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1、.:.;中信银行股市风险动摇分析 股票的价钱时辰处于动摇之中,因此未来的一个投资期的收益率rt是不确定的,其本质上是一个随机变量,具有一定的概率分布。在知如今及以前信息的情况下,它服从一定的条件概率分布,其不确定性可以用条件异方差来度量。思索假设干投资期,设pt表示某种股票第t个投资期的收盘价,相应的对数收益率为rt=log(pt)-log(pt-1)。 下面对中信银行的收益序列建立GARCH模型,估计其方差序列并分析动态风险动摇特征。样本数据为2007年4月27日至2021年6月22日,共1000个买卖日。以1000个买卖日的日收盘数据为根本的分析数据,数据来源于广发证券股票买卖软件,详细数
2、据如附表1。下面的相关估计结果由Eviews5.0得出。回归拟合由前面的分析可得,研讨金融资产收益率时通常运用对数收益率,对原数据经过处置并作对数收益率图、自相关图。根据对数收益率时序图和单位根检验可以看出,该序列是平稳的。由自相关图中的Q-Stat统计量检验得出,序列不是纯随机的,尝试构造AR2模型, AR2模型为yt=-0.000664-0.066621 xt-1-0.025976xt-2+ vt对数收益率时序图 ADF检验结果t-StatisticProb.*Augmented Dickey-Fuller test statistic-34.404010.0000Test critica
3、l values:1% level-3.4366835% level-2.86422510% level-2.568251对数收益率自相关图残差自相关性检验由残差序列的自相关图中Q-Stat统计量得,滞后15阶的P值都大于0.05,接受原假设,阐明残差序列vt为纯随机序列。三、异方差自相关性检验对残差序列利用LM统计量检验看能否存在异方差性,检验结果如表1。从表中可以看出延迟6阶的检验结果阐明残差序列具有显著的异方差性。假设异方差函数为ht,那么有vt(ht)0.5N(0,1)。表1VariableCoefficientStd. Errort-StatisticProb.C0.0003796.
4、93E-055.4650730.0000RESID2(-1)0.0688900.0319902.1534710.0315RESID2(-2)0.0397250.0320621.2390000.0156RESID2(-3)0.1021400.0320663.1853370.0015RESID2(-4)0.0939430.0322042.9171210.0036RESID2(-5)0.0631520.0322561.9578650.0505RESID2(-6)0.0731570.0322182.2706470.0234RESID2(-7)-0.031910.032122-0.9934210.320
5、8RESID2(-8)0.0389500.0319891.2175980.2237RESID2(-9)0.0035910.0319790.1123070.9106RESID2(-10)0.0323780.0315011.0278500.3043四、ARCH模型阶数估计由于LM统计量显示出残差序列具有异方差长期自相关性,即存在较高阶ARCH效应,对该收益率残差序列拟合GARCH1,1模型及其他一些高阶GARCH模型,表2列出了残差序列拟合的各阶GARCH模型的AIC值。表2 GARCH模型定阶GARCHp,qAIC1,1-4.4662191,2-4.4642532,1-4.4642192,2-4
6、.459765 从表2中可以看出,残差序列在AIC准那么下的适宜模型阶数为GARCH1,1。五、参数估计对模型的参数进展极大似然估计,参数估计值如表3,可得残差序列的GARCH1,1模型为yt=-0.000664-0.066621 xt-1-0.025976xt-2+ vtvt=(ht)0.5etht=0.0000848+0.957116ht-1+0.057375v2t-1参数显著性检验显示,除自回归模型中的参数外,其他参数均显著。需求阐明的是自回归模型中的参数不显著对模型没有影响,目的是为得到残差序列。表3 CoefficientStd. Errorz-StatisticProb.C-0.0
7、006640.000783-0.8476280.3966Y(-1)-0.0666210.033472-1.9903690.0466Y(-2)-0.0259760.032228-0.8060050.0202Variance EquationC8.48E-062.44E-063.4696460.0005RESID(-1)2*(RESID(-1)0)0.0573750.0094346.0818120.0000GARCH(-1)0.9571160.005969160.35820.0000R-squared0.7683Mean dependent var-0.000785Adjusted R-squar
8、ed0.2676S.D. dependent var0.027358S.E. of regression0.027322Akaike info criterion-4.466219Sum squared resid0.739763Schwarz criterion-4.436702Log likelihood2232.410F-statistic1.534511Durbin-Watson stat2.020614Prob(F-statistic)0.176329六、模型的有效性检验 VariableCoefficientStd. Errort-StatisticProb.C0.7467220.
9、1100496.7853260.0000STD_RESID2(-1)-0.0102300.032077-0.3189310.7498STD_RESID2(-2)-0.0025160.032077-0.0784370.9375STD_RESID2(-3)0.0585180.0320731.8244930.0684STD_RESID2(-4)0.0684050.0321252.1293430.1335STD_RESID2(-5)0.0583850.0321791.8143980.0699STD_RESID2(-6)0.1004710.0321973.1205200.0719STD_RESID2(-
10、7)-0.0447270.032197-1.3891920.1651STD_RESID2(-8)0.0362360.0321761.1261850.2604STD_RESID2(-9)0.0041520.0321210.1292520.8972STD_RESID2(-10)-0.0059710.032068-0.1862070.8523STD_RESID2(-11)-0.0067330.032069-0.2099470.8338STD_RESID2(-12)-0.0036350.032049-0.1134280.9097 利用估计的条件异方差序列ht,得到新的残差序列,由自相关图中的Q-Sta
11、t统计量滞后15阶的P值都大于0.05,回绝原假设,阐明新的残差序列为纯随机序列。经过LM统计量检验的P值可以看出,10阶统计量的检验结果都阐明新的残差序列不存在异方差性,由此阐明模型是有效的。七、结论经过建立的GARCH1,1模型的参数可以看出中信银行的对数收益率序列的记忆性是比较强的,还有由于是正相关关系,阐明中信银行的股票是高风险高收益的,适宜于风险偏好的投资者投资。由条件异方差估计图可以得出,条件异方差序列是随着时间动摇的,而且动摇幅度比较大,也就是说风险是随时间变化的,具有明显的时变性。从中信银行收益率序列的条件异方差序列来看,其条件异方差序列的最大值和最小值相差较大,阐明我国股市风
12、险动摇范围较大。另外一方面也反映出风险具有一种阶段性,有一段时间风险较大,而有一段时间风险较小,股价的风险动摇具有簇集性,股票价钱是随风险动摇的。条件异方差图附表1 中信银行601899收盘价数据2007/04/2711.143 2007/04/3010.113 2007/05/0810.233 2007/05/0911.233 2007/05/1011.233 2007/05/1111.493 2007/05/1411.343 2007/05/1510.673 2007/05/1610.743 2007/05/1710.783 2007/05/1810.583 2007/05/2110.41
13、3 2007/05/2210.403 2007/05/2310.503 2007/05/2410.633 2007/05/2510.463 2007/05/2810.583 2007/05/2910.693 2007/05/309.883 2007/05/3110.433 2007/06/0110.263 2007/06/049.213 2007/06/059.503 2007/06/069.423 2007/06/079.523 2007/06/0810.003 2007/06/119.953 2007/06/129.793 2007/06/1310.073 2007/06/149.773
14、2007/06/159.823 2007/06/1810.013 2007/06/199.883 2007/06/209.583 2007/06/219.723 2007/06/229.433 2007/06/259.213 2007/06/269.223 2007/06/279.513 2007/06/289.133 2007/06/298.973 2007/07/028.953 2007/07/039.083 2007/07/048.863 2007/07/058.283 2007/07/068.643 2007/07/098.713 2007/07/108.813 2007/07/118
15、.823 2007/07/128.913 2007/07/138.823 2007/07/168.823 2007/07/179.173 2007/07/189.283 2007/07/199.183 2007/07/209.553 2007/07/239.783 2007/07/249.713 2007/07/2510.703 2007/07/2610.723 2007/07/2710.573 2007/07/3010.583 2007/07/3110.263 2007/08/019.813 2007/08/0210.053 2007/08/0310.463 2007/08/0610.303
16、 2007/08/0710.413 2007/08/0810.663 2007/08/0910.573 2007/08/1010.713 2007/08/1311.193 2007/08/1411.023 2007/08/1511.103 2007/08/1611.153 2007/08/1710.683 2007/08/2111.193 2007/08/2211.123 2007/08/2310.973 2007/08/2411.343 2007/08/2712.343 2007/08/2812.283 2007/08/2911.733 2007/08/3011.983 2007/08/31
17、11.883 2007/09/0311.893 2007/09/0411.843 2007/09/0511.773 2007/09/0612.003 2007/09/0711.613 2007/09/1011.963 2007/09/1111.043 2007/09/1210.973 2007/09/1311.133 2007/09/1411.143 2007/09/1711.263 2007/09/1811.253 2007/09/1910.963 2007/09/2010.953 2007/09/2110.823 2007/09/2410.883 2007/09/2510.603 2007
18、/09/2610.483 2007/09/2710.523 2007/09/2810.823 2007/10/0811.023 2007/10/0910.973 2007/10/1011.053 2007/10/1111.513 2007/10/1211.063 2007/10/1511.133 2007/10/1611.453 2007/10/1711.183 2007/10/1810.733 2007/10/1910.613 2007/10/2210.243 2007/10/2310.543 2007/10/2410.323 2007/10/259.813 2007/10/2610.303
19、 2007/10/2910.653 2007/10/3010.683 2007/10/3111.413 2007/11/0111.303 2007/11/0211.553 2007/11/0511.373 2007/11/0610.913 2007/11/0711.213 2007/11/0810.573 2007/11/0910.483 2007/11/1210.213 2007/11/1310.103 2007/11/1410.473 2007/11/1510.353 2007/11/1610.193 2007/11/1910.273 2007/11/2010.323 2007/11/21
20、10.113 2007/11/229.773 2007/11/239.963 2007/11/269.793 2007/11/279.793 2007/11/289.613 2007/11/299.953 2007/11/309.783 2007/12/039.883 2007/12/049.923 2007/12/0510.063 2007/12/0610.023 2007/12/0710.043 2007/12/1010.073 2007/12/1110.093 2007/12/129.903 2007/12/139.763 2007/12/149.823 2007/12/179.483
21、2007/12/189.513 2007/12/199.793 2007/12/209.863 2007/12/219.873 2007/12/249.963 2007/12/259.843 2007/12/269.873 2007/12/2710.013 2007/12/289.923 2021/01/0210.073 2021/01/0310.073 2021/01/0410.113 2021/01/0710.163 2021/01/0810.193 2021/01/0910.163 2021/01/1010.113 2021/01/1110.423 2021/01/1410.373 20
22、21/01/1510.493 2021/01/1610.143 2021/01/179.973 2021/01/1810.013 2021/01/219.533 2021/01/238.933 2021/01/248.853 2021/01/259.023 2021/01/288.293 2021/01/298.673 2021/01/308.593 2021/01/318.553 2021/02/018.553 2021/02/049.243 2021/02/059.143 2021/02/138.883 2021/02/148.943 2021/02/158.763 2021/02/188
23、.843 2021/02/198.973 2021/02/208.703 2021/02/218.643 2021/02/228.393 2021/02/258.303 2021/02/268.503 2021/02/278.643 2021/02/288.543 2021/02/298.623 2021/03/038.683 2021/03/048.433 2021/03/058.403 2021/03/068.493 2021/03/078.413 2021/03/108.183 2021/03/118.163 2021/03/127.893 2021/03/137.653 2021/03
24、/147.663 2021/03/177.383 2021/03/186.823 2021/03/196.993 2021/03/207.133 2021/03/217.083 2021/03/246.833 2021/03/256.943 2021/03/267.013 2021/03/276.623 2021/03/287.003 2021/03/316.883 2021/04/016.663 2021/04/026.963 2021/04/037.113 2021/04/077.333 2021/04/087.273 2021/04/096.863 2021/04/106.903 202
25、1/04/116.973 2021/04/146.613 2021/04/156.663 2021/04/166.483 2021/04/176.093 2021/04/185.823 2021/04/215.913 2021/04/226.113 2021/04/236.273 2021/04/246.923 2021/04/256.693 2021/04/286.583 2021/04/296.583 2021/04/306.963 2021/05/057.013 2021/05/066.923 2021/05/076.593 2021/05/086.673 2021/05/096.543
26、 2021/05/126.563 2021/05/136.363 2021/05/146.683 2021/05/156.593 2021/05/166.563 2021/05/196.513 2021/05/206.153 2021/05/216.213 2021/05/226.133 2021/05/236.153 2021/05/266.013 2021/05/276.073 2021/05/286.223 2021/05/296.073 2021/05/306.143 2021/06/026.263 2021/06/036.143 2021/06/046.083 2021/06/056
27、.093 2021/06/066.043 2021/06/105.453 2021/06/115.463 2021/06/135.193 2021/06/165.173 2021/06/175.053 2021/06/185.313 2021/06/194.883 2021/06/205.003 2021/06/234.973 2021/06/245.133 2021/06/255.307 2021/06/265.227 2021/06/274.927 2021/06/304.957 2021/07/014.827 2021/07/024.877 2021/07/034.987 2021/07
28、/045.057 2021/07/075.437 2021/07/085.367 2021/07/095.597 2021/07/105.517 2021/07/115.557 2021/07/145.667 2021/07/155.377 2021/07/165.117 2021/07/175. 2021/07/185.387 2021/07/215.507 2021/07/225.427 2021/07/235.497 2021/07/245.607 2021/07/255.477 2021/07/285.547 2021/07/295.387 2021/07/305.377 2021/0
29、7/315.227 2021/08/015.407 2021/08/045.307 2021/08/055.277 2021/08/065.397 2021/08/075.397 2021/08/085.047 2021/08/114.827 2021/08/124.837 2021/08/134.877 2021/08/144.867 2021/08/155.007 2021/08/184.787 2021/08/194.857 2021/08/205.267 2021/08/215.187 2021/08/225.097 2021/08/255.177 2021/08/265.397 20
30、21/08/275.427 2021/08/285.387 2021/08/295.507 2021/09/015.217 2021/09/025.187 2021/09/035.027 2021/09/045.097 2021/09/054.917 2021/09/084.967 2021/09/095.037 2021/09/105.087 2021/09/114.867 2021/09/124.867 2021/09/164.367 2021/09/174.027 2021/09/184.287 2021/09/194.737 2021/09/225.227 2021/09/234.86
31、7 2021/09/244.857 2021/09/254.917 2021/09/264.897 2021/10/064.437 2021/10/074.477 2021/10/084.267 2021/10/094.227 2021/10/104.087 2021/10/134.427 2021/10/144.247 2021/10/154.367 2021/10/164.117 2021/10/174.197 2021/10/204.367 2021/10/214.277 2021/10/224.157 2021/10/234.017 2021/10/243.917 2021/10/27
32、3.627 2021/10/283.827 2021/10/293.677 2021/10/303.757 2021/10/313.717 2021/11/033.737 2021/11/043.767 2021/11/053.907 2021/11/063.757 2021/11/073.817 2021/11/104.057 2021/11/113.937 2021/11/123.977 2021/11/134.097 2021/11/144.237 2021/11/174.327 2021/11/183.977 2021/11/194.247 2021/11/204. 2021/11/2
33、14.107 2021/11/243.977 2021/11/253.977 2021/11/264.007 2021/11/274.017 2021/11/283.837 2021/12/013.877 2021/12/023.837 2021/12/033.977 2021/12/044.057 2021/12/054.077 2021/12/084.247 2021/12/094.107 2021/12/104.277 2021/12/114.107 2021/12/123.947 2021/12/153.977 2021/12/163.917 2021/12/173.967 2021/
34、12/184.107 2021/12/194.067 2021/12/223.947 2021/12/233.837 2021/12/243.787 2021/12/253.767 2021/12/263.767 2021/12/303.717 2021/12/313.687 2021/01/053.787 2021/01/063.867 2021/01/073.807 2021/01/083.667 2021/01/093.717 2021/01/123.707 2021/01/133.637 2021/01/143.757 2021/01/153.737 2021/01/163.827 2
35、021/01/193.907 2021/01/203.897 2021/01/213.867 2021/01/223.887 2021/01/233.847 2021/02/023.847 2021/02/033.947 2021/02/044.077 2021/02/054.057 2021/02/064.177 2021/02/094.247 2021/02/104.287 2021/02/114.397 2021/02/124.287 2021/02/134.407 2021/02/164.647 2021/02/174.477 2021/02/184.247 2021/02/194.2
36、57 2021/02/204.297 2021/02/234.437 2021/02/244.217 2021/02/254.357 2021/02/264.217 2021/02/274. 2021/03/024.147 2021/03/034.077 2021/03/044.337 2021/03/054.427 2021/03/064.347 2021/03/094.547 2021/03/104.547 2021/03/114.427 2021/03/124.367 2021/03/134.367 2021/03/164.477 2021/03/174.557 2021/03/184.
37、517 2021/03/194.547 2021/03/204.537 2021/03/234.617 2021/03/244.587 2021/03/254.507 2021/03/264.667 2021/03/274.647 2021/03/304.627 2021/03/314.607 2021/04/014.647 2021/04/024.707 2021/04/034.847 2021/04/074.787 2021/04/084.567 2021/04/094.597 2021/04/104.677 2021/04/134.747 2021/04/144.727 2021/04/
38、154.707 2021/04/164.827 2021/04/174.727 2021/04/204.817 2021/04/214.737 2021/04/224.637 2021/04/234.597 2021/04/244.567 2021/04/274.527 2021/04/284.617 2021/04/294.767 2021/04/304.677 2021/05/044.797 2021/05/054.787 2021/05/064.837 2021/05/074.817 2021/05/084.997 2021/05/114.897 2021/05/124.977 2021
39、/05/134.947 2021/05/144.837 2021/05/154.887 2021/05/184.977 2021/05/194.987 2021/05/204.947 2021/05/214.847 2021/05/224.827 2021/05/254.817 2021/05/264.787 2021/05/274.907 2021/06/014.997 2021/06/024.937 2021/06/035. 2021/06/045.087 2021/06/054.987 2021/06/085.157 2021/06/095.307 2021/06/105.427 202
40、1/06/115.437 2021/06/125.257 2021/06/155.577 2021/06/165.477 2021/06/175.497 2021/06/185.617 2021/06/195.647 2021/06/225.797 2021/06/235.947 2021/06/245.857 2021/06/255.817 2021/06/265.857 2021/06/305.797 2021/07/015.867 2021/07/025.887 2021/07/035.827 2021/07/066.107 2021/07/076.007 2021/07/085.917
41、 2021/07/096.047 2021/07/106.117 2021/07/135.917 2021/07/145.997 2021/07/156.017 2021/07/166.287 2021/07/176.207 2021/07/206.367 2021/07/216.217 2021/07/226.247 2021/07/236.272 2021/07/246.252 2021/07/276.362 2021/07/286.302 2021/07/296.152 2021/07/306.362 2021/07/316.452 2021/08/036.432 2021/08/046
42、.592 2021/08/056.762 2021/08/066.472 2021/08/076.192 2021/08/106.132 2021/08/116.142 2021/08/125.812 2021/08/135.912 2021/08/145.622 2021/08/175.332 2021/08/185.412 2021/08/195.142 2021/08/205.322 2021/08/215.352 2021/08/245.302 2021/08/255.042 2021/08/265.072 2021/08/275.102 2021/08/285.062 2021/08
43、/314.732 2021/09/014.822 2021/09/025.092 2021/09/035.192 2021/09/045.192 2021/09/075.412 2021/09/085.432 2021/09/095.522 2021/09/105.562 2021/09/115.752 2021/09/145.742 2021/09/155.832 2021/09/165.632 2021/09/175.672 2021/09/185.452 2021/09/215.482 2021/09/225.372 2021/09/235.262 2021/09/245.482 202
44、1/09/255.602 2021/09/285.452 2021/09/295.522 2021/09/305.532 2021/10/095.702 2021/10/125.672 2021/10/135.732 2021/10/145.732 2021/10/155.802 2021/10/165.742 2021/10/195.812 2021/10/206.042 2021/10/216.062 2021/10/226.172 2021/10/236.412 2021/10/266.392 2021/10/276.132 2021/10/286.282 2021/10/296.182
45、 2021/10/306.202 2021/11/026.342 2021/11/036.322 2021/11/046.302 2021/11/056.332 2021/11/066.382 2021/11/096.362 2021/11/106.342 2021/11/116.292 2021/11/126.292 2021/11/136.352 2021/11/166.602 2021/11/176.812 2021/11/186.792 2021/11/196.752 2021/11/206.972 2021/11/236.902 2021/11/246.532 2021/11/256
46、.592 2021/11/266.372 2021/11/276.242 2021/11/306.392 2021/12/016.452 2021/12/026.562 2021/12/036.522 2021/12/047.182 2021/12/077.422 2021/12/087.462 2021/12/097.192 2021/12/107.422 2021/12/117.352 2021/12/148.092 2021/12/158.152 2021/12/168.132 2021/12/177.702 2021/12/187.702 2021/12/217.492 2021/12
47、/227.442 2021/12/237.392 2021/12/247.602 2021/12/257.392 2021/12/287.522 2021/12/297.742 2021/12/308.202 2021/12/318.142 2021/01/047.982 2021/01/058.082 2021/01/067.852 2021/01/077.582 2021/01/087.652 2021/01/117.572 2021/01/127.592 2021/01/137.202 2021/01/147.212 2021/01/157.332 2021/01/187.302 202
48、1/01/197.412 2021/01/207.122 2021/01/217.252 2021/01/227.502 2021/01/257.272 2021/01/267.402 2021/01/277.162 2021/01/286.932 2021/01/296.842 2021/02/016.612 2021/02/026.602 2021/02/036.872 2021/02/046.782 2021/02/086.602 2021/02/096.642 2021/02/106.722 2021/02/116.712 2021/02/126.852 2021/02/226.732
49、 2021/02/236.642 2021/02/246.762 2021/02/256.892 2021/02/266.862 2021/03/017.032 2021/03/027.052 2021/03/037.042 2021/03/046.762 2021/03/056.752 2021/03/086.812 2021/03/097.042 2021/03/107.012 2021/03/117.092 2021/03/126.952 2021/03/156.812 2021/03/166.892 2021/03/177.042 2021/03/187.002 2021/03/197
50、.032 2021/03/227.102 2021/03/237.002 2021/03/247.022 2021/03/256.852 2021/03/267.052 2021/03/297.312 2021/03/307.382 2021/03/317.262 2021/04/017.312 2021/04/027.262 2021/04/067.252 2021/04/077.182 2021/04/087.102 2021/04/097.132 2021/04/126.982 2021/04/137.192 2021/04/147.152 2021/04/157.132 2021/04
51、/166.962 2021/04/196.502 2021/04/206.372 2021/04/216.432 2021/04/226.232 2021/04/266.012 2021/04/275.802 2021/04/285.842 2021/04/295.842 2021/04/305.972 2021/05/045.762 2021/05/055.802 2021/05/065.412 2021/05/075.242 2021/05/105.332 2021/05/115.112 2021/05/125.362 2021/05/135.422 2021/05/145.382 202
52、1/05/175.112 2021/05/185.272 2021/05/195.212 2021/05/205.142 2021/05/215.252 2021/05/245.502 2021/05/255.322 2021/05/265.282 2021/05/275.312 2021/05/285.272 2021/05/315.112 2021/06/015.102 2021/06/025.102 2021/06/035.052 2021/06/045.062 2021/06/074.972 2021/06/084.922 2021/06/095.422 2021/06/105.392
53、 2021/06/115.362 2021/06/175.472 2021/06/185.462 2021/06/215.652 2021/06/225.612 2021/06/245.562 2021/06/255.602 2021/06/285.732 2021/06/295.352 2021/06/305.312 2021/07/015.332 2021/07/025.422 2021/07/055.352 2021/07/065.562 2021/07/075.582 2021/07/085.562 2021/07/095.662 2021/07/125.712 2021/07/135
54、.672 2021/07/145.752 2021/07/155.502 2021/07/165.512 2021/07/195.622 2021/07/205.692 2021/07/215.722 2021/07/225.77 2021/07/235.94 2021/07/265.96 2021/07/275.87 2021/07/286.04 2021/07/296.03 2021/07/305.99 2021/08/026.06 2021/08/035.9 2021/08/045.92 2021/08/055.88 2021/08/065.96 2021/08/095.94 2021/
55、08/105.68 2021/08/115.74 2021/08/125.64 2021/08/135.74 2021/08/165.83 2021/08/175.92 2021/08/185.92 2021/08/195.97 2021/08/205.8 2021/08/235.77 2021/08/245.82 2021/08/255.64 2021/08/265.64 2021/08/275.68 2021/08/305.72 2021/08/315.63 2021/09/015.69 2021/09/025.68 2021/09/035.62 2021/09/065.72 2021/0
56、9/075.68 2021/09/085.6 2021/09/095.46 2021/09/105.4 2021/09/135.39 2021/09/145.4 2021/09/155.27 2021/09/165.14 2021/09/175.18 2021/09/205.18 2021/09/215.14 2021/09/275.14 2021/09/285.04 2021/09/295.09 2021/10/085.3 2021/10/115.5 2021/10/125.43 2021/10/135.63 2021/10/145.74 2021/10/156.17 2021/10/186
57、.21 2021/10/196.19 2021/10/206.14 2021/10/215.94 2021/10/225.85 2021/10/255.95 2021/10/265.99 2021/10/275.84 2021/10/285.83 2021/10/295.71 2021/11/015.81 2021/11/025.84 2021/11/035.97 2021/11/045.95 2021/11/055.96 2021/11/085.98 2021/11/095.84 2021/11/105.75 2021/11/115.83 2021/11/125.49 2021/11/155.61 2021/11/165.4 2021/11/175.39 2021/11/185.71 2021/11/195.65 2021/11/225.52 2021/11/235.44 2021/11/245.51 2021/11/255.61 2021/11/265.51 2021/11/295.49 2021/11/305.43 2021/12/015.44 2021/12/025.46 2021/12/035.45 2021/12/065.52 2021/12/07
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
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