ⬇(zong)shang 🥨(shang)fen 🌧(fen)xi 💹(xi)，zui 👾(zui)zhong 🐎(zhong)de 😻(de)dao 🔜(dao)wo 💐(wo)guo 🔭(guo)zhi 💥(zhi)shi ⛺(shi)chan 🥣(chan)quan 🉐(quan)ABSding 🏞(ding)jia 🎭(jia)li 🏇(li)cha 🚼(cha)ying ⤵(ying)xiang 🏨(xiang)yin 💁(yin)su 🏉(su)hui 💾(hui)gui 🙀(gui)mo 🔥(mo)xing 🗝(xing)wei 🌁(wei)： 　　shi 🔀(shi)zheng 🥟(zheng)jie 🌾(jie)guo 👳(guo)xian 🏺(xian)shi 🍖(shi)，zheng 🅱(zheng)quan 👇(quan)de 🔨(de)fa 🧞(fa)xing 🥚(xing)gui 🛺(gui)mo 🦈(mo)、qi 🔇(qi)xian 🐶(xian)he 🐿(he)hong 🎪(hong)guan 🔜(guan)jing 🍝(jing)ji 🏛(ji)yin 🤷(yin)su 🙀(su)dui 🌗(dui)li 🗻(li)cha 💊(cha)de 🎱(de)ying 🦗(ying)xiang 🏅(xiang)bing 🐡(bing)bu 🍗(bu)xian 🕊(xian)zhu 💪(zhu)，wo 💾(wo)guo 😔(guo)zhi 🌶(zhi)shi 🌚(shi)chan 🈲(chan)quan ⚫(quan)ABSding 🗡(ding)jia Ⓜ(jia)li 👠(li)cha 🎣(cha)zhu 🍏(zhu)yao 🖊(yao)shou 👃(shou)dao 🤑(dao)zheng 🎍(zheng)quan 🦋(quan)de 🌘(de)ji 🐭(ji)bie 🦌(bie)、xin 🎫(xin)yong 🎃(yong)ping 🧝(ping)ji 🐔(ji)ji 🏃(ji)ji 🚈(ji)chu 😿(chu)zi 🏑(zi)chan 🍏(chan)de 🍢(de)zi 🥦(zi)chan 🚋(chan)zhong 🙅(zhong)zu ⛓(zu)cheng 📝(cheng)du 📒(du)de ⚪(de)ying 🙂(ying)xiang 🥓(xiang)。zheng 🎛(zheng)quan ✝(quan)ji 🚡(ji)bie 💀(bie)yue 👜(yue)gao 👮(gao)，xin 🐰(xin)yong 🏁(yong)ping 🧓(ping)ji 🎵(ji)yue 🌟(yue)gao ♒(gao)，ji ♊(ji)chu 👤(chu)zi 🗡(zi)chan 📞(chan)zhong 🕷(zhong)zu 🗑(zu)cheng 🌎(cheng)du 👄(du)yue 🎈(yue)gao 🐙(gao)，fa ⚫(fa)xing 🔙(xing)li ❤(li)cha ⛹(cha)yue 🏷(yue)di 🗾(di)，yu ✖(yu)ben 🕑(ben)wen 🥕(wen)jia 🚩(jia)she 🧕(she)xiang 🐕(xiang)yi 🍆(yi)zhi 🌨(zhi)。cong 🏗(cong)ying 🏛(ying)xiang 🐙(xiang)cheng 🥇(cheng)du 🐗(du)lai 🎟(lai)kan 🚉(kan)，xin 🥐(xin)yong 📡(yong)ping 🍘(ping)ji 🍬(ji)mei 🥡(mei)ti 💚(ti)gao 🐊(gao)yi 🎷(yi)ge 🌶(ge)deng 🤭(deng)ji 👵(ji)，li 🕥(li)cha 🈳(cha)jiang 😰(jiang)di 📟(di)71.1BP；zheng 🐮(zheng)quan 〽(quan)ji 🏣(ji)bie 📶(bie)mei 🥖(mei)ti 🔮(ti)gao 🦆(gao)yi 😱(yi)ge 😼(ge)deng 🍽(deng)ji 🐞(ji)，li 🕛(li)cha 😛(cha)jiang 🌀(jiang)di 🎽(di)69.4BP；zi 🛶(zi)chan 🐕(chan)zhong 🌀(zhong)zu 🏫(zu)cheng ❤(cheng)du 😴(du)mei 👶(mei)ti 🦐(ti)gao 🆔(gao)1ge 🏝(ge)ji 👜(ji)dian 👈(dian)，li 🏴(li)cha 🐰(cha)jiang 😰(jiang)di 💲(di)8.3BP。 　　jie 🥙(jie)lun 🛍(lun)yu 〰(yu)jian ✏(jian)yi 💺(yi) 　　（yi 🎰(yi)）wo 🙋(wo)guo ➡(guo)zhi 🐺(zhi)shi 🦊(shi)chan 💵(chan)quan 🕢(quan)ABSde 😿(de)li 🙀(li)cha 🌳(cha)ding 🌥(ding)jia 🥦(jia)zhu 📪(zhu)yao 👦(yao)shou 🐾(shou)qi 🅿(qi)xin 📣(xin)yong 👚(yong)shui 📔(shui)ping 🎻(ping)ying 🕵(ying)xiang 🕡(xiang) 　　zheng 🍝(zheng)quan 😫(quan)ji 🤥(ji)bie 🔂(bie)he 📩(he)xin 🧗(xin)yong 🍵(yong)ping 🧜(ping)ji 🖥(ji)jun 🐟(jun)yu 🥘(yu)li 😳(li)cha 🛐(cha)cheng 🌡(cheng)fu 🤜(fu)xiang 🗻(xiang)guan 👜(guan)，zheng 🛏(zheng)quan 🕓(quan)xin 🏳(xin)yong ✴(yong)zhuang 🔟(zhuang)kuang 🍭(kuang)yue 🎺(yue)hao ♑(hao)，li 🤰(li)cha 🗣(cha)yue 🏹(yue)xiao 🏗(xiao)。xin 💗(xin)yong ❎(yong)ping 🏛(ping)ji 🏟(ji)ke 🏾(ke)yi 🐟(yi)fan 🦊(fan)ying 🐄(ying)zheng 🐨(zheng)quan 😙(quan)de ⭕(de)wei 🍪(wei)yue 🎋(yue)feng 🍄(feng)xian 👙(xian)，shi 🌯(shi)tou 🔠(tou)zi 🍒(zi)ren 😘(ren)jue 🕠(jue)ce 🔊(ce)de 🐘(de)zhong 🦏(zhong)yao 💵(yao)can 👰(can)kao 🎉(kao)。zai 🔱(zai)zheng 🈯(zheng)quan 🕔(quan)hua ⛎(hua)rong 🏡(rong)zi 🤣(zi)zhong 🚉(zhong)，wang 🚪(wang)wang 😇(wang)cai 🦕(cai)yong 👯(yong)xin 🥊(xin)yong 🖍(yong)zeng 🍌(zeng)ji 🐓(ji)cuo ♓(cuo)shi 🎡(shi)lai 🅿(lai)que 😂(que)bao 💤(bao)zhai 🚀(zhai)wu ♌(wu)ben 🔯(ben)xi ✔(xi)de 🕒(de)an 🧞(an)shi 🍅(shi)zhi ♊(zhi)fu 🙎(fu)，yi 🎪(yi)ti 🍫(ti)gao 🕴(gao)jiao 🛁(jiao)yi 🚹(yi)de 🌷(de)an 🧒(an)quan 🧝(quan)xing 😢(xing)yu 🎱(yu)zhi 🎧(zhi)liang 🛀(liang)，cong 🔌(cong)er 🥝(er)ti ⛽(ti)gao 🌝(gao)zheng 🚺(zheng)quan 🐛(quan)de 🛡(de)xin 🍽(xin)yong 🎭(yong)ping ☝(ping)ji 💛(ji)。er 🔒(er)zheng 🤶(zheng)quan 🔕(quan)jin ⛺(jin)xing 🤩(xing)you 🖋(you)xian 🚊(xian)/lie 🔐(lie)hou 🍐(hou)de 🚧(de)ji 🔖(ji)bie 📩(bie)hua 🛠(hua)fen 🤭(fen)，ye 🐿(ye)shi 🐆(shi)xin 😮(xin)yong 🤷(yong)zeng 📮(zeng)ji 🕚(ji)de 🎒(de)fang 🈯(fang)shi ✉(shi)zhi 🔃(zhi)yi 🥫(yi)。wo 🔡(wo)guo 📘(guo)fa 🐅(fa)xing ♿(xing)de 🎋(de)zhi 🤟(zhi)shi 🍊(shi)chan 🛣(chan)quan 🌤(quan)ABSda 🚄(da)duo 👛(duo)shu 🏾(shu)dou 😛(dou)cai 🐱(cai)yong ⛅(yong)le 🆖(le)duo 🍫(duo)zhong 🎸(zhong)xin 🔁(xin)yong 🤩(yong)zeng 🐒(zeng)ji 🖨(ji)cuo 😉(cuo)shi 📰(shi)，xin 💌(xin)yong 🚃(yong)ping 🚔(ping)ji 🍭(ji)ye 🐙(ye)chu 🔬(chu)yu 🌈(yu)jiao 🍣(jiao)gao 🚄(gao)de 🎀(de)shui 🛑(shui)ping 🤬(ping)，fa 🔤(fa)xing 👜(xing)li 🛅(li)cha 💌(cha)jiao 🖼(jiao)di 🤠(di)，fa 🐤(fa)xing 🏄(xing)fang 💳(fang)neng 📮(neng)yi ⛅(yi)jiao 💢(jiao)di 🚴(di)de 😵(de)rong 🔔(rong)zi 🧡(zi)cheng 🐥(cheng)ben 🌙(ben)huo 🌟(huo)de 🐧(de)zi 🎌(zi)jin 🍇(jin)。ran 🚐(ran)er 👝(er)cong 🚉(cong)shi 🤽(shi)ji 🏘(ji)cao 🚅(cao)zuo 📚(zuo)qing 💩(qing)kuang 🐹(kuang)lai 🔼(lai)kan 📹(kan)，ru ✳(ru)guo 🐰(guo)zhai 🥪(zhai)wu 🌡(wu)zhu 🛴(zhu)ti 🏧(ti)he 🐪(he)xin 🍝(xin)yong 📰(yong)zeng 🥖(zeng)ji 🎰(ji)zhu 🍨(zhu)ti 🌜(ti)wei 😧(wei)yue 🤺(yue)guan 💵(guan)lian 🔕(lian)du 😲(du)jiao 💉(jiao)gao 🖕(gao)，ze 🎌(ze)jiao 📁(jiao)yi 🌜(yi)de 🙋(de)zhen 🐀(zhen)shi 🥎(shi)xin 🕢(xin)yong ⛔(yong)shui 🕯(shui)ping 🎽(ping)jiu 🐂(jiu)hui 🙁(hui)di 📢(di)yu 💏(yu)xin 🍢(xin)yong ❓(yong)ping 🔬(ping)ji 🏔(ji)，zhi 📎(zhi)shi 🅾(shi)chan 🏫(chan)quan 🐨(quan)ABSde ⛔(de)fa 🥇(fa)xing 💽(xing)li 🕚(li)cha 🌋(cha)jiu 🤹(jiu)hui 🦂(hui)bei 📃(bei)di 🔠(di)gu 🥞(gu)，zao 🉐(zao)cheng 😬(cheng)zheng 🏷(zheng)quan 🔌(quan)de 🔗(de)feng 🚄(feng)xian 🐞(xian)bu 🍿(bu)chang 🔇(chang)bu 😼(bu)zu 🔃(zu)。te 🖊(te)bie 📺(bie)shi 🏳(shi)zai 🈺(zai)cun ♐(cun)zai 😝(zai)dao 👷(dao)de 🐔(de)feng 🥩(feng)xian 🐃(xian)de 🗑(de)qing 💀(qing)kuang 🌂(kuang)xia 🥊(xia)，li 👺(li)yong 👵(yong)xin 🏁(xin)yong 🎽(yong)ping 🤑(ping)ji 🔍(ji)pian 👒(pian)cha ⚓(cha)huo 🚎(huo)de 👭(de)di 👍(di)cheng 📦(cheng)ben 🎻(ben)rong 🧥(rong)zi 🚣(zi)，sun ⛅(sun)hai ⬆(hai)tou 👸(tou)zi 👇(zi)ren 📺(ren)li 🐢(li)yi 🎱(yi)，ke 🍴(ke)neng 🎋(neng)hui 😒(hui)ying 🤱(ying)xiang 🧐(xiang)zhi 💋(zhi)shi 🐻(shi)chan 🕷(chan)quan 🎓(quan)ABSde ⚾(de)liang ❌(liang)xing 🥠(xing)fa 🍄(fa)zhan 🚡(zhan)。 　　yin 🤰(yin)ci 🖇(ci)，dui 👜(dui)zhi 👷(zhi)shi ✔(shi)chan 👖(chan)quan 🤮(quan)ABSding 🥊(ding)jia 🅿(jia)shi 🏿(shi)，ying 🐉(ying)dang 😰(dang)zhu 🐞(zhu)zhong 🐬(zhong)dui 🕛(dui)chan 🏥(chan)pin 🎑(pin)de 🔁(de)xin 🙆(xin)yong 🕰(yong)qing 🤐(qing)kuang 〽(kuang)shen 🏌(shen)zha 🍴(zha)，bao 🥊(bao)zheng 🤵(zheng)xin 🎮(xin)yong ⬇(yong)ping 🔊(ping)ji 🌕(ji)de 🔢(de)zhun 🐹(zhun)que 🏑(que)xing 😟(xing)。tong 🦈(tong)guo 🥔(guo)bu 📵(bu)tong ⏫(tong)de 🏀(de)zeng 📒(zeng)xin 🐟(xin)cuo 🚰(cuo)shi 💚(shi)de 😍(de)xuan 🍣(xuan)qu 👞(qu)，chan 🏣(chan)pin 🎨(pin)ke 🔰(ke)yi ⛺(yi)da 🍥(da)dao 🛣(dao)xiang 🔙(xiang)tong 🐽(tong)de 📇(de)xin 🎧(xin)yong 🖕(yong)ping 💕(ping)ji 🧗(ji)shui 🥚(shui)ping 🎽(ping)，dan 💹(dan)qi 🎽(qi)feng 🧒(feng)xian 🔥(xian)zhuang 🚫(zhuang)kuang 🛎(kuang)que 📛(que)cun 👍(cun)zai 🦃(zai)cha ☝(cha)yi 🌰(yi)。chu ✝(chu)yu 📨(yu)cheng 😶(cheng)ben 🔄(ben)he 😌(he)ji 🍯(ji)shu ⏱(shu)kao 🚛(kao)liang 🔵(liang)，wo 💪(wo)guo 🕴(guo)zhi 🏂(zhi)shi 🎃(shi)chan ✳(chan)quan ✖(quan)ABSde 🤶(de)zeng 🐕(zeng)xin 🍹(xin)cuo ♋(cuo)shi 🏻(shi)duo 📗(duo)cai 🐁(cai)yong 🤝(yong)nei 💬(nei)bu 📤(bu)zeng 🌛(zeng)xin 🏖(xin)，wai 🖇(wai)bu 🐚(bu)zeng 🆗(zeng)xin 🍕(xin)zhi 🦌(zhi)zuo 🦒(zuo)wei ✔(wei)bu 👝(bu)chong 🙂(chong)huo 🤶(huo)fu 🐥(fu)jia 🐐(jia)de 📕(de)xin 🚺(xin)yong 🥓(yong)zhi 👨(zhi)chi ❔(chi)，zhe 🦍(zhe)yang 👉(yang)de 📹(de)zeng 🐆(zeng)xin 🏋(xin)jie 🐏(jie)gou 🚻(gou)di 🎿(di)yu 🆔(yu)xian ♐(xian)jin ⏰(jin)liu 🍥(liu)feng 📡(feng)xian 🛺(xian)de 🌗(de)neng ⛓(neng)li 🙀(li)jiao 🧣(jiao)cha 🥤(cha)，chan 🎪(chan)pin 🥈(pin)de 🉐(de)zhen 😩(zhen)shi 🔨(shi)xin 💵(xin)yong 💫(yong)qing 🙅(qing)kuang 🍀(kuang)ke 🐠(ke)neng ⛰(neng)bei ⚽(bei)gao 💗(gao)gu 🐪(gu)，yin ⌛(yin)ci 🕜(ci)，ying 🚘(ying)dui ➖(dui)chan ➖(chan)pin 🚗(pin)de 🦁(de)zeng 🚟(zeng)xin 🆔(xin)jie 🏂(jie)gou 🛴(gou)jin 🐊(jin)xing 🌠(xing)shen 🥊(shen)zha 🕔(zha)，te 💰(te)bie 📚(bie)shi 🏙(shi)dui 🔜(dui)yu 🤑(yu)zeng 🛴(zeng)xin 🔃(xin)cuo 🏞(cuo)shi 👬(shi)dan 🏞(dan)yi 🙄(yi)、zeng 🐺(zeng)xin 💏(xin)zhu 🍊(zhu)ti 🐇(ti)dan 🏮(dan)yi 😿(yi)huo 🚓(huo)zeng 🖥(zeng)xin 🍚(xin)zhu ⚫(zhu)ti 🥫(ti)zhi 🏟(zhi)jian ⛪(jian)feng ⬇(feng)xian ⛵(xian)lian ✈(lian)dong 🥛(dong)xing 🏅(xing)gao 👷(gao)de 🍮(de)qing 🕢(qing)kuang 🚝(kuang)，ying 🕷(ying)jin 🚯(jin)xing 🔩(xing)geng 🧚(geng)wei 🖕(wei)yan 📦(yan)ge 👁(ge)de 🛒(de)shen 🌮(shen)zha 🖐(zha)，bi 🍂(bi)mian 🧥(mian)qi 🈶(qi)xin 🌐(xin)yong 🍢(yong)shui 😤(shui)ping 🧗(ping)bei 🤔(bei)gao 🍔(gao)gu 😡(gu)。 　　（er 🚕(er)）wo 📈(wo)guo 🙄(guo)zhi 🎾(zhi)shi 🌑(shi)chan 🆕(chan)quan 🧣(quan)ABSji 🍍(ji)chu 🎰(chu)zi 🧑(zi)chan 🔞(chan)de 🌲(de)zhong 🤩(zhong)zu 🤡(zu)cheng 👚(cheng)du 🐻(du)dui 🖊(dui)li 😮(li)cha 👥(cha)you 🏼(you)xian 🕎(xian)zhu 📢(zhu)ying 🔛(ying)xiang 🐭(xiang) 　　ru 📑(ru)chi ⛑(chi)de 🎛(de)zhi 😱(zhi)shi 💩(shi)chan 🌛(chan)quan ➡(quan)xu 🗃(xu)yao 😈(yao)zai 🤺(zai)zhai 🐚(zhai)wu 🚔(wu)zhu 🔟(zhu)ti 😕(ti)、shi 🆘(shi)jian 🕚(jian)he 🖱(he)kong 🔉(kong)jian 🐚(jian)shang 🛩(shang)xing 🏆(xing)cheng 🏓(cheng)yi 🐄(yi)ding 📫(ding)de 🐻(de)jie 📯(jie)gou 🔗(gou)，shi 🐌(shi)xian 👨(xian)feng 💽(feng)xian ⛰(xian)shou 🦄(shou)yi 🎭(yi)de 👦(de)zhong 😹(zhong)xin 🛶(xin)zu 💸(zu)he 📚(he)yu 🥋(yu)fen 🤗(fen)ge 🕟(ge)，jun 📝(jun)heng 🐣(heng)zheng 📕(zheng)quan 🏘(quan)hua 🚺(hua)guo ⛎(guo)cheng 🐱(cheng)，cong 🚲(cong)er 🦔(er)da 👾(da)dao 🤧(dao)fen ✝(fen)san 😧(san)feng 🏴(feng)xian 🌃(xian)de 🙏(de)mu 🔴(mu)de 🍿(de)。cong 🧐(cong)yuan 😂(yuan)li 🛄(li)shang 🍀(shang)lai 🛅(lai)shuo 💢(shuo)，zhi 🔸(zhi)shi 🚘(shi)chan 💕(chan)quan 🍴(quan)zu 😨(zu)he 🥊(he)de 🛣(de)jie 🛢(jie)gou 🤛(gou)te 🐼(te)zheng 🔏(zheng)yue 🎉(yue)ming 🏽(ming)xian 😤(xian)，feng 🖋(feng)xian 🌵(xian)yue 😦(yue)fen 🌏(fen)san 🌼(san)，wei 🚠(wei)yue 🥒(yue)feng 🍭(feng)xian 🐵(xian)yue ♉(yue)di ⏩(di)，fa 🔎(fa)xing 👔(xing)li 🐍(li)cha 👯(cha)yue 💥(yue)xiao 🌳(xiao)。yin 🈺(yin)wei 😔(wei)gao 😀(gao)du 🚕(du)tong 💽(tong)zhi 🌍(zhi)hua 🎾(hua)huo 🗼(huo)tong 🤢(tong)xing 🛢(xing)ye 💮(ye)de 🎇(de)zhi 🍂(zhi)shi 🌪(shi)chan 🃏(chan)quan 🤯(quan)you 🍋(you)ke 🦗(ke)neng 🆑(neng)wu 🚔(wu)fa 🆖(fa)di 🤢(di)yu 🤧(yu)xi 🥡(xi)tong 🏗(tong)xing 🔩(xing)feng 🎦(feng)xian 🗻(xian)，zao 🤝(zao)cheng 📒(cheng)tong 🚷(tong)yi 🍔(yi)shi 🏓(shi)jian 🛄(jian)da ➗(da)gui 🚎(gui)mo ✊(mo)wei 🚑(wei)yue 🍣(yue)，xu 🍥(xu)yao ⏩(yao)bu 🌎(bu)tong 😵(tong)lei 🐘(lei)bie 🎬(bie)de 💲(de)duo 💯(duo)zhong 🛺(zhong)zhi 😛(zhi)shi 💺(shi)chan 🥜(chan)quan 🔑(quan)jin 🚢(jin)xing 🧣(xing)zi 🍓(zi)chan 😼(chan)jie ㊗(jie)gou 💴(gou)hua 👷(hua)zhong 🍁(zhong)zu 🍶(zu)。ben 🤕(ben)wen 🌀(wen)xuan 〽(xuan)qu 🌯(qu)“ru 😰(ru)chi 😸(chi)zhi 💟(zhi)shi 👏(shi)chan 😢(chan)quan 👘(quan)shu 🔲(shu)liang 🌙(liang)/rong 🍽(rong)zi 🧤(zi)qi 📤(qi)ye 🚱(ye)shu 🎑(shu)liang 🤗(liang)”lai 🔴(lai)heng 🥩(heng)liang 🚍(liang)zhi 🤓(zhi)shi 🈲(shi)chan 🥓(chan)quan 🎛(quan)ABSde 🏣(de)zi 📏(zi)chan 🎐(chan)zhong 🛷(zhong)zu 🎀(zu)cheng 🚜(cheng)du 😾(du)，de ✉(de)dao 📙(dao)de 🥑(de)shi 🥇(shi)zheng ♍(zheng)jie 💘(jie)guo 🔑(guo)yu 🕐(yu)jia 🏬(jia)she 😤(she)xiang 🈺(xiang)tong 🐔(tong)，ji ⛏(ji)zi 👔(zi)chan 💲(chan)zhong 🌧(zhong)zu 🐮(zu)cheng 🚉(cheng)du 🌜(du)yue 🏫(yue)gao 🔵(gao)，zheng 🐎(zheng)quan 🧚(quan)de 👆(de)fa 👝(fa)xing 👨(xing)li 📪(li)cha 🥃(cha)yue 🤰(yue)xiao 🎪(xiao)。ran 🥩(ran)er 🌩(er)cong 🎮(cong)shi 🌷(shi)ji 💝(ji)cao 🥩(cao)zuo 🔠(zuo)jiao 📸(jiao)du 🔲(du)lai 🌥(lai)kan 🌞(kan)，sui 🔔(sui)ran 🌵(ran)zheng 🤣(zheng)quan ♎(quan)hua 🐘(hua)rong 🥘(rong)zi 🚤(zi)de 🏭(de)ji 🛁(ji)chu 🔩(chu)zi ㊙(zi)chan 🚋(chan)shi 🏟(shi)xian 🕑(xian)le ✖(le)feng 🌶(feng)xian 📃(xian)ge 🏝(ge)li 🐈(li)，dan 👪(dan)shi 🔛(shi)ji 🌖(ji)de 🤮(de)chang 🚵(chang)zhai 🌽(zhai)zhu 🚮(zhu)ti 🉐(ti)hai 🚔(hai)shi 🎤(shi)qi ⛓(qi)ye 🎛(ye)，ru 🏯(ru)guo 🤺(guo)ru 🎹(ru)chi 🎷(chi)zhi 🚾(zhi)shi 😗(shi)chan 🏡(chan)quan 🗡(quan)shu 🧗(shu)liang 💤(liang)chong 📮(chong)zu 🔃(zu)dan 🌕(dan)chang 🎑(chang)zhai 🔏(zhai)zhu ➰(zhu)ti 🈁(ti)dan 🌌(dan)yi 🍫(yi)，hai ⏹(hai)shi 💈(shi)you 😸(you)ke 🔅(ke)neng 📓(neng)zao 🤧(zao)cheng 🌡(cheng)jiao 🎎(jiao)da 💊(da)de 💫(de)wei 🌿(wei)yue 🛷(yue)feng 📬(feng)xian 👳(xian)。 　　yin 🌜(yin)ci 🤶(ci)，dui 💜(dui)zhi 😅(zhi)shi 🔠(shi)chan 🛵(chan)quan 💴(quan)ABSding 🦇(ding)jia 🌃(jia)shi 🚀(shi)，ying 🍉(ying)duo 🆕(duo)wei 📆(wei)du 🚰(du)kao 😆(kao)liang 🦖(liang)zi 🎏(zi)chan 🤤(chan)zhong 🖕(zhong)zu 🧥(zu)jie 🚣(jie)gou 👊(gou)，chu 📛(chu)zhi 💰(zhi)shi 🏚(shi)chan 📃(chan)quan 😦(quan)de 🚻(de)shu 🥡(shu)liang 💹(liang)、zhong ⚡(zhong)lei 🐛(lei)、xing 🌁(xing)ye 🍃(ye)deng 🔢(deng)yin 👮(yin)su 🔥(su)，hai 🕢(hai)ying 👌(ying)guan 📿(guan)zhu 🛩(zhu)chang 🎳(chang)zhai 🎵(zhai)zhu ⏮(zhu)ti 🌩(ti)de ⬜(de)ji 🖖(ji)zhong 🏟(zhong)cheng 🤦(cheng)du ❌(du)，dui 🚈(dui)yu 😠(yu)ji ✴(ji)zhong 🉐(zhong)cheng 🐒(cheng)du 🖲(du)jiao 👄(jiao)gao 🎑(gao)de ⛴(de)chan 📧(chan)pin 💨(pin)de 🐀(de)chang 😮(chang)fu 🤸(fu)feng 🔘(feng)xian 🛰(xian)jin 💂(jin)xing ⛺(xing)you 👒(you)xiao ➕(xiao)shi 🎼(shi)bie 👙(bie)，bi 🚎(bi)mian 💛(mian)chan 🔫(chan)pin 📓(pin)shi ⛸(shi)ji 🏒(ji)feng 🎖(feng)xian 👫(xian)bei 🍔(bei)di 🍀(di)gu 🐊(gu)。 　　can 🚰(can)kao 👸(kao)wen 🏾(wen)xian 💗(xian) 　　[1] chai 🕷(chai)xin 🎚(xin)hui 📣(hui)． gao 🥌(gao)xiao 🐼(xiao)zhi ✒(zhi)shi 🈴(shi)chan ⭐(chan)quan 🔒(quan)cheng 🗳(cheng)guo 🍏(guo)zheng 🐰(zheng)quan 🌴(quan)hua ⚾(hua)yan 🛐(yan)jiu 🎧(jiu)——yi ⤵(yi)xi ⛎(xi)li ⏲(li)hu 🕡(hu)ke 🐄(ke)jiao 🔷(jiao)cheng ❗(cheng)zhi 💑(zhi)shi 🚼(shi)chan 👄(chan)quan 🚢(quan)ABSwei 💗(wei)li 🥔(li)[J]． zhai 🚶(zhai)quan 🍧(quan)，2022（4）． 　　[2] chen 🆑(chen)mao 📇(mao)ni 🍍(ni)． xin 😄(xin)yong 🌘(yong)ping 🚡(ping)ji 🍌(ji)、chan 🈵(chan)quan 📟(quan)xing 🔋(xing)zhi 💝(zhi)yu 🔝(yu)gong 🛑(gong)si 🧚(si)zhai 💟(zhai)ding ❄(ding)jia 🤑(jia)[J]．cai 🕓(cai)hui 👐(hui)tong 📍(tong)xun ✊(xun)，2018（24）． 　　[3] lin 🌍(lin)wan ⬜(wan)fa 🤱(fa)，liu 😆(liu)ying 🕋(ying)fei 🍖(fei)，zhao 🈯(zhao)zhong 😓(zhong)kuang 👼(kuang)． cheng 🥟(cheng)xiao 🥩(xiao)shang 👋(shang)ping 🏇(ping)ji 🍐(ji)yu 📥(yu)zhai 🍢(zhai)quan 💇(quan)xin 💷(xin)yong 💣(yong)li ♐(li)cha 🤚(cha)——lai 🎃(lai)zi ♐(zi)《zheng 👝(zheng)quan ⬇(quan)gong 🚭(gong)si 🍑(si)fen 🤼(fen)lei 🍁(lei)jian 🛳(jian)guan 🚁(guan)gui 💁(gui)ding 🚸(ding)》de 🥜(de)jing 🎄(jing)yan ❓(yan)zheng 👌(zheng)ju 🔻(ju)[J]． zhong 😏(zhong)guo 🎾(guo)gong 🕎(gong)ye 🛬(ye)jing 👨(jing)ji 🐸(ji)，2019（1）． 　　[4] zhu 📭(zhu)bo 🎌(bo)，liu 🎩(liu)wen 😦(wen)zhen 😷(zhen)． xin 👧(xin)yong ✝(yong)ping 🌦(ping)ji 🚷(ji)dui 🔠(dui)wo 🛤(wo)guo 📀(guo)zi 🗄(zi)chan ❓(chan)zheng 🗨(zheng)quan ⏩(quan)hua 🧖(hua)chan 🕌(chan)pin 🔂(pin)fa 🎏(fa)xing ⛽(xing)ding 🉑(ding)jia 🏈(jia)de 🗽(de)ying 😴(ying)xiang 🐕(xiang)ji 🥓(ji)li 📯(li)[J]． cai ⛳(cai)jing 🍴(jing)ke 😣(ke)xue 🔲(xue)，2019（9）． 　　[5] zhang 🖖(zhang)fan 🥡(fan)，wu 👦(wu)chen 🍜(chen)． ying 🙈(ying)xiang 🕐(xiang)zhong 🔺(zhong)guo 🕚(guo)gong 🚐(gong)si 🌋(si)zhai ☔(zhai)xin 🕡(xin)yong ㊙(yong)li 🚓(li)cha 🐲(cha)de 🏕(de)yin 🍔(yin)su 🥤(su)yan 🚹(yan)jiu 🤪(jiu)——ji 📖(ji)yu 🥞(yu)zhong 🤽(zhong)guo 🍁(guo)gong 🈺(gong)si 😖(si)zhai 🤾(zhai)mian 😰(mian)ban 😏(ban)shu 🚠(shu)ju 🌻(ju)de 🐨(de)shi 🌐(shi)zheng 🚒(zheng)[J]． jin 🍋(jin)rong 👟(rong)jiao 🍂(jiao)yu 🥎(yu)yan 🏪(yan)jiu 🔹(jiu)，2021，34（4）． 　　[6] KUMAR J． Intellectual Property Securitization： How Far Possible and Effective[J]． Journal of Intellectual Property Rights，2006，11（2）． 　　[7] GABALA J． Intellectual Alchemy：Securitization of Intellectual Property as an Innovative Form of Alternative Financing[J]． The John Marshall Review of Intellectual Property Law， 2004，3（2）． 　　◇ ben 🔟(ben)wen 🤟(wen)yuan 😏(yuan)zai 🛴(zai)《zhai 🏰(zhai)quan 🧕(quan)》2024nian 🙎(nian)5yue 🖕(yue)kan 🐾(kan) 　　◇ zuo ⛹(zuo)zhe 🍋(zhe)：da 🏕(da)lian 😄(lian)li 👮(li)gong ✅(gong)da 🏨(da)xue 👧(xue)gong 🗾(gong)gong 📩(gong)guan 🧦(guan)li 🥎(li)xue 🐻(xue)yuan 😕(yuan)bo 🥑(bo)shi 🛡(shi)yan 😨(yan)jiu 🤱(jiu)sheng 💎(sheng)　chai 🥫(chai)xin 🌾(xin)hui 🍅(hui) 　　◇ bian 😟(bian)ji 💐(ji)：tu 🌴(tu)xiao 📬(xiao)feng 🚕(feng)　yang 🚽(yang)fu 🔲(fu)zhu 🍋(zhu)　liao 🏾(liao)wen 👈(wen)wen 🚎(wen)