476 lines
33 KiB
HTML
476 lines
33 KiB
HTML
<!DOCTYPE html>
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>深度投研报告：阿里AI千问、灵光</title>
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font-family: 'Noto Sans SC', sans-serif;
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background-image:
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<body class="p-4 sm:p-8">
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<div class="max-w-7xl mx-auto space-y-12">
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<!-- Header -->
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<header class="text-center space-y-4 py-8">
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<h1 class="text-4xl md:text-6xl font-bold glow-text bg-gradient-to-r from-indigo-300 via-sky-300 to-emerald-300 bg-clip-text text-transparent">
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深度投研报告：阿里AI千问、灵光
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</h1>
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<p class="text-indigo-200">Alibaba AI Qianwen & Lingguang In-depth Research Report</p>
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<div class="text-xs text-slate-500 pt-4">
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<p>北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
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<p>本报告为AI合成数据，投资需谨慎。报告生成日期：2025-12-05</p>
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</div>
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</header>
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<!-- Core Insight & Summary -->
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<section class="bento-grid">
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<div class="col-span-12 lg:col-span-7 p-8 glass-card">
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<h2 class="text-2xl font-bold text-indigo-300 mb-4">概念事件：AI战略转向，C端生态总攻</h2>
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<p class="text-slate-300 leading-relaxed">
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该概念核心是阿里巴巴集团在AI领域的战略性重大转向，标志着其AI战略从过去侧重B端（通过阿里云提供模型服务）全面升级，向C端（消费者端）的超级应用生态发起总攻。具体由两大关键产品线的推出引爆：阿里巴巴集团自身的“千问”项目和关联公司蚂蚁集团的“灵光”项目。
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</p>
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</div>
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<div class="col-span-12 lg:col-span-5 p-8 glass-card">
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<h2 class="text-2xl font-bold text-indigo-300 mb-4">核心观点摘要</h2>
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<p class="text-slate-300 leading-relaxed">
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此概念标志着中国顶级互联网巨头将AI竞赛核心战场转向C端用户生态争夺。其核心驱动力是 **“顶层技术 + 庞大生态 + 巨额资本”** 三位一体的降维打击。目前概念处于用户规模高速扩张初期，未来潜力在于整合阿里商业场景，实现从“流量入口”到“生活中枢”的价值跃迁。
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</p>
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</div>
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</section>
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<!-- Timeline -->
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<section class="p-8 glass-card">
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<h2 class="section-title mb-8">事件引爆时间轴</h2>
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<div class="relative pl-8">
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<div class="timeline-line"></div>
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<div class="space-y-10">
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<div class="relative timeline-item">
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<h3 class="text-lg font-semibold text-sky-300">技术奠基期 (2025年2月-8月)</h3>
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<p class="text-slate-400">通义千问模型家族高频迭代和开源，下载量超3亿次，衍生模型超10万，奠定全球第一开源模型地位。</p>
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</div>
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<div class="relative timeline-item">
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<h3 class="text-lg font-semibold text-sky-300">战略明确期 (2025年9月)</h3>
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<p class="text-slate-400">阿里云宣布未来三年投入<strong class="text-emerald-300">3800亿元</strong>用于AI基础设施建设，明确“AI驱动”为核心战略。</p>
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</div>
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<div class="relative timeline-item">
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<h3 class="text-lg font-semibold text-sky-300">事件引爆期 (2025年11月-12月)</h3>
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<p class="text-slate-400">
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<strong>11月17日:</strong> 千问App公测版上线，全力进军AI to C市场。<br>
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<strong>11月18日:</strong> 蚂蚁集团推出全模态AI助手“灵光”，形成阿里系C端“双子星”布局。<br>
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<strong>11月24日:</strong> 千问App公测一周下载量突破<strong class="text-emerald-300">1000万</strong>，创史上增长最快AI应用记录。<br>
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<strong>12月3日:</strong> 千问App以<strong class="text-emerald-300">149.03%</strong>的月活增速位列全球AI应用增速榜首。
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</p>
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</div>
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</div>
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</div>
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</section>
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<!-- Core Logic & Analysis -->
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<section class="p-8 glass-card">
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<h2 class="section-title mb-8">核心逻辑与市场认知分析</h2>
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<div class="bento-grid">
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<div class="col-span-12 md:col-span-6 lg:col-span-4 p-6 glass-card border-indigo-500/50">
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<h3 class="text-xl font-bold text-indigo-300 mb-3">核心驱动力</h3>
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<ul class="space-y-3 list-disc list-inside text-slate-300">
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<li><strong class="text-slate-100">技术闭环与开源壁垒:</strong> 自研Qwen模型性能领先，全球第一的开源生态构建强大护城河。</li>
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<li><strong class="text-slate-100">生态整合的降维打击:</strong> 计划接入地图、外卖、购物等全系服务，打造具备直接“办事”能力的Agent，是纯技术公司无法复制的优势。</li>
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<li><strong class="text-slate-100">资本意志的强力保障:</strong> 3800亿AI基建投入计划，确保在算力竞赛中拥有充足“弹药”。</li>
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</ul>
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</div>
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<div class="col-span-12 md:col-span-6 lg:col-span-4 p-6 glass-card border-sky-500/50">
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<h3 class="text-xl font-bold text-sky-300 mb-3">市场热度与情绪</h3>
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<p class="text-slate-300">
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市场热度极高，情绪整体偏向<strong class="text-sky-200">高度乐观</strong>。新闻与研报在2025年11月密集覆盖，关联个股板块集体走强。千问与灵光惊人的初期下载量数据直接点燃了市场情绪。
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</p>
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</div>
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<div class="col-span-12 lg:col-span-4 p-6 glass-card border-emerald-500/50">
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<h3 class="text-xl font-bold text-emerald-300 mb-3">潜在预期差分析</h3>
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<ul class="space-y-3 list-disc list-inside text-slate-300">
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<li><strong class="text-slate-100">双品牌矩阵:</strong> 市场聚焦千问App，但阿里采用“千问(超级入口)+夸克(极简搜索)”双品牌矩阵，布局更为周密。</li>
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<li><strong class="text-slate-100">开源生态价值:</strong> 市场可能低估了Qwen开源生态的长期价值，这才是阿里AI的“安卓时刻”。</li>
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</ul>
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</div>
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</div>
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</section>
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<!-- Catalysts & Future Path -->
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<section class="bento-grid">
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<div class="col-span-12 lg:col-span-6 p-8 glass-card">
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<h3 class="text-2xl font-bold text-indigo-300 mb-4">近期催化剂 (未来3-6个月)</h3>
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<ul class="space-y-3 list-decimal list-inside text-slate-300">
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<li>DAU/MAU数据持续披露，验证用户粘性。</li>
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<li>重大生态功能（外卖、订票）正式上线集成。</li>
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<li>具备跨应用任务执行能力的Agent功能正式发布。</li>
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<li>与苹果在iOS系统层面合作的传闻若得到证实。</li>
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</ul>
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</div>
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<div class="col-span-12 lg:col-span-6 p-8 glass-card">
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<h3 class="text-2xl font-bold text-indigo-300 mb-4">长期发展路径</h3>
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<ol class="space-y-3 list-decimal list-inside text-slate-300">
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<li><strong class="text-slate-100">用户圈地 (2025.Q4 - 2026.Q2):</strong> 迅速积累亿级用户，培养AI助手使用习惯。</li>
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<li><strong class="text-slate-100">生态整合 (2026.Q2 - 2027.Q4):</strong> 全面打通内部API，实现复杂交易与服务闭环。</li>
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<li><strong class="text-slate-100">平台开放 (2028+):</strong> 构建“智能体商店”，走向多元化商业变现。</li>
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</ol>
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</div>
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</section>
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<!-- Industry Chain & Company Analysis -->
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<section class="p-8 glass-card">
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<h2 class="section-title mb-8">产业链与核心公司深度剖析</h2>
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<div class="bento-grid">
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<div class="col-span-12 lg:col-span-7 space-y-6">
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<div>
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<h3 class="text-xl font-bold text-indigo-300 mb-3">产业链图谱</h3>
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<div class="space-y-4 text-sm">
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<div class="p-4 bg-slate-800/50 rounded-2xl">
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<strong class="text-sky-300">上游：AI基础设施</strong><p class="text-slate-400">算力硬件 (服务器, GPU), 数据中心 (IDC, 液冷), 网络设备 (交换机, 光模块)</p>
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</div>
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<div class="p-4 bg-slate-800/50 rounded-2xl">
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<strong class="text-sky-300">中游：模型与应用</strong><p class="text-slate-400">模型提供方 (阿里巴巴, 蚂蚁), 应用集成商, 生态合作伙伴 (石基信息)</p>
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</div>
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<div class="p-4 bg-slate-800/50 rounded-2xl">
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<strong class="text-sky-300">下游：终端与用户</strong><p class="text-slate-400">硬件终端 (夸克AI眼镜), 广大C端用户</p>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-bold text-indigo-300 mb-3">核心玩家对比</h3>
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<ul class="space-y-4">
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<li><strong class="text-emerald-300">逻辑最纯粹: 石基信息 (002153)</strong> - 业务与千问“本地生活AI超级入口”高度契合，被多次点名为最大受益方。</li>
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<li><strong class="text-emerald-300">双重接入稀缺标的: 恒银科技 (603106)</strong> - 唯一明确披露已同时接入阿里千问及蚂蚁灵光。</li>
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<li><strong class="text-emerald-300">上游“卖水者”: 数据港 (603881)</strong> - 逻辑清晰，确定性高，直接受益于阿里3800亿AI基建投入。</li>
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</ul>
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</div>
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</div>
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<div class="col-span-12 lg:col-span-5 p-4 glass-card border-indigo-500/50 min-h-[400px]">
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<h3 class="text-xl text-center font-bold text-indigo-300 mb-3">相关概念股板块分布</h3>
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<div id="stock-category-chart" class="w-full h-96"></div>
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</div>
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</div>
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</section>
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<!-- Supporting Data Tabs -->
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<div x-data="{ tab: 'news' }" class="p-8 glass-card">
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<h2 class="section-title mb-8">多维情报聚合</h2>
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<div class="tabs tabs-bordered mb-6">
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<a class="tab" :class="{'tab-active': tab === 'news'}" @click="tab = 'news'">新闻摘要</a>
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<a class="tab" :class="{'tab-active': tab === 'roadshow'}" @click="tab = 'roadshow'">路演精要</a>
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<a class="tab" :class="{'tab-active': tab === 'report'}" @click="tab = 'report'">研报观点</a>
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</div>
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<div x-show="tab === 'news'" class="prose prose-invert max-w-none prose-slate text-slate-300">
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<h4>阿里AI“千问”</h4>
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<ul>
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<li><strong>战略定位：</strong>秘密启动“千问”项目，全面对标ChatGPT，视为“AI时代的未来之战”，战略从B端向C端倾斜。</li>
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<li><strong>负责人观点：</strong>副总裁吴嘉表示，AI助手比拼的是智力水平和办事能力，而不只是聊天陪伴。</li>
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</ul>
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<h4>千问App</h4>
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<ul>
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<li><strong>市场表现：</strong>公测一周下载量破1000万次，史上增长最快AI应用；月活增速高达149.03%，全球第一。</li>
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<li><strong>功能与生态：</strong>定位“会聊天能办事的个人AI助手”，计划接入地图、外卖、订票、购物等生活场景，打造未来AI生活入口。已与夸克AI浏览器深度融合。</li>
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</ul>
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<h4>蚂蚁“灵光”</h4>
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<ul>
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<li><strong>基本信息：</strong>蚂蚁集团推出的全模态通用AI助手，具备“灵光对话”、“灵光闪应用”、“灵光开眼”三大功能。</li>
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<li><strong>市场表现：</strong>上线4天下载量破100万，首个百万下载速度超ChatGPT、Sora2等。</li>
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</ul>
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</div>
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<div x-show="tab === 'roadshow'" class="prose prose-invert max-w-none prose-slate text-slate-300">
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<h4>战略与定位</h4>
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<ul>
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<li><strong>品牌升级：</strong>“通义”全面升级为“千问”，战略重心由ToB延伸至ToC，目标打造DAU破亿的通用Chatbot。</li>
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<li><strong>超级应用：</strong>定位为“all-in-one 生活入口”，依托淘天、高德、支付宝、飞猪等国内最完整的生活服务生态。</li>
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<li><strong>C端入口矩阵：</strong>同时推进“极简搜索框（夸克 AI）”与“All-in-One 超级入口（千问 APP）”双品牌，形成差异化矩阵。</li>
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</ul>
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<h4>产品与模型</h4>
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<ul>
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<li><strong>Qwen3 Agent能力:</strong> 支持多工具控制，新增深度思考模式，可调用高德地图、天气查询等功能。</li>
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<li><strong>开源生态:</strong> 已开源 300+ 模型，全球下载 6 亿次，衍生模型 17 万个，数量超 LLaMA 位列全球第一。</li>
|
||
<li><strong>蚂蚁灵光:</strong> 核心功能为30秒自然语言生成可交互应用，支持4秒图生视频。</li>
|
||
</ul>
|
||
</div>
|
||
<div x-show="tab === 'report'" class="prose prose-invert max-w-none prose-slate text-slate-300">
|
||
<h4>模型能力与迭代</h4>
|
||
<ul>
|
||
<li><strong>通义千问2.5:</strong> 性能全面赶超GPT-4 Turbo，在权威基准OpenCompass上创国产大模型最佳成绩。</li>
|
||
<li><strong>Qwen 2.5 Max:</strong> 采用超大规模MoE架构，预训练数据超20万亿tokens，在11项基准测试中全面超越DeepSeek V3、Llama-3.1-405B。</li>
|
||
<li><strong>与苹果合作:</strong> 阿里模型因数据合规性及端侧适配经验被苹果选中，为iOS设备提供端侧模型。</li>
|
||
</ul>
|
||
<h4>千问App</h4>
|
||
<ul>
|
||
<li><strong>项目启动：</strong>被阿里核心管理层视为"AI时代的未来之战"，是继3800亿基建投入后的重要布局。</li>
|
||
<li><strong>市场表现：</strong>公测上线仅两天，成功冲入苹果App Store免费应用总榜第三位。</li>
|
||
<li><strong>未来规划：</strong>或将增加Agent功能，通过工具调用打通各领域应用（如在淘宝用自然语言购物）。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Risks & Challenges -->
|
||
<section class="p-8 glass-card">
|
||
<h2 class="section-title mb-8">潜在风险与挑战</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
|
||
<div class="p-4 border border-amber-500/50 rounded-2xl bg-amber-500/10">
|
||
<h4 class="font-bold text-amber-300">技术风险</h4>
|
||
<p class="text-slate-400">尽管表现优异，但在推理能力上限和稳定性方面仍需优化，与全球顶尖模型在复杂任务处理上仍存差距。</p>
|
||
</div>
|
||
<div class="p-4 border border-amber-500/50 rounded-2xl bg-amber-500/10">
|
||
<h4 class="font-bold text-amber-300">商业化风险</h4>
|
||
<p class="text-slate-400">大模型C端应用算力成本极高，用户付费意愿不高，生态整合难度巨大，商业化路径面临挑战。</p>
|
||
</div>
|
||
<div class="p-4 border border-amber-500/50 rounded-2xl bg-amber-500/10">
|
||
<h4 class="font-bold text-amber-300">竞争风险</h4>
|
||
<p class="text-slate-400">国内赛道异常拥挤，百度、腾讯、字节等巨头均在发力，同质化竞争可能导致激烈的“烧钱”大战。</p>
|
||
</div>
|
||
<div class="p-4 border border-red-500/50 rounded-2xl bg-red-500/10">
|
||
<h4 class="font-bold text-red-300">信息交叉验证风险</h4>
|
||
<p class="text-slate-400"><strong>“灵光”归属存在显著矛盾</strong>。新闻和路演明确指向蚂蚁集团，但部分研报误将其归为百度或阿里云产品，反映了市场信息传递的噪音和误判风险。</p>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Data -->
|
||
<section class="space-y-8">
|
||
<h2 class="section-title text-center">相关概念股全景图谱</h2>
|
||
|
||
<!-- AI应用与生态合作 -->
|
||
<div class="p-6 glass-card overflow-x-auto">
|
||
<h3 class="text-2xl font-bold text-indigo-300 mb-4">AI应用、生态合作与阿里参股</h3>
|
||
<table class="table w-full stock-table">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心关联逻辑</th>
|
||
<th>标签</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>恒银科技</td><td><a href='https://valuefrontier.cn/company?scode=603106' target='_blank' class='link link-hover text-sky-300'>603106</a></td><td>公司接入阿里千问大模型及蚂蚁集团全模态通用AI助手“灵光”</td><td><div class="badge badge-primary">灵光</div> <div class="badge badge-secondary">双重接入</div></td></tr>
|
||
<tr><td>石基信息</td><td><a href='https://valuefrontier.cn/company?scode=002153' target='_blank' class='link link-hover text-sky-300'>002153</a></td><td>阿里系持股13.02%，酒店餐饮零售系统与千问本地生活入口高度契合</td><td><div class="badge badge-accent">参股</div> <div class="badge badge-secondary">核心生态</div></td></tr>
|
||
<tr><td>千方科技</td><td><a href='https://valuefrontier.cn/company?scode=002373' target='_blank' class='link link-hover text-sky-300'>002373</a></td><td>阿里“千问伙伴计划”首批交通领域唯一合作伙伴；阿里系持股14.11%</td><td><div class="badge badge-primary">千问</div> <div class="badge badge-accent">参股</div></td></tr>
|
||
<tr><td>值得买</td><td><a href='https://valuefrontier.cn/company?scode=300785' target='_blank' class='link link-hover text-sky-300'>300785</a></td><td>为阿里巴巴提供信息推广服务，与千问购物场景协同</td><td><div class="badge badge-secondary">AI应用</div></td></tr>
|
||
<tr><td>蓝色光标</td><td><a href='https://valuefrontier.cn/company?scode=300058' target='_blank' class='link link-hover text-sky-300'>300058</a></td><td>阿里虚拟人板块重要伙伴，已申请通义千问接口，BlueAI合作阿里云</td><td><div class="badge badge-secondary">AI应用</div> <div class="badge badge-info">营销</div></td></tr>
|
||
<tr><td>壹网壹创</td><td><a href='https://valuefrontier.cn/company?scode=300792' target='_blank' class='link link-hover text-sky-300'>300792</a></td><td>与阿里深度合作，为其首批AIAgent生态合作伙伴</td><td><div class="badge badge-secondary">AI Agent</div> <div class="badge badge-info">电商</div></td></tr>
|
||
<tr><td>华策影视</td><td><a href='https://valuefrontier.cn/company?scode=300133' target='_blank' class='link link-hover text-sky-300'>300133</a></td><td>阿里是公司重要客户，公司已经接入包括千问在内的大模型</td><td><div class="badge badge-primary">千问</div></td></tr>
|
||
<tr><td>朗新集团</td><td><a href='https://valuefrontier.cn/company?scode=300682' target='_blank' class='link link-hover text-sky-300'>300682</a></td><td>阿里系持有公司总股本16.63%</td><td><div class="badge badge-accent">参股TMT</div></td></tr>
|
||
<tr><td>三江购物</td><td><a href='https://valuefrontier.cn/company?scode=601116' target='_blank' class='link link-hover text-sky-300'>601116</a></td><td>阿里系持有公司总股本30%</td><td><div class="badge badge-accent">参股消费</div></td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<!-- AI基础设施与阿里云 -->
|
||
<div class="p-6 glass-card overflow-x-auto">
|
||
<h3 class="text-2xl font-bold text-indigo-300 mb-4">AI基础设施 & 阿里云核心供应商</h3>
|
||
<table class="table w-full stock-table">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心关联逻辑</th>
|
||
<th>细分领域</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>数据港</td><td><a href='https://valuefrontier.cn/company?scode=603881' target='_blank' class='link link-hover text-sky-300'>603881</a></td><td>主要提供数据中心服务器托管服务，与阿里合作多个数据中心项目</td><td><div class="badge badge-info">数据中心</div></td></tr>
|
||
<tr><td>浪潮信息</td><td><a href='https://valuefrontier.cn/company?scode=000977' target='_blank' class='link link-hover text-sky-300'>000977</a></td><td>在阿里的服务器采购中公司所占份额最高</td><td><div class="badge badge-success">服务器</div></td></tr>
|
||
<tr><td>工业富联</td><td><a href='https://valuefrontier.cn/company?scode=601138' target='_blank' class='link link-hover text-sky-300'>601138</a></td><td>阿里服务器供应商，阿里巴巴是公司的战略投资者</td><td><div class="badge badge-success">服务器</div></td></tr>
|
||
<tr><td>海光信息</td><td><a href='https://valuefrontier.cn/company?scode=688041' target='_blank' class='link link-hover text-sky-300'>688041</a></td><td>公司的DCU产品已得到阿里等互联网企业的认证</td><td><div class="badge badge-warning">GPU/DCU</div></td></tr>
|
||
<tr><td>中际旭创</td><td><a href='https://valuefrontier.cn/company?scode=300308' target='_blank' class='link link-hover text-sky-300'>300308</a></td><td>全球主要的互联网云厂商(含阿里)都是公司的客户</td><td><div class="badge badge-error">光模块</div></td></tr>
|
||
<tr><td>紫光股份</td><td><a href='https://valuefrontier.cn/company?scode=000938' target='_blank' class='link link-hover text-sky-300'>000938</a></td><td>400G数据中心交换机在阿里巴巴获得大份额</td><td><div class="badge badge-primary">交换机</div></td></tr>
|
||
<tr><td>英维克</td><td><a href='https://valuefrontier.cn/company?scode=002837' target='_blank' class='link link-hover text-sky-300'>002837</a></td><td>为阿里巴巴等用户的大型数据中心提供了大量高效节能的制冷产品及系统</td><td><div class="badge badge-secondary">液冷温控</div></td></tr>
|
||
<tr><td>杭钢股份</td><td><a href='https://valuefrontier.cn/company?scode=600126' target='_blank' class='link link-hover text-sky-300'>600126</a></td><td>浙江云公司主动对接阿里需求，提供机柜服务</td><td><div class="badge badge-info">数据中心</div></td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<!-- 涨幅异动分析 -->
|
||
<div class="p-6 glass-card">
|
||
<h3 class="text-2xl font-bold text-indigo-300 mb-4">涨幅异动分析补充</h3>
|
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<div class="space-y-4">
|
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<div class="collapse collapse-plus bg-slate-800/50">
|
||
<input type="radio" name="rise-analysis-accordion" checked="checked" />
|
||
<div class="collapse-title text-xl font-medium text-sky-300">
|
||
浪潮软件 (600756) - AI应用补涨龙头
|
||
</div>
|
||
<div class="collapse-content prose prose-invert max-w-none prose-slate text-slate-300">
|
||
<p><strong>核心结论:</strong> “阿里千问AI to C生态”突然需要一张低价主板映射票，而公司刚拿到中央党政军AI平台首单，双重催化下资金将其顶成AI应用补涨龙头。</p>
|
||
<p><strong>驱动逻辑:</strong> 同时满足“阿里合作(历史政务云伙伴)+信创AI(党政军AI采购第一单)”双重标签，在AI应用板块情绪高涨期成为资金选择的低价补涨标的。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-slate-800/50">
|
||
<input type="radio" name="rise-analysis-accordion" />
|
||
<div class="collapse-title text-xl font-medium text-sky-300">
|
||
浙文互联 (600986) - 深度绑定阿里AI营销
|
||
</div>
|
||
<div class="collapse-content prose prose-invert max-w-none prose-slate text-slate-300">
|
||
<p><strong>核心结论:</strong> “内生逻辑催化 + 外部情绪共振”的驱动行情。核心在于深度绑定“阿里千问”的AI营销叙事，外部AI板块强劲表现和宏观降息预期则构成强大助推。</p>
|
||
<p><strong>驱动逻辑:</strong> 旗下“AIGC超级内容工厂”接入通义万相模型，点击率提升120%；“浙文智算”为阿里提供算力服务；作为阿里妈妈核心服务商承接广告增量，形成“技术-算力-商业”闭环。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
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|
||
|
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|
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