Tianjin Shipping Index (Jan.2-Jan.5)

Jan 26, 2018

I. Tianjin Shipping Index (TSI)

In Week 1 (Jan.2-Jan.5), the Tianjin Shipping Index (TSI) released for four times because of the New Year Holidays. Tianjin Container Freight Index (TCI) increased with fluctuation. Tianjin Bulk Freight Index (TBI) decreased markedly and then rebounded. Tianjin Domestic Container Freight Index (TDI) increased and stabilized. Tianjin Shipping Index (TSI) decreased and then increased. The TSI closed at 653.56 points with a decrease 0.95% from Dec.22, 2017 (the last release day of Week 51). The TSI trend is as follows,

The chart above shows the trends of TSI from Dec.18, 2017 to Jan.5, 2018 The value of TSI in Week 1,2018 is as follows,

II. Tianjin Container Freight Index (TCI)

In Week 1 2018 (Jan.2 to Jan.5), the TCI was released four times because of the New Year Holidays. The trend of TCI is as follows,

In Week 1, the TCI increased with shocks.

From Jan.2 to Jan.4 (Tue. to Thu.), the freight rates in European route, North American route, South American route and Persian Gulf route increased overall. The freight rates in Mediterranean route decreased and then increased. The TCI increased markedly by 2.97% on three consecutive release days. On Jan.5 (Fri.), the freight rates in European route, Mediterranean route and North American route decreased slightly. The freight rates in South American route kept stable. The freight rates in Persian Gulf route kept the increase trend. The TCI decreased slightly by 0.37% on a day on day basis.

The TCI closed at 402.77 points with an increase of 10.16 points (2.59%) from Dec.29, 2017 (the last release day of Week 52).

The TCI index value saw several up and down on a day-on-day basis are as follows:

European/Mediterranean route Last week, some ship owners raised the freight rates up and other ship companies followed their steps and carried out the freight-rate-rising plan. Therefore, the freight in European route kept the increase trend of last week and the freight indices increased 3.71% on a week on week basis. The freight rates in Mediterranean route decreased early this week and then increased. The freight rates in Mediterranean route decreased markedly and the freight indices decreased 1.10% on a week on week basis. The freight rates in Mediterranean West route enjoyed a good momentum of increase and the freight indices increased 4.21% on a week on week basis.

North American route After Christmas holidays, the freight rates are tend to rebound because the market demand got warmer again, cargo volume from factory traders increased compared with that of last week and the freight rates rebounded for over 20%. Ship owners raised the GRI, the freight rates presented a strong trend and then decreased in later half of the week. The freight indices in North American West Coast route and North American East Coast route increased 9.15% and 6.38% this week.

South American route Cargo volume on the market kept stable. The shipping Alliances continued to reduce transport capacity. The freight rates increased with shocks. The freight rates increased 9.28%, 0.66% and 2.98% respectively on a week on week basis.

Persian Gulf route Since Nov.2017, some ship owners who mainly do short-range ocean transport marched to Persian Gulf route. The transport capacity was expanded markedly, but cargo volume was not increased obviously. The center of freight rates decreased continuously. Under cost pressure, the shipping companies continued to raise the freight rates which kept the increase trend of last week. The freight indices increased 4.82% on a week on week basis.

III. Tianjin Bulk Freight Index (TBI)

Week 1, 2018 (Jan.2 – Jan.5), due to the New Year holiday, Tianjin Bulk Freight Index (TBI) was released four times and the trend is shown as follows:

In week 1, the TBI decreased significantly in the first half of the week but increased later.

On Jan.2 (Tue.), the freight rates of coal and mineral ore decreased significantly from the last release day of 2017 and the freight rate of grain decreased slightly, which made the TBI decrease 8.10% on a day-on-day basis. Then, the freight rates of coal and mineral ore continued to decrease and the freight rate of grain stabilized. The TBI decreased 2.93% on a day-on-day basis on Jan.3 (Wed.).

From Jan.4 to Jan.5 (Thu. to Fri.), the freight rates of coal and grain increased slightly and the freight rate of mineral ore increased significantly. TBI increased continuously and ended at 797.79 points with a decrease of 57.13 points (6.76%) from Dec.22 (the last release day of week 51 last year).

TBI index value saw several ups and downs on a day-on-day basis, which is shown as follows:

TBCI first decreased and then increased this week. TBCI ended at 584.03 points with a decrease of 61.46 points (9.52%) from Dec.22 (the last release day of week 51). For the Panamax market, market demand was weak after the holiday and the freight rate decreased fast in the first half of the week. The deal of coal increased later in the week and the freight rate also increased. The freight rate of the DBCT to Tianjin route decreased about 8.5%. For the Capesize market, the freight rate of Hay Point to Qingdao route decreased significantly from the last release day before the holiday but the freight rate increased later. The total decrease was about 11% this week.

TBGI shocked narrowly this week. It ended at 679.26 points with an increase of 1.61 points (0.24%) from Dec.22 (the last release day of week 51 in 2017). The freight rate of grain was stable as a whole and the increase of the cargoes in US gulf made the market active in the later part of the week. The freight rate of US Gulf to Tianjin route increased over 0.1%. The freight rate of South America to Tianjin route increased over 0.4%. By contrast, the freight rate of West America to Tianjin route decreased about 0.1%.

TBMI decreased significantly in the first half of the week but increased slightly later. It ended at 1100.07 points with a decrease of 111.56 points (9.21%) from Dec.22 (the last release day of week 51). For the iron ore market, affected by Christmas and the New Year holiday, the Capesize market was gloomy and the freight rate in the first part of the week was much lower than the last release day of 2017. Later, the market recovered. The trading volume increased significantly and the freight rate increased. The freight rate of West Australia to North China route decreased over 13%. The freight rate of Brazil to Tianjin route decreased about 0.3%. As for nickel ore, the cargo volume was small and the freight rate of Surigao to Tianjin route decreased over 0.6% this week.

IV. Tianjin Domestic Container Freight Index (TDI)

In the first week of 2018 (January 2-5), Tianjin Domestic Container Freight Index (TDI) was released for 4 times due to the New Year's holiday, The TDI is shown in the figure below,

In the first week, Tianjin Domestic Container Freight Index (TDI) stabilized after rising at the beginning of the week.

On January 2 (Tuesday), the Outward Index rose and the Inward Index continued its steady trend last week. The TDI rose 1.25% in a single day. On Jan.3rd (Wednesday), the Outward Index rose slightly, the Inward Index dropped and The TDI dropped a bit. From Jan. 4th to 5th (Thursday-Friday), the Inward and Outward Index returned to a stable level. The TDI remained stable at 987.20 points, compared with December 29th, 2017 (the last release day of Week 52 of the previous year) Cumulative rise of 10.68 points, the cumulative increase of 1.09%.

The value of TDI ups and downs on a day-on-day basis are as follows:

Tianjin Domestic Container Outward Freight Index (TDOI) rose continuously this week. On January 5th, The Index closed at 1153.13 points, up 2.41% from December 29, 2017 (the last release day of the 52nd week last year) by 27.11 points. The southbound route market picked up after New Year holidays, of which Tianjin to Quanzhou route market demand is relatively strong and the freight rate increased significantly, the route freight index rose 3.06% week-on-week; Tianjin to Guangzhou route freight went upward as some shipping companies pushed up the coal transport price. The freight index increased 2.59% on a week-on-week basis. The freight rate from Tianjin to Shanghai was stable this week. The freight index of the sub-route was unchanged on a week-on-week basis.

Tianjin Domestic Container Inward Freight Index (TDII) declined slightly this week. The Index closed at 821.09 points on January 5th, down by 0.70% from 5.57 points on Dec. 29, 2017, the last release day of the 52nd week of the previous year. Due to lack of transportation demand in the market and oversupply of capacity, the freight rates of the three routes are still at a low level, showing a declining trend this week. Among them, Quanzhou-Tianjin route carriers cut their prices for supply. The downward trend of freight rate was obvious. The freight index of the sub-route dropped off by 2.59% on a week-on-week basis. The freight rates of Shanghai-Tianjin route and Guangzhou-Tianjin route were steadily decreasing. The freight index decreased 1.00% and 0.16% respectively on a week on week basis.


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ƬվǶٵӰ Ƭɫ Ƭ ߿Ƭվѵ Ƭ԰ ƬӰ ҹƬƵۿ Ƭصַ¹ ƬӰͼƬ ƬȫӰ Ƭ߹ۿ Ƭ Ѹ Ƭǿ ƬٶӰ ƬӰ ƬӰӰ ̺Ƭۿ ɫƬӰ Ƭͨ ƬЩ Ƭй Ƭ߹ۿ ƬԻвô Ƭ Ƭվ첥 Ƭܿ Ƭվ򲻿 Ƭµַ Ƭɫ齫Ѹ uƬЩ Ƭ պƬ ɫƬСӰ ƬͼƬ ƬӰ ŷƬۿ ƬƬȫ ƬߵƵ ƬӰ ձƬ߹ۿ ͯƬ Ƭȫظ Ƭʲô Ƭ Ƭ ˼Ƭƿ÷ Ƭ߹ۿ ƬӰ ƬԴ ƬеavŮ Ƭ ӰƬֻ ƬCOM ɫƬ߹ۿ򲻿 ſƬ߹ۿ ƬСӰ ձƬܸ Ƭ ŮƬ Ƭֹ ƬӰȫʲô ½ƬƵ ƬӰѸ Ƭȫ ձƬٷվ ƬƬʲô ƬƵ ŷƬƵ Ƭ첥 Ƭѿ ̨Ƭȫ ƬӰ 첥Ƭվ Ƭ ƬС˵ ƬӰȹ ƬѸ Ƭͬ ձƬƬվ ɫƬվ ƬӰվƬӰٷ Ƭɫ㼪 Ƭ Ӱ ˹Ƭ ƬĿ첥Ӱֻ ½ƬŮ˼ Ƭ ƬЩƵ ˼ƬɫӰ صƬվ ̺ƬӰ Ƭഺ Ƭ ƬͼƬ Ƭֵ ƬС˵ ձƬCOM ƬͼƬ Ƭȥ Ƭdownload ûƬ ̨Ƭvideo Ƭ ƬЩµַ Ƭ ѸƬ Ƭɫ Ƭ ƬƵ Ƭɫ δﻪƬЩ ӰƬѿ ɫƬٶӰ »ƬӰ Ƭaaa 뿴Ƭô ƬӰԺ ҿƬֻ ƬǸվȥѹٷվ ӰƬ첥 Ƭ ƬСѨ Ƭ100 ɫƬۿ Ƭdvd 첥ƬƵŮƬ Ƭħ ˭Ƭվַ ձƬԱ Ƭ Ƭ δﻪƬ߿ ʫƬ߹ۿ ɫƬѹۿ ѵƬٷվ Ƭֻ Ƭ߹ۿ ɫƬַ ŷƬ߹ۿ 첥ƬӰ ɫƬ Ƭվ ƬӰվµַ ƬӰ ƬƵͼƬ Ƭɫ߹ۿ ƬۿַС˵ ƬӾƿ÷ СӰƬ޿첥 ƬԽµַ ƬƭԴҩ ƬַʲôƬַվ ԾƬ ŷƬ Ƭصַ̳ ŷƬӰ Ƭѹۿ Ƭ͵Ů йƬĵӰ ŷƬǿ첥 Ƭվ ƬѸش Ƭ ձƬ ڵƬ ƬߵӰ򲻿 Ƭۿֻ Ƭ ձƬŮ Ƭ߹ۿٷվ Ƭַ ̨Ƭȫ Ѹ ƬԴ ƬbtӴȫ ƬƵ Ƭַ Ƭ߹ۿ ƬƬ йƬӰ򲻿 Ƭ ̺Ƭbt Ƭ߿ ƬƬ ֲƬ߹ۿ ɫƬʲô ƬӰ ¿Ƭ ŷƬƬ ƬӰۿ ƬվǶٿ첥 첥Ƭ ձƬܽȥ װƬ߿ Ƭŷ ƬŮ 첥ƬŮ ƬŮ Ƭ ƬƵµַ ձƬ˽ȥ ƬƬӰ򲻿 Ƭ Ƭ¹ ƬӰ ձƬӰ ÿƬ Ƭվ ƬƵֻ Ƭ ͼƬ ͨƬ ƬӰȫַ Ƭ߲ ƬС Ƭ μҾƬ Ƭ߹ۿ ҶƬ߹ۿ ƬӰ Ƭֳ mp5Ƭ Ƭ ƬӰ Ƭӳǽ ̨Ƭ Ƭ߹ۿ ƬƵ Ƭ Ƭ׼ĦԺŮȫ׷ ˼ƬƵ ̺Ƭ Ƭ첥ӰԺ ˭ƬվͼƬ Ƭ߹ۿ ƬվЩ Ƭ߹ۿַ ƬӰ Ƭ Ƭվ ŷƬ¹ Ƭ¹ ĹƬԱ ձƬ Ƭձ Ƭȫ 뿴Ƭô Ƭۿ ƬӰ߹ۿ Ƭῴ ԸƬӰ ̯Ƭ ƬCOM Ƭ߹ۿ Ƭ Ƭ鲻Խ ƬӰ Ƭ Ƭ߹ۿ Ƭվ Ƭqv ̨ƬƬ ƬͼƬ ̨ƬŮӼ Ƭ ƬӰ Ƭ Ƭµַ Ƭ˭а Ƭ ƬŮ ƬƵ 첥Ƭ ƬƷ ɫƬ ɫƬ߿С˵ ƬַƵ Ƭй ƬߵӰµַ ҿ첥Ƭ պƬƵ ƬַӰ Ƭ ŷƬŮԱ ƬɫӰվ uƬ߲ ˼ƬɫС˵ Ƭa ƬCOM Ƭ˽ Ƭ Ƭǿ ƿ÷Ƭ߹ۿ Ƭ߲ ɫƬ߲ Ƭɫ Ƭɫ Ƭѹۿ Ƭ߿ Ƭ ҶƬƵ Ƭĵ ˭ƬС˵ѵ 俵ƬЩ ƬϹۿ ƬŮԱ ƬȥĿȫ Ƭ򲻿 Ƭֻ 첥ƬվƵ Ƭȫ ƬƬ ˭ƬӰ Ƭۿַ򲻿 ˭Ƭ ˭Ƭַ ƬӰԺƬӰԺ ƬƵ Ƭصַ ƬվƵ ƬӰƵ Ƭƿ÷ ҶƬ Ӱ ۿƬվ Ƭַ ƬӰ Ƭ Ƭ첥 Ƭ ƬԿ Ƭվÿ첥վ Ƭ߿ٷ Ƭ ƬŮľ ƬӰƬ ƬƵ ȥƬӰ Ƭվÿ첥ٷվ ̨ƬŮ Ƭ ƬƲ Ƭվ 첥ƬɫƬӰ װƬѸ ĹƬ ƬС˵ Ƭ 첥Ƭȫ Ƭɫ ձƬӰ Ƭǿ δﻪƬר Ƭڹۿ ƬͼƬѸ Ƭ Ƭ첥 ɫƬֻ ƬƵ Ƭ԰ ƬӰ ŮƬ ȥƬ ѵƬµַ ɫƬ߹ۿ Ƭ ëƬ Ƭصַ򲻿 Ƭվ Ƭַַ ƬƵڴϷͷ Ƭר Ƭվ Ƭ Ƭַֻ ǸƬÿ첥 ̺ƬЩ йƬ붯 Ƭ ձƬվ Ƭַ ˭Ƭվ Ƭ Ƭַ ƬƬȫ ƬƵ ƬӰ ȥƬƵ ֻƬӰ ŷƬӰ ƬƬ Ƭ̬ͼƬ Ƭصַٷ Ƭվ ˼ƬƵ Ƭ ƬǸվȥµַ ƬӰ̰ Ƭַʲô Ƭ첥Ӱ ƬͼƬȫ Ƭ򲻿Ƭʲô Ƭ ƬЩٷµַ ƬصӰ Ƭ δﻪƬ ձƬС˵ ƬƬ Ƭĸ ƬӰ Ƭɫ ƬӰ Ƭ Ƭȫصַ ˼Ƭɫͼ Ƭ ձƬ첥 ˼Ƭַ ޶Ƭվ ƬŮ Ƭ߹ۿ ƬƬµַ Ƭȥ Ƭɫվ Ƭվ Ƭŵ Ƭ Ƭվ Ƭͼ Ƭа 첥Ƭֻ ͨƬٷ ɫƬֻ ƬЩ ƬӰվ Ƭ Ƭ ƬӰɫƬƵ ƬѵӰ Ƭq ƬƵ ˭Ƭվ Ƭ󼯺 Ƭȫ߹ۿ Ƭ Ƭ첥 ƬƬӰ Ƭ߲ ŷƬԽƵ ɫƬƵ ƬͼƬ 俵ƬƵ Ƭ ƬӰԺٷ ִƬ߹ۿ ŷƬ ƬӰԺ Ƭdvd Ƭҳʱ ձƬŮ˭ ƬӰ ƬŮ˺͹ͼƬ ƬɫӰ Ƭַ ƬƬӰµַ Ƭ ɫƬӰ ƬС˵ؚƬС˵ַ Ƭտ Ƭ Ƭ Ƭ򲻿 Ƭ¿ Ƭmp4 Ƭ ̯ Ƭ 첥Ƭû ƬŲҰ2صַ Ƭṵ ƬӰ ɫƬվ첥 ½ƬЩ Ƭ¥ ƬɫѸ ѵƬ пƬվӰ Ƭ߲ Ƭĸվû ߿Ƭ޹Ӱȫ Ƭĸÿ Ƭͼ첥 Ƭ Ƭɫ ƬӰ Ƭַ ̺ƬӰ ƬƵ¹ ƬЩͼƬ Ƭ첥 ƬЩӰǺƬĿ ƬۿַƬ Ƭѿ ƬӰվ Ƭ ߿Ƭվ ѵ ͨƬ Ƭٷվ Ƭ߿ ҶƬ鲻Խ Ƭۿַ ƬŮ˼ Ƭm ƬߵӰ ƬҶ ɫƬ ±ϼƬ߹ۿ Ƭǿ鰸 Ƭ߹ۿ Ƭ պƬֻ ƬƵ ŷƬǹٷվ пƬο ԾƬӰ ƷƬͼ Ƭs ƬɫƵ ؽƬ ƬѲ aviƬӰ ƬƼ ƬƵ Ƭſ ŷƬƬ ƬձŮ Ƭ첥ٷվ Ƭ װƬѲ ƬӰҹ ƬӰ ɫƬվ ѵƬ첥 ƬŮͼƬ ƬӰ ڵƬ ƬӰCOM Ƭɫ ձƬӰ Ƭվվµַ ǸƬ߿վ ˼ƬӰ ̯Ƭ ƬЩ Ƭ Ƭֳ ƬЩµַ ǸƬÿ첥 ŮƬƵ Ƭֵ ƬӰԺ Ƭа ƬӰվƬ μҾƬ ӰƬ Ƭſ ƬѸ ƬվǶٵӰ Ƭصַ¹ ƬƬ Ƭ100 Ƭ ƬƵ ƬӰ Ƭ̳̽ Ƭƿ÷Ӱ Ƭ ƬѸش ƬƵ Ƭɫ ˼ƬɫӰ Ƭǿ鰸 ҶƬ߹ۿ 첥ƬɫƬӰ Ƭ߹ۿ ̨Ƭ3gp ձƬЩ ˼ƬͼƬ Ƭ߹ۿ Ƭ߹ۿ ɫƬav Ƭɫ ƬӰ 뿴ƬӰ ƬƬʲô ƬͼƬȫ ƬӰ첥 ƬЩַ Ƭ Ƭַ ƬѸԴ Ƭַ Ƭܿ Ƭ uƬƵ ƬС˵ ձƬӰ ƬëƬ߿ Ƭ߹ۿ Ƭ˿սӰ Ƭ Ƭ ôƬ Ƭѹۿ ̨Ƭ߿ Ƭа ̨Ƭٷվ Ƭܿ ƬɫͼƬ ƬƵ Ƭ Ƭۿ Ƭ ƬѸ Ƭmp4 ƬŮ Ƭ˿첥 ƬƷ ŷƬ 3gpƬ߹ۿ ƬٶӰ ƬӰ֮ﱻ Ƭѹۿ ڵƬmp3 ҿƬ򲻿 Ƭ߿ٷ Ƭ߲ Ƭ ɫƬĵӰ Ƭ ÿƬ δﻪƬƵ ̨ƬƵ̨ƬͼƬ Ƭɫ㼪 첥Ƭ Ƭͼ Ƭ ƬͼƬ ƬӰЩ Ƭַ Ƭȥ ÿƬӰ ƬŮ ѯƬ߹ۿ Ƭ ƬӰվƬӰٷ ƬЩ ƬӰ߹ۿ Ƭִȫ Ƭ ƬЩ ƬӰ Ƭ ձƬ˽ȥ ƬƵ¹ Ƭ̵ պƬ򲻿 ƬŮͼƬ ƬӰԺƬӰԺ ƬСʮûëͼƬ ŴƬȫϴ Ƭվ ƬЩٷµַ ˹Ƭ ŷƬ¹ Ƭ󼯺 ¿Ƭ Ƭ ͼƬ 첥Ƭվ ɫƬӰ ƬᲦ 첥Ƭ Ƭ첥ӰԺ Ƭصַ̳ Ƭɫ Ƭۿַµַ Ƭߴս ƬƵ Ƭ ƬӰԺӰ ̺Ƭۿ ƬӰѸ ƬƵ ĹƬйŮ Ƭaaa ҶƬӰ ƬӰԺվ Ƭȫ Ƭ Ƭqv Ƭѿ Ƭͬ Ƭصַ򲻿 ͯƬ йƬ߹ۿ ձƬqvod ִƬӰ ձƬ Ƭ ƬĽдô Ƭ߹ۿ ƬַС˵ Ƭ ͼƬ ĹƬԱ պƬ ڵƬ mp3 ƬߵӰ ŮƬ ƬСӰ ƬͼƬ װƬµַ ƬӰɫƬ첥 Ƭ ƬվƵ ձƬٷվ ɫƬСӰ ƬƵ Ƭ߹ۿ Ƭȫ ƬӰȫ ƬߵӰ Ƭ ̨ƬȫѸ Ƭŷ Ƭ Ƭ ƬӰ ƬӰƬ ƬƵ ɫƬ ƬؼƬ ƬĿ¼ ƬӰȫַ ɫƬַ ͨƬ ƬصӰ Ƭ Ƭй Ƭȫش򲻿 ɫƬվ ƬĿ첥ӰƵ йƬӰٷվ ƬС˵ؚƬС˵ַ ձƬƬ ̺Ƭ ƬӰվ aƬƬ 첥ƬӰվƬ ԸƬͼƬ ƬɫƵ Ƭִȫ Ƭ Ƭֻվ ɫƬվӰ ±ϼƬͼƬ ŷƬƬ ƬƬЩ ƬaƬ ŷƬǵµַ ƬӰ ƬɫӰ ƬӰ Ƭַֻ ƬͼƬѸ йƬ붯 ƬӰƬ Ƭַµַ ϲƬ ձƬձƬٷ ƬͼƬ ŮƬ߹ۿ ƬСС˵ Ƭ˽ mp3 ƬƵµַ Ƭȫ Ƭ Ƭӳǽ Ƭվ ҿ첥Ƭվ Ƭhushi ƬЩ ƬС˵ Ƭ鲻Խ ˭֪Ƭվ ƬƬ Ƭd Ƭؼ Ƭַ Ƭձ ƬƬ ±ϼƬ߹ۿ ҶƬƵ Ƭ пƬվӰ ŮƬվ ƬӰ Ƭͨ Ƭƿ÷߹ۿ СӰƬ޿첥 ձƬ Ƭ Ƭվÿ첥ͼƬ ƬӰվ ƬŮԱ ƬŮЩ Ƭ߿ ͨƬ Ƭ򲻿 ŮƬ Ƭҳ ƬӰ ĹƬ ƬҶŮĿԹۿ Ƭַ¹ Ƭר ƬӾ Ƭַ Ƭ Ů˼ ձƬ qvod Ƭ ձƬôĵ ĹƬԱ 첥ƬҰ Ƭ Ƭǿ ҿƬֻ Ƭֻ ձƬŮ ɫƬ첥 Ƭַ ƬǿӰ ƬֻƵ Ƭ ƬߵӰ򲻿 ƬͼƬվ Ƭ ƬŮľ Ƭصַַ ƬӰ Ƭ ɫƬ Ƭ߲ ձƬCOM Ƭſ Ƭ Ƭÿ ƬɫƵ ɫƬ߹ۿ򲻿 ֻƬӰ Ƭ ƬӰ ƬַƵ ƬƵƬ ɫƬʲô Ƭĸվû ƬַƬַ ˭ƬվCOM ÿƬַCOM Ƭôĵ ƬƵ ˭ƬĵӰվѽ ƬվǶ ƬͼƬ ƬӰȫٷ Ƭɫ ҿ첥Ƭ Ƭ ŷƬС˵ Ƭ Ƭȫ Ƭ3gp װƬ ƬӰվµַ պƬaƬ Ƭ Ƭ ɫƬ߹ۿ Ƭȥ Ƭվ ŮƬӰ Ƭ ɫƬ Ƭ ʫƬ߹ۿ Ƭf Ƭŵ ƬȫӰ ӰƬƻ ɫƬӰ պƬ߹ۿ ŷƬĿ¼ȫ Ƭַȥ ƬӰ Ƭ߹ۿַ ̨ƬŮ˼ ̨ƬƵ Ƭǿ ձƬ첥 첥ƬŮ ƬɫѸ ձƬѹۿ ɫƬСӰС˵ Ƭµַ Ƭ ſƬ߹ۿ ɫƬСӰ ƬŮ˼ ƬӰ ̨Ƭ 첥Ƭվ Ƭɫ߹ۿ δﻪƬȫ װƬ Ƭȫ Ƭ ɫƬ ޶ƬƵ Ƭŷ ûƬַ ƬƵ Ƭձ ˭Ƭַ ɫƬӰۿ Ƭ Ƭ Ƭµַ Ƭվ ƬѵӰ Ƭ վ ɫƬӰ ҶƬЩ Ƭҳʱ߹ۿ ƬƵ Ƭ ƬɫƵ Ƭ߹ۿ ƬӰ Ƭȫ Ƭ睵 Ƭǿ鰸Ӱ Ƭ ɫƬwwwyy555 ƬӰƵ Ƭ޽Ӱ ƬͼƬ ƬӰ ŷƬǸ ƬƬ йƬӰ ƬĻǷŪ˳˵ ƬӰ ˼ƬɫС˵ ƬƬȫ ƬʬƬ ޲ƬӰ Ƭ Ѹ 첥ƬӰ Ƭxiapshuo Ƭɫ װƬCOM Ƭ Ƭַ ԾƬӰ Ƭ Ƭ ƬӰ ձƬҩԼ Ƭվ޶ ŮƬӰ иƬԱӰ ƬѸ ƬƵ Ƭҳʱ ̺ƬӰ ƬԱ ƬӰ Ƭ߲ Ƭ߹ۿ ƬӰ ƬͼƬ Ƭ Ƭ ƬƵ Ƭ첥Ӱ Ƭdownload ʩƬֻ Ƭ ƬߵӰС˵ ƬӰ Ƭۿվ ƬߵӰµַ ˭֪Ƭվ ƬƬȫ Ƭ첥 ƬƬ Ƭȫؿ첥 װƬ߿ ˿Ƭ װƬ߲ Ƭ ʮƬŮ ߿Ƭվѵ ͨƬٷ δﻪƬ߹ۿ ƬͼƬ ƬƬӰ Ƭħ Ƭ װƬЩ Ƭ԰ ƬΪ ƬƬӰַ 첥Ƭѿ첥 Ƭ߹ۿ Ƭ߹ۿ Ƭ ѩƬع ձƬС˵ ̨ƬŮԱ ƬӰȫ ƬŲҰ2صַ Ƭ˽ ˼ƬƵ װƬ Ѹ ˭Ƭվ صƬվ ƬӰԺַ ƬӰӰ ƬӰ ŷƬӰ ɫƬӰ ̨ƬƵ Ƭ߹ۿ ƬС˵ Ƭվ ƬӰԺվ ±ƬӰ Ƭ߹ۿ Ƭqvod ƬƵ Ƭ첥 ҶƬȫ ƬŮ˵ Ƭ 첥Ƭַ ɩƬaaaӰ ۿƬվ Ƭ¥ ƬվƬ ̨ƬŮ 첥Ƭ߿ Ƭվ Ƭʲô ƬӰ δﻪƬר Ƭַ ŷƬǿ첥 Ƭ߹ۿ Ƭ aƬ Ƭmp4 ӰƬ첥 ƬӰ 뿴Ƭô Ƭнд ˭Ƭվ ƬŮ ƬӰƬӰ ȥƬͼƬ Ƭɫ Ƭվÿ첥ٷվ ƬЩ պƬƵ ŷƬۿ ƬߵƵ ƬѵӰ ƬӰվٷ ƬƵ ƬӰ Ƭ ƬӰͼƬ ɫƬֻ ƬƲ 뿴Ƭԣ Ƭ첥COMƬ첥ͼƬ Ƭһ ƬŮ ƿ÷Ƭ Ƭ߿ ɫƬ ƬƵ Ƭַʲô ޱƬƵ Ƭȥ ձƬԱ ƬӰ ޱƬӰ ƬƵ ƬַǶ Ƭ3gp Ƭ򲻿Ƭʲô Ƭ˽ Ƭֻ ƬӰ 첥ƬƵŮƬ ƬӰ ̨Ƭȥ Ƭ첥µַ Ƭµַ ƬӰ ƬƵ ƬΪ Ƭַ ƬƬվ Ƭ￴ пƬվ ˼ƬɫͼƬ Ƭȫ Ƭ ƬͼƬ ƬӰվ ½ƬƵ Ƭѹۿ Ƭȫ Ƭ Ƭɫ Ƭdvd Ƭɫۿ Ƭ Ƭվ ̨Ƭȫ Ƭ ҹƬƵۿ Ƭrmvb ƬĿ첥Ӱµַ ƬԱǷ Ƭۿֻ ĹƬŮ ӰƬӰ Ƭ ۿ Ƭ ߹ۿ Ƭǿ ۲Ƭ ƬΪ ƬĵӾ ƬɫӰӰ Ƭ ƬЩ Ƭصַµַ Ƭ ֲƬ߹ۿ Ƭ˹Ů ձƬ Ƭ߹ۿ Ƭ첥 Ƭ Ƭڰ칫ҵĴ򲻿 ɫƬ߲ ƬɫӰ 俵ƬƵ ½ƬЩ ƬӰµַ Ƭ13Ƶ Ƭ йƬӰ򲻿 ÿƬ ƬɫƬ ƬЩͼƬ ƬѸ Ƭտ Ƭ ŷƬӰ Ƭ ŷƬǹٷվ Ƭ Ƭ¹ odƬµַ պƬַ ƬӰ ƬŮħ Ƭֹ δﻪƬ߿ Ƭ 첥Ƭ Ƭṵ Ƭĸ ƬӰȥ δﻪƬ 俵ƬӰ Ƭַ첥 ӰƬѿ ƬվӰ ƬƬӰ򲻿 ƬӰ ƬƵ Ƭȥ Ƭ ƬӰַ Ƭվ첥 Ƭ￴ Ƭַ ѿƬַ ƬƵ ƬBT Ƭഺ Ƭַ Ƭַ ½ƬŮ˼ ƬͼƬ ƬСӰվ ĹƬĺŮ Ƭɫ ƬŮ Ƭɫٷվ ƬӰ ƬӰ ƬӰ ӰƬظ СӰƬ޹ Ƭ߹ۿ Ƭַ Ƭ첥ӰС˵ ˭Ƭַ Ƭ ƬЩ ԾƬ ƬͥǿѵӰ ̨Ƭȫ ҶƬ鲻Խ Ƭ߹ۿ Ƭ첥 ձƬȥ Ƭַµַ ɫƬɫƬͼƬ Ƭ߲ Ƭ߿ ӰƬֻ 첥ƬӰվֻ ƬӰվ ƬӰ Ƭ3gpѸ װƬ첥 ձƬ Ƭ˽ ˼ƬͼƬ Ƭ Ƭ ȫ ɫƬӰµַ ̺ƬӰ Ƭ첥 Ƭȫ Ƭַ δﻪƬӰȫ ƬӰȫƵ ձƬ߹ۿ Ƭm Ƭ߹ۿ Ƭʲô ƬӰӰ Ƭq Ƭ첥 Ƭѹۿ ƬеavŮ Ƭۿ ƬӰ ɫƬӰ ʩƬͼƬ Ƭ߲ Ƭվ ձƬȫ ŷƬҹ Ƭ̬ͼƬ ܿƬַ Ƭ߿ ŷƬѸ mp5Ƭ Ƭ Ƭ ˭֪Ƭַ Ƭƿ÷첥ۿ Ƭƿ÷ ƬƵƬ ƬѸ йƬƵ Ƭ߿ձ Ƭ Ƭ ˭Ƭ ƬƷ Ƭ߹ۿ ƬѲ ƬӰ Ƭվ첥 Ƭ3gp ƬӰ Ƭ ŷƬ ƬӵӰ Ƭȫ߹ۿ Ƭ »ƬӰ ƬQVOD Ƭ ƬB³¹ϣͼ ƬԴ Ƭ ƬƬڹٷվ ƬƵ 2Ƭ߹ۿſƵ Ƭ׼ĦԺŮȫ׷ Ƭصַ ƬCOM Ƭ ƬBT Ƭ Ƭɫ򲻿Ƭɫ鶯Ƭ Ƭصַ Ƭ߹ۿ Ƭ Ƭͼ ƬӰ̰ Ƭعۿ Ƭs Ƭվ Ƭȫ Ƭɫ ƬԱͯ Ƭصַµַ ƬЩС˵ Ƭߵȥ ƬȥĿȫ Ƭ ±ϼƬعۿ ƬŮѪ Ƭ߿ͼƬ Ƭ ƬȥƬƵ Ƭ첥Ӱ Ƭ Ƶ ƬӰ ɫƬվȥ Ƭߵ򲻿 ƬƬ Ƭ߿ Ƭ Ƭ ƬͼƬ Ƭ ձƬƵ ƬߵӰ ƬӰȫʲô ˭ƬӰ Ƭй ҶƬЩ ƬС˵ uƬЩ Ƭ߹ۿٷ ֻƬ Ƭվÿ첥վ Ƭ Ƭµַ ƬƵͼƬ ƬƵֻ Ƭ ŷƬƬ ɫƬ Ƭ ҿƬ¹ ձƬͼƬ ƬƬ ˼Ƭ ˼ƬƵ Ƭտ Ƭ Ӱ ƬӰ Ƭĸ ˭Ƭվ Ƭ Ƭ Ƭۿ Ƭַ ŷƬվ Ƭֿ첥 ÿƬЩ Ƭa ƬӰ߹ۿ Ƭȫ Ƭ߿Ƭ Ƭ ŷƬƵ ̨Ƭȫ Ѹ Ƭƿ÷ۿ 俵ƬЩ ߿Ƭ޹Ӱȫ Ƭصµַ 첥ƬӰվվ δﻪƬӰ Ƭʲô Ƭ Ƭ첥 Ƭ Ƭying uƬ߲ Ƭѵַ¹ ѵƬ ˭ƬС˵ѵ ƬͼƬ Ƭ첥ӰӰ Ƭ ƬŮ Ƭ ˼ƬӰ Ƭ Ƭ ƬCOM ձƬ ƬӰ ˼Ƭɫͼ Ƭ֮붯ͼƬ Ƭ岥԰ȫƵ Ƭ߹ۿ Ƭַ Ƭκϼ ƬӰ Ƭվ 첥Ƭֻ Ƭ̳ Ƭµַ Ƭϣ ±Ƭ߿ Ƭ鲥 Ƶ ɫƬ߿С˵ Ƭַ ̨Ƭƿ÷ ƬͼƬ ŷƬ߹ۿ ½ƬѸ ƬŮѪ Ƭȫ Ƭѹۿ ˼Ƭƿ÷ ƿ÷Ƭ߹ۿ ƬɫӰվ ƬѸ ƬۿƵ ȥƬӰ Ƭ4ɫ µƬַ ƬСѨ ƬӰɫƬƵ ƬеĿ ɵƬ Ƭ Ƭ߹ۿ Ƭ Ƭ߹ۿ ˭Ƭַ ûƬ Ƭɫ齫Ѹ Ƭַµַ Ƭ ƬӰЩ Ƭ̩ Ƭٷվ ƬƵȫ Ƭһҳ Ƭһɫ Ƭƿ÷߹ۿ Ƭɫ ձƬdvd Ƭ鹦 Ƭ˽mp3 Ƭۿַ򲻿 װƬѸ Ƭصַ ƬվǶվ Ƭɫ ƬƵڴϷͷ ѵƬ첥 ƬӰ ƬӰ Ƭ Ƭ¹ ƬӰ Ƭ3gp ɫƬ߿Ƶ ҶƬƵ Ƭ պƬֻ Ƭȫظ ƬӰƵ װƬѲ ½Ƭ߹ۿ ̨ƬЩ ƬվǶٿ첥 ɫ Ƭ Ƭ Ƭ Ƭ򲻿 ձƬܽȥ Ƭ׿ Ƭȥ ƬߵӰС˵ ƬӰ ƬĿ첥Ӱ¹ ɫƬͼƬ ƬۿַС˵ Ƭ ƬɫӰӳ Ƭ ƬӰ򲻿 첥Ƭ ձƬƬվ ɫƬվ Ƭ߹ۿ Ƭĵ Ƭ ƬQVOD ƬַӰ ŷƬ Ƭٷվ ƬƬ ƬCOM Ƭֱ ƬͼƬ ±ϼƬ߲ Ƭ֮ɫƬ Ƭվַ ԾƬ ɫƬ߹ۿ Ƭַ Ƭ ƬƬӰµַ ƬЩѵ Ƭĸÿ ƬӰµַ Ƭ ƬձŷƬ ˭Ƭվַ ˼Ƭַ mp4Ƭ˶ ̨ƬͼƬ ɫƬ ԸƬӰ ƬŮ Ƭô ƬվCOM δﻪƬ ƬӰ Ƭɫվ Ƭ ƬŮ ƬַCOM Ƭۿ Ƭַ ͵ƬϵƬ ƬƬȫ ƬŮ˺͹ͼƬ ƬƵ Ƭ˿ ɫƬ͵ ӰƬַ ƬƬ򲻿 ȥƬƵ ƬŮ Ƭ ؽƬ ƬС װƬ Ƭڹۿ ƬƭԴҩ Ƭվÿ첥COM ƬƵ Ƭƿ÷ Ƭͼ첥 aviƬӰ Ƭ ѵƬٷվ Ƭȫ ˼Ƭƿ÷ Ƭձ ƬѸ Ƭַ 첥Ƭڷ Ƭվ ɫƬվ첥 Ƭ ׿ Ƭ߲ ҪƬӰ δﻪƬЩ Ƭ򲻿 ִƬ߹ۿ ƬǸվȥµַ ƬԿ ƬӰ Ƭվ򲻿 Ƭ ëƬ Ƭ 뿴ƬӰ ƬӰȹ Ƭ Ƭɫ ƬۿַƬ Ƭۿ Ƭվ ƬƲݺ 첥Ƭû йƬŮ ƬƵ ŷƬ߲ ƬɫӰ ɫƬٶӰ ɫƬֻ Ƭƻ ƬС ƬӰҹ ߿Ƭվ ѵ ƬԽµַ ձƬվ ƬҹӰ ƬҶ Ƭҩ ƬӰ Ƭѧ Ƭ Ƭ Ƭ ĹƬ Ƭɫ ƬӰ ɫƬۿ ƬƬ߲ ƬӾƿ÷ ƷƬͼ Ƭ°ĵӰ Ƭ첥ӰƬ Ƭ йƬĵӰ Ƭ󼯺 ƬӰ ƬϷ ƬЩ ɫƬѹۿ ƬĿ첥Ӱֻ ƬӰ ƬƬ ̨Ƭ Ƭ߹ۿ ƬŮԽͼƬ Ƭ߹ۿ ƬӰƿ÷ Ƭ ձ ƬӰ Ƭ ƬС ƬӰۿ Ƭ¿ 俵Ƭվ ˼ƬӰ Ƭ ձƬ ̨ƬӰԺ Ƭ֮ⷿ Ƭ ƬƬ ձƬŮ Ƭ Ƭ ̨ƬŮӼ Ƭ Ƭվۿ ҶƬ Ӱ Ƭ¼ Ƭۿ Ƭ߹ۿ ƬͼƬ ƬŮԱ Ƭ첥ٷվ Ƭĵ 첥ƬվͼƬ ƬbtӴȫ Ƭۿַ ̨Ƭ Ƭַַ Ƭ Ƭƿ÷ Ƭعۿ ƬЩ ƬƵ Ƭ԰ mp4Ƭ ͨƬͼƬ Ƭ͵Ů ±ƬƵ ձƬŮ˭ Ƭصַٷ Ƭ߿ ɫƬƵ Ƭվ Ƭд ƬƬɫӰ ŷƬɫ ƬϹۿ պƬ Ƭվ Ƭר ۵ƬӰ Ƭȫ ɫƬСӰֻ Ƭɫֻ ƬƵ Ƭȫصַ Ƭվ ŷƬԽƵ Ƭۿ Ƭվ ƬַʲôƬַվ Ƭ Ƭַ ƬŮ ƬիƵ Ƭqvod ƬƬ߹ۿ ƬӰԺʲô ҿƬƵ Ƭ Ƭַ Ƭ߲ ѵƬµַ ƬԴ ƬƼ ԿƬվ Ƭ߹ۿƵ ƬκϼBT Ƭ ƬЩƵ Ƭκϼ Ƭ Ƭɫ ŷƬ Ƭ˭վ ̨Ƭvideo ƬԴ ƬƬ ƬƲݺ ƬӰ Ƭ߲ Ƭصַȫ ɫ Ƭ Ƭ ƬЩӰ δﻪƬר Ƭ򲻿 Ƭ 뿴Ƭô Ƭվ ƬƵ Ƭ Ƭ Ƭѿ ŷƬ Ƭվ Ƭַ ߿ƬƵվ ƬȫĿ¼ ɫƬӰ ̺ƬЩ ȥƬ ±Ƭۿ Ƭ Ƭ԰ Ƭῴ ѸƬ Ƭ ƬЩӰ Ƭë Ƭdvd ŷƬŮԱ ޶Ƭվ 16¥Ƭ߲ ƬձŮ Ƭ ɫƬַ ձƬŮԱ ƬӰվ ƬӰԺٷ Ƭ 俵ƬЩ ̨ƬͼƬٷ ձƬܸ Ƭֻ Ƭ Ƭdvd ƬӰԺ ƬͼƬ Ƭʲô Ƭȫ522 ƬվЩ Ƭصַ ˭ƬվͼƬ ǿƬ߹ۿ Ƭbt ̨ƬƬ Ƭ Ƭվַ ƬӰ߿ Ƭ ̯ ƬվС˵ պƬȥ 첥Ƭȫ ƬƬӰ ƬЩӰǺƬĿ Ƭ첥 Ƭ ƬƵ ҶƬȫ Ƭ ƬƬ ŷƬbt ɫƬ߹ۿµַ ̺Ƭbt Ƭ ƬԻвô Ƭ Ƭ 첥ƬվƵ ƬƵ ƬǸվȥѹٷվ ƬԽƵ ֣Ƭ Ƭ̽ Ƭɫ Ƭ߹ۿٷվ пƬο ƬŮԱ Ƭⰲװۿ Ƭվ