李沧| 吉首| 合山| 那曲| 察哈尔右翼中旗| 滕州| 将乐| 张家港| 南浔| 香港| 西乌珠穆沁旗| 涟源| 平乐| 宁晋| 六枝| 明光| 商都| 邱县| 黄陵| 阿鲁科尔沁旗| 上犹| 隆德| 大埔| 淄博| 铜鼓| 黑龙江| 博野| 易门| 高台| 肇源| 重庆| 寿县| 肇州| 抚顺市| 平凉| 上饶县| 长寿| 措勤| 永安| 昭通| 乌拉特后旗| 静海| 电白| 永顺| 大连| 平乡| 东阿| 青铜峡| 临淄| 盐田| 唐山| 郓城| 泾阳| 宁明| 肃南| 玉龙| 房县| 锦屏| 荔浦| 隆林| 缙云| 梨树| 金川| 淮南| 肥西| 武乡| 曲靖| 金山屯| 黄岩| 阿合奇| 澳门| 泾阳| 新沂| 稻城| 美溪| 个旧| 栾川| 平昌| 双鸭山| 古浪| 龙陵| 平果| 陇川| 美溪| 寿县| 迁安| 青冈| 临城| 阿图什| 楚州| 郁南| 天津| 娄底| 五台| 吉木乃| 安平| 临川| 同江| 湄潭| 沙洋| 岳西| 成都| 禄丰| 台东| 新龙| 伊宁县| 红古| 连云港| 丹江口| 隆化| 霍城| 苍南| 覃塘| 宁安| 建德| 玉田| 纳雍| 城步| 宜章| 克拉玛依| 福海| 开平| 乳源| 鹰潭| 福海| 木垒| 尼勒克| 镇平| 崇州| 达日| 方正| 东胜| 福海| 防城港| 吉利| 长清| 长岭| 兴安| 庆云| 峨眉山| 西和| 陵水| 吴起| 嘉鱼| 双牌| 长垣| 沁阳| 昌江| 平陆| 峨山| 勐海| 遂宁| 任县| 馆陶| 漯河| 秦皇岛| 定西| 弥渡| 泾源| 蚌埠| 信宜| 孟村| 黄山市| 静乐| 晋江| 杭州| 临桂| 赣县| 阿瓦提| 旬阳| 井陉| 美溪| 通辽| 贺兰| 连南| 黔江| 苏尼特左旗| 蒙自| 科尔沁右翼前旗| 兴隆| 镇远| 阿拉善左旗| 芒康| 桂林| 杜集| 修文| 莲花| 安吉| 浦口| 共和| 乌达| 潞西| 邹平| 鄂托克前旗| 砚山| 湖州| 托克逊| 澄江| 离石| 孟连| 石狮| 上思| 玉树| 榆中| 永胜| 习水| 武安| 曲麻莱| 三原| 南木林| 林口| 代县| 梅里斯| 黄岛| 宣恩| 鹿泉| 察哈尔右翼后旗| 高阳| 廊坊| 巫溪| 灌云| 南昌县| 鱼台| 当雄| 邻水| 瑞昌| 阳谷| 尉氏| 三河| 若羌| 洛扎| 贾汪| 大石桥| 大洼| 钟祥| 勐腊| 大方| 阳信| 怀远| 渭源| 昌吉| 罗源| 威海| 德兴| 嘉定| 邵阳县| 丹寨| 九龙坡| 平湖| 永善| 赵县| 苍梧| 广水| 来安| 富民| 鱼台| 图木舒克| 金山屯| 沙圪堵| 正定| 平果| 赣县| 高碑店|

惊艳!全彩色3D打印机亮相山东济南 一次成型全彩色

2019-05-23 18:19 来源:宣城新闻网

  惊艳!全彩色3D打印机亮相山东济南 一次成型全彩色

  TheGeneralOfficeoftheCommunistPartyofChinaCentralCommitteeandtheGeneralOfficeoftheStateCouncil,ChinasCabinet,,innovativetalentevaluationmethodsandacceleratedreformoftalentevaluationinkeyfields.中共中央办公厅、国务院办公厅联合印发了有关人才评价机制改革的指导意见,要求健全人才评价标准、创新人才评价方式,加快推进重点领域人才评价改革。AwomanscattersflowersintotheseaduringaseaburialheldonGuobin9onApril2,2018.(Photo/Xinhua)Ashipexclusivelyusedforseaburia,orNationalGuest9,isthefirstoneinthecountrythathasbeenusedforsuchpurposes,,,,,widerdecksandmoretoilets,accordingtoWangDedong,headofthecity’sfuneralservicescenter.“Guobin9sailslongerthanthepreviousshipsdid,soastoprovidefamiliesandrelativesmoretimetosaygoodbyetothedeceased.,”,theshipwillsailbetweenAprilandOctobereveryyearandcarryoutseaburialservicestwodayseveryweek,,thi,906people’scrematedremainshavebeenscatteredintothesea.

AChineseteamofscientistshasestablishedapigmodelofHuntingtonsdisease(HD),aninheritedneurodegenerativedisease,,researchersanticipatedthatthepigscouldbeapracticalwaytotesttreatmentsforHD,whigenerativediseases,theylackthetypicalneurodegenerationorovertneuronallossseeninhumanbrains,accordingtocorrespondingauthorLiXiaojiang,professorofhumangeneticsinJinanUniversityandwhorunsalabatEmoryUniversitySchoolofMedicine.(Photo/VCG)AsleepingcontestisheldinSeoulForestinSouthKorea,May27,,500peopleappliedtojointhecontestforitsthirdedition,withthelongestsleeperthewinner.(Photo/VCG)AsleepingcontestisheldinSeoulForestinSouthKorea,May27,,500peopleappliedtojointhecontestforitsthirdedition,withthelongestsleeperthewinner.(Photo/VCG)AsleepingcontestisheldinSeoulForestinSouthKorea,May27,,500peopleappliedtojointhecontestforitsthirdedition,withthelongestsleeperthewinner.(Photo/VCG)

  A67-million-yearoldfemaleTyrannosaurusRexdiscoveredintheUnitedStatesin2013isreadyforanexhibitionattheNationalMuseumofNaturalHistoryinParis,"UnT-RexaParis",2018,displayingoneofthemostcompleteskeletonsofthedinosaurintheworld.(Photo/Agencies)A67-million-yearoldfemaleTyrannosaurusRexdiscoveredintheUnitedStatesin2013isreadyforanexhibitionattheNationalMuseumofNaturalHistoryinParis,"UnT-RexaParis",2018,displayingoneofthemostcompleteskeletonsofthedinosaurintheworld.(Photo/Agencies)A67-million-yearoldfemaleTyrannosaurusRexdiscoveredintheUnitedStatesin2013isreadyforanexhibitionattheNationalMuseumofNaturalHistoryinParis,"UnT-RexaParis",2018,displayingoneofthemostcompleteskeletonsofthedinosaurintheworld.(Photo/Agencies)A67-million-yearoldfemaleTyrannosaurusRexdiscoveredintheUnitedStatesin2013isreadyforanexhibitionattheNationalMuseumofNaturalHistoryinParis,"UnT-RexaParis",2018,displayingoneofthemostcompleteskeletonsofthedinosaurintheworld.(Photo/Agencies)AsleepingcontestisheldinSeoulForestinSouthKorea,May27,,500peopleappliedtojointhecontestforitsthirdedition,withthelongestsleeperthewinner.(Photo/VCG)AsleepingcontestisheldinSeoulForestinSouthKorea,May27,,500peopleappliedtojointhecontestforitsthirdedition,withthelongestsleeperthewinner.(Photo/VCG)AsleepingcontestisheldinSeoulForestinSouthKorea,May27,,500peopleappliedtojointhecontestforitsthirdedition,withthelongestsleeperthewinner.(Photo/VCG)

  ,NortheastChina’sJilinProvince,May28,2018.(Photo:ChinaNewsService/LyuShengnan),NortheastChina’sJilinProvince,May28,2018.(Photo:ChinaNewsService/LyuShengnan),SongyuanCityofNortheastChinasJilinProvinceat1:,accordingtotheChinaEarthquakeNetworksCenter(CENC).(Photo:ChinaNewsService/LyuShengnan),JilinProvince,May28,2018.(Photo/VCG),JilinProvince,May28,2018.(Photo/VCG),SongyuanCityofNortheastChinasJilinProvinceat1:,accordingtotheChinaEarthquakeNetworksCenter(CENC).(Photo:ChinaNewsService/ZhangYao),SongyuanCityofNortheastChinasJilinProvinceat1:,accordingtotheChinaEarthquakeNetworksCenter(CENC).(Photo:ChinaNewsService/ZhangYao),SongyuanCityofNortheastChinasJilinProvinceat1:,accordingtotheChinaEarthquakeNetworksCenter(CENC).(Photo:ChinaNewsService/ZhangYao),SongyuanCityofNortheastChinasJilinProvinceat1:,accordingtotheChinaEarthquakeNetworksCenter(CENC).(Photo:ChinaNewsService/ZhangYao)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)

StudentsofMiaoqianVillagestudyatthelibraryinahostelinMoganshanTowninDeqingCounty,eastChinasZhejiangProvince,May29,,whoworkedinpublishing,,000booksinthehostelmadeitfamousandattractedmanytourists.(Xinhua/WengXinyang)StudentsofMiaoqianVillagestudyatthelibraryinahostelinMoganshanTowninDeqingCounty,eastChinasZhejiangProvince,May29,,whoworkedinpublishing,,000booksinthehostelmadeitfamousandattractedmanytourists.(Xinhua/WengXinyang)VillagerYaoWenzhenarrangesbooksatthelibraryinahostelinMoganshanTowninDeqingCounty,eastChinasZhejiangProvince,May29,,whoworkedinpublishing,,000booksinthehostelmadeitfamousandattractedmanytourists.(Xinhua/WengXinyang)PhotoshowswallsofbooksinahostelinMoganshanTowninDeqingCounty,eastChinasZhejiangProvince,May29,,whoworkedinpublishing,,000booksinthehostelmadeitfamousandattractedmanytourists.(Xinhua/WengXinyang)

  ClamsareseenonabankoftheSonghuaRiverinHarbinCity,NortheastChina’sHeilongjiangProvince,May24,ntin11years.(Photo/IC)ClamsareseenonabankoftheSonghuaRiverinHarbinCity,NortheastChina’sHeilongjiangProvince,May24,ntin11years.(Photo/IC)ClamsareseenonabankoftheSonghuaRiverinHarbinCity,NortheastChina’sHeilongjiangProvince,May24,ntin11years.(Photo/IC)ClamsareseenonabankoftheSonghuaRiverinHarbinCity,NortheastChina’sHeilongjiangProvince,May24,ntin11years.(Photo/IC)

  ,2017showstheinsideviewofLuzhnikiStadiumwhichwillhostthe2018WorldCupmatchesinMoscow,Russia.(Xinhua/WuZhuang),2017showstheoutsideviewofLuzhnikiStadiumwhichwillhostthe2018WorldCupmatchesinMoscow,Russia.(Xinhua/WuZhuang),2017showstheoutsideviewofLuzhnikiStadiumwhichwillhostthe2018WorldCupmatchesinMoscow,Russia.(Xinhua/WuZhuang),2017showstheoutsideviewofLuzhnikiStadiumwhichwillhostthe2018WorldCupmatchesinMoscow,Russia.(Xinhua/WuZhuang)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)Europeslargestwoodenbuildingandsecondlargestintheworld,locatedonIstanbulsBüyükadaisland,isnowamongthesevenmostendange,thePrinkipoG,theagingPrinkipoGreekOrthodoxorphanageisindangerofcollapse.(Photo/Agencies)

  AcalligraphyworkbyLiBaifromtheTangDynasty(618-907),whowasoneofthegreatestpoetsinChinesehistory,attractsplentyofattentionduringanexhibitionheldtomarkthe120thanniversaryofthebirthofZhangBojuattheHallofMartialValorintheForbiddenCity,Beijing,April2,(1898-1982)wasafa,Zhangdonatedhisworkstothecountry,andtheyarenowkeptattheForbiddenCity(PalaceMuseum)hework,ctedbythePalaceMuseum.(Photo:ChinaNewsService/Duyang)

  ,ltariffson$50billionworthofimportsfromChinathatfollowedaSection301investigationlaunchedlastAugustintoChinasintellectualpropertypoliciesandpractices.",""unilateralisticandprotectionistactionhasgravelyvisinterest,,evenlesstheinterestoftheglobaleconomy.""TheChinesesidewillresorttotheWTOdisputesettlementmecha"Theembassysaid",withsenseandlong-termpictureinmind,refrainsfromgoingfurtherdownthewrongpath".TheUSTRsaiditsproposedlistofproductsisbasedonextensiveinteragencyeconomicanalysisandwouldtargetproductsthatbenefitfromChinaace,informationandcommunicationstechnology,,suchasaircraftseats,militaryrifles,machineparts,instruments,medicalproducts,videomonitors,erNavarrobothsaidrecentlythattheSection301tariffswillstem,whileNavarrosaidChinawas"goingtodominateeverysingleemergingindustryofthefuture,andthereforeyoureconomiesarentgoingtohaveafuture".TheMadeinChina2025plan,unveiledin2015,highlighted10sectorsinadvancingChinasmodernmanufacturingpower—informationtechnology,high-endmachineryandrobotics,aerospace,marineequipmentandships,advancedrailtransport,new-energyvehicles,electricpower,agriculturalmachinery,tegyisanopenandfairenvironmentwithequaltreatmentofdomesticandoverseasbusinesses."Chinawillnotforceanytechnologytransferfromanyforeigncompanyandwillenhanceeffortstoprotectintellectualpropertyrightsandseverelycrackdownoninfringement,andChinawelcomesmoregloballycompetitivebusinessestosharetheChinagrowthopportunities,"sproposedlistwillundergofurtherreviewinapublicnoticeandcommentperiod,,theUSTRwillissueafinaldeterminationontheproductssubjecttotheadditionalduties.","saidEdwardAlden,","hesaid,repeatedlymentioningabilateraltradedeficitof$,however,was$375billion,,and$,,whichwentintoeffectinFebruary,-Chinatradeimbalanceismisl,whichreached$saggregatesalesbalance,thebilateralimbalancewasonly$.TrumpalsorepeatedonTuesdaywhathehassaidbefore."WehelpedrebuildChina,"hetoldthemediainameetingwithleadersofseveralBalticnations."TheChinesepeoplerebuiltChina,notoutsiders,"saidYukonHuang,aseniorfe,HuangsaidChinesedidthisbydrawingontheirexceptionallyhighsavingsratestofu,Chinareliedrelativelylittleonforeignaidbutmoreonforeigndirectinvestment(FDI)facilitatedbytheAsianChinesediaspora.",sinceonlyabout1to2percentofAmericasFDIoverthepasttwodecadeswenttoChina,"Huangsaid.PhototakenonMay28,2018showsrubblesofacollapsedwallinquake-hitYamutuVillageofSongyuanCity,northeastChina,SongyuanCityofJilinProvinceinearlyMondaymorning.(Xinhua/ZhangNan)PhototakenonMay28,2018showsadamagedhouseatquake-hitYamutuVillageofSongyuanCity,northeastChina,SongyuanCityofJilinProvinceinearlyMondaymorning.(Xinhua/ZhangNan)Rescuersworkatquake-hitYamutuVillageofSongyuanCity,northeastChinasJilinProvince,May28,,SongyuanCityofJilinProvinceinearlyMondaymorning.(Xinhua/ZhangNan)PhototakenonMay28,2018showsadamagedhouseatquake-hitYamutuVillageofSongyuanCity,northeastChina,SongyuanCityofJilinProvinceinearlyMondaymorning.(Xinhua/ZhangNan)

  LiJunhui(R)andLiuYuchenofteamChinahitareturnduringtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhui(Front)andLiuYuchenofteamChinahitareturnduringtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhui(R)andLiuYuchenofteamChinacelebrateafterwinningtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhuiandLiuYuchen(1stR)ofteamChinahitareturnduringtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhui(R)andLiuYuchenofteamChinacelebrateafterwinningtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhuiandLiuYuchen(L)ofteamChinahitareturnduringtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhui(R)andLiuYuchenofteamChinacelebrateafterwinningtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)LiJunhuiandLiuYuchen(L)ofteamChinacelebrateafterwinningtheBWFThomasCup2018semifinalagainstMohammadAhsanandHendraSetiawanofteamIndonesiainBangkok,Thailand,onMay25,(Xinhua/WangShen)

  Areplicaofacolorfulbrocadeembroideredwiththetext“WuxingChuDongfangLiZhongguo”,whichliterarymeans"Fivestarsriseintheeast,benefittingZhongguo”andwasunearthedinOctober1995attheNiyaruinsinXinjiangUygurAutonomousRegion,isondisplayattheChinaSilkMuseuminHangzhouCity,EastChina’sZhejiangProvince,May20,loomrecreatedonthebaseofremainsfoundintheLaoguanshanTombofHanDynasty(206BC220AD)inChengduCityin2012.(Photo/VCG)Areplicaofacolorfulbrocadeembroideredwiththetext“WuxingChuDongfangLiZhongguo”,whichliterarymeans"Fivestarsriseintheeast,benefittingZhongguo”andwasunearthedinOctober1995attheNiyaruinsinXinjiangUygurAutonomousRegion,isondisplayattheChinaSilkMuseuminHangzhouCity,EastChina’sZhejiangProvince,May20,loomrecreatedonthebaseofremainsfoundintheLaoguanshanTombofHanDynasty(206BC220AD)inChengduCityin2012.(Photo/VCG)Areplicaofacolorfulbrocadeembroideredwiththetext“WuxingChuDongfangLiZhongguo”,whichliterarymeans"Fivestarsriseintheeast,benefittingZhongguo”andwasunearthedinOctober1995attheNiyaruinsinXinjiangUygurAutonomousRegion,isondisplayattheChinaSilkMuseuminHangzhouCity,EastChina’sZhejiangProvince,May20,loomrecreatedonthebaseofremainsfoundintheLaoguanshanTombofHanDynasty(206BC220AD)inChengduCityin2012.(Photo/VCG)Areplicaofacolorfulbrocadeembroideredwiththetext“WuxingChuDongfangLiZhongguo”,whichliterarymeans"Fivestarsriseintheeast,benefittingZhongguo”andwasunearthedinOctober1995attheNiyaruinsinXinjiangUygurAutonomousRegion,isondisplayattheChinaSilkMuseuminHangzhouCity,EastChina’sZhejiangProvince,May20,loomrecreatedonthebaseofremainsfoundintheLaoguanshanTombofHanDynasty(206BC220AD)inChengduCityin2012.(Photo/VCG)

  PoliceofficersfromChinaandItalyattendaceremonyheldtosymbolicallymarkthestartofthethirdyearoflawenforcementcooperationbetweenthetwocountriesinRome,Italy,onMay28,ofphoto-snappingpassersby--wereinRomespicturesquePiazzaNavonaMondayfortheornateceremony.(Xinhua/AlbertoLingria)PhototakenonMay28,2018showsaceremonyheldtosymbolicallymarkthestartofthethirdyearoflawenforcementcooperationbetweenChinaandItalyinRome,ofphoto-snappingpassersby--wereinRomespicturesquePiazzaNavonaMondayfortheornateceremony.(Xinhua/AlbertoLingria)PhototakenonMay28,2018showsaceremonyheldtosymbolicallymarkthestartofthethirdyearoflawenforcementcooperationbetweenChinaandItalyinRome,ofphoto-snappingpassersby--wereinRomespicturesquePiazzaNavonaMondayfortheornateceremony.(Xinhua/AlbertoLingria)ChinesepoliceofficersattendaceremonyheldtosymbolicallymarkthestartofthethirdyearoflawenforcementcooperationbetweenChinaandItalyinRome,Italy,onMay28,ofphoto-snappingpassersby--wereinRomespicturesquePiazzaNavonaMondayfortheornateceremony.(Xinhua/AlbertoLingria)PoliceofficersfromChinaandItalyattendaceremonyheldtosymbolicallymarkthestartofthethirdyearoflawenforcementcooperationbetweenthetwocountriesinRome,Italy,onMay28,ofphoto-snappingpassersby--wereinRomespicturesquePiazzaNavonaMondayfortheornateceremony.(Xinhua/AlbertoLingria)PhototakenonMay3,2018showstheoldtowninQingdao,acoastalcityineastChina,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/LiZiheng)PhototakenonApril27,2018showsacoral-shapedbridgeinQingdao,acoastalcityineastChina,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/LiZiheng)PhototakenonApril14,2018showsthenightviewofFushanBayinQingdao,acoastalcityineastChina,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/GuoXulei)AerialphototakenonMay10,2018showsrailvehiclesproducedbytheCRRCQingdaoSifangCo.,,acoastalcityineastChina,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/LiZiheng)PhototakenonMay7,2018showsthecentennialstatueofTsingtaoBeerinQingdao,acoastalcityineastChina,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/LiZiheng)PhototakenonApril19,2018showsthePassiveHouseTechnologyCenterattheSino-GermanEcoparkinQingdao,acoastalcityineastChina,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/LiZiheng)TouriststoastwithTsingtaoBeerinQingdao,acoastalcityineastChinasShandongProvince,May17,,Qingda,thecoastalcitywillhostthe18thsummitoftheShanghaiCooperationOrganization(SCO).(Xinhua/GuoXulei)

  

  惊艳!全彩色3D打印机亮相山东济南 一次成型全彩色

 
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A股万亿商誉“排雷”进行时
2019-05-23 10:17:10 来源: 中国证券报
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  经过多年资本市场并购重组的不断发展,A股上市公司商誉急剧膨胀,至今已破万亿规模。随着上市公司遭遇商誉减值“地雷”案例逐渐增多,其中暗藏的风险也开始逐渐暴露并被市场所认知,目前包括上市公司、监管层以及投资者均已有所行动,合力“排雷”。市场人士指出,由于此前并购重组“三高”案例颇多,未来两年仍将是商誉减值风险爆发的高峰期,投资者应注意甄别和规避,上市公司则需做好并购重组前期功课,监管层也应引导上市公司合理并购重组并做好信息披露。

  商誉急剧膨胀破万亿

  “公司正在跟收购对象协商修改利润补偿方案,拟下调目标净利润总额。”深圳一家上市公司董秘告诉中国证券报记者,近期频频曝出的商誉大额减值现象已引起公司重视,为防止收购标的业绩不达预期,公司拟将交易总价下调,对应给予收购标的的条件就是利润承诺总额也相应下调,“这样他们经营的压力也会小一些,我们也能尽量避免出现商誉‘地雷’,不让投资者失望。”

  所谓的商誉“地雷”,只是并购重组后遗症的一个缩影。近年来,随着资本市场并购重组的盛行,很多上市公司为了追逐市场热点、炒概念、做高股价,不惜高溢价收购,导致商誉也出现井喷式增长,随之而来的商誉减值致业绩下滑甚至变脸的案例屡见不鲜。4月15日,勤上股份发布计提资产减值的公告,由于龙文教育2016年度经营情况未达预期,公司将对收购龙文教育形成的商誉计提减值准备4.2亿元。2016年初才完成对龙文教育收购的勤上股份,也由于这一原因,2016年度业绩由原来的盈利4786.69万元,变成亏损4.27亿元。

  投资者也开始认识到危害,对商誉“爆雷”的上市公司“用脚投票”,比如勤上股份4月25日复牌后即告跌停。此举还带来连锁反应,由于股价大跌,勤上股份控股股东勤上集团、实控人李旭亮及其关联人李淑贤部分质押的公司股票接近平仓线,公司不得不再度停牌。

  因子公司业绩不及预期而计提商誉减值,从而拖累公司业绩的上市公司也不在少数。据中国证券报记者统计,截至5月4日,今年共有新华医疗、大通燃气、东华软件、威海广泰等21家上市公司明确公告计提商誉减值准备。

  “与上述21家公司不同,还有很多公司并未直接公告计提商誉减值,而是公告计提资产减值,将商誉作为其中一项,从而被投资者忽略。”有上市公司人士介绍,考虑到这种情况,2016年计提商誉减值的公司远远超过20余家,“还有些收购标的已出现业绩轻微不达标的情况,只是可能因为差额不大,尚未对商誉造成影响。”

  据WIND统计数据显示,截至2016年末,A股共有1728家公司产生了商誉,累计规模高达1.05万亿元,而同期上市公司净利润仅为2.76万亿元,商誉占净利润的比例超过三成,高达38.04%。相比之下,2015年全年商誉确认额为6487.10亿元,同期营业利润为33572.32亿元,占比为19.32%。短短一年,A股商誉增幅超过六成,占净利润的比例也大幅提高近二十个百分点。

  商誉急剧变动已成为拖累上市公司业绩的重要风险因素。深圳某会计师事务所负责人指出,在现有会计准则下,非同一控制下企业合并成本超过被合并企业可辨认净资产公允价值的部分将被确认为商誉。商誉列入资产负债表,不折旧、不摊销,但需要每年进行减值测试,减值金额将计入公司利润表,一经确认不得转回。“这也意味着商誉减值往往成为一些上市公司业绩下滑的‘黑天鹅’,一旦被收购资产业绩变脸,就将造成商誉减值,直接影响上市公司净利润。”该负责人指出,商誉越重,计提减值对利润造成的冲击就可能越大,上市公司、投资者双方均应高度警惕商誉过度减值带来的风险。

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