<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN lang=EN-US style="FONT-SIZE: 12pt"><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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">金属产品</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">锌、铝交易提示<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：隔夜，伦锌跌幅明显，验证周三“上吊”形态，电<SPAN lang=EN-US>3</SPAN>合约收报于<SPAN lang=EN-US>2291</SPAN>美元，跌幅<SPAN lang=EN-US>1.82%</SPAN>；伦铝出现回落，成交量萎缩，电<SPAN lang=EN-US>3</SPAN>合约收报于<SPAN lang=EN-US>2438</SPAN>美元，跌幅<SPAN lang=EN-US>0.95%</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">内外盘比价情况：锌内外比价最高<SPAN lang=EN-US>8.31</SPAN>，最低<SPAN lang=EN-US>8.11</SPAN>，铝内外比价位于<SPAN lang=EN-US>6.81-6.92</SPAN>之间。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1.</SPAN>美<SPAN lang=EN-US>11</SPAN>月耐用品订单降幅超过预期<SPAN lang=EN-US>2.</SPAN>惠誉下调匈牙利评级<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：上海现货<SPAN lang=EN-US>0#</SPAN>锌报<SPAN lang=EN-US>18250-18350</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，保持不变，贴水<SPAN lang=EN-US>610-</SPAN>贴水<SPAN lang=EN-US>510</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；<SPAN lang=EN-US>1#</SPAN>锌报<SPAN lang=EN-US>18200-18300</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，与昨日持平，贴水<SPAN lang=EN-US>660-</SPAN>贴水<SPAN lang=EN-US>560</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US>A00 </SPAN>铝报在<SPAN lang=EN-US>16210-16230</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，上涨<SPAN lang=EN-US>10</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>200-</SPAN>贴水<SPAN lang=EN-US>180</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存方面：<SPAN lang=EN-US>LME</SPAN>锌库存为<SPAN lang=EN-US>698825</SPAN>吨，较上交易日减少<SPAN lang=EN-US>50</SPAN>吨，上海交易所锌期货库存为<SPAN lang=EN-US>227797</SPAN>吨，增加<SPAN lang=EN-US>1632</SPAN>吨；<SPAN lang=EN-US>LME</SPAN>铝库存为<SPAN lang=EN-US>4281500</SPAN>吨，较上交易日增加<SPAN lang=EN-US>5775</SPAN>吨，上海交易所铝期货库存为<SPAN lang=EN-US>301181</SPAN>吨，减少<SPAN lang=EN-US>2641</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：基本面上，供求过剩的局面尚未改变。资金面上，沪铝主力合约前<SPAN lang=EN-US>20</SPAN>名净空单增加至<SPAN lang=EN-US>7000</SPAN>手以上；沪锌前<SPAN lang=EN-US>20</SPAN>名净空单增加至<SPAN lang=EN-US>1.7</SPAN>万手左右。技术显示，市场走势延续震荡，缺乏方向信号。操作建议：沪锌日内交易；沪铝逢低短多。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">2 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">铜<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：隔夜伦铜探底回升，但尾盘仍收跌至<SPAN lang=EN-US>9310</SPAN>，周五为欧美圣诞假期，节前投资者有获利了结需求。但目前铜价处于均线之上运行，走势仍较强。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1.</SPAN>美国<SPAN lang=EN-US>12</SPAN>月密歇根大学消费者信心指数终值为<SPAN lang=EN-US>74.5</SPAN>，预估为<SPAN lang=EN-US>74.7</SPAN>，<SPAN lang=EN-US>12</SPAN>月初值为<SPAN lang=EN-US>74.2</SPAN>。<SPAN lang=EN-US>2.</SPAN>美国<SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>18</SPAN>日当周初请失业金人数降至<SPAN lang=EN-US>42</SPAN>万人，符合预期。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：上海现铜报<SPAN lang=EN-US>67250-67800</SPAN>元，下跌<SPAN lang=EN-US>600</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>475</SPAN>；内外比价为<SPAN lang=EN-US>7.36-7.37</SPAN>，继续处于低位震荡，表明内盘走势依旧较弱。<SPAN lang=EN-US> <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存：<st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="23" Month="12" Year="2010"><SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>23</SPAN>日</st1:chsdate><SPAN lang=EN-US>LME</SPAN>铜库存增加<SPAN lang=EN-US>3775</SPAN>吨至<SPAN lang=EN-US>367725</SPAN>吨，注销仓单占库存比为<SPAN lang=EN-US>4.53%</SPAN>，近期伦铜库存连续第九日增加，总计增加<SPAN lang=EN-US>18950</SPAN>，目前注销仓单处于<SPAN lang=EN-US>5%</SPAN>之下，暗示库存增加势头有望延续。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：隔夜伦铜继续收跌，主要受投资商获利了结拖累，晚间公布的美国数据较强，使得铜价回收部分跌幅。昨日伦铜持仓没有减少反而表现为增加，伦铜表现依旧强劲。但沪铜表现疲软，两市比价一路走低，滞涨的沪铜有望继续拖累铜价进行回调。库存方面，伦铜库存连续第九天增加，其较低的注销仓单占比表明后期库存增势有望延续，在这样的背景之下，铜价料难以走高，今日沪铜料开于<SPAN lang=EN-US>68800</SPAN>，有机会继续测试<SPAN lang=EN-US>68000</SPAN>的支撑，如果跌破则加空单。否则以观望为主。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">钢材</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：</SPAN><FONT face="Times New Roman"><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="8" UnitName="mm"><SPAN lang=EN-US style="FONT-SIZE: 12pt">8mm</SPAN></st1:chmetcnv><SPAN lang=EN-US style="FONT-SIZE: 12pt"> Q235</SPAN></FONT><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">高线上海报价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4730</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，</SPAN><FONT face="Times New Roman"><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="20" UnitName="mm"><SPAN lang=EN-US style="FONT-SIZE: 12pt">20mm</SPAN></st1:chmetcnv><SPAN lang=EN-US style="FONT-SIZE: 12pt"> HRB400</SPAN></FONT><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">螺纹钢上海报价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4850</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(1) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">全国房地产用地供应总量创新高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(2) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">印度</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月铁矿石出口量同比下降</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">30.6% (3) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">楼市调控“去投资化”起航</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(4) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">印度</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">63.5%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">粉矿</SPAN><st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="23" Month="12" Year="2010"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">23</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">CIF</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">参考报价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">176-178</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，持平</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存：上海交易所螺纹钢仓单日报为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">31476</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">手，减</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1488</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。线材仓单日报为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，持平。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">小结：周四</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">RB1105</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约继续回落。随着天气的变冷，终端的需求逐步减弱，市场成交日益清淡，部分流通商的资金略显紧张，现货价格下调，对期钢带来一定压力。操作上建议，短线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4730-4800</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">区间交易。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><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 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">黄金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：隔夜黄金走势疲软，尾盘收跌，其中</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">COMEX12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">黄金下跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.49%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1380</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">盎司，昨日美国经济数据强劲，使得金价避险需求有所减少。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息方面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1.</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">74.5</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，预估为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">74.7</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月初值为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">74.2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2.</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">18</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日当周初请失业金人数降至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">42</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万人，符合预期。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; 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: 12pt"><FONT face="Times New Roman">23</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">SPDR</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">基金黄金持有量减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.65</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1284.97</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：上海黄金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">9999</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">297.2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">克，下跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.86</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">克，跌幅为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.29% <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：隔夜黄金继续收跌，处于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1380</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">之下，因惠誉调降葡萄牙长期外币和本币的评等，且美国乐观的经济数据引发获利了结。最近几日黄金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">SPDR</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">基金不断减仓，表明其对金价走势不容乐观。昨日沪金高位震荡，持仓量继续减少，年底资金压力有所体现。目前金市无特别的焦点，而且缺乏资金的参与，昨日走势表明空头占据上风，金价走势偏弱，建议偏空思路为主。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">农产品</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">1<SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">白糖<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">受巴基斯坦为填补国内供给缺口拟进口<SPAN lang=EN-US>70</SPAN>万吨食糖的刺激，本周四<SPAN lang=EN-US>ICE</SPAN>糖市原糖期货价格再次暴涨并冲击了<SPAN lang=EN-US>30</SPAN>年以来的最高点。当日<SPAN lang=EN-US>1103</SPAN>期约糖价暴涨<SPAN lang=EN-US>85</SPAN>个点（<SPAN lang=EN-US>+2.6%</SPAN>），收于<SPAN lang=EN-US>33.98</SPAN>美分<SPAN lang=EN-US>/</SPAN>磅，盘中糖价一度冲击了<SPAN lang=EN-US>1980</SPAN>年<SPAN lang=EN-US>11</SPAN>月份以来<SPAN lang=EN-US>34.06</SPAN>美分<SPAN lang=EN-US>/</SPAN>磅的高点，至此，今年糖价已上涨了<SPAN lang=EN-US>26%</SPAN>；<SPAN lang=EN-US>1105</SPAN>期约糖价同时暴涨<SPAN lang=EN-US>68</SPAN>个点（<SPAN lang=EN-US>+2.3%</SPAN>），以<SPAN lang=EN-US>30.45</SPAN>美分<SPAN lang=EN-US>/</SPAN>磅报收。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">基本面消息：<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">1</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、新制糖年俄罗斯已产糖<SPAN lang=EN-US>269.4</SPAN>万吨<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">2</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、“甘蔗粉垄栽培”试验项目通过测产验收<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">国内现货：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">国内现货小幅上调，南宁报<SPAN lang=EN-US>6860</SPAN>（新糖）。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存仓单（张）：<SPAN lang=EN-US>1760</SPAN>，有效预报<SPAN lang=EN-US>1997</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">国内主产区天气情况：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">今天白天到晚上，全区阴天有小雨，其中桂林、柳州、贺州、河池、百色等市的部分地区有中雨，局部大雨或雨夹雪。<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>受冷空气影响，各地日平均气温下降幅度：桂东北<SPAN lang=EN-US>7-9</SPAN>℃， 其它地区<SPAN lang=EN-US>5-7</SPAN>℃；过程最低气温：高寒山区<SPAN lang=EN-US>-1</SPAN>～<SPAN lang=EN-US>1</SPAN>℃，桂北<SPAN lang=EN-US>2</SPAN>～<SPAN lang=EN-US>4</SPAN>℃， 桂南<SPAN lang=EN-US>5</SPAN>～<SPAN lang=EN-US>8</SPAN>℃，沿海地区<SPAN lang=EN-US>8</SPAN>～<SPAN lang=EN-US>10</SPAN>℃。 南宁市：今天白天到晚上，阴转小雨，东北风<SPAN lang=EN-US>2</SPAN>级，最高气温<SPAN lang=EN-US>19</SPAN>℃，最低气温<SPAN lang=EN-US>13</SPAN>℃。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">郑糖盘面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">技术上，郑糖<SPAN lang=EN-US>1109</SPAN>合约延续反弹走势，由于现货并未跟涨，缺乏实质买盘支撑，期价因此缩量小幅走高。前期高点压力将逐渐显现。短多宜平仓了结，中长线可逢高抛空。 <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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">2 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">棉花<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘走势：<SPAN lang=EN-US>ICE</SPAN>期棉收于跌停，受累于获利了结及技术卖盘。<SPAN lang=EN-US>3</SPAN>月棉花下跌<SPAN lang=EN-US>6</SPAN>美分，收报每 磅<SPAN lang=EN-US>148.12</SPAN>美分。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN>1</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、由于印度<SPAN lang=EN-US>11</SPAN>月份持续不利降雨，最近印度棉花协会（<SPAN lang=EN-US>CAI</SPAN>）已将本年度印度棉花产量 预测调为<SPAN lang=EN-US>590</SPAN>万吨，较上月下调<SPAN lang=EN-US>17</SPAN>万吨，但仍大幅超过了美国农业部（<SPAN lang=EN-US>USDA</SPAN>）<SPAN lang=EN-US>566</SPAN>万吨的最新 预测。随着印度新花上市量逐渐增多，未来几个月<SPAN lang=EN-US>USDA</SPAN>很可能进一步调增该项预测。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN>2</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、印度商务部长<SPAN lang=EN-US>Rahul Khullar</SPAN>周三称，印度将在明年<SPAN lang=EN-US>1</SPAN>月中旬决定是否将<SPAN lang=EN-US>2010/11</SPAN>年度 棉花出口限额提高至<SPAN lang=EN-US>550</SPAN>万包<SPAN lang=EN-US>(170</SPAN>公斤<SPAN lang=EN-US>/</SPAN>包<SPAN lang=EN-US>)</SPAN>以上，目前的出口配额注册工作将于下周重启。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN>3</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、<st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="22" Month="12" Year="2010"><SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>22</SPAN>日</st1:chsdate>，进口棉中国主港报价继续上涨，但涨幅明显缩水。经过连续暴涨之后，外棉现货成交已经鸦雀无声，套保棉商也面临重重险境，市场需求已经干涸，棉价高高在上已 成为“空中楼阁”。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：棉花指数<SPAN lang=EN-US>328</SPAN>价格为<SPAN lang=EN-US>27442</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，较上一交易日上涨<SPAN lang=EN-US>58</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">仓单库存：交易所注册仓单为<SPAN lang=EN-US>110</SPAN>张，较上一交易日增加<SPAN lang=EN-US>8</SPAN>张，有效预报为<SPAN lang=EN-US>183</SPAN>张。（每张 对应棉花<SPAN lang=EN-US>40</SPAN>吨）。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">主产区天气：受较强冷空气影响，未来三天，我国将有较大范围的雨（雪）天气，并伴有明显的大风降温。全国大部地区气温普遍下降<SPAN lang=EN-US>6</SPAN>～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="10" UnitName="℃"><SPAN lang=EN-US>10</SPAN>℃</st1:chmetcnv>。江汉、江淮、江南北部和西部、西 南地区东部的部分地区将出现雨转雨夹雪或雪。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">主产区天气：受较强冷空气影响，未来三天，我国将有较大范围的雨（雪）天气，并伴有明显的大风降温。全国大部地区气温普遍下降<SPAN lang=EN-US>6</SPAN>～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="10" UnitName="℃"><SPAN lang=EN-US>10</SPAN>℃</st1:chmetcnv>。江汉、江淮、江南北部和西部、西 南地区东部的部分地区将出现雨转雨夹雪或雪。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">3 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">谷物<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：<SPAN lang=EN-US>CBOT</SPAN>玉米期货周四收涨，持稳在<SPAN lang=EN-US>29</SPAN>个月高位，交易商称受助于对阿根廷干热天气的担忧。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1</SPAN>、美国农业部：私人出口商报告向未知目的地出售<SPAN lang=EN-US>116,000</SPAN>吨美国玉米；<SPAN lang=EN-US>2</SPAN>、目前全国冬小 麦受旱面积约为<SPAN lang=EN-US>5700</SPAN>多万亩；<SPAN lang=EN-US>3</SPAN>、泰国农业专家日前对外表示，泰国香米在香港、澳门等主要进口地区和国 家市场份额不断下降。因泰国香米价格较高，标准不明，消费者转向选择质量较低的大米。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：由于北方港口玉米库存压力较大，且贸易商装船发货热情不高，目前当地玉米收购价格小幅走弱。锦州和鲅鱼圈<SPAN lang=EN-US>15%</SPAN>以内水分玉米收购价在<SPAN lang=EN-US>2000</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，较前期下跌<SPAN lang=EN-US>10</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。大连、锦州及鲅鱼圈平舱价格仍稳定在<SPAN lang=EN-US>2060-2070</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；广东港口<SPAN lang=EN-US>15%</SPAN>以内水分新玉米主流成交价稳定在<SPAN lang=EN-US>2160</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，陈粮价格普 遍在<SPAN lang=EN-US>2165-2190</SPAN>元<SPAN lang=EN-US>/</SPAN>吨不等，基本与前一日持平；郑州强筋小麦出库价<SPAN lang=EN-US>2370</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，持平；江西九江早稻收购 价<SPAN lang=EN-US>2080</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，水分≤<SPAN lang=EN-US>13.5%</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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存方面：玉米仓单为<SPAN lang=EN-US>1038</SPAN>张，郑州强麦仓单为<SPAN lang=EN-US>7816</SPAN>张，早籼稻仓单为<SPAN lang=EN-US>6213</SPAN>张。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：现货保持坚挺支撑期货价格，但短期政策压力犹存，建议震荡思路对待；<SPAN lang=EN-US>WS1109</SPAN>合约下方中长期均线支撑稳固，后市面临<SPAN lang=EN-US>2800</SPAN>一线压力，建议震荡思路对待；<SPAN lang=EN-US>ER1105</SPAN>合约下方<SPAN lang=EN-US>2300</SPAN>一线支撑较好，但上方空间受到限制，建议观望或震荡思路对待。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">4</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">油脂<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：跟随大豆收高，美豆油继续攀升，主力<SPAN lang=EN-US>1</SPAN>月合约收于<SPAN lang=EN-US> 56.59</SPAN>美分<SPAN lang=EN-US>/</SPAN>磅。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息：国际方面，油世界称，由于天气干燥，阿根廷<SPAN lang=EN-US>2011 </SPAN>年初大豆产量料降至<SPAN lang=EN-US>4300-4800</SPAN>万吨，低于<SPAN lang=EN-US>2010</SPAN>年初的<SPAN lang=EN-US>5440</SPAN>万吨 。国内方面，海关数据显示，中国<SPAN lang=EN-US>11</SPAN>月进口油菜籽<SPAN lang=EN-US>59714</SPAN>吨，同 比减少<SPAN lang=EN-US>80.73%</SPAN>；<SPAN lang=EN-US>1-11</SPAN>月累计进口<SPAN lang=EN-US>1463298</SPAN>吨，同比减少<SPAN lang=EN-US>50.89%</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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货：昨日油脂现货价格继续走高，沿海四级豆油约为<SPAN lang=EN-US> 9650-9950</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；港口棕榈油报价集中在<SPAN lang=EN-US>9300-9550</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；国 内四级菜油出厂价格处于<SPAN lang=EN-US>9600-10400</SPAN>元<SPAN lang=EN-US>/</SPAN>吨水平。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">仓单：豆油，<SPAN lang=EN-US>5950</SPAN>张；棕榈油，<SPAN lang=EN-US>0</SPAN>张；均无变化；菜油，<SPAN lang=EN-US> 6100</SPAN>张，较上一交易日增加<SPAN lang=EN-US>800</SPAN>张。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：在外盘带动下，国内油脂一路走高，再度逼近前高，市场对于未来走势仍有一定观望情绪，同时，现货与期 货远月合约升水提高，有条件的现货客户可以进场套利，也有 可能制约未来价格的继续走高。圣诞节在即，外盘交易或将受到一定影响，建议暂不追高，<SPAN lang=EN-US>Y1109</SPAN>前期多单依托<SPAN lang=EN-US>10000-10050 </SPAN>元<SPAN lang=EN-US>/</SPAN>吨一线持有。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">5</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">大豆豆粕<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<SPAN lang=EN-US>1</SPAN>、美豆出口销售报告显示上周出口劲升。<SPAN lang=EN-US>2</SPAN>、阿根廷在未来一段时间内仍是炎热干燥天气。<SPAN lang=EN-US> <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：美豆期价大幅上涨，调升到<SPAN lang=EN-US>27</SPAN>月来的新高，出口需求强劲增长加上阿根廷天气不利共同带动期价走高。美豆<SPAN lang=EN-US>3</SPAN>月<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>1360<SPAN style="mso-spacerun: yes"> </SPAN>+20.25<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">国内现货：<SPAN lang=EN-US>1</SPAN>、黑龙江大豆价格近期平稳，价格变化不大，价格集中在<SPAN lang=EN-US>1.87-192</SPAN>元<SPAN lang=EN-US>/</SPAN>斤左右。<SPAN lang=EN-US>2</SPAN>、豆粕现货报价稳定为主，目前沿海地区价格在<SPAN lang=EN-US>3380-3450</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，山东和广东部分油厂<SPAN lang=EN-US>1</SPAN>月份合同价格在<SPAN lang=EN-US>3300</SPAN>元<SPAN lang=EN-US>/</SPAN>吨左右。从成交看，市场心态仍旧比较谨慎。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">盘面分析：期价走强，主要是受到油脂期价上涨的带动，豆油主力<SPAN lang=EN-US>1109</SPAN>合约涨幅达到<SPAN lang=EN-US>2.45%</SPAN>，，持仓和成交也大幅增加，这给予了大豆豆粕有力提振。豆粕增仓，期价收复昨日跌幅，延续反弹的态势。大豆各合约表现不一，目前的主力<SPAN lang=EN-US>1109</SPAN>合约虽然期价走高，但上升动力不强。资金快速移向远月<SPAN lang=EN-US>1201</SPAN>合约，推动期价大幅上涨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">操作建议：在长期利多的预期下，期价延续震荡反弹的格局。虽然反弹力度仍旧偏弱，但是继续看多仍是我们当前的选择。操作上，前期多单继续持有，大豆可在<SPAN lang=EN-US>1201</SPAN>合约上增仓少量多单。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center; tab-stops: 18.0pt" align=center><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">化工品<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">1</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">连塑<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<SPAN lang=EN-US>1</SPAN>、武汉<SPAN lang=EN-US>80</SPAN>万吨乙烯工程<SPAN lang=EN-US>2012</SPAN>年底建成<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>2</SPAN>、韩石化企业纷纷扩大裂解能力<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货市场：今日<SPAN lang=EN-US>LLDPE</SPAN>现货价格继续保持平稳。扬子石化<SPAN lang=EN-US>DFDA-7042</SPAN>报<SPAN lang=EN-US>11000</SPAN>。市场成交不活跃。东北亚乙烯略有回升，报<SPAN lang=EN-US>1175</SPAN>——<SPAN lang=EN-US>1177</SPAN>美元，涨<SPAN lang=EN-US>5</SPAN>美元。东南亚乙烯报<SPAN lang=EN-US>1090</SPAN>——<SPAN lang=EN-US>1092</SPAN>美元，与上一交易日持平。市场观望气氛浓厚，成交稀少。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">仓单库存：交易所仓单报<SPAN lang=EN-US>27057</SPAN>张，较昨日减少<SPAN lang=EN-US>20</SPAN>张。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：今日连塑依托十日均线的支撑，展开反弹行情，盘中大幅增仓，显示下方的支撑仍较为有力。基本面上，亚洲乙烯价格坚挺，国内乙烯减产令市场供应略微趋紧，下游制品产量大增，这些因素对连塑形成一定的支撑。近期原油又有重新走强的迹象，预计连塑有望随原油重<st1:chmetcnv w:st="on" TCSC="1" NumberType="5" Negative="False" HasSpace="False" SourceValue="10" UnitName="升">拾升</st1:chmetcnv>势。操作上，投资者可逢低适量建多，谨慎持有。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">2 PVC<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<SPAN lang=EN-US>1</SPAN>、俄罗斯西布尔公司计划新增<SPAN lang=EN-US>33</SPAN>万吨聚氯乙烯产能<SPAN lang=EN-US>2</SPAN>、陕北将建成大型聚氯乙烯生产企业<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货市场：<SPAN lang=EN-US>PVC</SPAN>现货价格明显回落，华东地区乙烯法<SPAN lang=EN-US>PVC</SPAN>报<SPAN lang=EN-US>8100</SPAN>元，跌<SPAN lang=EN-US>100</SPAN>元，电石法<SPAN lang=EN-US>PVC</SPAN>报<SPAN lang=EN-US>7800</SPAN>元，跌<SPAN lang=EN-US>100</SPAN>元。西北电石报<SPAN lang=EN-US>4000</SPAN>元，跌<SPAN lang=EN-US>100</SPAN>元，华东电石报<SPAN lang=EN-US>4500</SPAN>元，跌<SPAN lang=EN-US>100</SPAN>元。市场成交一般。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">仓单库存：交易所仓单报<SPAN lang=EN-US>444</SPAN>张，与上一交易日持平。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：今日<SPAN lang=EN-US>PVC</SPAN>依托十日均线的支撑窄幅震荡，显示短期市场分岐较大。基本面上，现货与电石价格小幅回落，节能减排任务基本完成对<SPAN lang=EN-US>PVC</SPAN>形成一定的制约，但现货库存不多，冬季严寒又推高了农膜的需求却也对<SPAN lang=EN-US>PVC</SPAN>形成一定的支撑。预计<SPAN lang=EN-US>PVC</SPAN>短期将重新选择方向。个人认为，<SPAN lang=EN-US>PVC</SPAN>经短暂整理后延续反弹的概率较大。操作上，投资者手中多单以<SPAN lang=EN-US>8230</SPAN>点为止损位谨慎持有。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">3 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">天胶<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘走势：<st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="23" Month="12" Year="2010"><SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>23</SPAN>日</st1:chsdate>日本东京市场适逢天皇诞辰日假期休市一天，因此东京胶无交易。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<SPAN lang=EN-US>1</SPAN>、轮胎企业再掀涨价潮；<SPAN lang=EN-US>2</SPAN>、韩泰轮胎在华销售突破千万条<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货市场：上海市场橡胶现货价格略有回落。云南国标一号胶报<SPAN lang=EN-US>35800</SPAN>元，泰国<SPAN lang=EN-US>3#</SPAN>烟片胶<SPAN lang=EN-US>34600</SPAN>，较昨日下跌<SPAN lang=EN-US>200</SPAN>元。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚洲各橡胶主产区天气预报如下：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">泰国<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>曼谷<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>阴<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>31</SPAN>℃～<SPAN lang=EN-US>24</SPAN>℃<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>风力：<SPAN lang=EN-US> 3</SPAN>级转<SPAN lang=EN-US>2</SPAN>级<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">越南<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>河内<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>小到中雨<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>21</SPAN>℃～<SPAN lang=EN-US>17</SPAN>℃<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>风力：<SPAN lang=EN-US> 3</SPAN>级转<SPAN lang=EN-US>2</SPAN>级<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">胡志明市<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>阴<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="32" UnitName="℃">32<SPAN lang=EN-US><SPAN lang=EN-US>℃</SPAN></SPAN></st1:chmetcnv><SPAN lang=EN-US>～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="22" UnitName="℃">22<SPAN lang=EN-US><SPAN lang=EN-US>℃</SPAN></SPAN></st1:chmetcnv><SPAN style="mso-spacerun: yes"> </SPAN></SPAN></SPAN>风力：<SPAN lang=EN-US> 2</SPAN>级<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">马来西亚 吉隆坡<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>雷阵雨<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>32</SPAN>℃～<SPAN lang=EN-US>23</SPAN>℃<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>风力：<SPAN lang=EN-US> 2</SPAN>级转<SPAN lang=EN-US>1</SPAN>级<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">印尼<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>雅加达<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>雷阵雨<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>31</SPAN>℃～<SPAN lang=EN-US>24</SPAN>℃<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>风力：<SPAN lang=EN-US> 2</SPAN>级<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">仓单库存：交易所仓单报<SPAN lang=EN-US>43460</SPAN>吨，较昨日增加<SPAN lang=EN-US>400</SPAN>吨。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：今日沪胶全天均维持弱势震荡格局，收盘虽仍站在五日均线上方，但走势已有所转弱。基本面上：原油重<st1:chmetcnv w:st="on" TCSC="1" NumberType="5" Negative="False" HasSpace="False" SourceValue="10" UnitName="升">拾升</st1:chmetcnv>势，下游轮胎提升均对天胶形成一定的支撑，但现货价格小幅回落对沪胶产生一定的压制，且经连续上涨，短线也有一定的调整要求。预计后市沪胶有回试十日均线支撑的需要，后市重点关注<SPAN lang=EN-US>36400</SPAN>一线支撑力度以决定是否重新做多，操作上，建议投资者暂时以日内交易为主。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">4 PTA<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<SPAN lang=EN-US>1</SPAN>、<SPAN lang=EN-US>NYMEX</SPAN>原油触及两年新高，受美国经济数据利好提振。<SPAN lang=EN-US>NYMEX 2</SPAN>月原油期货上 涨<SPAN lang=EN-US>1.03</SPAN>美元，报收<SPAN lang=EN-US>91.51</SPAN>美元<SPAN lang=EN-US>/</SPAN>桶。<SPAN lang=EN-US>2</SPAN>、<SPAN lang=EN-US>11</SPAN>月份我国纱线产量<SPAN lang=EN-US>246.7</SPAN>万吨，同比上升<SPAN lang=EN-US>9.8%</SPAN>，环比 上升<SPAN lang=EN-US>2.62%</SPAN>。<SPAN lang=EN-US>1-11</SPAN>月份累计纱线产量<SPAN lang=EN-US>2485.6</SPAN>万吨，同比上升<SPAN lang=EN-US>14.8%</SPAN>。<SPAN lang=EN-US>3</SPAN>、江浙涤丝多稳而<SPAN lang=EN-US>POY</SPAN>小 幅上涨，近期成交量有所放大下游适度逢低采购，市场心态表现尚可，聚酯工厂继续降库存 为主。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货价格：华东<SPAN lang=EN-US>PTA</SPAN>市场商谈清淡，持货方少量报盘维持在<SPAN lang=EN-US>9600</SPAN>元<SPAN lang=EN-US>/</SPAN>吨附近，持货方低价 惜售，买卖双方态度僵持，商谈在<SPAN lang=EN-US>9500-9550</SPAN>元<SPAN lang=EN-US>/</SPAN>吨附近，实盘稀少。亚洲<SPAN lang=EN-US>PTA</SPAN>现货市场商谈稀 少，台产货少量报盘在<SPAN lang=EN-US>1200-1205</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近，买方以观望为主，预计商谈在<SPAN lang=EN-US>1190-1195</SPAN>美元<SPAN lang=EN-US> /</SPAN>吨附近，韩货报盘<SPAN lang=EN-US>1190</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨，商谈在<SPAN lang=EN-US>1180</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存数据：交易所仓单为<SPAN lang=EN-US>21305</SPAN>张，较上一交易日增加<SPAN lang=EN-US>548</SPAN>张，有效预报<SPAN lang=EN-US>697</SPAN>张。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：国际原油站上<SPAN lang=EN-US>90</SPAN>美元关口，外盘主流供应商<SPAN lang=EN-US>1</SPAN>月<SPAN lang=EN-US>PX</SPAN>挂牌价明显上调，成本抬高支撑<SPAN lang=EN-US>PTA</SPAN>价格，但短期需求回落也压制上行空间；<SPAN lang=EN-US>PTA</SPAN>现货市场报价平稳，持货方低价惜售，高价区间一般买家略显观望。江浙市场涤丝整体稳定，产销回升明显，市场有一定分歧，聚 酯切片市场报价上调，成交略有回落。<SPAN lang=EN-US>PTA1105</SPAN>合约小幅收涨，期价受<SPAN lang=EN-US>5</SPAN>日线支撑震荡回升， 短线将围绕<SPAN lang=EN-US>10000</SPAN>关口展开强势震荡。操作上，日内交易为主。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">5 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">沪油<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘走势：<SPAN lang=EN-US>23</SPAN>日<SPAN lang=EN-US>NYMEX</SPAN>原油期货触及两年新高，升至每桶<SPAN lang=EN-US>91</SPAN>美元上方，因一系列经济数据证实美国经济前景转好。<SPAN lang=EN-US>NYMEX 2</SPAN>月原油期货上涨<SPAN lang=EN-US>1.03%</SPAN>，至每桶<SPAN lang=EN-US>91.51</SPAN>美元。该合约盘中高见<SPAN lang=EN-US>91.63</SPAN>美元，为自<SPAN lang=EN-US>2008</SPAN>年<SPAN lang=EN-US>10</SPAN>月以来最高价位。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN>1</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、据新华社周三报道称，<SPAN lang=EN-US>11</SPAN>月末中国原油库存环比下降<SPAN lang=EN-US>3.2%</SPAN>。<SPAN lang=EN-US>11</SPAN>月末柴油库存环比增加<SPAN lang=EN-US>0.8%</SPAN>，汽油库存环比增加<SPAN lang=EN-US>8.7%</SPAN>，煤油库存环比增加<SPAN lang=EN-US>7.0%</SPAN>，成品油库存环比增加<SPAN lang=EN-US>5%</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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN>2</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、中国海关总署最新统计数据显示，今年<SPAN lang=EN-US>1-11</SPAN>月份中国共计进口燃料油<SPAN lang=EN-US>2095.8</SPAN>万吨，同比下降<SPAN lang=EN-US> 4.04%</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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN>3</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">、美国能源部库存报告显示，在截至<SPAN lang=EN-US>17</SPAN>日的一周内，原油库存下降<SPAN lang=EN-US>530</SPAN>万桶，为连续第三周下降。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：<SPAN lang=EN-US>23</SPAN>日黄埔到岸价，新加坡高硫<SPAN lang=EN-US>180</SPAN>美金价<SPAN lang=EN-US>531.02</SPAN>美元，到岸贴水<SPAN lang=EN-US>12-13</SPAN>美元，新加坡高硫<SPAN lang=EN-US>380</SPAN>美金价<SPAN lang=EN-US>520.61</SPAN>美元。华南混调油最新交易估价：船用混调<SPAN lang=EN-US>180</SPAN>交易过驳价至<SPAN lang=EN-US>4620-4630</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；库提价<SPAN lang=EN-US>4630-4640</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，均价持平，国产锅炉用混调<SPAN lang=EN-US>180CST</SPAN>交易价至<SPAN lang=EN-US>4400-4450</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，均价持平。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：美国原油库存大幅减少推动原油期价站上<SPAN lang=EN-US>90</SPAN>美元关口；华东燃料油市场供需平淡，业者观望，华南地区燃料油现货市场受刚性需求量萎缩拖累，上涨空间非常有限，渣油和非标油市场推涨气氛表现冷清。沪油<SPAN lang=EN-US>1103</SPAN>合约小幅收跌，期价位于<SPAN lang=EN-US>5</SPAN>日线上方窄幅波动，<SPAN lang=EN-US>5000</SPAN>整数关口继续承压，短线延续高位震荡走势。操作上，震荡思路，低位适当短多。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">股指期货</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">瑞达期货：市场趋势未见明朗，期指或持续震荡<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘表现：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘指数<SPAN lang=EN-US><SPAN style="mso-tab-count: 2"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>收盘<SPAN lang=EN-US><SPAN style="mso-tab-count: 1"> </SPAN></SPAN>涨跌<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>涨幅<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">道琼斯<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>11573.49<SPAN style="mso-spacerun: yes"> </SPAN>14.00<SPAN style="mso-spacerun: yes"> </SPAN>0.12% <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">纳斯达克<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>2665.6<SPAN style="mso-spacerun: yes"> </SPAN>-5.88<SPAN style="mso-spacerun: yes"> </SPAN>-0.22%<SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">标普<SPAN lang=EN-US>500<SPAN style="mso-spacerun: yes"> </SPAN><SPAN style="mso-tab-count: 1"></SPAN><SPAN style="mso-spacerun: yes"> </SPAN>1256.77<SPAN style="mso-spacerun: yes"> </SPAN>-2.07<SPAN style="mso-spacerun: yes"> </SPAN>-0.16%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">富时<SPAN lang=EN-US>100<SPAN style="mso-spacerun: yes"> </SPAN>5996.07<SPAN style="mso-spacerun: yes"> </SPAN>12.58<SPAN style="mso-spacerun: yes"> </SPAN>0.21%<SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">德国<SPAN lang=EN-US>DAX<SPAN style="mso-spacerun: yes"> </SPAN>7057.69<SPAN style="mso-spacerun: yes"> </SPAN>-10.23<SPAN style="mso-spacerun: yes"> </SPAN>-0.14%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">法国<SPAN lang=EN-US>CAC40<SPAN style="mso-spacerun: yes"> </SPAN>3911.32<SPAN style="mso-spacerun: yes"> </SPAN>-8.39<SPAN style="mso-spacerun: yes"> </SPAN>-0.21%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">C0MEX</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">黄金<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>1380.0<SPAN style="mso-spacerun: yes"> </SPAN>-6.8<SPAN style="mso-spacerun: yes"> </SPAN>-0.49%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">NYMEX</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">原油<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>91.51<SPAN style="mso-spacerun: yes"> </SPAN>1.03<SPAN style="mso-spacerun: yes"> </SPAN>1.14%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">美元指数<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>80.592<SPAN style="mso-spacerun: yes"> </SPAN>0.019<SPAN style="mso-spacerun: yes"> </SPAN>0.02%<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">小结<SPAN lang=EN-US>: </SPAN>周四美国股市收盘涨跌不一，道指再创两年多以来收盘新高。由于节假日已至，经济数据好坏参半，投资者大多不愿在节假日前调整仓位。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">1. </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">央行<SPAN lang=EN-US>6</SPAN>周释放资金<SPAN lang=EN-US>3060</SPAN>亿元 拆借利率再创新高；<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">2. </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">海南“离岛免税”政策获批；<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">3. </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">央企资产总额逼近<SPAN lang=EN-US>24</SPAN>万亿 “十二五”定调做强做优；<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">4. </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">圣诞购物季强势登场 美联储或提前结束印钞；<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">5</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">．全球并购热陡然升温 明年全球市场不缺“柴火”；<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">6</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">．韩国央行称明年消费者物价指数增幅或高于<SPAN lang=EN-US>3%</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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">持仓分析：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">前<SPAN lang=EN-US>20</SPAN>名多头主力持单<SPAN lang=EN-US>16425</SPAN>手，空头主力持仓<SPAN lang=EN-US>20226</SPAN>手，净空持仓<SPAN lang=EN-US>3801</SPAN>手，净空持仓增加<SPAN lang=EN-US>406</SPAN>手。其中：前<SPAN lang=EN-US>5</SPAN>名主力机构净空持仓<SPAN lang=EN-US>4882</SPAN>手，空头持仓维持在高位，但空头优势较上一交易日有所减弱。从日内盘中持仓动向看，日内持仓相对稳定。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">瑞达研究院观点：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">股指期货主力合约<SPAN lang=EN-US>IF1101</SPAN>收盘报<SPAN lang=EN-US>3218</SPAN>点，预计周五<SPAN lang=EN-US>IF1101</SPAN>的运行区间在<SPAN lang=EN-US>3180-3260</SPAN>之间，如上方冲破<SPAN lang=EN-US>3260</SPAN>点可以小多，止损下设<SPAN lang=EN-US>10</SPAN>个点；如下方破<SPAN lang=EN-US>3180</SPAN>可以介入空单，止损上设<SPAN lang=EN-US>10</SPAN>个点。如在区间内窄幅震荡，可以高空低多的策略。<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">合约名称<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>强阻力位<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>阻力位<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>支撑位<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>强支撑位<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: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">HS 300<SPAN style="mso-spacerun: yes"> </SPAN>3260<SPAN style="mso-spacerun: yes"> </SPAN>3220<SPAN style="mso-spacerun: yes"> </SPAN>3150<SPAN style="mso-spacerun: yes"> </SPAN>3120<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">IF1101<SPAN style="mso-spacerun: yes"> </SPAN>3305<SPAN style="mso-spacerun: yes"> </SPAN>3260<SPAN style="mso-spacerun: yes"> </SPAN>3180<SPAN style="mso-spacerun: yes"> </SPAN>3135<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">IF1102<SPAN style="mso-spacerun: yes"> </SPAN>3340<SPAN style="mso-spacerun: yes"> </SPAN>3310<SPAN style="mso-spacerun: yes"> </SPAN>3215<SPAN style="mso-spacerun: yes"> </SPAN>3185<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">IF1103<SPAN style="mso-spacerun: yes"> </SPAN>3380<SPAN style="mso-spacerun: yes"> </SPAN>3340<SPAN style="mso-spacerun: yes"> </SPAN>3260<SPAN style="mso-spacerun: yes"> </SPAN>3210<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">IF1106<SPAN style="mso-spacerun: yes"> </SPAN>3450<SPAN style="mso-spacerun: yes"> </SPAN>3420<SPAN style="mso-spacerun: yes"> </SPAN>3330<SPAN style="mso-spacerun: yes"> </SPAN>3295<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p>
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