<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">全球主要股指</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -0.2pt; mso-char-indent-count: -.02; mso-para-margin-left: 1.0gd"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">8</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日收盘：上证指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2642.31</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.70%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；沪深</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">300</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2898.33</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.93%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；中小板指</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5809.47</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2.62%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；恒生指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">20981.82</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.43%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；德</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">DAX 6005.16 </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.15%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；道琼工业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> 10213.62 </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.56%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；纳斯达克</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> 2179.76 </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.04%<o:p></o:p></FONT></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">瑞达国内宏观观点</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"><SPAN style="COLOR: black"><o:p><FONT face="Times New Roman"></FONT></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">中科院：</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2009</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年中国粗钢产量居世界第一</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">中科院２２日在北京发布的《产业蓝皮书：中国产业竞争力报告（２０１０）》说，２００９年中国粗钢产量达５６８００万吨，居世界第一位，是排在后面四位的日本、俄罗斯、美国和印度粗钢产量之和的２．２倍，进一步确立了中国世界钢铁大国的地位。中国工业制成品国际竞争力一路走强，初级产品国际竞争力逐步弱化，正处于产业竞争优势的转型期，面临竞争优势断档风险。从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2008</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年开始中国产品在美国市场所占份额开始下降，退居为第二位，表明中国产业的竞争力进入</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2008</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年就开始下降。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">“</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">十一五</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">”</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">期间，中国汽车工业进入了一个市场规模和生产规模迅速扩大、进出口快速增长的时代，蓝皮书预计中国作为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2009</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年全球第一大汽车市场，将在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2010</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年继续领涨全球车市。中国造船完工量、手持船舶订单量连续６年保持快速增长，造船三大指标全面超越日本，位居世界第二。同时，蓝皮书介绍，中国电子信息产业数量竞争力已超德美，但质量竞争力需要提高。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">中国人薪水涨幅长期落后</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">GDP </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">收入分配期待合理</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></B></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">今年二季度，中国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">超过日本，成为全球第二大经济体，但是中国人均</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">却只有日本人均</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">1/10</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，人均</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">只有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">3800</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">美元，在全球排在第</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">105</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">位左右。而按照中国人收入</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">1300</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">元的贫困标准线，全国还有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">4000</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">多万人没有脱贫。</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">目前中国的收入分配差距除城乡差距和地区差距外，最为突出的就是行业差距，即垄断行业和普通行业的收入差距。由国务院牵头，人力资源和社会保障部与全国总工会等部门具体参与起草的《工资条例》，最终有望确定职工工资增长与当地</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">CPI</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">挂钩。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">证监会启动新一轮新股发行体制改革</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">本次新股体制改革主要从报价申购和配售约束机制、扩大询价对象范围、增强定价信息透明度以及回拨和中止发行机制四个方面进行了完善。此次指导意见有助于遏制目前新股发行中存在的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">“</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">高发行价、高市盈率、高超募额</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">”</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">的三高现象，有利于进一步推进新股发行体制市场化改革，但对于如何保护中小投资者利益仍需作出更细致的规定。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 9.4pt; TEXT-INDENT: -9.4pt; mso-char-indent-count: -1.04"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">瑞达国际宏观观点</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1. </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">美国劳工部</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">(DOL)</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">公布的数据显示，美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">7</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">37</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个州非农就业人数增加，表明这些地区就业状况有所改善。美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">7</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月芝加哥联储全国活动指数是今日关注重点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2. </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">德国上周末重要新闻事件</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1) </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">德债期货上周五触及纪录新高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2) </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">德财长上周末接受采访时表示，预计今年预算赤字不到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">600</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿欧元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">）德国工商总会预计今年德国经济增幅将达到历史最高的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">3.4%<o:p></o:p></FONT></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">简评：德国经济复苏依然强劲。全球经济恶化的担忧情绪下，中长期德债被视为欧元区最安全资产，德债价格持续上扬，表现强于外围公债。韦伯有关流动性的讲话讲话引发央行进一步提升市场流动性的预期，短期德债也成热门。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">．英国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年期国债收益率跌至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2.960%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个月低位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">简评：由于对美国经济可能仍徘徊底部的担忧，英国主要公债市场已持续一个月的升势，上周五两年期英债跌至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.598%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">的纪录低位。本周英国将公布的数据不多</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">, </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">关注重点是周五的第二季国内生产总值</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">(GDP)</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">修正值。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 9.4pt; TEXT-INDENT: -9.4pt; mso-char-indent-count: -1.04"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">观点总结</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt; mso-char-indent-count: 2.0"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">国内股市方面，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">8</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">27</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日（下周五）国家统计局将公布工业经济效益报告，预计受工业增加值增幅放缓以及经济下滑的影响，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">7</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月份的国内工业经济效益不容乐观，对于股市进一步上涨形成利空。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">国外方面，欧元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">美元（利好）；美元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日元（利好）；美指（中性）；德国国债收益率（利空）；美国国债收益率（利空）；日本国债收益率（利好）；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">LIBOR</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">隔夜（利空）；</SPAN
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