<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"><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">25</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">2596.58</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">2.03%</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">2843.02</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">2.36%</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">5830.50</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">1.84%</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">20634.96</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">0.11%</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 5899.50 </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">0.61%</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"> 10060.06 </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">0.20%</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''">；纳斯达克</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> 2141.54 </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">0.84%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 10.7pt; TEXT-INDENT: -0.2pt; mso-para-margin-left: 1.0gd; mso-char-indent-count: -.02"><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"><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''">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"><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''">关注收入分配改革</SPAN></B><B><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"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></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''">收入分配制度改革方案最新一版的征求意见稿已在近期摆到了相关政府部门、科研院所和国有企业高层的案头。而其中的三大核心争议热点包括冻结垄断企业工资、实现同工同酬及竞争性行业一线员工工资</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5</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''">年倍增等内容。其中，最有可能出台方案率先试点的是实现同工同酬，而外界最为关心和期待的则是居民收入倍增计划。全国人大财经委已经建议尽快出台收入分配体制改革方案，以解决影响经济发展和社会稳定的重大隐患。</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''">外资或将稀释地产调控效果</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"><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"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">虽然不少房地产企业由于银根收紧及房地产调控政策的确融资困难，但外资却基本不受我国房地产商融资调控的影响，因此形成当前外资在中国房地产市场上频繁活动的现状。与此同时，人民币升值预期也被认为对外资流入我国房地产市场产生了积极影响，房地产本身的金融属性使得房地产成为外币转换成人民币后的主要投资品种。如果外资进入我国房地产领域并形成趋势，将在一定程度上对冲我国房地产调控的效果。</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''">深圳郑州城市规划获国务院批准</SPAN></B><B><SPAN style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> </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''">更多规划或将出炉</SPAN></B><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> <o:p></o:p></FONT></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"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">今年以来，获得国务院批准的城市总体规划共有</SPAN><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''">个，除了近期批准的深圳市和郑州市外还包括武汉市。而区域振兴计划则从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2007</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</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">12</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''">月长株潭、武汉</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''">两型社会</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''">改革试验区规划出炉以来，已经有</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''">个区域振兴计划出炉，受惠中心城市多达</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''">个。不同的城市进行不同的定位，这形成了全国一盘棋的均衡发展格局，今后可能出台的主要区域规划还有京津冀、长三角、成渝、内蒙、新疆、西藏、西三角、三西地区、琼州海峡、南贵昆规划等。</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''">关注中国灰色收入</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"><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"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">中国改革基金会国民经济研究所副所长王小鲁最新的一份调研报告显示</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''">年中国的灰色收入达到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5.4</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''">万亿人民币，隐性收入总计有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">9.3</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''">万亿人民币，其中</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">63%</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''">的部分集中在</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''">的家庭。随即国家统计局官网上刊出署名为国家统计局城市司王有捐的文章，质疑其调查结果。按国家统计局的人均可支配收入数据计算，我国城镇居民的房价收入比一直在</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''">倍左右，住房市场却持续火爆，这始终是国内外研究者面对的一个不解之谜。可见灰色收入确实很能说明一部分的问题。与此同时，胡润报告显示今年</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''">新贵族</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''">消费门槛首次突破亿元，达到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.1</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''">亿元，而全国有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5.5</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''">万人具备这一消费能力，比去年增加了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">7.8%</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''">。</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 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>
<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"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.<SPAN style="mso-tab-count: 1"> </SPAN></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</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''">月份耐用品订单增幅远低于预期，预示未来耐用品需求下降</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.<SPAN style="mso-tab-count: 1"> </SPAN></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</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''">月份新屋销售月率下降</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">12.4%</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''">，下滑至历史低点</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"><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：缺乏美国政府对首次购房者的税收抵免政策支持，美国房地产市场持续低迷。</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"><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</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''">月份</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">Ifo</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''">商业景气指数上升至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">106.7<o:p></o:p></FONT></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"><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</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''">月经济景气指数意外上升并创</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2007</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''">年中以来最高水平，从这个数据看来此前市场对全球经济放缓将削弱对德国出口的需求的担忧是不必要的。</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"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">4. </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''">法国</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''">月份失业人口减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.5%<o:p></o:p></FONT></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"><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：</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''">月失业人口下降，表明劳动力市场状况略有好转，法国经济小幅复苏；但</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''">月失业人口同比仍增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5.4%</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''">，可见失业问题依然突出。</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"><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5</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''">．英国财政研究所昨日称政府</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">6</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''">月份的预算方案缺乏进步与公正，财政赤字削减方案多数由低收入家庭承担。</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"><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 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>
<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"><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，沪综指周三收低</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2.03%</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''">，隔夜美股大跌打压市场人气，而周二表现抢眼的房地产板块，在市场再度忧虑更多楼市调控政策恐将出台下，昨日重返跌途，进一步拖累大盘下挫。由于目前政策上不明了，预期近期大盘仍将继续震荡。</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"><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（利空）；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（利好）；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（中性）；</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（中性）；</SPAN
页:
[1]