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\u80a1\u5e02\u53cd\u61c9\uff1a\u7149\u6cb9\u5ee0\u4e0a\u6f32\u3001\u7522\u6cb9\u5546\u4e0b\u8dcc\u3001\u65c5\u884c\u985e\u80a1\u7372\u5229\u597d\u611f<\/h3>\n

\u5340\u57df\u5e02\u5834\u5c07\u6b64\u8996\u70ba\u7d93\u5178\u7684\u5229\u6f64\u8f49\u79fb\u3002\u6771\u4eac\u65b9\u9762\u80fd\u6e90\u751f\u7522\u5546\u8868\u73fe\u843d\u5f8c\uff0c\u800c\u7149\u6cb9\u5ee0\u8207\u822a\u7a7a\u80a1\u8868\u73fe\u512a\u65bc\u5927\u76e4\uff0cTopix \u4e2d\u7684\u822a\u7a7a\u904b\u8f38\u8207\u5316\u5de5\u985e\u80a1\u51fa\u73fe\u8cb7\u76e4\u3002\u9996\u723e\u4e5f\u51fa\u73fe\u76f8\u540c\u5206\u5316\uff1a\u7149\u6cb9\u5ee0\u53d7\u60e0\u65bc\u6539\u5584\u7684\u77ed\u671f\u6bdb\u7149\u6cb9\u5229\u5dee\uff0c\u800c\u4e0a\u6e38\u66dd\u96aa\u5247\u8d70\u5f31\u3002\u9999\u6e2f\u8207\u4e0a\u6d77\u5e02\u5834\u4e2d\uff0c\u4e2d\u570b\u5927\u578b\u77f3\u6cb9\u516c\u53f8\u8868\u73fe\u5206\u5316\uff0c\u4f46\u822a\u7a7a\u8207\u7269\u6d41\u80a1\u4e0a\u6f32\u3002\u5370\u5ea6\u7684\u6cb9\u54c1\u884c\u92b7\u516c\u53f8\u5728\u590f\u5b63\u99d5\u8eca\u5b63\u524d\u5c0d\u884c\u92b7\u5229\u6f64\u6539\u5584\u62b1\u6301\u97cc\u6027\u9810\u671f\u3002\u5927\u76e4\u6307\u6578\u5340\u9593\u6574\u7406\uff0c\u4f46\u7522\u696d\u8f2a\u52d5\u6e05\u6670\uff1a\u66f4\u4f4e\u7684\u539f\u6599\u6210\u672c\u652f\u6490\u71c3\u6599\u4f7f\u7528\u8005\u8207\u8907\u96dc\u7149\u5ee0\uff1b\u6574\u5408\u578b\u8207\u4e0a\u6e38\u516c\u53f8\u56e0\u5be6\u73fe\u50f9\u683c\u8d70\u5f31\u800c\u88ab\u91cd\u65b0\u5b9a\u50f9\u3002\u6771\u5357\u4e9e\u60c5\u7dd2\u76f8\u5c0d\u8f03\u70ba\u5efa\u8a2d\u6027\uff0c\u9032\u53e3\u570b\u6a5f\u68b0\u6027\u53d7\u76ca\uff1b\u65b0\u52a0\u5761\u76f8\u95dc\u7684\u904b\u8f38\u8207\u516c\u7528\u4e8b\u696d\u80a1\u96a8\u8457\u6210\u672c\u7de9\u89e3\u800c\u5c0f\u5e45\u4e0a\u63da\uff0c\u56e0\u8f38\u5165\u6210\u672c\u7d13\u7de9\u53cd\u6620\u5230\u4f30\u503c\u6a21\u578b\u4e2d\u3002<\/p>\n

\u65e5\u672c\u7684\u7149\u6cb9\u6578\u5b78\uff1a\u5229\u5dee\u6539\u5584\uff0c\u4f46\u65e5\u5713\u7de9\u885d\u6709\u9650<\/h3>\n

Japan Times Business \u5831\u5c0e\u6307\u51fa\uff0c\u7149\u5ee0\u5728\u91cd\u65b0\u8a55\u4f30\u7522\u80fd\u8207\u5229\u5dee\u6642\u63a1\u53d6\u8b39\u614e\u614b\u5ea6\uff0c\u4e26\u95dc\u5207\u82e5\u6210\u54c1\u88c2\u89e3\u50f9\u8d70\u8edf\uff0c\u50f9\u683c\u4e0b\u8abf\u53ef\u80fd\u58d3\u7e2e\u8f49\u552e\u50f9\u3002\u7576\u5730\u6311\u6230\u5728\u65bc\u532f\u7387\u3002\u5373\u4fbf OSP \u4e0b\u8abf\uff0c\u65e5\u5713\u8d70\u5f31\u4e5f\u6703\u904f\u5236\u4ee5\u65e5\u5713\u8a08\u50f9\u7684\u4fbf\u5b9c\u539f\u6cb9\u5e36\u4f86\u7684\u5229\u597d\u3002\u51ac\u5b63\u7164\u6cb9\u9700\u6c42\u6b63\u5728\u56de\u843d\uff0c\u822a\u7a7a\u71c3\u6cb9\u9700\u6c42\u7a69\u5b9a\uff0c\u6c7d\u6cb9\u6d88\u8cbb\u4ecd\u7136\u75b2\u5f31\u3002\u9019\u610f\u5473\u8457\u5229\u5f97\u4e3b\u8981\u4f86\u81ea\u539f\u6599\u6210\u672c\u8207\u5eab\u5b58\u4f30\u503c\uff0c\u800c\u975e\u92b7\u91cf\u3002\u4e00\u4f4d\u5728\u570b\u5167\u5a92\u9ad4\u88ab\u5f15\u8ff0\u7684\u65e5\u672c\u7149\u6cb9\u5ee0\u9ad8\u7ba1\u76f4\u8a00\uff1a\u4ed5\u5165\u308c\u4fa1\u683c\u304c\u4e0b\u304c\u3063\u3066\u3082\u3001\u70ba\u66ff\u3068\u88fd\u54c1\u5e02\u6cc1\u6b21\u7b2c\u3067\u5229\u5e45\u306f\u5909\u308f\u308b\uff08\u300c\u5373\u4fbf\u63a1\u8cfc\u50f9\u683c\u4e0b\u964d\uff0c\u532f\u7387\u8207\u7522\u54c1\u5e02\u6cc1\u4ecd\u6703\u6c7a\u5b9a\u5229\u6f64\u5e45\u5ea6\u300d\uff09\u3002\u6295\u8cc7\u4eba\u61c9\u95dc\u6ce8\u7164\u6cb9\u8207\u67f4\u6cb9\u88c2\u89e3\u50f9\u80fd\u5426\u6301\u7e8c\u81f3\u4e09\u6708\uff0c\u4ee5\u53ca\u822a\u7a7a\u516c\u53f8\u662f\u5426\u6703\u5c07\u4efb\u4f55\u71c3\u6cb9\u9644\u52a0\u8cbb\u8b8a\u52d5\u8f49\u5ac1\u3002\u5982\u679c Brent-Dubai \u6642\u5dee\u6ed1\u5165\u8edf\u6027\u6b63\u68c9 (soft contango)\uff0c\u5eab\u5b58\u6548\u61c9\u4e5f\u53ef\u80fd\u5728\u5b63\u5ea6\u6703\u8a08\u4e2d\u6d6e\u73fe\u3002<\/p>\n

\u4e2d\u570b\u7684\u300c\u8336\u58fa\u300d\u7149\u5ee0\u3001\u914d\u984d\u8207\u539f\u6cb9\u7d44\u5408\u8f49\u5411<\/h3>\n

\u4e2d\u570b\u5831\u5c0e\u6697\u793a\u5c71\u6771\u7684\u6c11\u71df\u7149\u5ee0\u5c07\u63a1\u53d6\u9078\u64c7\u6027\u8cb7\u76e4\u3002\u4e00\u5bb6\u8cbf\u6613\u5831\u7d19\u5beb\u9053\uff1a\u6c11\u8425\u70bc\u5382\u66f4\u9752\u7750\u6298\u4ef7\u4fc4\u4f0a\u539f\u6cb9\uff0c\u4f46\u82e5\u6c99\u7279\u4ef7\u5dee\u6269\u5927\uff0c\u5c06\u8003\u8651\u63d0\u9ad8\u91c7\u8d2d\uff08\u300c\u6c11\u71df\u7149\u5ee0\u504f\u597d\u6298\u50f9\u7684\u4fc4\u7f85\u65af\u8207\u4f0a\u6717\u539f\u6cb9\uff0c\u4f46\u82e5\u6c99\u7279\u50f9\u5dee\u64f4\u5927\uff0c\u5c07\u8003\u616e\u589e\u52a0\u63a1\u8cfc\u300d\uff09\u3002\u56e0\u6b64 OSP \u4e0b\u8abf\u8a66\u5716\u5c07\u90e8\u5206\u8336\u58fa\u578b\u9700\u6c42\u5f9e ESPO \u8207\u4f0a\u6717\u6df7\u5408\u6cb9\u54c1\u62c9\u56de\uff0c\u5c24\u5176\u5728\u5317\u4eac\u5206\u6279\u767c\u653e\u65b0\u9032\u53e3\u914d\u984d\u6642\u3002\u64c1\u6709\u5e74\u5ea6\u5408\u7d04\u7684\u570b\u71df\u7149\u5ee0\u5c0d\u50f9\u683c\u5f48\u6027\u8f03\u4f4e\uff0c\u4f46\u5728\u77f3\u5316\u7522\u80fd\u904e\u5269\u3001\u82b3\u9999\u70f4\u5229\u5dee\u7dca\u7e2e\u7684\u60c5\u6cc1\u4e0b\uff0c\u4e5f\u6703\u6b61\u8fce\u66f4\u4f4e\u7684\u63a1\u8cfc\u6210\u672c\u3002\u95dc\u6ce8\u6210\u54c1\u6cb9\u51fa\u53e3\uff1a\u82e5\u570b\u5167\u9700\u6c42\u6301\u7e8c\u75b2\u5f31\uff0c\u8f03\u4f4e\u7684\u539f\u6cb9\u6210\u672c\u53ef\u80fd\u652f\u6490\u6210\u54c1\u51fa\u53e3\u914d\u984d\uff0c\u58d3\u4f4e\u65b0\u52a0\u5761\u7b49\u5730\u7684\u5340\u57df\u5229\u5dee\u3002\u6b64\u5916\u7559\u610f\u4e2d\u570b\u5b8f\u89c0\uff1a\u8f03\u4fbf\u5b9c\u7684\u80fd\u6e90\u6703\u5728\u6eef\u5f8c\u4e0b\u6e1b\u8f15\u6574\u9ad4 CPI \u58d3\u529b\uff0c\u7d66 PBOC \u66f4\u5927\u7a7a\u9593\u5728\u4e0d\u5f15\u767c\u9032\u53e3\u901a\u81a8\u7684\u60c5\u6cc1\u4e0b\u63a8\u9032\u5b9a\u5411\u5bec\u9b06\u3002<\/p>\n

\u97d3\u570b\u8207\u5370\u5ea6\uff1a\u653f\u7b56\u3001\u5229\u5dee\u8207\u9078\u8209\u7b97\u8853<\/h3>\n

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\u50f9\u683c\u50b3\u905e\u7684\u4f9b\u7d66\u8a0a\u865f\uff1a\u8fea\u62dc\u66f2\u7dda\u3001\u4fc4\u7f85\u65af\u3001\u4f0a\u6717<\/h3>\n

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