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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''">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">9</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">13</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">2688.32</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">0.94%</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">2962.32</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">1.01%</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">6440.99</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">2.12%</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''">；恒生指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">21658.35 </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">1.89%</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 6261.68</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">0.75%</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"> 10544.13 </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">0.78%</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"> 2285.71</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">1.93%<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>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体; mso-bidi-font-weight: bold">1. </SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">当前物价水平不但超过了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2.25%</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''">、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">2.79%</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''">的一年期、两年期存款利率，而且首次超过</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">3.33%</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''">的三年期存款利率，居民实际存款已连续</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''">个月为负，负利率格局进一步形成。</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">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''">同比涨幅再创新高，居民一年期定期存款实际贬值达到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.25%</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''">。尽管我们预计</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''">基本见顶，而国统局也坚称能实现今年通胀</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''">的目标，但长期的负利率极有可能会使部分银行存款流入股市和房市，导致资产价格上涨，也将部分冲减房地产调控的效果。而最近广为建议的提高存款利率不失为一种减缓负利率的可行方式。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体; mso-bidi-font-weight: bold"><o:p></o:p></SPAN></P>
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<P class=MsoNormal style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 10.5pt; BORDER-LEFT: medium none; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none; mso-border-alt: none black 0cm; mso-shading: windowtext; mso-pattern: solid white; mso-padding-alt: 0cm 0cm 0cm 0cm"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体; mso-bidi-font-weight: bold">2. </SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体; mso-bidi-font-weight: bold">中国商务部外商投资管理司司长刘亚军周一表示，中国正在修订外商投资产业导向目录，将扩大鼓励类和允许类产业、减少限制类产业，还将鼓励外资大力进入中国西部。同一天，国土部出台<SPAN lang=EN-US>26</SPAN>项政策助西部大开发，推进优势矿产开发。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: white; FONT-FAMILY: Verdana; mso-hansi-font-family: ''Times New Roman''"><o:p></o:p></SPAN></P></DIV>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体; mso-bidi-font-weight: bold">3. </SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体; mso-bidi-font-weight: bold">周一中国央行将美元<SPAN lang=EN-US>/</SPAN>人民币中间价设定在人民币<SPAN lang=EN-US>6.7509</SPAN>元，自<SPAN lang=EN-US>6</SPAN>月<SPAN lang=EN-US>19</SPAN>日以来人民币兑美元已累计升值<SPAN lang=EN-US>1.03%</SPAN>。<SPAN lang=EN-US>1</SPAN>年期美元<SPAN lang=EN-US>/</SPAN>人民币无本金交割远期预示人民币在未来<SPAN lang=EN-US>12</SPAN>个月将累计升值<SPAN lang=EN-US>1.8%</SPAN>。不过近期人民币的升幅可能仍无法平息美国政府方面对人民币汇率政策的指责，考虑到中国政府也愿意让人民币升值以遏制输入性通货膨胀，避免经济过热。我们预计人民币在未来两个月的升值幅度会较快。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">4. 2010</SPAN><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: 宋体">年夏季达沃斯论坛周一在天津开幕，主题为“推动可持续增长”，对于经济领域，各国政界、学界和商界将探讨中国如何完成自主创新目标、支撑中国未来制造业和服务业的新商业模式、如果新兴市场在<SPAN lang=EN-US>2011</SPAN>年发生危机会怎样等议题。在绿色领域将围绕太阳能技术的未来、如何为绿色增长提供财政支持、气候变化挑战等论题展开讨论。还将关注改善老龄化社会、如何将云计算的潜能最大化等论题。转变经济增长模式，提倡环境友好型的绿色、低碳的经济发展之路已经成为世界经济发展大趋势和各国的目标。<SPAN lang=EN-US><o:p></o:p></SPAN></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''">全球金融监管机构于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">9</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">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''">日就《巴塞尔协议</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">III</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''">》达成共识，将迫使银行业把一级资本</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''">即其必须持有的准备金比率</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''">提高逾两倍至</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''">，这些规定旨在通过显着提高银行资本金要求降低市场未来出现动荡的风险。此举旨在避免国际金融危机重演。欧洲各核心国均认为新的资本要求会阻碍全球经济复苏，相反会促进经济稳定和增长；同时各大国也表示如果美国不实施新的监管标准，欧洲也不会落实新政策。促进全球金融稳定需要各国共同努力。该协议提振了市场信心。</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''">英国</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''">月份总体消费者信心指数从</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</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">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''">上升至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">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''">，</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''">月份英国消费者对经济前景、就业市场、和自身未来收入看法的悲观程度有所减轻，我们认为消费意愿的提升将从根本上促进经济复苏。受此利好数据影响，昨日英镑汇率大幅上涨。</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''">．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''">月份经常项目赤字从</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</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''">亿欧元收窄至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">22</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"><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''">服务贸易与收入盈余增长抵消了商品贸易逆差扩大的影响。</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">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''">欧盟委员会将法国</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''">增幅预期由</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''">月份时预计的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">1.3%</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''">提高至</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-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>
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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''">今日关注重点：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-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月零售销售；德国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><FONT face="Times New Roman">9</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">ZEW</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''">经济景气指数；英国</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''">月消费者物价指数；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-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月工业产出修正值</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"><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，沪综指周一收高，房地产股领涨。因周末公布的</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''">等宏观经济数据符合预期，缓和了市场加息预期，政策面亦步入观察期，预计短线大盘仍料维持窄幅震荡走势。</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-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（利空）；德国国债收益率（利好）；美国国债收益率（利好）；日本国债收益率（利空）；</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><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-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">隔夜（利好）</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt"><o:p></o:p></SPAN></P>
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