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)