风险！部分企业连续三年净额竟为负数…
<p style="margin-right: 8px;margin-left: 8px;white-space: normal;outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: center;" data-mpa-powered-by="yiban.io"></p><p style="margin-right: 8px;margin-left: 8px;white-space: normal;outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: center;"><br/></p><p style="margin-right: 8px; margin-left: 8px; white-space: normal; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); text-align: justify;"><span style="font-family: Helvetica, Arial, sans-serif; letter-spacing: 0.544px;">最近地产圈不太平是大家都知道的，负面消息占据了大众视野。悲观的情绪容易被放大，当下地产人的心态正是如此。</span><br/></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">但是回望过去两年对于地产的困难描述，又会有不同的发现：</span></p><blockquote style="outline: 0px;color: rgba(0, 0, 0, 0.5);font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);"><p style="margin: 5px 8px; outline: 0px; vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">2019年：可能是近十年楼市最差的一年！</span></p><p style="margin: 5px 8px; outline: 0px; vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">2020年：是史上最难的一年，是至暗时刻！</span></p></blockquote><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">身在当下，都是最难的时刻。</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">如今的2021年，的确是难上加难，融资受困，销售高压，回款乏力、但到期的债务一个个扑面而来，而后是爆雷，是躺平……不少老地产人吐槽：<span style="outline: 0px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">“从业近20年，从没有见过行业像2021年这么难！”</strong></span></span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">2021年就是房地产最难的一年吗？<br data-filtered="filtered" style="outline: 0px;"/></span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">2022年就会好吗？</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">答案是“未必”！</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">今天我们从各个角度来聊聊房企当下的生存状态和背后逻辑，尽量从现象背后看本质，从焦虑背后看机会！</span></p><section data-mpa-template="t" mpa-from-tpl="t" style="outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);"><section mpa-from-tpl="t" style="outline: 0px;"><section mpa-from-tpl="t" style="outline: 0px;"><section mpa-from-tpl="t" style="margin-top: 0.5em; margin-bottom: 0.5em; outline: 0px; text-align: justify;"><section mpa-from-tpl="t" style="outline: 0px;display: inline-block;"><section mpa-from-tpl="t" style="padding-right: 0.8em;padding-left: 0.8em;outline: 0px;border-bottom: 1px solid rgb(0, 0, 0);display: inline-block;font-size: 28px;color: rgb(0, 0, 0);"><p style="outline: 0px;"><br/></p><p style="outline: 0px;">持续走弱可能性不大</p></section><section mpa-from-tpl="t" style="margin-top: 5px;outline: 0px;"><section mpa-from-tpl="t" style="outline: 0px;">整体市场走弱是明显</section></section></section></section></section></section></section><p><br/></p><p style="outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);"><br style="outline: 0px;"/></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">首先一点，<span style="outline: 0px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">无论是房地产开发投资额还是商品房销售面积，跟疫情前相比仍然达到了两位数增长，跟去年同比也仍有接近10%的增长，</strong></span>这样的行情怎么也说不上差。</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">今年1-9月份，全国房地产开发投资112568亿元，同比增长8.8%；比2019年1-9月份增长14.9%，两年平均增长7.2%。</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">1-9月份，全国商品房销售面积130332万平方米，同比增长11.3%；比2019年1-9月份增长9.4%，两年平均增长4.6%。</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">甚至有智库认为，由于前9个月销售金额，已达到13.5万亿元，如果10-12月月均销售金额达到1.3万亿元，则2021年销售金额将再创新高。</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">其次，政策已经见底，房地产长效机制已经建立。“三线四档”规则试点房地产企业，银行业金融机构房地产贷款、个人住房贷款集中度稳步降低。<span style="outline: 0px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">稳地价、稳房价、稳预期目标不会变，监管将持续完善房地产金融管理长效机制。</strong></span></span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">或许是这些年房产投资属性太强，都忘记这其实是民生行业。</span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">事实上市场信心的最强音往往来自监管，监管注意到了市场的风险也会注意到需求。<span style="outline: 0px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">监管已经提出将保障刚需群体信贷需求，同时保持房企信贷平稳有序。</strong></span></span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">根据了解，近期包括四大行在内的各家银行，有些已经恢复正常信贷加快放款速度。</span></p><p><br/></p><section data-mpa-template="t" mpa-from-tpl="t" style="outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);"><section mpa-from-tpl="t" style="outline: 0px;"><section mpa-from-tpl="t" style="outline: 0px;"><section mpa-from-tpl="t" style="margin-top: 0.5em; margin-bottom: 0.5em; outline: 0px; text-align: justify;"><section mpa-from-tpl="t" style="outline: 0px;display: inline-block;"><section mpa-from-tpl="t" style="padding-right: 0.8em;padding-left: 0.8em;outline: 0px;border-bottom: 1px solid rgb(0, 0, 0);display: inline-block;font-size: 28px;color: rgb(0, 0, 0);"><section mpa-from-tpl="t" mpa-is-content="t" style="outline: 0px;">房企压力持续加大</section></section><section mpa-from-tpl="t" style="margin-top: 5px;outline: 0px;"><section mpa-from-tpl="t" mpa-is-content="t" style="outline: 0px;">三分之一仍面临经营与财务压力</section></section></section></section></section></section></section><p><br/></p><p style="margin-right: 16px;margin-left: 16px;outline: 0px;letter-spacing: 0.544px;white-space: normal;font-size: 16px;background-color: rgb(255, 255, 255);line-height: 1.75em;font-family: -apple-system-font, system-ui, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;"><br style="outline: 0px;"/></p><p><br/></p><section data-role="paragraph" style="outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);"><section style="margin: 5px 8px; outline: 0px; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">一个重要原因是2021年楼市直接从“盛夏模式”进入“寒冬”模式，中间连个“秋天”过渡都没有，这就让所有地产人，尤其营销人难受了！</span></section><section style="margin: 5px 8px; outline: 0px; vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">比如2021上半年是盛夏模式，虽然融资收紧，但好歹销售业绩和回款还不错，还“大丰收”，比如上半年销售额为9.3万亿，比如百强们36%的业绩增长……<span style="outline: 0px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">房企只要有销售，有回款，即使债务到期，也是能应对的。</strong></span></span></section><section style="margin: 5px 8px; outline: 0px; vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">但问题是进入下半年的7月，楼市速冻了，转变太突然。</span><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;">很多房企都还没从上半年的喜报中回过神，怎么后面楼市一下变天了？</span></section></section><section style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">据克而瑞统计，10月百强房企实现销售操盘金额7761.4亿元，单月业绩规模较9月环比回升1.4%，同比降幅收窄至32.2%，同比去年同期延续了自7月以来的下跌趋势。</span><span style="outline: 0px;letter-spacing: 0.544px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">销售的下滑与融资额的下滑几乎是同步的。比如据克而瑞不完全统计，</span><span style="outline: 0px;letter-spacing: 0.544px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">今年前9月100家典型房企融资量同比下降21%</strong></span><span style="outline: 0px;letter-spacing: 0.544px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;">。</span></section><section style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">据克而瑞研究中心数据分析，结合经营质量与财务风险两个维度，将27家房企划分至四个象限。发现，虽然在92家典型样本房企中有27家房企连续三年经营活动现金流均保持净流入，但其中三分之一仍面临经营与财务压力。</span></section><p><br/></p><p style="margin-right: 16px;margin-left: 16px;outline: 0px;font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;font-size: 16px;background-color: rgb(255, 255, 255);text-align: center;line-height: normal;"><br data-filtered="filtered" style="outline: 0px;"/></p><p style="margin-right: 16px; margin-left: 16px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; font-size: 16px; background-color: rgb(255, 255, 255); text-align: justify; line-height: normal;"><span style="outline: 0px;font-size: 14px;"><strong style="outline: 0px;"><span style="outline: 0px;color: rgb(0, 0, 0);text-align: start;">图：27家房企2020年净现比及扣预杠杆散点图</span></strong></span></p><p style="margin-right: 16px; margin-left: 16px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; font-size: 16px; background-color: rgb(255, 255, 255); line-height: normal; text-align: center;"><br data-filtered="filtered" style="outline: 0px;"/></p><p style="margin-right: 16px; margin-left: 16px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; font-size: 16px; background-color: rgb(255, 255, 255); text-align: justify;"><span style="outline: 0px;color: rgb(136, 136, 136);letter-spacing: 0.5px;caret-color: rgb(136, 136, 136);font-size: 12px;">注：以净现比0.21（2020年平均数）、扣预杠杆70%作为横纵坐标轴交点</span></p><p style="margin-right: 16px; margin-left: 16px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; font-size: 16px; background-color: rgb(255, 255, 255); text-align: justify;"><span style="outline: 0px;color: rgb(136, 136, 136);letter-spacing: 0.5px;caret-color: rgb(136, 136, 136);font-size: 12px;">数据来源：企业年报、CRIC</span></p><p style="margin-right: 16px;margin-left: 16px;outline: 0px;letter-spacing: 0.544px;white-space: normal;font-size: 16px;background-color: rgb(255, 255, 255);line-height: 1.75em;font-family: -apple-system-font, system-ui, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;"><br data-filtered="filtered" style="outline: 0px;"/></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); vertical-align: inherit; line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-size: 16px;font-family: Helvetica, Arial, sans-serif;">从27家房企2020年净现比及扣预杠杆散点图中可以看到，第一和第四象限的房企净现比大于平均值，整体经营质量相对较好，而第二和第三象限的房企净现比小于平均值，经营质量相对来说有待改善。</span><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;">第三象限房企，截至2021年中期，基本三道红线全部达标。总体而言相对稳健，但需要注重销售回款质量的提升，及加强应收账款管控。而位于</span><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;color: rgb(171, 25, 66);"><strong style="outline: 0px;">第二象限的房企，一方面降杠杆任务迫切，另一方面销售回款等方面的经营质量相对欠佳，需谨慎关注。</strong></span></p><p style="margin: 5px 8px; outline: 0px; font-family: -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); line-height: 1.75em; text-align: justify;"><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;">今年对于整个地产行业来说，2021年是个极不平凡的一年，在各类调控政策不断出手的大环境下，行业的共识逐渐形成的过程：</span><span style="outline: 0px;font-family: Helvetica, Arial, sans-serif;font-size: 16px;letter-spacing: 0.544px;color: rgb(0, 112, 192);"><strong style="outline: 0px;">行业微利时代到来，竞争进入白热化，告别了粗放管理时代，聚焦精细化、更灵活的体制，将权力进一步下放，架构更加精简，不断推进区域深耕。</strong></span></p><p><br/></p><section style="margin-right: 8px;margin-left: 8px;white-space: normal;"><br/></section><link rel="stylesheet" href="//www.fqlook.cn/source/plugin/wcn_editor/public/wcn_editor_fit.css?v134_xZz" id="wcn_editor_css"/>
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