<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><BR>[</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">全球主要股指<SPAN lang=EN-US>]<BR>8</SPAN>月<SPAN lang=EN-US>19</SPAN>日收盘：上证指数<SPAN lang=EN-US>2687.98</SPAN>，涨<SPAN lang=EN-US>0.81%</SPAN>；沪深<SPAN lang=EN-US>300</SPAN>指数<SPAN lang=EN-US>2955.40</SPAN>，涨<SPAN lang=EN-US>0.61%</SPAN>；中小板指<SPAN lang=EN-US>5965.58</SPAN>，涨<SPAN lang=EN-US>0.02%</SPAN>；恒生指数<SPAN lang=EN-US>21072.46</SPAN>跌<SPAN lang=EN-US>0.24%</SPAN>；德<SPAN lang=EN-US>DAX 6072.13 </SPAN>跌<SPAN lang=EN-US>1.80%</SPAN>；道琼工业<SPAN lang=EN-US> 10271.21 </SPAN>跌<SPAN lang=EN-US>1.39%</SPAN>；纳斯达克<SPAN lang=EN-US> 2178.95 </SPAN>跌<SPAN lang=EN-US>1.66%<BR><BR>[</SPAN>瑞达国内宏观观点<SPAN lang=EN-US>]<BR><BR></SPAN>财政部：银行业贷款拨备充足，能抵补地方融资平台不良及损失<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">消息：发改委将加快企业债审批，提高地方债平台发债门槛<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">简评：官方数据显示，今年上半年有超过<SPAN lang=EN-US>60</SPAN>家企业债发行，融资规模为<SPAN lang=EN-US>1,400</SPAN>亿元人民币左右，但无法统计发改委审批通过的企业债项目。下半年将加快企业债发行审批，计划完成<SPAN lang=EN-US>100-150</SPAN>家审核，而中小企业集合债的审核将优先考虑。值得关注的是，随着市场对地方融资平台风险的质疑，相关部门在重申现行地方融资平台安全性的同时，指出下半年的企业债发行也将风险管理放在首位，发改委或将不再允许债务率超过<SPAN lang=EN-US>100%</SPAN>的地方政府融资平台发行企业债，亦不再允许地方政府对城投债直接或间接担保，不允许事业单位资产纳入融资平台申请发债规模。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">国土资源部：闲置土地成为房地产用地主要问题，清理闲置土地<SPAN lang=EN-US>16.95</SPAN>万亩<SPAN lang=EN-US> <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">国家信息中心：固定资产投资将回落，全年增速料放缓至<SPAN lang=EN-US>21.8%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">简评：中国颁布新国十条等房地产新政后，房地产投资增速面临下滑风险。同时，节能减排目标亦对投资增长形成约束。不过，随着拓宽民间资本投资领域，及提出西部大开发战略目标，投资将可籍此寻获支撑，预料不会出现大幅下滑。随着国土资源部开始清理部分闲置土地，房地产调控重心也从购房角度开始向土地供应方发难。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">外汇交易中心：<SPAN lang=EN-US>19</SPAN>日开始挂牌人民币对马来西亚林吉特交易<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">央行：将根据双边经贸往来和金融交往等状况，继续在银行间外汇市场开办人民币对其他币种交易<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">简评：继美元、港元、日元、欧元、英镑后，马来西亚林吉特是外汇交易中心推出的第六个外币交易品种，表明人民币国际化正在明显加速。<SPAN lang=EN-US><BR><BR>[</SPAN>瑞达国际宏观观点<SPAN lang=EN-US>]<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><BR>1.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial"> </SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-weight: bold">昨日美国主要新闻和数据<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: #333333; FONT-FAMILY: 宋体; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-list: Ignore">1)<SPAN style="FONT: 7pt ''Times New Roman''"> </SPAN></SPAN></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial">截至<SPAN lang=EN-US>8</SPAN>月<SPAN lang=EN-US>14</SPAN>日当周美国首次申请失业救济人数增加<SPAN lang=EN-US>12,000</SPAN>人，达<SPAN lang=EN-US>50</SPAN>万人<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: #333333; FONT-FAMILY: 宋体; mso-bidi-font-size: 9.0pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-list: Ignore">2)<SPAN style="FONT: 7pt ''Times New Roman''"> </SPAN></SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: Arial">7</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: Arial">月份世界大型企业联合会经济领先指标的升幅仅<SPAN lang=EN-US>0.1%</SPAN>，不及预期<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: #333333; FONT-FAMILY: 宋体; mso-bidi-font-size: 9.0pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-list: Ignore">3)<SPAN style="FONT: 7pt ''Times New Roman''"> </SPAN></SPAN></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold">费城地区<SPAN lang=EN-US>8</SPAN></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: Arial">月份总体商业活动指数降至<SPAN lang=EN-US>-7.7</SPAN>大幅收缩<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: #333333; FONT-FAMILY: 宋体; mso-bidi-font-size: 9.0pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-list: Ignore">4)<SPAN style="FONT: 7pt ''Times New Roman''"> </SPAN></SPAN></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial">截至<SPAN lang=EN-US>8</SPAN>月<SPAN lang=EN-US>9</SPAN>日当周初步数据统计，<SPAN lang=EN-US>M1</SPAN>货币供应量减少<SPAN lang=EN-US>28</SPAN>亿美元，<SPAN lang=EN-US> M2</SPAN>增加<SPAN lang=EN-US>83</SPAN>亿美元，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: Arial"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">简评：上周首次申请失业人数不减反增，大大出乎意料。就业市场形势持续疲软，如何重新安置失业人群是美国经济当前面临的主要挑战。美联储持续宽松货币政策，通过对货币供应管理调节信贷供给以期刺激经济活动，但目前看来，并无明显效果。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><BR>2</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">．</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial">英国<SPAN lang=EN-US>8</SPAN>月工业订单指数创两年新高，<SPAN lang=EN-US style="mso-bidi-font-weight: bold">7</SPAN><SPAN style="mso-bidi-font-weight: bold">月份零售额数据强于预期</SPAN><SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><BR></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">简评：</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial">从这两个数据看来，英国经济复苏态势好过预期。此前市场普遍担忧英国经济会因财政紧缩政策而停滞。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><BR><BR><BR>[</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">观点总结<SPAN lang=EN-US>]<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">国内股市方面，上证综指周四收市上涨，并创下逾三个月新高。股市整体情绪保持乐观，上证综指在成功站上前期高点<SPAN lang=EN-US>2,680</SPAN>点后，我们预计近期股指仍将维持目前的震荡上行走势。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体"><BR></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">国外方面，欧元<SPAN lang=EN-US>/</SPAN>美元（利好）；美元<SPAN lang=EN-US>/</SPAN>日元（利好）；美指（利空）；德国国债收益率（利空）；美国国债收益率（利好）；日本国债收益率（利好）；<SPAN lang=EN-US>LIBOR</SPAN>隔夜（利空）；<SPAN lang=EN-US>EURIBOR</SPAN>隔夜（利空）<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-bidi-font-weight: bold"><SPAN lang=EN-US><o:p></o:p></SPAN></SPAN>&n <FONT size=2><FONT face=宋体>上证综指周四收市上涨，并创下逾三个月新高。股市整体情绪保持乐观，上证综指在成功站上前期高点<SPAN lang=EN-US>2,680</SPAN>点后，我们预计近期股指仍将维持目前的震荡上行走势。<SPAN lang=EN-US><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></FONT>
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