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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">全球主要指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><st1:chsdate w:st="on" Year="2011" Month="4" Day="12" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="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-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">收盘：上证指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3021.37</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.05%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；沪深</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3326.77</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.20%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；中小板指</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6392.54</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.76%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；恒生指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 23976.37</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.34%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；德</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">DAX 7102.91 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.42%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；道琼工业</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12263.58 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.95%</FONT></SPAN><SPAN style="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><FONT face="Times New Roman">2744.79 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.96%</FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">人民币兑美元中间价</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6.5440</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，下行</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">39</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">基点；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">CRB</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">673.64 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.62%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">BDI 1342 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.25%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">GlobalCoal</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">煤炭价格周指（</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">NEWC INDEX 123.3 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.79%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">RB INDEX 124.59 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.84%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达国内宏观观点</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><BR>1.<SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">国土资源部副部长贠小苏带队的国务院督查组开始就浙江省房地产调控政策落实情况和调控成效，展开在杭州、宁波、温州等地的实地督查。贠小苏表示中央认为，以城市住房为主的问题已经影响到了全局，必须在控制通胀的同时下决心解决好房价问题。</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><BR></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">财政部和国土资源部将于</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>5</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">月初联合开展全国性摸底调研，此次调研的最终目的是推进土地出让收支改革。根据两部委摸底调研的情况，财政部将出台针对性措施，以便确保土地出让收支全部纳入地方政府性基金预算。</SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="COLOR: black; mso-bidi-font-size: 10.5pt" lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">3.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">财政部网站近日发布李勇所撰写的文章中指出，欧元和美元的轮番贬值还加大了中国外汇储备的管理难度，欧元和美元的贬值已使中国外汇储备出现帐面亏损，并认为</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>2011</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">年中国经济存在“价格上涨、增速放缓”的风险。</SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p> </o:p></SPAN></P>
<P style="TEXT-INDENT: -10.95pt; MARGIN: 0cm 0cm 0pt 10.95pt; mso-char-indent-count: -1.04" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达国际宏观观点</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">1. </FONT></SPAN><SPAN style="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><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份商品和服务贸易赤字缩小</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.6%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，至</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">457.6</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亿美元。因中东及北非动乱推高油价，美国大幅削减能源进口；此外，美国当月对华贸易赤字下降</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">19%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。从中国周一公布的数据及北非情况来看，美国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月贸易赤字持续收窄可能性很大。</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">2. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">加拿大央行维持商业银行间隔夜贷款目标利率水平</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">不变，同时该央行上调该国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2011</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年经济增长预估。加拿大央行称强势加元成为经济复苏拖累因素。预期该国央行短期内不会上调利率。</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">3. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">高企油价损害需求拖累全球经济复苏，高盛集团甚至提醒投资者在油市逆转前尽快平仓获利了结。昨日纽交所原油期货大幅下挫，如果北非局势未出现意外逆转，预计跌势将延续。</SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">今日提示：</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">13:30</FONT></SPAN><SPAN style="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><FONT face="Times New Roman"> 3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月消费者物价指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">16:30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">英国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月失业率；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">17:00<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">欧元区</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月工业产出；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">20:30</FONT></SPAN><SPAN style="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><FONT face="Times New Roman"> 3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月零售销售；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">22:30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><FONT face="Times New Roman"> </FONT><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">上周</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">EIA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油库存变化</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">(</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">桶</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">)</FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P style="TEXT-INDENT: -10.95pt; MARGIN: 0cm 0cm 0pt 10.95pt; mso-char-indent-count: -1.04" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p> </o:p></SPAN></P><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">对于</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>3</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月份的</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>CPI</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">预测面临较大的不确定性，农业部公布的农产品批发价格指数和菜篮子批发价格指数在</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>3</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月的前三周出现出现下滑，但是在最后一周有所反弹。此外，</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>3</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月份</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>CPI</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">的翘尾因素要大于</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>2</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月份，因而我们预计周五发布的</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>CPI</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">同比增幅从</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>2</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月份的</SPAN><st1:chmetcnv UnitName="升" SourceValue="4.9" HasSpace="False" Negative="False" NumberType="1" TCSC="0" w:st="on"><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>4.9</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">升</SPAN></st1:chmetcnv><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">至</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>5.2%</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">。与此同时，食品价格虽然继续维持高位，但无力推动</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>CPI</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Verdana; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">继续恶化，值得担忧的是非食品价格带动下的通胀趋势已有所显现。</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US><BR><BR></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: ''Times New Roman''; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">欧元</SPAN><SPAN style="FONT-FAMILY: ''Times New Roman''; FONT-SIZE: 10.5pt; mso-bidi-font-size: 10.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>/</SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: ''Times New Roman''; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">美元（利空）；美元</SPAN><SPAN style="FONT-FAMILY: ''Times New Roman''; FONT-SIZE: 10.5pt; mso-bidi-font-size: 10.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>/</SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: ''Times New Roman''; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">日元（利空）；美指（利好）；德国国债收益率（利空）；美国国债收益率（利空）；日本国债收益率（利空）；</SPAN><SPAN style="FONT-FAMILY: ''Times New Roman''; FONT-SIZE: 10.5pt; mso-bidi-font-size: 10.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA" lang=EN-US>LIBOR</SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 10.5pt; mso-hansi-font-family: ''Times New Roman''; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: ''Times New Roman''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: ''Times New Roman''; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">隔夜（利好）；</SPAN><SPAN style="FONT-FAMILY: ''Times New Roman''; FONT-SIZE: 10.5pt; mso-bidi-font-size: 10.0pt; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: 宋体; mso-fareast-langu
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