<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-hansi-font-family: ''Times New Roman''; mso-ascii-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-para-margin-left: 1.0gd; mso-char-indent-count: -.02"><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-hansi-font-family: ''Times New Roman''; mso-ascii-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-hansi-font-family: ''Times New Roman''; mso-ascii-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">2610.74</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.28%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2858.57</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.30%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；中小板指</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">5950.34</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.34%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；恒生指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">20597.35</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.07%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；德</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">DAX 5951.17 </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">0.65%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；道琼工业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> 10150.65 </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.65%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；纳斯达克</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> 2153.63</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.65%<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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-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; COLOR: black"><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 style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">房产税开征显迹象</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; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">发改委重提税收体制改革，国务院副总理李克强八天两度强调坚决抑制住房投机，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">部委联合进行全国督查问责保障房进度，国家发改委在全国人大报告中称房地产调控政策不会松动，此外，有迹象显示各地方政府的紧急筹备房产税。一连串的事件表明，政府对目前房产调控不满，税收体制改革可能将启动，但同时国家也将承担经济继续下滑的风险，政策陷入两难。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><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 style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外汇管理局：试点出口收入存境外</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">自今年</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日起，在北京、广东（含深圳）、山东（含青岛）、江苏四个省（市）开展出口收入存放境外政策试点，试点期限为一年。但试点企业出口收入境外支出的范围仅限定在贸易和经营等领域，不被允许用于境外金融投资和理财领域，对资本项目开放的意义有限。在缓解外汇储备不断增长的压力和丰富国际收支调节手段方面具有一定作用，象征意义大于实际意义。</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国统局：规模以上工业企业实现利润增幅继续回落</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">中国国家统计局上周五公布，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1-7</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">24</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个地区规模以上工业企业实现利润</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">18,761</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亿元人民币，同比增长</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">61.1%</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，增幅比</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1-6</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份回落</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">10.7</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个百分点。在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">39</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个工业大类行业中，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">36</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个行业利润同比增长，</SPAN><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个行业扭亏为盈，</SPAN><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个行业利润下降。与</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1-6</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份相比，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">33</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个行业利润同比增幅回落，</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个行业增幅提高。</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">第三次中日经济高层对话签署七项合作文件</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">中国国务院副总理王岐山同日本外务大臣冈田克也共同主持对话，双方围绕经济复苏对策、双边互惠双赢合作、全球及区域合作等三个专题深入交换意见。本次对话中，中方希望日方放宽在节能环保、绿色能源领域、风力发电、电动汽车、混合动力车、太阳能电池等技术领域的出口限制，日方在高新技术出口方面的保守政策有望松动。日方则要求中国放宽稀土出口限制，但可能性不大。</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-hansi-font-family: ''Times New Roman''; mso-ascii-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"><FONT face="Times New Roman">1. </FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">上周五美国重大新闻和数据</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">第二季度实际</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">修正值</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.6%<o:p></o:p></FONT></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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月密歇根大学消费者信心指数终值</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">68.9<o:p></o:p></FONT></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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">贝南克上周五表示，他准备好采取一切必要的措施来支持当前正在丧失动能的经济复苏</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">简评：美国经济增长略有回落，复苏仍缺乏动力，贝南克的讲话并不明确，贝南克认为降低</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">Fed</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">向银行支付的超额准备金利率影响较小，但他强调美联储仍有不少选择可以用于提振经济。贝南克讲话引发市场猜测，投资者持谨慎态度。</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"><SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></FONT></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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">．日本</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月失业率</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman"> 5%<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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">简评：日本贸易顺差持续扩大，工业产值稳定提升，但失业率却仍然企稳</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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，但消费略有提升，我们出口仍是日本经济复苏的主要动力。</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-hansi-font-family: ''Times New Roman''; mso-ascii-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"><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内股市方面，沪综指周五微幅续收高，成交额再创六周来新低，楼市调控忧虑令市场信心受挫，周期性个股维持最近疲软态势，而在消息面比较平静的情况下，多空双方力量比较均衡，但美联储主席伯南克全力确保经济复苏的讲话有望带来股市乐观情绪，上证综指在短期内料维持横盘向上整理格局。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-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-hansi-font-family: ''Times New Roman''; mso-ascii-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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">隔夜（中性）；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">EURIBOR</FONT></SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">隔夜（利空）</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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