FENWENBIZHENG：RUCIJIEYUECHENGBENDEHANGYUNYEQUEYIJIUJIANNAN

　　JUGUOJIZHIMINGHUIJIHEHANGYUNZIXUNJIGOUMoore StephensDE《2015NIANHANGYUNYUNYINGCHENGBEN》(OpCost 2015)DEYANJIUFENXIJIEGUO，HANGYUNYEZAI2014NIANDEQUANNIANYUNYINGCHENGBENPINGJUNXIAJIANGLE0.8%，BI2013NIANHUANDILE0.3GEBAIFENDIAN。

　　GAIJIGOUBIAOSHI：“GUOQUDE12GEYUELI，HANGYUNYEDEGEGELINGYUDEFEIYONGDOUZAIXIAJIANG，ZHEYEZHENGSHILECHUANDONGHEJINGYINGRENZAICHIXUGUANKONGCHENGBENFANGMIANQUDELECHENGXIAO，TONGSHIYEBIAOMINGTAMENZAI2014NIANLISHIFEICHANGKANJINQIANDAIZIDE。”

山东11选5 　　XIANLAIKANYUNYINGCHENGBEN。CONGNIANBIANHUALVLAIKAN，YOULUNZHISHUXIAJIANG2GEDIAN(HUO1.1%)，ERSANHUOCHUANZHISHUXIAJIANGLE1GEDIAN(HUO0.6%)，ERJIZHUANGXIANGCHUANZEXIAJIANGLE2GEDIAN(HUO1.2%)。DANDUI2014NIANDEYUNYINGCHENGBEN(OpCost)YANJIUFENXIDEDAODEXIANGYINGSHUZIZEXIANSHIYOULUNZHISHUSHANGZHANGLE2GEDIAN，ERSANHUOCHUANHEJIZHUANGXIANGCHUANZHISHUZEJUNXIAJIANGLE2GEDIAN。

山东11选5 　　ZAICHUANYUANCHENGBENFANGMIAN，YU2013NIANDESHUZIXIANGBI，2014NIANZONGTIDECHUANYUANCHENGBENPINGJUNXIAJIANGLE0.1%，BI2012NIANXIAJIANGLE0.2%;ERYOULUNZAIZHEFANGMIANZEYI0.4%DEXIAJIANGLVBIAOXIANJIAOWEITUCHU，TAZAI2013NIANHUANCENGSHANGZHANGLE1.8%。SANHUOCHUANFANGMIAN，QUANNIANDECHUANYUANCHENGBENJIBENWEICHIBUBIAN，DANBIQI2013NIANHUANSHIPINGJUNXIAJIANGLE0.5%。

山东11选5 　　Moore StephensHEHUORENRichard GreinerSHUO：“ZAIZONGTIYUNYINGCHENGBENFANGMIAN，ZHESHILIANXUXIAHUADEDISANNIAN。ZHEYANGDEJIEGUOHUANSHICHUHUYILIAODE，TAYUZAOQIANDEYUQIXINGCHENGXIANMINGDUIBI。HENXIANRAN，HANGYUNYEXIANZAIYISHIJINJINJIJIAO、FENWENBIZHENGLE。TONGSHIYEKEYIKANDAO，GENGJUJINGZHENGLIDESHANGPINHEFUWUDINGJIADUIYUJIANGDIFEIYONGQIDAOLEYIDINGDEZUOYONG。CHUCIZHIWAI，HUILVBIANDONGDAILAIDEYINGXIANGYESHIBUNENGHULVEDE，KESHITAYOUHENNANCEDING。”

　　GreinerRENWEI，CHUANYUANCHENGBENDEXIAHUAQISHIYESHIZAIGAIPINGGUJIEDUANZHONGGENGDACHENGDUDECHUANBOXIANZHIDEYIZHONGBIAOXIAN，DANZHEYANGDEXIAOXIBINGBUZUYIZIMAN，BIJINGXINGYEJINGLILECHUANYUANCHENGBENZAIQIDIANFENGSHIQIGAOZHANGLE20%。

山东11选5 　　WULIAOFEIYONGFANGMIANDEXIAJIANGKANLAIYEBIAOXIANBUCUO，ZAI2013NIAN1.9%DEXIAJIANGLVDEJICHUSHANG，2014NIANHUANQUDELE2.4%DEXIAJIANGFUDU。ZHEFANGMIANBIAOXIANZUIWEITUCHUDEYAOSHULINGBIANXINGSANHUOCHUANLE，QIYUNYINGZHEZUIDUOLUDE5.3%DEXIAJIANGLV，JINSUIQIHOUDESHIXIAJIANGLVWEI5.1%DE1000ZHI2000TEUDEJIZHUANGXIANGCHUAN。

　　ZUIHOULAIKANKANWEIXIUBAOYANGFANGMIAN，2013NIANZHEFANGMIANDECHENGBENJIANSHAOWEI0.4%，2014NIANCHENGXIAOGENGHAO，DADAO0.6%。NENGYOUZHEMEHAODEBIAOXIANZHUYAODEYIYU5000ZHI10000ZAIZHONGDUNDEYOULUNHE1000ZHI2000TEUDEJIZHUANGXIANGCHUAN，TAMENDEGONGXIANFENBIEWEI3.3%HE3.2%。BUGUOYUZHEGECHAOLIUQUSHIXIANGFANDESHI，YANJIUXIANSHICHAODAXINGYOULUNHEJIAJIAOXINGSANHUOCHUANZAIWEIXIUBAOYANGCHENGBENSHANGFENBIESHANGSHENGLE2.5%HE1.8%。

　　GreinerZONGJIEDAO：“ZHONGSUOJIEZHI，HANGYUNYEZHENGCHUZAIGAODUJINGZHENGHEYUNLIGUOSHENGDESHIQI。CISHIZHAODAOYIZHONGLIANGXINGFANGSHI，BAYUNYINGCHENGBENRONGJINYUNFEIZHONG，SHIDEXINGYENENGYOUHELIDELIRUNBIANJI，ZHESHIXINGYEDEZHONGDATIAOZHAN。WEILAIJINIAN，JISHIHAIYUNYUNFEIMEINIANDOUNENGYOUHELIDEZENGCHANG，DANWEIZUNSHOUFAGUIYEJIYOUKENENGHUITONGSHIDAILAICHENGBENDEMINGXIANSHANGSHENG，KEYIYULIAOZHEDUANSHIJIANNEIDEYUNYINGCHENGBENYEHUIYIRANZENGCHANG。ZUIHOUWOXIANGSHUO，YOULIANGJIANSHISHIKENDINGDE：SHOUXIAN，CHUANBODEYUNYINGRENGSHIYIXIANGGAOCHENGBENDEYEWU;QICI，BUYAOJIXIWANGYUHANGYUNYEDEKEHULAITUIGAOYUNFEI。”