2020年7月1日10:45:1583吨假金条:中国造假丑闻震撼黄金市场已关闭评论 1.5K22833字阅读76分6秒


Over the years,we have periodically reported of the occasional gold bar discovered as counterfeit in Manhattan's Diamond District which instead of containing the yellow precious metal would be filled with gold-plated tungsten or in some cases copper.The news would spark a brief wave of outrage,prompting physical gold holders to run ultrasound spot checks of their inventory,at which point interest would wane and why not:buyer,after all,beware in gold as in every other market,and if someone is spending thousands to buy fake gold,well that's Darwinism in action.



Yet one market which seemed stubbornly immune to any counterfeiting was that of physical gold in China,which was odd considering that over the past decade China had emerged as the world's biggest counterfeiter of various,mostly industrial metals used to secure bank loans,better known as"ghost collateral",and which adding insult to injury,would frequently be rehypothecated meaning often several banks would have claims to the same(fake)asset.


All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history.And yes,not only does it involve China,but it emerges from a city that has become synonymous for all that is scandalous about China:Wuhan itself.


With that preamble in mind,we introduce readers to Wuhan Kingold Jewelry Inc.,a company which as the name implies was founded and operates out of Wuhan,and which describes itself on its website as"A Company with a Golden future."

考虑到前言,我们向读者介绍了武汉金古珠宝有限公司(Wuhan Kingold Jewelry inc.)。这家公司正如其名字所暗示的那样,是在武汉成立和运营的,在其网站上将自己描述为"一家拥有金色未来的公司"


In retrospect,it probably meant"copper"future,because as a remarkable expose by Caixin has found,more than a dozen Chinese financial institutions,mainly trust companies(i.e.,shadow banks)loaned 20 billion yuan($2.8 billion)over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses.There was just one problem:the"gold"turned out to be gold-plated copper.


Some more background:Kingold-whose name was probably stolen from Kinross Gold,one of the world's largest gold miners-is the largest privately owned gold processor in central China's Hubei province.Its shares are listed on the Nasdaq stock exchange in New York(although its current market cap of just$10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010).The company is led by Chairman Jia Zhihong,an intimidating ex-military man who is the controlling shareholder.

还有一些背景资料:Kingold是中国中部湖北省最大的民营黄金加工企业。Kingold的名字可能是从全球最大的黄金矿商之一金罗斯黄金公司(Kinross Gold)盗来的。该公司的股票在纽约纳斯达克证券交易所上市(尽管其目前的市值仅为1000万美元,与2010年左右在纳斯达克上市时创下的历史最高水平相去甚远)。该公司由董事长贾志宏领导,他是一位令人生畏的退伍军人,也是公司的控股股东。

What could go wrong?


Well,apparently everything as at least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper.That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars.And as Caixin adds,the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other smaller insurers.


The fake gold came to light in February when Dongguan Trust(one of those infamous Chinese shadow banks)set out to liquidate Kingold collateral to cover defaulted debts.As the report continues,in late 2019 Kingold failed to repay investors in several trust products.To its shock,Dongguan Trust said it discovered that the gleaming gold bars were actually gilded copper alloy.

今年2月,假黄金曝光,当时东莞信托(Dongguan Trust,中国臭名昭著的影子银行之一)开始清算金古尔德的抵押品,以偿还违约债务。随着报告的继续,在2019年末,Kingold未能用几种信托产品偿还投资者。令其震惊的是,东莞信托表示,它发现闪闪发光的金条实际上是镀金的铜合金。

The news sent shockwaves through Kingold's creditors.China Minsheng Trust-another shadow banking company and one of Kingold's largest creditors-obtained a court order to test collateral before Kingold's debts came due.On May 22,the test result returned saying the bars sealed in Minsheng Trust's coffers are also copper alloy.

这个消息震惊了Kingold的债主们。另一家影子银行公司——中国民生信托(China Minsheng Trust)——也是金古尔德最大的债权人之一——在金古尔德的债务到期之前,获得了测试抵押品的法庭命令。522日,检测结果显示,民生信托金库中密封的金条也是铜合金。

And with authorities investigating how this happened,Kingold chief Jia flatly denies that anything is wrong with the collateral his company put up.Well,what else could he say...


As Caxin notes,the Kingold counterfeiting case echoes China's largest gold-loan fraud case,unfolding since 2016 in the northwest Shaanxi province and neighboring Hunan,where regulators found adulterated gold bars in 19 lenders'coffers backing 19 billion yuan of loans,or about USD$2.5 billion.In that case,a lender seeking to melt gold collateral found black tungsten plate in the middle of the bars.

正如 Caxin 指出的那样,Kingold 假冒案与中国最大的黄金贷款欺诈案类似。2016年以来,陕西省和邻近的湖南省发生了黄金贷款欺诈案,监管机构在19家贷款机构的金库中发现了掺假的金条,这些贷款涉及190亿元人民币(约合25亿美元)的贷款。在这种情况下,一家寻求融化黄金抵押品的贷款机构在金条中间发现了黑色的钨板。

In the case of Kingold,the company said it took out loans against gold to supplement its cash holdings,support business operations and expand gold reserves,according to public records.It then appears to have decided to apply a gold-layer to tons of copper and pretend it was money-good gold collateral.And even more shocking,for years nobody checked the authenticity of the pledged collateral!

根据公开记录,就 Kingold 而言,该公司表示,它以黄金为抵押贷款,以补充其现金持有量,支持企业运营,并扩大黄金储备。然后,它似乎决定在吨铜上套上一层金层,并假装它是货币良好的黄金抵押品。更令人震惊的是,多年来没有人检查抵押品的真实性!

In 2018,the company beat a number of competitors in bidding to buy a controlling stake in state-owned auto parts maker Tri-Ring Group.Kingold offered 7 billion yuan in cash for 99.97%of Tri-Ring.The Hubei government cited the deal as a model of so-called mixed-ownership reform,which seeks to invite private shareholders into state-owned enterprises.But Kingold has faced problems taking over Tri-Ring's assets amid a series of corruption probes and disputes involving Tri-Ring.

2018年,该公司在竞购国有汽车零部件制造商三环集团(Tri-Ring Group)控股权的交易中击败了多家竞争对手。金老提出以70亿元现金收购三环99.97%的股份。湖北省政府称,这笔交易是所谓的混合所有制改革的典范,旨在邀请私人股东进入国有企业。但在一系列涉及三环的腐败调查和纠纷中,金古尔德面临着接管三环资产的问题。

After obtaining the test results,Minsheng Trust executive said the company asked Jia whether the company fabricated the gold bars:"He flatly denied it and said it was because some of the gold the company acquired in early days had low purity,"the executive said.In a telephone interview with Caixin in early June,Jia denied that the gold pledged by his company was faked.


"How could it be fake if insurance companies agreed to cover it?"he said and refused to comment further.Well,the answer is simple:the insurance companies were in on the scam,but that's a story for another day.


In early June,Minsheng Trust,Dongguan Trust and a smaller creditor Chang'An Trust filed lawsuits against Kingold and demanded that PICC P&C cover their losses.PICC P&C declined to comment to Caixin on the matter but said the case is in judicial procedure.A source from PICC P&C told Caixin that the claim procedure should be initiated by Kingold as the insured party rather than financial institutions as beneficiaries.Kingold hasn't made a claim,the Caixin source said.

6月初,民生信托(Minsheng Trust)、东莞信托(Dongguan Trust)和一家规模较小的债权人长安信托(Chang'An Trust)对金古尔德提起诉讼,要求中国人民保险(PICC p&c)赔偿它们的损失。中国人保拒绝就此事向 Caixin 方面置评,但表示此案正在司法程序中。一位来自中国人保的消息人士告诉财新网,索赔程序应该由 Kingold 作为受保方启动,而不是由金融机构作为受益方。财新网消息人士称,Kingold 没有发表声明。

In total,Kingold pledge tens of thousands of kilograms of gold to no less than 14 creditors amounting to just under 20 billion yuan.



Caixin learned that the Hubei provincial government set up a special task force to oversee the matter and that the public security department launched an investigation.The Shanghai Gold Exchange,a gold industry self-regulatory organization,disqualified Kingold as a member as of last week.


Following Dongguan Trust and Minsheng Trust,two other Kingold creditors also tested pledged gold bars and found they were fake,Caixin learned.A Dongguan Trust employee said his company reported the case to police Feb.27,the day after the testing result was delivered,and demanded 1.3 billion yuan of compensation from PICC P&C's Hubei branch.

继东莞信托和民生信托之后,另外两名 Kingold 债权人也对质押金条进行了测试,发现它们是假的,财新得知。东莞信托的一名员工说,他的公司在227日,也就是检测结果出来的第二天,向警方报案,并要求中国人保湖北分公司赔偿13亿元。

Meanwhile,Kingold defaulted on 1.8 billion yuan of loans from Dongguan Trust with an additional 1.6 billion yuan due in July.


The 83 tons of purportedly pure gold stored in creditors'coffers by Kingold as of June,backing the 16 billion yuan of loans,would be equivalent to 22%of China's annual gold production and 4.2%of the state gold reserve as of 2019.

截至6月,Kingold 公司在债权人的金库中储存了83吨据称是纯金的黄金,用于支持160亿元人民币的贷款,这相当于2019年中国黄金年产量的22%和国家黄金储备的4.2%

In short,more than 4%of China's official gold reserves may be fake.And this assume that no other Chinese gold producers and jewelry makers are engaging in similar fraud(spoiler alert:they are.)



Founded in 2002 by Jia,Kingold was previously a gold factory in Hubei affiliated with the People's Bank of China that was split off from the central bank during a restructuring.With businesses ranging from gold jewelry design,manufacturing and trading,Kingold is one of China's largest gold jewelry manufacturers,according to the company website.


The company debuted on Nasdaq in 2010.The stock currently trades around$1 apiece,giving Kingold a market value of$12 million,down 70%from a year ago.A company financial report showed that Kingold had$3.3 billion of total assets as of the end of September 2019,with liabilities of$2.4 billion.

该公司于2010年在纳斯达克上市。目前,该公司股票的交易价格约为每股1美元,金古尔德的市值为1200万美元,比去年同期下降了70%。公司财务报告显示,截至20199月底,Kingold 的总资产为33亿美元,负债为24亿美元。

Jia,now 59,served in the military in Wuhan and Guangzhou and spent six years living in Hong Kong.He once managed gold mines owned by the People's Liberation Army,which means he likely has connections all the way to the very top.


83吨假金条:中国造假丑闻震撼黄金市场Jia Zhihong 贾志宏

"Jia is tall and strong,"one financial industry source familiar with Jia told Caixin."He's an imposing figure and speaks loudly.He is bold,reckless and eloquent,always making you feel he knows better than you."


Several trust company sources said Jia is well connected in Hubei-the epicenter of the coronavirus pandemic-which may explain Kingold's surprise victory in the Tri-Ring deal.But a financial industry source in Hubei said Jia's business is not as solid as it may appear.


"We knew for years that he doesn't have much gold―all he has is copper,"said the source,who declined to be named.


Local financial institutions in Hubei have avoided doing business with Kingold,but they don't want to offend him publicly,the source said.Why?Because of his extnesive connections with the Chinese army.


"Almost none of Hubei's local trust companies and banks has been involved in(Kingold's)financing,"he said.


That explains why most of Kingold's creditors are from outside Hubei.Caixin learned from regulatory sources that Minsheng Trust is the largest creditor of Kingold with nearly 4.1 billion yuan of outstanding loans,followed by Hengfeng Bank's 3.9 billion yuan,Dongguan Trust's 3.4 billion yuan,Anxin Trust&Investment Co.'s 1.9 billion yuan and Sichuan Trust Co.'s 1.8 billion yuan.

这就解释了为什么 Kingold 的债权人大多来自湖北以外的地区。财新从监管部门获悉,民生信托是 Kingold 最大的债权人,有近41亿元的未偿还贷款,其次是恒丰银行39亿元,东莞信托34亿元,安信信托投资有限公司19亿元,四川信托有限公司18亿元。

But wait,counterfeiting gold is just the tip of the company's fraud iceberg:several industry sources told Caixin that the institutions were willing to offer loans to Kingold because Jia promised to help them dispose of bad loans.

但是等等,伪造黄金只是该公司欺诈行为的冰山一角:一些业内人士告诉财新网,这些机构愿意向 Kingold 提供贷款,因为贾承诺帮助他们处理不良贷款。

Hengfeng Bank is the only commercial bank involved in the Kingold affair.The bank in 2017 provided an 8 billion yuan loan to Kingold,which in return agreed to help the bank write off 500 million yuan of bad loans,bank sources said.Kingold repaid half of the debts in 2018.But the loan issuance involved many irregularities as access to the pledged gold and testing procedures was controlled by Kingold,one Hengfeng employee said.

恒丰银行是唯一一家参与金茂事件的商业银行。银行消息人士称,银行在2017年向 Kingold 提供了80亿元人民币贷款,作为回报,同意帮助银行冲销5亿元的不良贷款。Kingold2018年偿还了一半的债务。但恒丰的一名员工表示,贷款发放涉及许多违规行为,因为获取质押黄金的途径和检测程序都是由金高德控制的。

The loan was pushed forward by Song Hao,former head of Hengfeng's Yantai branch.Song was placed under graft investigation in March 2018 in connection with the bank's disgraced former Chairman Cai Guohua,whose downfall led to a major revamp in the bank's management.In 2019,Hengfeng's new management sued Kingold for the unpaid loans and moved to dispose the collateral.But a test of the gold bars found they are"all copper,"the bank source said.


It is still unclear whether the collateral was faked in the first place or replaced afterward.Sources from Minsheng Trust and Dongguan Trust confirmed that the collateral was examined by third-party testing institutions and strictly monitored by representatives from Kingold,lenders and insurers during the process of delivery.

目前还不清楚这些抵押品是最初伪造的还是后来被替换的。来自民生信托(Minsheng Trust)和东莞信托(Dongguan Trust)的消息人士证实,在抵押品交付过程中,这些抵押品经过了第三方检测机构的审查,并受到了 Kingold、银行和保险公司代表的严格监控。

"I still can't understand which part went wrong,"a Minsheng Trust source said.Bank records showed that the vault where the collateral was stored was never opened,the source told Caixin.


The falling dominos


Public records showed that Kingold's first gold-backed borrowing can be traced back to 2013,when it reached an agreement for 200 million yuan of loans from Chang'An Trust,with 1,000 kilograms of gold pledged.The two-year loan was to fund a property project in Wuhan and was repaid on time.Before this,Kingold's financing mainly came from bank loans with property and equipment as collateral.

公共记录显示,Kingold 的第一笔黄金支持借款可以追溯到2013年,当时它与长安信托达成了一项协议,从长安信托获得了2亿元人民币的贷款,1000公斤黄金作为抵押品。这笔为期两年的贷款是为武汉的一个房地产项目提供资金,并按时偿还。在此之前,Kingold的融资主要来自以房地产和设备为抵押的银行贷款。

It appears that one way or another,the company realized that it could fabricate gold ownership and receive money in exchange for what were basically worthless copper bricks painted as gold;and thanks to Jia's military connections nobody would ask any other questions.


As a result,starting in 2015,Kingold rapidly increased its reliance on gold-backed borrowing and started working with PICC P&C to cover the loans.In 2016,Kingold borrowed 11 billion yuan,nearly 16 times higher than the previous year's figure.Its debt-to asset ratio surged to 87.5%from 43.4%,according to a company financial report.That year,Kingold pledged 54.7 tons of gold for loans,7.5 times higher than the previous year.

因此,从2015年开始,金欧德迅速增加了对黄金支持借款的依赖,并开始与中国人保保险公司(PICC p&c)合作,为这些贷款提供担保。2016年,Kingold借了110亿元人民币,几乎是前一年数字的16倍。根据公司财务报告,其债务资产比率从43.4%飙升至87.5%。那一年,Kingold提供了54.7吨黄金贷款,比前一年增加了7.5倍。

It is now safe to assume that most of that gold never existed.


A person close to Jia said the surge of borrowing was partly due to Kingold's pursuit of Tri-Ring.In 2016,the Hubei provincial government announced a plan to sell Tri-Ring stakes to private investors as a major revamp of the Hubei government-controlled auto parts manufacturer.


In 2018,Kingold was selected as the investor in a deal worth 7 billion yuan.According to the investment plan,Kingold's purchase of Tri-Ring was part of a strategy to expand into the hydrogen fuel cell business,which is obviously a"logical"fit for a company involved in gold jewelry.Sources close to the deal said Kingold was attracted by Tri-Ring for its rich holding of industrial land that could be converted for commercial development.

2018年,Kingold被选为一笔价值70亿元的交易的投资者。根据投资计划,Kingold 收购 Tri-Ring 是向氢燃料电池业务扩张战略的一部分,这显然是一家从事黄金首饰业务的公司"合乎逻辑"的选择。知情人士表示,金古尔德之所以被三环吸引,是因为三环拥有丰富的工业用地,可以用于商业开发。

Yes,at the very bottom of the fraud we finally get to the one true and endless Chinese asset bubble:real estate.


A Dongguan Trust investment document showed that Tri-Ring owns land blocks in Wuhan and Shenzhen that are worth nearly 40 billion yuan.


The deal drew immediate controversy as some rival bidders questioned the transparency of the bidding process and Kingold's qualifications.


And here things get even crazier:according to Kingold's financial reports,the company had only 100 million yuan of net assets in 2016 and 2 billion yuan in 2017,sparking doubts over its capacity to pay for the deal.Despite the fuss,Kingold paid 2.8 billion yuan for the first installment shortly after the announcement of the deal.The second installment of 2.4 billion yuan was paid several months later with funds raised from Dongguan Trust.

事情变得更加疯狂:根据 Kingold 的财务报告,该公司2016年仅有1亿元净资产,2017年仅有20亿元净资产,这引发了对其支付能力的怀疑。尽管如此,在交易宣布后不久,Kingold还是支付了28亿元人民币的第一期贷款。第二笔24亿元的分期付款在几个月后由东莞信托基金支付。

In December,Tri-Ring completed its business registration change,marking completion of Kingold's takeover.However,the new owner has since faced troubles mobilizing Tri-Ring's assets because of a series of corruption probes surrounding the auto parts maker since early 2019 that brought down Tri-Ring's former chairman.As Caixin the notes,a majority of Tri-Ring's assets were frozen amid the investigation and subsequent debt disputes,limiting Jia's access to the assets.


The fraud is finally exposed


Hobbled by the Tri-Ring deal,which cost billions of yuan but has yet to make any return,Jia's capital chain was eventually broken when Hengfeng Bank pushed for repayment,triggering a series of events that brought the fake gold to light,said a person close to the matter.Insurers'involvement was key to the success of Kingold's gold-backed loan deals.The insurance policies provided by leading state-owned insurers like PICC P&C were a major factor defusing lenders'risk concerns,several trust company sources said.

据知情人士透露,在三环交易的拖累下,贾的资金链最终在恒丰银行要求还款时被打断,引发了一系列曝光假黄金的事件。三环交易耗资数十亿元人民币,但迄今尚未获得任何回报。保险公司的参与是 Kingold 黄金支持贷款交易成功的关键。一些信托公司消息人士称,中国人保(PICC p&c)等主要国有保险公司提供的保单,是化解银行风险担忧的一个主要因素。

"Without the insurance coverage from PICC P&C,(we)wouldn't issue loans to Kingold as the collateral can only be tested through random picked samples,"one person told Caixin.

"如果没有中国人保的保险范围,(我们)不会向 Kingold 发放贷款,因为抵押品只能通过随机抽取的样本进行检验,"一名人士向财新网表示。

PICC P&C's Hubei branch provided coverage for most of Kingold's loans,Caixin learned.All the policies will expire by October.As of June 11,60 policies were still valid or involved in lawsuits.

财新网获悉,中国人保湖北分公司为 Kingold 的大部分贷款提供了担保。所有的保单将在10月份到期。截至611日,60份保单仍然有效或涉及诉讼。

PICC P&C faces multiple lawsuits filed by Kingold's creditors demanding compensation.But a PICC P&C spokesperson said the policies cover only collateral losses caused by accident,disasters,robbery and theft.Not fraud,and certainly not losses when the collateral never even existed!

中国人保面临着 Kingold 的债权人提起的多起要求赔偿的诉讼。但中国人保一位发言人表示,这些保单只涵盖意外事故、灾难、抢劫和盗窃造成的附带损失。不是欺诈,当然也不是损失,因为抵押品根本不存在!

Whose fault


Wang Guangming,a lawyer at Dacheng Law Offices,said the key issue is what happened to the pledged gold and which party was aware of the falsification.If Kingold faked the gold bars and both the insurers and creditors were unaware,the insurers should compensate the lenders and sue Kingold for insurance fraud,Wang said.Insurers are also responsible to compensate if they knew of Kingold's scam but creditors didn't,Wang said.

大成律师事务所律师王光明表示,关键问题在于质押黄金发生了什么,以及哪一方知道这起伪造事件。如果 Kingold 伪造了金条,而保险公司和债权人都不知情,那么保险公司应该赔偿贷款人,并起诉 Kingold 的保险欺诈行为。保险公司也有责任赔偿,如果他们知道 Kingold 的骗局,但债权人不知道,王说。

If Kingold and creditors were both aware of the fake collateral,insurers could terminate the policies and sue the parties for fraud.But if insurers were also involved in the scam,then all the contracts are invalid and every party should assume their own legal responsibilities,Wang said.


A financial regulatory official told Caixin that previous investigations of loan fraud cases involving fake gold pledges found there was often collusion between borrowers and financial institutions.


Earlier this year,PICC P&C removed its Hubei branch party head and general manager Liu Fangming.Sources said staff members involved in business with Kingold were also dismissed.PICC P&C said Liu's removal was due to internal management issues.It didn't answer Caixin's question about whether Liu was involved in the Kingold scandal.


83吨假金条:中国造假丑闻震撼黄金市场PICC P&C's Hubei branch provided insurance for most of Kingold's gold-backed loans.中国人保湖北分公司为 Kingold 的大部分黄金支持贷款提供了保险


The above story is shocking in exposing just how multi-faceted fraud is in China:capitalizing on pre-existing cronyism and connections with China's powerful army,the founder of Kingold was allowed to basically do anything he wanted,no questions asked,including counterfeiting over 83 tons of gold bars to get billions in funds to participate in China's housing bubble,only for a series of unexpected events to unwind the frauds one after another and expose the type of sordid scandal that is at the heart of most Chinese"enterprises"and business ventures.

上述故事令人震惊地暴露出中国的欺诈是多么多面的:利用先前存在的任人唯亲和与中国强大军队的关系,Kingold 的创始人基本上被允许做任何他想做的事情,不问任何问题,包括伪造超过83吨的金条,以获得数十亿美元的资金来参与中国的房地产泡沫,只有一系列意外的事件,解决了一个又一个的欺诈问题,揭露了大多数中国"企业"和商业企业的核心丑闻。

As for the gold,yes-several billion in gold bars never existed and yet resulted in a cascade of subsequent cash flow events allowing tens of billions in funds to be released,"benefiting"not only founder Jia,but China's broader economy.Which is,needless to say,terrifying:because whereas just after the financial crisis China was engaged in building ghost cities,everyone knew these were a symbol of demand that would never materialize,even if the cities themselves did exist.However,it now appears that a major part of China's subsequent economic boom has been predicated on tens of billions in hard assets-such as gold-which simply do not exist.


As for what this means for the price of gold...well,Kingold is certainly not the only Chinese company engaging in such blatant fraud,and the consequences are clear:once Chinese creditors or insurance companies start testing the"collateral"they have received in exchange for tens of billions in loans and discover,to their"amazement",that instead of gold they are proud owners of tungsten or copper,they have two choices:reveal the fraud,risking tremendous adverse consequences and/or prison time,or quietly buy up all the gold needed to literally fill the void from years of gold counterfeiting.


Something tells us option two will be far more palatable to China's kleptoculture where one domino cold trigger a collapse of the entire financial system.What happens next:a panicked scramble to procure physical gold,one which even our friends at the BIS will be powerless to stop from sending the price of the precious metal to all time highs.

有些东西告诉我们,第二种选择对于中国的盗贼文化来说,要容易接受得多,在这种文化中,一张多米诺骨牌就能引发整个金融体系的崩溃。接下来会发生什么:人们慌乱地争夺实物黄金,即使是我们在 BIS 的朋友也无力阻止这种贵金属价格创历史新高。



  • 本文由 发表于 2020年7月1日10:45:15
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