<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 lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" 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 12pt"><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">锌铝<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：隔夜，伦锌深幅下挫，<SPAN lang=EN-US>20</SPAN>日均线失守，电<SPAN lang=EN-US>3</SPAN>合约收报于<SPAN lang=EN-US>2395</SPAN>美元，跌幅<SPAN lang=EN-US>1.84%</SPAN>；伦铝尾盘跳水，盘中一度考验<SPAN lang=EN-US>40</SPAN>日均线支撑，电<SPAN lang=EN-US>3</SPAN>合约收报于<SPAN lang=EN-US>2435</SPAN>美元，跌幅<SPAN lang=EN-US>0.69%</SPAN>。<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"><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>中美发表联合声明<SPAN lang=EN-US>2.</SPAN>美国<SPAN lang=EN-US>12</SPAN>月新屋开工月降<SPAN lang=EN-US>4.3%</SPAN>营建许可月升<SPAN lang=EN-US>16.7%<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"><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：上海现货<SPAN lang=EN-US>0#</SPAN>锌报<SPAN lang=EN-US>18600-18700</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，上涨<SPAN lang=EN-US>150</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>740-</SPAN>贴水<SPAN lang=EN-US>640</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；<SPAN lang=EN-US>1#</SPAN>锌报<SPAN lang=EN-US>18550-18650</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，涨<SPAN lang=EN-US>150</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>790-</SPAN>贴水<SPAN lang=EN-US>690</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US>A00 </SPAN>铝报在<SPAN lang=EN-US>16600-16620</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，上涨<SPAN lang=EN-US>80</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>20-</SPAN>平水。<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"><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：<SPAN lang=EN-US>LME</SPAN>锌库存为<SPAN lang=EN-US>711125</SPAN>吨，与上交易日持平，上海交易所锌期货库存为<SPAN lang=EN-US>258710</SPAN>吨，增加<SPAN lang=EN-US>501</SPAN>吨。<SPAN lang=EN-US>LME</SPAN>铝库存为<SPAN lang=EN-US>4485675</SPAN>吨，较上交易日增加<SPAN lang=EN-US>23700</SPAN>吨，上海交易所铝期现货库存为<SPAN lang=EN-US>284755</SPAN>吨，减少<SPAN lang=EN-US>1492</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 24pt"><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>8000</SPAN>手左右；沪锌前<SPAN lang=EN-US>20</SPAN>名净空单减少至<SPAN lang=EN-US>1.8</SPAN>万手左右。技术显示，市场在区间下沿获得支撑，短线将向上试探上沿压力。操作建议：沪锌逢低短多；沪铝暂时观望。<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 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''">钢材</SPAN><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 0pt"><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">4750</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，持平，</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">4900</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，持平。</SPAN><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 0pt"><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) 2010</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''">年经济数据今日出炉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> GDP</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''">增幅或达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10% (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''">国务院通过国有土地上房屋征收与补偿条例草案</SPAN><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''">淡水河谷预计到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2015</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''">年铁矿石产量增</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">50%</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">4.5</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''">亿吨</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''">印度粉矿</SPAN><st1:chsdate w:st="on" Year="2011" Month="1" Day="19" IsLunarDate="False" IsROCDate="False"><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''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">19</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">187-189</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，上涨</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"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 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">19634</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。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"><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"><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：周三</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''">合约重心上移，目前澳洲、巴西等国的暴雨和洪涝灾害仍在继续，原料价格走高，关注今日公布的国内经济数据。操作上建议，多单持有，以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">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''">日线设为止损。</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">3<SPAN style="mso-spacerun: yes"> </SPAN></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：昨日外盘黄金小幅上涨，但盘中表现为冲高回落，表明金价上涨动能依旧不足。与</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''">日的走势类似。其中</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">COMEX2</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''">月黄金涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.13%</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">1370</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。目前金价走势为回抽确认，近两日的反弹较为无力，后期有望延续回调走势。</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''">月新屋开工下滑</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4.3%</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''">，年率为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">52.9</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''">万户，预估为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">55</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''">万户。</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><st1:chsdate w:st="on" Year="2011" Month="1" Day="14" IsLunarDate="False" IsROCDate="False"><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''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">14</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 style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">当周</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">MBA</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''">抵押贷款申请活动指数上升至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">507</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''">，因利率跌至一个月最低。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.18</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''">基金黄金持有量为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1251.43</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''">，连续第四天减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5.46</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''">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">295.5</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''">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，上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.5</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''">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，涨幅为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.17% <o:p></o:p></FONT></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''">观点总结：昨日外盘黄金冲高回落，尾盘小幅收涨，表明其上涨动能不足。沪金指数低位小幅震荡，持仓量仅小幅增加，表明投资者做多意愿不强。另外</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''">基金的持续减仓，表明基金对金价走势并不乐观，从而限制金价涨幅。昨日在美元指数大幅下跌的时候，金价并没有大幅上涨，而在美元指数有所反弹之后，金价承压下跌，暗示美元指数对金价有助跌不助涨的作用。在此背景下，我们预计金价短期回调还未结束，下方关注</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">290</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''">的支撑。</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">4<SPAN style="mso-spacerun: yes"> </SPAN></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''">铜</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''">外盘：昨日伦铜在亚洲市大幅上扬，并再创历史</SPAN><SPAN 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''">，但晚间受疲软的美国房屋数据打压，自高位回落，上下波动</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">228</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''">点，尾盘跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1.52%</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">9587.</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''">昨日伦铜高低点贯穿了近期的整个波动区间，大涨之后迎来大跌，投</SPAN><SPAN 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''">资者获利了结迹象明显。</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''">月新屋开工下滑</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4.3%</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''">，年率为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">52.9</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''">万户，预估为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">55</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''">万户。</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><st1:chsdate w:st="on" Year="2011" Month="1" Day="14" IsLunarDate="False" IsROCDate="False"><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''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">14</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 style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">当周</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">MBA</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''">抵押贷款申请活动指数上升至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">507</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''">，因利率跌至一个月最低。</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''">现货方面：上海金属网铜现货报价为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">70950-71200</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''">，上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">300</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，贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">375</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''">，在上涨行情中，贴水扩大，表明现货跟涨无力；内外比价为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7.43-7.46</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''">，比值小幅上涨，内盘跟随外盘出现上涨。</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：伦铜库存增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3825</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">381750</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''">，目前注销仓单处于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8.3%</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''">，库存仍有可能减少。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN 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''">观点总结：昨日伦铜在创下历史新高之后出现大幅下跌，表明铜价高位引发投资者获利了结，这点可以从近两天伦铜大幅减仓中得到验证。昨日为伦铜的交割日，铜价大跌，暗示回调还未结束，今日沪铜受此影响料低开至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">71400</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''">附近，操作上偏空思路。</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-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''">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 12pt"><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''">白糖</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：</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''">由于市场方面担心来自全球头号产糖国</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''">巴西的食糖供给量减少，本周三</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">ICE</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''">糖市原糖期货价格继续稍稍上涨。当日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1103</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''">期约糖价上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">6</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''">个点（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">+0.2%</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''">），收于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">31.18</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''">美分</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''">磅，</SPAN><st1:chsdate w:st="on" Year="2010" Month="12" Day="29" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010</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''">年</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">29</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">1103</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''">期约糖价曾攀升至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1980</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''">年</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''">月份以来</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">34.77</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''">美分</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''">磅的最高点；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1105</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''">期约糖价则下跌</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''">个点（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">-0.1%</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''">），以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">29.26</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''">美分</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''">磅报收。</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''">基本面消息：</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>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''">、巴西</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10/11</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''">榨季的糖产量较上年度大增</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">18.2%</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''">至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3346</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"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>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''">、广西甘蔗轻度受灾面积已占全区</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">40.7%<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''">国内现货：</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''">国内现货小幅上调，南宁报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">6980</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''">（新糖）。</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''">库存仓单（张）：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2892</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''">，有效预报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">400</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"><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''">国内主产区天气情况：</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''">今天白天到晚上，桂林、柳州、来宾、贺州、河池、百色、崇左、南宁等市阴天有小雨，其中桂林、柳州、河池、百色</SPAN><SPAN 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''">等四市北部的部分市县以及我区高寒山区有冻雨、雨夹雪或冰冻，</SPAN><SPAN 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''">我区其它地区阴天有分散小雨。</SPAN><SPAN 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''">南宁市</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''">今天白天到晚</SPAN><SPAN 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''">上，小雨转阴，东北风</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''">到</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''">级，最高气温</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="8" UnitName="℃"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8</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></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，最低气温</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="5" UnitName="℃"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">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''">℃</SPAN></st1:chmetcnv><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"> <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''">郑糖盘面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 24pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">郑糖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1109</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''">合约维持横盘震荡走势，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">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''">日均线上叉</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''">日均线，且期价站于此</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''">均线之上，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">30</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''">日均线亦上行并构成重要支撑。</SPAN><SPAN 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''">后期关注</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7050</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">7250</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''">吨的区间突破情况，短期可少量参与做多。</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">2 <SPAN style="mso-spacerun: yes"> </SPAN></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''">谷物</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''">外盘：油价下跌且投资者获利了结，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">CBOT</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''">玉米期价</SPAN><st1:chsdate w:st="on" Year="2011" Month="1" Day="19" IsLunarDate="False" IsROCDate="False"><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''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">19</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 style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">收跌。</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''">、截至</SPAN><st1:chsdate w:st="on" Year="2011" Month="1" Day="5" IsLunarDate="False" IsROCDate="False"><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''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">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''">日</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内主产区累计收购玉米</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3,336</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''">万吨；</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''">、</SPAN><st1:chsdate w:st="on" Year="2011" Month="1" Day="19" IsLunarDate="False" IsROCDate="False"><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''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">19</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 style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国家临时存储小麦竞价交</SPAN><SPAN 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''">易总成交率</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7.47%</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">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''">、菲律宾</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010</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''">年大米产量降至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1,577</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''">现货方面：近期东北港口市场玉米价格相对平稳，大连港内玉米平舱价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2060-2070</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，较前期基本</SPAN><SPAN 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''">持平，但市场成交依然相对偏淡；由于库存压力较大，广东港口玉米价格弱势平稳，港内质量较好的新玉</SPAN><SPAN 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''">米报价在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2140-2170</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，较前期大致持平，预计后期到货量依然较为集中；目前</SPAN><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''">月交货的美国</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''">号黄玉</SPAN><SPAN 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''">米</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">FOB</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''">价格为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">282.5</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''">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，到中国口岸完税后总成本约为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2633</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，较上日涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">71</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，比去年同期涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> 554</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；郑州强筋小麦出库价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2350</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，持平；江西九江早稻收购价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2100</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，水分≤</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.5%</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''">。</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''">库存方面：玉米仓单为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1199</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''">张，郑州强麦仓单为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12846</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''">张，早籼稻仓单为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7706</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''">张。</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''">观点总结：玉米期价高位调整，短期有进一步走高的迹象，但政策压力犹存，操作上不可过分追高，建议震荡偏强思路对待；产区干旱带来小麦天气炒作，但当前不是决定最终产量时期，操作上不可盲目追多；缺乏基本面指引，早籼稻期价上下两难，短期建议震荡思路对待。</SPAN><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">3 <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">棉花<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"><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>期棉收高，美元下跌是部分原因刺激在棉花市场有投资者和投机买盘；<SPAN lang=EN-US>ICE-3</SPAN>月期棉合约收涨<SPAN lang=EN-US>3.5</SPAN>美分，报<SPAN lang=EN-US>148.94</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 12pt"><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 12pt"><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">、印度<SPAN lang=EN-US>2010/11</SPAN>年度棉花产量预计达到创纪录的<SPAN lang=EN-US>3290</SPAN>万包，因播种面积增加且天气条件理想。但尽管产量达到纪录水平，印度仍将棉花出口限制在<SPAN lang=EN-US>550</SPAN>万包，即使是海外需求持续攀升，因中国及巴基斯坦两国棉花产量因恶劣天气而受损。<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"><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">、据印度媒体透露，印度官方表示暂不提高棉花出口额度，外棉供应将继续偏紧。目前，保税区的寄售棉数量仍然很少，纺织企业仍主要通过签订远期合同采购外棉。<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"><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>27753</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，与上一交易日上涨<SPAN lang=EN-US>6</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 12pt"><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>145</SPAN>张，较上一交易日减少<SPAN lang=EN-US>18</SPAN>张，有效预报为<SPAN lang=EN-US>276</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 12pt"><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：受冷暖空气共同影响，未来三天，新疆沿天山地区、青藏高原东部、内蒙古东部、东北北部、西北地区东南部、西南地区大部及淮河以南大部地区多雨雪，其中，贵州东部、重庆东南部、湖北南部、湖南大部、江西北部、安徽南部、浙江西北部等地有大雪，局地有暴雪。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 24pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：印度官方表示暂不提高棉花出口额度，美元回落提振买盘，美棉继续走高；国内现货价格小幅上涨，整体维持平稳局面，纺织企业节前备货力度逐渐减弱，不少企业已基本完成采购，市场成交量萎缩。郑棉<SPAN lang=EN-US>1109</SPAN>合约收高，期价依托<SPAN lang=EN-US>5</SPAN>日线支撑增仓上行，短线测试<SPAN lang=EN-US>30000</SPAN>关口压力。操作上，短线交易为主，回落短多为主。<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">4 </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 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息要点：<SPAN lang=EN-US>1</SPAN>、中国取消两船美豆，因近期压榨利润下滑。<SPAN lang=EN-US>2</SPAN>、阿根廷降雨出现，缓解部分地区墒情。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：美豆期价涨跌互现，获利了结盘打压近月合约，而供应忧虑继续提振<SPAN lang=EN-US>11</SPAN>月合约，阿根廷地区的降雨使得期价自高位回落。美豆<SPAN lang=EN-US>3</SPAN>月<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>1411.5<SPAN style="mso-spacerun: yes"> </SPAN>-1.75<o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><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>1</SPAN>、哈尔滨地区油厂大豆收购报价<SPAN lang=EN-US>3820-3860</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，集贤在<SPAN lang=EN-US>3780-3800</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，油厂报价仍旧平稳，业内预计春节前价格上涨可能性不大。<SPAN lang=EN-US>2</SPAN>、豆粕现货价格稳中略跌，价格跌幅在<SPAN lang=EN-US>20</SPAN>元<SPAN lang=EN-US>/</SPAN>吨左右，昨日山东成交在<SPAN lang=EN-US>3480</SPAN>元<SPAN lang=EN-US>/</SPAN>吨左右。据悉<SPAN lang=EN-US>12</SPAN>月底以来大型饲料企业已采购完毕春节之前的库存，中小饲料企业还有少量补货计划。。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">天气：<SPAN lang=EN-US>1</SPAN>、上周末和周三出现的降雨和天气凉爽缓解了阿根廷中部大豆主产区的作物生长压力。科尔多瓦省周末天气仍维持大体干燥。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">盘面分析：豆粕主力<SPAN lang=EN-US>1109</SPAN>合约走势比较疲软，资金流出，期价走低，但是新的<SPAN lang=EN-US>1201</SPAN>合约的资金开始进入，期价上涨。大豆维持了上行态势，期价较昨天小幅走高，持仓增加。今天的走势是对昨天涨势的一个稳固，市场对后市的态度仍旧乐观。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">操作建议：豆粕大幅移仓<SPAN lang=EN-US>1201</SPAN>合约，从持仓看，预计豆粕近期将呈现快速移仓行情，关注<SPAN lang=EN-US>1201</SPAN>和<SPAN lang=EN-US>1109</SPAN>的短期套利机会，选择多远空近的策略。单边上，继续保有前期的多头思路，多单继续持有。<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">5 </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 12pt"><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：预估商品基金日买入<SPAN lang=EN-US>2000</SPAN>张豆油合约，<SPAN lang=EN-US>CBOT</SPAN>豆油小 幅收高，主力<SPAN lang=EN-US>3</SPAN>月收于<SPAN lang=EN-US>57.69</SPAN>美分<SPAN lang=EN-US>/</SPAN>磅；因产量能否跟上强劲的需求仍存在不确定性，<SPAN lang=EN-US>BMD</SPAN>毛棕榈油周<st1:chmetcnv w:st="on" TCSC="1" NumberType="3" Negative="False" HasSpace="False" SourceValue="3" UnitName="升">三升</st1:chmetcnv>至一周新高，主力<SPAN lang=EN-US>3</SPAN>月 合约上涨<SPAN lang=EN-US>62</SPAN>令吉至<SPAN lang=EN-US>3732</SPAN>令吉<SPAN lang=EN-US>/</SPAN>吨；市场受到商业和投机需求的支 持，<SPAN lang=EN-US>ICE</SPAN>油菜籽继续收涨，主力<SPAN lang=EN-US>3</SPAN>月合约收于<SPAN lang=EN-US>604.7</SPAN>加元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US> <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><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，油世界表示，过去几周中国增加美国豆油进口，因未知原因而从阿根廷供应转向美国。国内方面，商 务部大宗农产品进口信息发布显示，油菜籽本月进口实际装船<SPAN lang=EN-US> 5.90</SPAN>万吨，实际到港<SPAN lang=EN-US>17.55</SPAN>万吨。<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"><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：昨日油脂现货价格稳中有涨。沿海四级豆油约为<SPAN lang=EN-US> 10100-10400</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；港口棕榈油报价集中在<SPAN lang=EN-US>9850-10150</SPAN>元<SPAN lang=EN-US>/</SPAN>吨； 国内四级菜油出厂价格处于<SPAN lang=EN-US>10200-11000</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 12pt"><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>2671</SPAN>张；棕榈油，<SPAN lang=EN-US>0</SPAN>张；菜油，<SPAN lang=EN-US>14588</SPAN>张；均无变化。<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"><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：外盘油脂的反弹带动国内油脂市场再度走高，但是<SPAN lang=EN-US>CPI</SPAN>公布在即，市场担心国家调控的后续措施，追高热情不 大。但从长期趋势来看，油脂重心依然趋于上移，建议豆油趋势多单根据投资者自身情况进行持有，建议止损价格设在<SPAN lang=EN-US> 10100-10150</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，短线投资者日内震荡思路操作。<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; 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 12pt"><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">连塑<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"><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>、中国推动全球尼龙<SPAN lang=EN-US>6</SPAN>需求增长<SPAN lang=EN-US> 2</SPAN>、<SPAN lang=EN-US>2010</SPAN>年<SPAN lang=EN-US>11</SPAN>月中国吹塑机进口创新高<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"><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：<SPAN lang=EN-US>LLDPE</SPAN>现货价格平稳运行。扬子石化<SPAN lang=EN-US>DFDA-7042</SPAN>报<SPAN lang=EN-US>11300</SPAN>，东北亚乙烯报<SPAN lang=EN-US>1254</SPAN>——<SPAN lang=EN-US>1256</SPAN>美元，东南亚乙烯报<SPAN lang=EN-US>1120</SPAN>——<SPAN lang=EN-US>1122</SPAN>美元，均与昨日持平。采购商高位接货意愿不强。<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"><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：交易所仓单报<SPAN lang=EN-US>24,080</SPAN>张，减少<SPAN lang=EN-US>620</SPAN>张。<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"><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：昨日连塑缩量反弹，上方十日均线仍对其构成较大的压力。基本面上，亚洲乙烯价格坚挺，对连塑形成一定的支撑。但央行再度上调存款准备金率及下游需求不振对<SPAN lang=EN-US>LLDPE</SPAN>形成打压，预计连塑节前将延续弱势整理格局，操作上建议投资者以日内交易为主。<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 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">2 <SPAN style="mso-spacerun: yes"> </SPAN>PVC<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"><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>、超面积新购房将按比例征房产税<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>2</SPAN>、意外断电使韩国多套石化装置停产<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"><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：<SPAN lang=EN-US>PVC</SPAN>现货价格保持平稳。华东地区乙烯法<SPAN lang=EN-US>PVC</SPAN>报<SPAN lang=EN-US>8200</SPAN>元，电石法<SPAN lang=EN-US>PVC</SPAN>报<SPAN lang=EN-US>7800</SPAN>元，西北电石报<SPAN lang=EN-US>3700</SPAN>元华东电石报<SPAN lang=EN-US>4000</SPAN>元，均与昨日持平。市场观望气氛较浓。<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"><SPAN style="mso-tab-count: 1"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">仓单：交易所仓单报<SPAN lang=EN-US>10614</SPAN>张，与昨日持平。<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"><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：昨日<SPAN lang=EN-US>PVC</SPAN>震荡走高，十日均线重新成为多头的囊中之物。基本面上，乙烯走势坚挺，北方天气恶劣，春运又近在眼前，这些因素将对<SPAN lang=EN-US>PVC</SPAN>产生一定的支撑，但货币政策再度收紧，下游需求疲软、交易所仓单快速回升对<SPAN lang=EN-US>PVC</SPAN>形成一定的制约，预计<SPAN lang=EN-US>PVC</SPAN>短期将延续区间震荡格局。操作上，建议投资者以日内交易为主。<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 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">3 <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">天胶<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"><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：受沪胶长阳突破及供应偏紧的影响，<st1:chsdate w:st="on" Year="2011" Month="1" Day="19" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US>1</SPAN>月<SPAN lang=EN-US>19</SPAN>日</st1:chsdate>日胶继续刷新近期高点。<SPAN lang=EN-US>TOCOM</SPAN>橡胶<SPAN lang=EN-US>6</SPAN>月合约报收于<SPAN lang=EN-US>467.4</SPAN>日元，涨<SPAN lang=EN-US>14</SPAN>日元。技术上看，日胶增仓上行，带量走高，显示短线仍有上涨潜力。投资者手中多单可继续谨慎持有。<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"><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>、受累天然胶价狂飙 山东轮胎企业限产停产；<SPAN lang=EN-US>2</SPAN>、日本橡胶协会<SPAN lang=EN-US>:</SPAN>截至<st1:chsdate w:st="on" Year="2011" Month="1" Day="10" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US>1</SPAN>月<SPAN lang=EN-US>10</SPAN>日</st1:chsdate>日本天然橡胶库存增至<SPAN lang=EN-US>6,303</SPAN>吨<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"><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继续保持平稳。云南国标一号胶报<SPAN lang=EN-US>38500</SPAN>元，涨<SPAN lang=EN-US>300</SPAN>元，泰国<SPAN lang=EN-US>3#</SPAN>烟片胶<SPAN lang=EN-US>41200</SPAN>，涨<SPAN lang=EN-US>200</SPAN>元。。顺丁橡胶<SPAN lang=EN-US>BR9000</SPAN>报<SPAN lang=EN-US>31200</SPAN>元，丁苯橡胶<SPAN lang=EN-US>1502</SPAN>报<SPAN lang=EN-US>24000</SPAN>元<SPAN lang=EN-US>,</SPAN>均与昨日持平。市场成交一般。<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"><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">亚洲主产区天气<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><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>晴<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>31</SPAN>℃～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="21" UnitName="℃"><SPAN lang=EN-US>21</SPAN>℃</st1:chmetcnv><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 12pt"><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>阴<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>18</SPAN>℃～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="13" UnitName="℃"><SPAN lang=EN-US>13</SPAN>℃</st1:chmetcnv><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 12pt"><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>中雨<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 12pt"><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>阴<SPAN lang=EN-US><SPAN style="mso-spacerun: yes"> </SPAN>31</SPAN>℃～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="22" UnitName="℃"><SPAN lang=EN-US>22</SPAN>℃</st1:chmetcnv><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 12pt"><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>30</SPAN>℃～<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="25" UnitName="℃"><SPAN lang=EN-US>25</SPAN>℃</st1:chmetcnv><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 12pt"><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：交易所仓单报<SPAN lang=EN-US>48880</SPAN>吨，较前一交易日减少了<SPAN lang=EN-US>355</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 24pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：昨日天胶高开高走，长阳突破，距<SPAN lang=EN-US>40000</SPAN>元的心理压力位仅一步之遥，显示主力意在高远。基本面上：橡胶供应偏紧、现货价格持续走高对天胶形成有力的支撑。预计后市仍有走高潜力。操作上，建议投资者手中多单继续谨慎持有。<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">4 <SPAN style="mso-spacerun: yes"> </SPAN>PTA<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"><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>NYMEX</SPAN>原油收跌，因疲软的房屋开工数据令市场忧虑经济，<SPAN lang=EN-US>NYMEX 2</SPAN>月原油期货下跌<SPAN lang=EN-US>0.52</SPAN>美元，收报<SPAN lang=EN-US>90.86</SPAN>美元<SPAN lang=EN-US>/</SPAN>桶。<SPAN lang=EN-US>2</SPAN>、<SPAN lang=EN-US>BP</SPAN>珠海产能<SPAN lang=EN-US>90</SPAN>万吨<SPAN lang=EN-US>/</SPAN>年和产能<SPAN lang=EN-US>50</SPAN>万吨<SPAN lang=EN-US>/</SPAN>年的两套<SPAN lang=EN-US>PTA</SPAN>装置运行稳定，产品全部执行合同户，近期销售情况良好。<SPAN lang=EN-US> 3</SPAN>、江浙地区涤丝产销一般，多数<SPAN lang=EN-US>7-8</SPAN>成，部分稍好能勉强做平或略超，个别工厂较低仅<SPAN lang=EN-US>3-4</SPAN>成；节前涤丝保持稳中震荡为主。<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"><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>市场气氛坚挺，市场报盘在<SPAN lang=EN-US>10800</SPAN>元<SPAN lang=EN-US>/</SPAN>吨上方，持货方惜售心态明显，市场主流商谈在<SPAN lang=EN-US>10700-10750</SPAN>元<SPAN lang=EN-US>/</SPAN>吨附近，实盘稀少。亚洲<SPAN lang=EN-US>PTA</SPAN>现货市场气氛上扬，台产货报盘涨至<SPAN lang=EN-US>1380</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近，主流商谈在<SPAN lang=EN-US>1370-1375</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近展开，韩货商谈在<SPAN lang=EN-US>1360-1365</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近，此价位有实盘达成。<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"><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>12157</SPAN>张，与上一交易日减少<SPAN lang=EN-US>4880</SPAN>张，有效预报<SPAN lang=EN-US>400</SPAN>张。<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"><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：国内即将公布<SPAN lang=EN-US>2010</SPAN>年度经济数据，利好预期带动商品市场集体走强。受供应紧张影响，亚洲<SPAN lang=EN-US>PX</SPAN>价格持续上涨至<SPAN lang=EN-US>1600</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨上方，这助推<SPAN lang=EN-US>PTA</SPAN>市场多头氛围，；现货市场表现坚挺，买卖双方略显观望，部分贸易商高位出货的心态略有呈现。江浙涤纶丝整体多数稳定，受丝价偏高影响，下游谨慎观望依旧；聚酯切片高位震荡，工厂库存偏低价格坚挺，而下游观望成交缩量。<SPAN lang=EN-US>PTA1105</SPAN>合约震荡收高，期价突破<SPAN lang=EN-US>11000</SPAN>关口压力，短线有望进一步上行。操作上，短多交易，冲高适当减仓。<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">5 <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">沪油<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"><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>NYMEX</SPAN>原油小幅收跌，因疲软的房屋开工数据令市场忧虑经济，美输油管道恢复营运，<SPAN lang=EN-US>NYMEX 2</SPAN>月原油期货下跌<SPAN lang=EN-US>0.52</SPAN>美元，收报<SPAN lang=EN-US>90.86</SPAN>美元<SPAN lang=EN-US>/</SPAN>桶。亚洲燃料油市场继续走强，即期跨月价差升至一个月高位<SPAN lang=EN-US>,</SPAN>现货价差再创一年高点。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><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 12pt"><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">、息旺能源<SPAN lang=EN-US>(C1 Energy)</SPAN>表示，<SPAN lang=EN-US>1</SPAN>月份中国燃料油进口量预计为<SPAN lang=EN-US>190</SPAN>万吨，较去年同期相比增长<SPAN lang=EN-US>35%</SPAN>。息旺表示，购买积极是受到原油前景看涨的推动，预期本月原油将突破<SPAN lang=EN-US>100</SPAN>美元<SPAN lang=EN-US>/</SPAN>桶，因在<SPAN lang=EN-US>2</SPAN>月初的中国农历新年假期前需要增加库存。<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"><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">、据金银岛对山东地炼<SPAN lang=EN-US>30</SPAN>家炼厂装置统计，<st1:chsdate w:st="on" Year="2011" Month="1" Day="5" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US>1</SPAN>月<SPAN lang=EN-US>5</SPAN>日</st1:chsdate>山东地炼常减压装置平均开工率在<SPAN lang=EN-US>41%</SPAN>的水平，环比上次统计数据持平。春节临近，且近期市场难有利好因素提振，炼厂开工意愿不高。<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"><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>19</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>554.16</SPAN>美元，到岸贴水<SPAN lang=EN-US>12.5-13.5</SPAN>美元，新加坡高硫<SPAN lang=EN-US>380</SPAN>美金价<SPAN lang=EN-US>548.60</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>4630-4640</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；库提价<SPAN lang=EN-US>4640-4650</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 12pt"><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：国内即将公布<SPAN lang=EN-US>2010</SPAN>年度经济数据，利好预期提振商品市场集体上涨，燃料油也出现小幅反弹；华东燃料油市场持稳，供需基本面变化不大，船用油需求平淡，油浆及非标油资源紧张，供需缺口仍支撑价格；华南地区燃料油场需求较清淡，各商家继续保持观望态度，报价均挺稳抗跌，渣油、非标油报价均稳。沪油<SPAN lang=EN-US>1105</SPAN>合约出现反弹，期价受前期低点<SPAN lang=EN-US>4820</SPAN>支撑震荡回升，短线反抽<SPAN lang=EN-US>5</SPAN>周线，延续震荡走势。操作上，短线交易为主。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 24pt"><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"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达期货：启明星隐现，期指多头或延续</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘表现：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-tab-count: 2"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN></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''">收盘</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN></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''">涨跌</SPAN><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''">涨幅</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">道琼斯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>11825.29<SPAN style="mso-spacerun: yes"> </SPAN>-12.64<SPAN style="mso-spacerun: yes"> </SPAN>-0.11%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">纳斯达克</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>2725.36<SPAN style="mso-spacerun: yes"> </SPAN>-40.49<SPAN style="mso-spacerun: yes"> </SPAN>-1.46%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">标普</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">500<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>1281.92<SPAN style="mso-spacerun: yes"> </SPAN>-13.10<SPAN style="mso-spacerun: yes"> </SPAN>-1.01%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">富时</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">100<SPAN style="mso-spacerun: yes"> </SPAN>5976.70<SPAN style="mso-spacerun: yes"> </SPAN>-79.73<SPAN style="mso-spacerun: yes"> </SPAN>-1.32%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">德国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">DAX<SPAN style="mso-spacerun: yes"> </SPAN>7082.76<SPAN style="mso-spacerun: yes"> </SPAN>-60.69<SPAN style="mso-spacerun: yes"> </SPAN>-0.85%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">法国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">CAC40 <SPAN style="mso-spacerun: yes"> </SPAN>3976.71<SPAN style="mso-spacerun: yes"> </SPAN>-35.97<SPAN style="mso-spacerun: yes"> </SPAN>-0.90%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">C0MEX</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"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>1370.00<SPAN style="mso-spacerun: yes"> </SPAN>1.80<SPAN style="mso-spacerun: yes"> </SPAN>0.13%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">NYMEX</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''">原油</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>91.81<SPAN style="mso-spacerun: yes"> </SPAN>-0.50<SPAN style="mso-spacerun: yes"> </SPAN>-0.54%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>78.678<SPAN style="mso-spacerun: yes"> </SPAN>-0.311<SPAN style="mso-spacerun: yes"> </SPAN>-0.39%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><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：周三美国股市收低，标普</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">500</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''">指数与纳指均蒙受了</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''">月以来最大单日跌幅。受高盛证券等金融业巨头利空财报打压，美国运通、美国银行及其他十余家大型金融股普遍下跌，令大盘承压。</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</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-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">2010</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''">年经济数据今日出炉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> GDP</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''">增幅或达</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''">；</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">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''">中美发布联合声明：将建设全面互利经济伙伴关系；</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">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''">五大行业“十二五”规划浮出水面；</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">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''">高铁概念股八虎闹春</SPAN><SPAN 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''">游资或打造“锂电”第二；</SPAN><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 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">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''">市场调整</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> 28</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''">家公司股东斥资</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''">亿逆势增持；</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">6. </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''">中石油再谋天然气涨价</SPAN><SPAN 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''">利润千亿仍连年要补贴；</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">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''">税收减免提上日程</SPAN><SPAN 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''">物流振兴细则即将出台；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8. </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''">水利未来十年有望投资四万亿</SPAN><SPAN 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''">设施建设掀高潮；</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">9. </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''">地方国资“十二五”蓝图浮现</SPAN><SPAN 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''">整合重组渐入佳境；</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">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''">孟加拉股市推熔断机制</SPAN><SPAN 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''">涨跌超</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">225</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''">点将暂停交易；</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">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''">加拿大继续维持基准利率不变；；</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">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''">联合国：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2011</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''">年世界经济将缓慢增长，增幅将为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.1%</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''">；</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">持仓分析：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">就</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101</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''">合约而言，前</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''">名多头主力持单（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101</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">7440</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，空头主力持仓（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101</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">9494</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，净空持仓</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2054</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，净空持仓减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1014</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。前</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''">名空头主力持仓（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF11012</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">10042</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，空头主力持仓（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF11012</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">12514</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，净空持仓</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2472</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''">，净空持仓增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">690</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。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">持仓动向来看，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF11012</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''">合约持仓量超过</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101</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，移仓换月操作初步完成。多空在移仓过程中出现较大变化，虽空头继续占据先发优势，但空头力量出现分化。其中，传统空头巨头<st1:PersonName w:st="on" ProductID="国泰">国泰</st1:PersonName>君安成为多头龙头，空头龙头中证期货增仓较为犹豫，部分主力在处在观望之中，以便伺机而为。整体而言，多空均采取增仓（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF11012</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''">）策略，相比较而言，多头增仓较为积极，表明市场人气有所恢复，继续上冲可能性加大。</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达研究院观点：</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">IF1101</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''">主力合约周三报收于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3044.6 </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''">点。预计周四</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101</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''">合约运行区间在：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3090</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">2960</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''">点之间。如上方冲破</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> 3090<SPAN style="mso-spacerun: yes"> </SPAN></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''">点可以小多，止损下设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">15</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''">个点；如下方破</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2960</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''">点，可以介入空单，止损上设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">15</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''">个点。如在区间内窄幅震荡，可以高空低多的策略。</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"><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-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约名称</SPAN><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''">强阻力位</SPAN><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''">阻力位</SPAN><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''">支撑位</SPAN><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''">强支撑位</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">HS 300<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3125<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3090<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2950<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2925<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101<SPAN style="mso-spacerun: yes"> </SPAN>3125<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3090<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2960<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2925<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1102<SPAN style="mso-spacerun: yes"> </SPAN>3150<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3125<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2985<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2950<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1103<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3190<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3165<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3025<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>2990<o:p></o:p></FONT></SPAN></P>
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