美银:量化紧缩将使标普500指数再下跌7%!

由于美联储大幅升息,美股市场已经面临诸多阻力。但根据美国银行的说法,如果历史可以作为参考的话,美联储缩减资产负债表的做法将对股价构成了风险。

据了解,美银在研究了2010年至2019年美联储购买债券与标普500指数回报率之间的历史关系后,得出结论称,截至2023年的量化紧缩政策(QT)将导致该基准指数较当前水平下降7%。此外,该行还称量化宽松政策解释了超过50%的市场波动。

Independent Advisor Alliance首席投资官Chris Zaccarelli表示,量化紧缩无疑已经让位于更紧迫的问题,如通胀和市场对经济衰退的担忧。然而,随着经济增长继续放缓,美联储减持资产可能会成为重中之重。

EQM Capital创始人Jane Edmondson表示:“市场一直在庆祝下一次加息可能是50个基点,而不是75个基点,但市场似乎并不看好量化紧缩。我认为,考虑到美联储的量化紧缩计划已经广为传播,市场已经将其消化。”

据悉,美联储从6月开始缩减其8.9万亿美元的资产负债表,并正在逐步缩减至最终每年1.1万亿美元的规模。此后的两个月里,标普500指数上涨了4.8%。

发表评论:

◎欢迎参与讨论,请在这里发表您的看法、交流您的观点。

返回顶部

友情链接谷歌留痕http://tieba.baidu.com/f/search/res?ie=utf-8&qw=%E6%A0%BC%E5%85%B0%E8%90%A8%E7%B4%A2%E7%A7%91%E5%AD%A6%E7%A0%94%E7%A9%B6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Gran%20Sasso%20Science%20Institute%20-%20Scuola%20di%20Dottorato%20Internazionale%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=uakhim7i, |  https://www.tatenfuermorgen.de/?s=%E5%85%8B%E8%8E%B1%E9%A1%BF%E5%B7%9E%E7%AB%8B%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Clayton%20State%20University%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=o54ld0ou |  https://ru.apkbe.com/search?q=%E5%8C%97%E5%BC%97%E5%90%89%E5%B0%BC%E4%BA%9A%E7%A4%BE%E5%8C%BA%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Northern%20Virginia%20Community%20College%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=gspr8l5b |  http://soso.gamersky.com/cse/search?s=3068275339727451251&q=%E5%92%8C%E6%B4%8B%E5%A5%B3%E5%AD%90%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%E5%92%8C%E6%B4%8B%E5%A5%B3%E5%AD%90%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=k7a2iz7s&nsid=6, |  http://jiashanx.58.com/sou/?key=%E7%94%B0%E7%BA%B3%E8%A5%BF%E5%B7%9E%E7%AB%8B%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Tennessee%20State%20University%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=rs2hcqs6, |  https://www.beinsports.com/my/search?q=%E5%8D%97%E6%BE%B3%E5%A4%A7%E5%88%A9%E4%BA%9A%E5%95%86%E4%B8%9A%E6%8A%80%E6%9C%AF%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28South%20Australian%20Institute%20of%20Business%20and%20Technology%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=xtl9b50r |  https://baike.so.com/search/?q=%E5%B2%9B%E6%A0%B9%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%E5%B3%B6%E6%A0%B9%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=mirjhgi8, |  https://artsudbury.org/fr/?s=%E7%B1%B3%E9%B2%81%E5%85%B9%E5%8D%97%E9%98%BF%E5%B0%94%E8%90%A8%E6%96%AF%E5%9B%BD%E7%AB%8B%E9%AB%98%E7%AD%89%E5%B7%A5%E7%A8%8B%E5%B8%88%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Universit%C3%A9%20de%20Mulhouse%2C%20Ecole%20Nationale%20Sup%C3%A9rieure%20d%27Ing%C3%A9nieurs%20Sud-Alsace%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=3jle34ha |  https://jingyan.baidu.com/search?word=%E8%BD%A6%E5%8C%BB%E5%AD%A6%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%EC%B0%A8%EC%9D%98%EA%B3%BC%ED%95%99%EB%8C%80%ED%95%99%EA%B5%90%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=cyykb4z7, |  https://www.so.com/s?ie=utf-8&src=360sou_home&_re=0&q=%E9%AB%98%E7%AD%89%E5%85%88%E8%BF%9B%E5%B7%A5%E4%B8%9A%E6%8A%80%E6%9C%AF%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28ESTIA%3A%20Ecole%20Sup%C3%A9rieure%20des%20Technologies%20Industrielles%20Avanc%C3%A9es%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=qhlcof7h, |  http://www.geihui.com/shop/listinfo/shopkey/%E5%9F%B9%E6%9D%90%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%EB%B0%B0%EC%9E%AC%EB%8C%80%ED%95%99%EA%B5%90%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=zi3ihqrg.html, |  https://www.helb.co.ke/?s=%E5%AF%8C%E5%B1%B1%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%E5%AF%8C%E5%B1%B1%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=90vbzw5j |  https://www.1111.com.tw/search/job?ks=%E5%8A%A0%E8%80%B6%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%EA%B0%80%EC%95%BC%EB%8C%80%ED%95%99%EA%B5%90%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=x02ivmly |  https://www.so.com/s?ie=utf-8&src=360sou_home&_re=0&q=%E6%96%B0%E4%B8%8D%E4%BC%A6%E7%91%9E%E5%85%8B%E7%A4%BE%E5%8C%BA%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28New%20Brunswick%20Community%20College%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=gfgxtasn, |  http://soso.gamersky.com/cse/search?s=3068275339727451251&q=%E6%9E%97%E7%99%BB%E5%A4%A7%E5%AD%A6%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Linton%20University%20College%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=ee79su1u&nsid=6, |  https://hands.net/search/?q=%E5%A5%A5%E6%9C%AC%E5%A4%A7%E5%AD%A6%E8%92%99%E5%93%A5%E9%A9%AC%E5%88%A9%E5%88%86%E6%A0%A1%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Auburn%20University%20at%20Montgomery%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=v6gpw1n9 |  http://search.qingdaonews.com/?q=%E9%98%BF%E6%96%AF%E4%BC%AF%E9%87%8C%E7%A5%9E%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Asbury%20Theological%20Seminary%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=u86ziy21, |  https://www.gvm.com.tw/search?keywords=%E8%97%A4%E7%94%B0%E5%8C%BB%E7%A7%91%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%E8%97%A4%E7%94%B0%E5%8C%BB%E7%A7%91%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=v19k5z0y |  https://www.zentao.net/search-index-%E8%80%B6%E6%8B%BF%E5%BA%94%E7%94%A8%E6%8A%80%E6%9C%AF%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Ernst-Abbe-Hochschule%20Jena%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=9gp6ywhm |  https://www.roamler.com/?s=%E5%A4%AA%E5%B9%B3%E6%B4%8B%E5%81%A5%E5%BA%B7%E4%B8%8E%E7%A7%91%E5%AD%A6%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Pacific%20College%20of%20Health%20and%20Science%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=0dyz7hm1 |  http://search.qingdaonews.com/?q=%E9%87%91%E5%9F%8E%E5%A4%A7%E5%AD%A6%E7%9F%AD%E6%9C%9F%E5%A4%A7%E5%AD%A6%E9%83%A8%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%E9%87%91%E5%9F%8E%E5%A4%A7%E5%AD%A6%E7%9F%AD%E6%9C%9F%E5%A4%A7%E5%AD%A6%E9%83%A8%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=jskeyiii, |  http://soft.so.com/search?q=%E5%B0%BC%E5%B0%94%E6%A3%AE%E8%88%AA%E7%A9%BA%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Nelson%20Aviation%20College%20Limited%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=s9q4o2mk&src=tab_music, |  http://soft.so.com/search?q=%E7%A7%91%E7%BD%97%E6%8B%89%E5%A4%9A%E5%A4%A7%E5%AD%A6%E7%A7%91%E7%BD%97%E6%8B%89%E5%A4%9A%E6%96%AF%E6%99%AE%E6%9E%97%E6%96%AF%E5%88%86%E6%A0%A1%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28University%20of%20Colorado%20at%20Colorado%20Springs%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=ldz04wpc&src=tab_music, |  http://www.sogou.com/web?query=site:%E5%9D%8E%E5%B8%83%E9%87%8C%E4%BA%9A%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28University%20of%20Cumbria%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=7spfoxeg, |  https://www.douban.com/search?q=%E8%B4%9D%E7%A6%8F%E5%BE%B7%E9%83%A1%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28University%20of%20Bedfordshire%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=jlthkfoi, |  https://www.dealmoon.co.uk/cn/top/%E5%AE%AB%E5%9F%8E%E6%95%99%E8%82%B2%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28%E5%AE%AE%E5%9F%8E%E6%95%99%E8%82%B2%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=toe42jev |  https://www.baidu.com/s?tn=cnip8_pg&wd=%E5%B8%83%E6%8B%89%E4%BD%90%E6%96%AF%E6%B3%A2%E7%89%B9%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Brazosport%20College%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=qhbduw22, |  https://www.dailymotion.com/search/***%E9%BD%90%E9%99%B6%2F%E6%A0%BC%E5%88%A9%E8%8C%A8%E5%BA%94%E7%94%A8%E6%8A%80%E6%9C%AF%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Hochschule%20Zittau%2FG%C3%B6rlitz%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=563h8pza |  http://search.chinavalue.net/?q=%E7%9A%87%E5%AE%B6%E5%B7%A5%E5%AD%A6%E9%99%A2%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Royal%20Institute%20of%20Technology%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=6xvd9duv |  http://search.d1xz.net/cse/search?s=7667773742933365816&q=%E9%BE%99%E6%AF%94%E4%BA%9A%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E8%AF%81%E6%88%90%E7%BB%A9%E5%8D%95%E6%95%99%E8%82%B2%E9%83%A8%E7%95%99%E5%AD%A6%E6%9C%8D%E5%8A%A1%E7%95%99%E4%BF%A1%E8%AE%A4%E8%AF%81QQ%E5%BE%AE%E4%BF%A11989 88881%28Edinburgh%20Napier%20University%E6%AF%95%E4%B8%9A%E8%AF%81degree%20offer%20diploma%20Transcript%29,frog=qmhgw9wp, |