<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">全球主要指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="17" Month="01" Year="2011"><SPAN lang=EN-US><FONT face="Times New Roman">01</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">收盘：上证指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2706.66</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.03%</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">300</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">2974.35</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.80%</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">6140.00</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4.58%</FONT></SPAN><SPAN style="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><FONT face="Times New Roman"> 24156.97</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.52%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；德</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">DAX 7078.06 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.03%</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">-.- </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">-.-%</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">-.- </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">-.-%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">人民币对美元中间价</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6.5897</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个基点；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">CRB</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">629.18 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.08%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">BDI 1439 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.00%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">GlobalCoal</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">煤炭价格周指（</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">NEWC INDEX 136.3 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4.93%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">RB INDEX 129.07 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.12%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">）</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><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="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><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">统计局</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日公布了</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">2010</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年房地产运</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><A href="http://quotes.money.163.com/"><SPAN lang=EN-US style="COLOR: windowtext; FONT-FAMILY: 宋体; TEXT-DECORATION: none; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''; text-underline: none"><SPAN lang=EN-US>行情</SPAN></SPAN></A></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">况。数据显示，</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月份，全国</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">70</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个大中城市房屋销售价格同比上涨</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">6.4%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，涨幅比</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月份缩小</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">1.3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个百分点；环比上涨</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">0.3%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，环比连续</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个月上涨。</SPAN><SPAN lang=EN-US><BR><BR><FONT face="Times New Roman">2.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><A href="http://hkquotes.money.163.com/html/002380.html"><SPAN lang=EN-US style="COLOR: windowtext; FONT-FAMILY: 宋体; TEXT-DECORATION: none; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''; text-underline: none"><SPAN lang=EN-US>中<SPAN lang=EN-US>国电力</SPAN></SPAN></SPAN></A></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">企业联合会</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日发布数据，</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">2010</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年中国全社会用电量</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4.19</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">万亿千瓦时，同比增长</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">14.56</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">％，增幅提高</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">8.12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个百分点。其中，第二产业用电量增幅最大，全年为</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">31318</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿千瓦时，同比增长</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">15.41</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">％，增幅提高</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">10.72</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">个百分点。</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><BR><FONT face="Times New Roman">3.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">北京、上海“两会”日前分别召开，两市</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">2011</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年房地产市场调控政策已定调。其中，上海称将按照国家部署做好房产税改革试点各项准备工作，北京则暂不参与试点房产税。</SPAN><SPAN lang=EN-US style="BACKGROUND: white; FONT-FAMILY: Verdana; mso-hansi-font-family: ''Times New Roman''"><BR><BR></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">国际清算银行日前发布的数据显示，去年</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月，人民币实际有效汇率指数为</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">120.53</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，较</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月升</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">1.67%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">2010</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年全年，人民币实际有效汇率升</SPAN><SPAN lang=EN-US style="mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">4.72%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US><BR><BR><FONT face="Times New Roman">5.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="COLOR: #2b2b2b; FONT-FAMILY: 宋体">财政部发布去年全国国有企业主要效益指标数据，主要效益指标创历史新高。去年国有企业累计实现营业总收入<SPAN lang=EN-US>303253.7</SPAN>亿元，同比增长<SPAN lang=EN-US>31.1%</SPAN>，国有企业累计实现利润<SPAN lang=EN-US>19870.6</SPAN>亿元，同比增长<SPAN lang=EN-US>37.9%</SPAN>。<SPAN lang=EN-US><BR><BR></SPAN></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="COLOR: #2b2b2b; FONT-FAMILY: 宋体">胡锦涛近日表示，中国总体物价水平的上升有着很强的结构性，但基本上还是温和可控的，并重申人民币国际化将会是相当长的过程。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: #2b2b2b; FONT-FAMILY: 宋体"><BR></SPAN><SPAN lang=EN-US><BR><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman">[</FONT></B></SPAN><B style="mso-bidi-font-weight: normal"><SPAN style="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><SPAN lang=EN-US><FONT face="Times New Roman">]<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">．昨日美国因马丁路德金日而休市，汇市交易清淡。市场今日担忧美国在国家主席胡锦涛访美期间继续施压人民币升值，汇市交易较为谨慎。</SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><FONT face="Times New Roman">2. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">德国央行昨日公布的月报显示，尽管制造业订单仍然强劲，但德国经济复苏步伐显著放缓。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="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><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月纽约联储制造业指数；美国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">NAHB</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">房价指数；加拿大央行公布指标利率决定；德国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">ZEW</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">Nationwide</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">消费者信心指数；英国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月零售物价指数；英国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="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></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 10.95pt; TEXT-INDENT: -10.95pt; mso-char-indent-count: -1.04"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">观点总结</SPAN><SPAN lang=EN-US><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-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">房屋销售价格继续上涨和货币政策紧缩成为</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2011</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年中国资本市场最不稳定的因素，相对而言，我国进入加息周期和上调准备金率等都已经成为较大的确定因素，而今年最大的不确定因素仍然为房地产调控。本周四即将公布</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月份宏观数据，预计</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">CPI</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">在</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4.5%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">以上，但将低于</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">月的</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">5.1%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">欧元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">美元（利空）；美元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">日元（利空）；美指（利好）；德国国债收益率（利空）；美国国债收益率（利空）；日本国债收益率（利好）；</SPAN><SPAN lang=EN-US><FONT face="Time
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