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作者保证报告所采用的数据均来自合规渠道,分析逻辑基于本人的职业理解,通过合理判断并得出结论,力求客观、公正,结论不受任何第三方的授意、影响,特此声明。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
独立性申明: | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
一、行情回顾 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
1月,高硫燃料油持续震荡,目前趋势性行情并不明显,燃料油波动区间保持在2500-2800附近,燃料油筑底趋势较为明显。原油价格持续高位震荡对燃料油底部价格支撑相对明显,从目前市场情绪来看,燃料油突破2500以下可能性较低,2月或持续底部震荡。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
低硫燃料油方面,1月低硫燃料油持续宽幅震荡行情,若国际原油价格保持不变,低硫燃料油或持续在3800-4200元/吨附近波动。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
二、产业结构分析 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
1、成本端 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
1 月,国际原油回升,原油价格在80美元/桶区间震荡。目前国际原油市场呈现“供需平衡”态势,虽然目前中东等主要产油国产量增速并未达到预期,但是欧美等主要国际依然存在经济衰退预期,需求仍没有得到有效释放,在美国大幅度消耗库存之后,美原油和成品油库存水平近期有回升势头,前期库存压力逐渐环节,以备进入夏季原油需求增加所需。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
供应方面,中东主要产油国方面,目前OPEC成员国产量相对稳定,2022年12月,OPEC+的13 个减产同盟国产量为2897.1 万桶/天,较11月增长了9.1万桶,然而,基本所有的增产均来自于尼日利亚,目前OPEC 也面临实际产量没有达到预期的窘境。欧佩克及其减产同盟国联合部长级监督委员会周三在维也纳召开会议重申去年10月份达成的协议。在去年10 月的部长级会议上,该联盟成员同意在2023年底前将日均总产量减少200万桶,也就是说,从去年11月份起,该产量联盟协议产量保持稳定。美国方面,目前美国原油产量略有上涨,但是低于2022 年10月;11 月份美国原油日均产量增加至1238万桶,低于10 月的每日1241万桶。截至1月27日... | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
国际原油库存方面,美国原油进口情况增加明显,美国净进口量增加至1800 万桶,成品油从出口向进口转变,其中一部分重要原因是美国炼厂开工率较低,成品油供应量相对有限。其中有两方面因素干扰美国成品油市场,1、美国长期减少对传统石油行业的投资导致美国炼厂设备老化,产能释放不利。2、前期美国出现极端天气导致炼厂设备受损且开工率下降。截至2023 年1 月27日当周,美国商业原油库存量4.52688亿桶,为2021年6月18日当周以来最高,比前一周增长414万桶;美国汽油库存总量2.34598亿桶,比前一周增长258万桶;馏分油库存量为1.1759亿桶,比前一周增长232 万桶。冬季需求较为平淡也是美国原油成品油和原油库存上涨的另一诱因。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
原油需求方面,2022 年11月美国原油和成品油日均需求2059 万桶,比前月增加17.8万桶,为2022年8月以来最高。2022年11 月份美国车用汽油日均需求885万桶,比前月增加2.1万桶。11 月份美国原油日均产量增加至1238万桶,低于10 月的每日1241 万桶。目前,美国炼厂开工率较低导致美国成品油市场供应量相对偏弱,美国炼厂加工总量平均每天1496.1 万桶,比前一周减少1.9万桶;炼油厂开工率85.7%。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
1 月开始,美国逐渐收紧战略原油释放频率,库存水平逐渐回暖。另一主要因素为美国前期积累的原油库存已经进入库存“保质期”后期,需要进行技术性“轮库”。美国在2020年4 月大量采购原油补充战略原油库存,到今年2 月刚好完成3 年的轮库小周期。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
2023年1月,国际原油价格整体走势偏向震荡,震荡区间在80-85美元/桶附近波动。从目前市场来看,暂时未见趋势性行情。原油价格进入一个了震荡周期,目前原油市场多头与空头相互博弈。在美联储释放打压油价等利空消息后,原油价格逐渐下降,在市场消化利消息后,多头推涨至85美元/桶附近。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
图:国际原油价格走势 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
数据来源:WIND 国信期货 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
2、供应端 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
根据国家统计局数据,全国燃料油12月产量为416.8万吨,同比下跌3.9%。2022年全国燃料油产量为5070.8万吨,同比上涨15.6%。国内原油加工量在第四季度再次拉涨,12月全国原油加工量为5987万吨,1-12月全国原油加工量675897万吨,同比下降3.4%。目前国内市场燃料油供应量偏宽松,但是原油受到高价影响导致进口量受到一定影响。根据海关总署数据,12月我国原油进口量为4807万吨,同比上涨4%,1-12月全国原油进口累计值50828万吨,累计同比下降了0.9%。国内外受疫情和经济下行压力的双重影响导致原油需求略有下降,但是目前市场燃料油供应偏宽松,第四季度开始,我国燃料油市场逐渐从出口转为进口,10月-12月,我国燃... | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
国内现货方面,国际原油价格区间震荡支撑船用油成本端,前期船用油价格大幅度走弱,近期船用油价格触底反弹。截止到2023年2月2日,上海、华东、厦门、黄埔(高硫180)价格分别为5950元/吨、6050元/吨、5980元/吨、6125元/吨,现货市场涨跌互现,近期出现现货价格上涨的情况。国内和国外燃料油价差导致目前原油出口量相对稳定,出口价格较高带动燃料油价格坚挺。但是低硫船供油现货价格下挫较为明显,10月28日国内舟山地区保税船用油(0.5%低硫燃料油)价格为650美元/吨,虽然目前低硫供应偏紧,但是今年以来低硫价格持续走强,导致高低硫船用油价差逐渐扩大,受环保因素影响,船企安装脱硫塔的经济效益要高于使用低硫燃料油目,导致低硫燃料油需... | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
进口现货价格方面,近期进出口价差正在逐渐扩大,国内燃料油需求相对平淡导致进口燃料油单价相对较低。但是,出口价格较好导致炼厂生产意愿强烈,虽然我国原油进口量同比下降,但是燃料油产量同比上涨明显且出口量稳定增长。以5~7号燃料油为例,进出口价差在12月已经达到0.25美元/千克 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
(单位:美元/千克): | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
进口均价|出口均价|1月|0.52|0.59|2月|0.57|0.63|3月|0.68|0.69|4月|0.68|0.73|5月|0.71|0.83|6月|0.66|0.89|7月|0.63|0.95|8月|0.52|0.92|9月|0.5|0.87|10月|0.47|0.71|11月|0.46|0.69|12月|0.42|0.67 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
数据来源:海关总署国信期货 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
国际现货方面,1月以来,新加坡地区燃料油价格出现一定反弹,四季度船用油价格稳中有升。截至1月31日,新加坡地区高硫180和高硫380现货价格分别为393.1美元/桶和380.33美元/桶,虽然目前亚洲市场燃料油需求较为平淡,但是新加坡等主要市场逐渐收紧燃料油进口量,新加坡燃料油库存存在一定下降趋势,支撑新加坡地区燃料油价格。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
3、库存端 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
1月以来,国际市场燃料油库存水平均出现不同程度的上涨。收宏观经济因素影响,目前国际市场总需求略显不足。另外,1月是国际市场航运业传统淡季,中国进入春节休假状态,春节前以及春节后船企工作热情普遍不高,船用油市场相对平淡。欧美等主要国家整体需求同样略显不足,季节性特征导致国际市场船用油以及燃料油库存均出现不同程度上涨。截至2023年1月27日,美国含渣燃料油库存量为31323.00千桶,美国馏分燃料油库存水平为117590千桶。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
日本方面,进入冬季,日本燃料需求呈现季节性上涨,另外,今年天然气价格过高导致燃料油需求较为旺盛。12月开始,国际天然气价格逐渐走低,但是向亚太地区的传导并不及时,JKM价格依旧呈现季节性高位。天然气价格过高导致日本地区燃料油需求较为稳定,库存水平承压下降,截至2023你啊1月28日,日本C级燃料油和A级燃料油库存分别为1681534.00 千升和709025.00 千升。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
新加坡方面,1月至2月,新加坡地区的燃料油库存水平呈现不同程度的上涨,主要因在俄罗斯石油产品被欧盟制裁之后,部分本应流向欧洲的燃料油流向亚太市场,虽然新加坡地区刻意减少燃料油进口,但是下游需求较为平淡也导致本区域燃料油库存水平出现一定上涨,出现轻微累库现象,截至2023年1月18日,新加坡地区轻质馏分油库存量为1806.00 万桶,中质馏分油库存水平为940.00 ,总库存量为 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
2,746.0000万桶。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
国内方面,在2022年12月开始,我国燃料油库存水平均出现不同程度上涨,进入冬季,我国进入燃料油需求淡季,叠加前期疫情持续扰动市场供需结构,导致下游船企观望情绪浓重,按需拿货,高规模采购情绪较为平淡,需求不足,库存水平上涨,但是进入2023年1月底到2月初,我国燃料油期货库存水平略有下降,截至2022年12月,根据卓创资讯数据,我国燃料油月度库存水平为405.3千吨,2023年1月,我国社会船用油库存水平为3千吨。截至2023年2月3日,我国燃料油期末库存水平为53540吨。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
4、需求端 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
6月以来,国际船用油需求下降较为明显,其中主要因欧美等主要经济体频繁加息,导致国际贸易水平较前期回落明显,船企的各种船型租金和利润在近期下降明显。美联储加息缩表叠加疫情影响导致市场供应能力有限且需求放缓。另外,近期铁矿石、煤炭、农产品等销售不佳;欧洲、印度等国家煤炭的进口量远弱于往年,导致市场对经济衰退的预期愈演愈烈。铁矿石市场同样表现略弱,巴西、澳洲等主要铁矿石出口国因国内需求放缓导致出口能力受到一定影响,港口库存水平回升明显。8月月底至9月底,BDI指数出现一定回升,船用油市场表现较前期略有好转。9月,粮食、铁矿石、煤炭等商品发货情况明显好于8月,带动船用油市场回暖。10月,南非-中国巴拿马型货船和海峡型货船运费均出现不同程度的... | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
国内方面,10月,我国进口干散货运费指数回升明显,已经达到往年同期水平。近期,国内进口铁矿石数量出现回暖,9月中国进口澳大利亚铁矿石数量处于年内高位水平,国内需求回暖支撑部分刚需。另外,接近冬季,欧洲大量国家采购煤炭准备过冬,拉涨巴拿马型运费,带动国内干散货运费指数。进入1月,我国需求再次下降,CDFI和CTFI指数承压回落。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
三、后市展望 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
燃料油市场,成本端支撑的情况短期将不会出现变化。国际方面,虽然市场对衰退预期悲观情绪浓重,整体需求受到一定抑制,目前市场需求略显不足,但是供应相对宽松,国际主要燃料油市场库存水平均呈现不同程度的上涨。进入2月,虽然需求较前期有所提升,但是总体日然偏弱。国内方面,近期国内现货价格均出现不同程度上涨,油价高位震荡支撑燃料油市场和船用油市场成本端。另外,在我国有效控制疫情之后,全球经济复苏预期强烈,基建、消费、房地产等行业预期较好,后市燃料油价格或可得到一定支撑。操作建议:短期燃料油市场难见趋势性行情,原油高价支撑燃料油底部价格,预计2月持续区间震荡走势,2月可暂时观望,后市择机做多。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
重要免责声明 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
本研究报告由国信期货撰写编译,未经书面许可,任何机构和个人不得以任何形式翻版、复制、发布及分发研究报告的全部或部分给任何其它人士。如引用发布,需注明出处为国信期货,且不得对本报告进行有悖原意的引用、删节和修改。国信期货保留对任何侵权行为和有悖报告原意的引用行为进行追究的权利。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
报告所引用信息和数据均来源于公开资料,国信期货力求报告内容和引用资料和数据的客观与公正,但不对所引用资料和数据本身的准确性和完整性作出保证。报告中的任何观点仅代表报告撰写时的判断,仅供阅读者参考,不能作为投资研究决策的依据,不得被视为任何业务的邀约邀请或推介,也不得视为诱发从事或不从事某项交易、买入或卖出任何金融产品的具体投资建议,也不保证对作出的任何判断不会发生变更。阅读者在阅读本研究报告后发生的投资所引致的任何后果,均不可归因于本研究报告,均与国信期货及分析师无关。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
国信期货对于本免责声明条款具有修改权和最终解释权。 | 2023-02-05T00:00:00 | 燃料油月报：原油持续震荡 燃油筑底 |
Markets were slightly softer this morning. In Asian IG space, we saw selling flows on 10yr names like TENCNT, HAOHUA and HYUELE, spread widened2-5bps by mid-day while Shorter names were two way balanced. | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
DALWAN: FV for new 3-yr to be high 11%. Book over USD500mn already at the time of writing. See below. | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
ADANIG: Indian Corporate Affairs Ministry starts reviewing Adani’s regulatory filings made over the years. Adani halt the plans to raise up to INR10bn (cUSD122mn) via public bonds. ADANIG’24, ADANEMs and ADSEZs were 0.25-1.5pts this morning. | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Trading desk comments交易台市场观点 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Last Friday, Asia IG space was firm, as broad cash deployment demand remained strong amid a slower rate hike pace. Though we saw US job data came out stronger than expected on Friday night. The unemployment rate hit 3.4%, a 53-year low. Korea IG space performed mixed on the day, HYUELE gapped another 10-20bps tighter... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
The LGFV/ Perp/ Asia AT1 remained largely strong with RM chasing for risks. On a WoW basis the LGFV space were overall 2pts higher, largely across different maturities and papers, albeit for different reasons. LGFV 24s-25s papers tightened up to 100bps in yield or 1-2pts higher, thanks to offshore Chinese AM and prop ... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Top Underperformers| Price| Change| TENCNT 3.925 01/19/38|85.6|-1.6| STCITY 6 07/15/25|93.8|-2.5| CENCHI 7.65 08/27/23|38.2|-2.4| CNPCCH 2 06/23/30|84.2|-1.9| CENCHI 7 1/4 04/24/23|52.0|-1.8 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Last Trading Day’s Top Movers | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Top Performers| Price| Change| ADANIG 4 3/8 09/08/24|71.3|7.7| ADANEM 3.949 02/12/30|72.8|5.7| ADSEZ 4 07/30/27|78.9|5.4| FWDINS 6.755 PERP|94.1|5.4| ADSEZ 3.1 02/02/31|69.3|5.3 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Marco News Recap 宏观新闻回顾 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Macro –U.S. stock markets down on last Friday, S&P (-1.04%), Dow (-0.38%) and Nasdaq (-1.59%) were affected by far beyond expectation U.S. Jan’23 NFP data which was +517k, higher than estimation of +185k and previous month’s +223k. Unemployment rate in Jan’23 was the lowest level in 1969 as 3.4%. The U.S. Jan’23 ISM n... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Desk analyst comments 分析员市场观点 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
DALWAN: FV for new 3-yr to be high 11% | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
DALWAN announced a 3-year USD bond issue, the second YTD. We understand that the new issue is mainly driven by strong reverse requests. At the time of writing, the book size is over USD500mn, already exceeded DALWAN’s remaining NDRC quota to be expired before the end of 1Q23. We consider the FV of new 3-yr DALWAN t... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Summary of the new issue:- | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Target size: USD250-300mn (TBD)Tenor: 3-year | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Format: Reg S | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Credit enhancement: EIPU+keepwell provided Dalian Wanda Commercial ManagementIPG: 12.5% vs our FV estimate of 11.75-11.875% | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
UOP: USD bond repayment | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Recalled that DALWAN issued DALWAN 11 01/20/25 in mid-Jan’23. This was the first “proper”book-built USD issue from Chinese HY properties since RDHGCL 7.8 03/20/24 in Sep’21. As we discussed in our Asia Credit Outlook 2023 and our comments on DALWAN dated 13 Jan’23, we consider DALWAN one of the “survivors”of the sec... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Chart: Real estate issuance since Sep’21 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Offshore Asia New Issues (Priced) | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Issuer/Guarantor| Size (USD mn)| Tenor| Coupon| Yield| Issue Rating(M/S/F)| No Offshore Asia New Issues Priced Today | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Offshore Asia New Issues (Pipeline) | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Issuer/Guarantor| Currency| Size (USD mn)| Tenor| Pricing| Issue Rating(M/S/F)| Wanda Properties Global Co. Ltd| USD|-|3yr|12.5%| Ba3/-/BB | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
News and market color | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Regarding onshore primary issuances, there were 16 credit bonds issued yesterday with an amount of RMB22.8bn. There is no yoy comparison as there was no onshore bonds issuance in same period of2022 due to Chinese New Year vacation. | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[ADANIG] Indian Corporate Affairs Ministry starts reviewing Adani’s regulatory filings made over the years. Adani halt the plans to raise up to USD122mn via public bonds; Standard Chartered stops accepting Adani bonds as collateral for margin loans; S&P revised the outlooks of Adani Ports and Adani Electricity to nega... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[CAPG] China Aoyuan unit schedules RMB2.54bn (cUSD376.7mn) 20Aoyuan01 bond put option exercise on 3-7 Feb'23; The company agreed to sell 60% stake in a target company holding an urban redevelopment project in Zhuhai involving 14 land parcels to Shandong SASAC for RMB584.4mn(cUSD86.8mn) | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[COGARD] Country Garden’s 9 property projects were put on sale by its JV partner China Poly Group, these projects amount to cRMB1.3bn (cUSD193mn) and are located in Chongqing, Zhongshan, Zhuhai, Wenzhou, etc. | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[EHOUSE] E-House said the restructuring effective date did not occur on 14 Dec’22 as it was not able to consummate the process in accordance with the scheme | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[EVERRE] China Evergrande is accelerating the sale of 458 property projects including residential properties, commercial properties and car parking spaces | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[FUTLAN] Seazen get approval from NAFMII to issue up to RMB15bn (cUSD2.22bn) of MTNs | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[GRNKEN] Greenko may finalize a bridge loan with seven banks to refinance USD435mn GRNKEN6.25 02/21/23 | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[HONGQI] China Hongqiao warn net profit to fall 40% in FY22 due to drop in gross profit per tonne of aluminum and provision for a large exchange loss | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[MIDEAZ] Midea Real Estate get approval from NAFMII to issue up to RMB15bn (cUSD2.22bn) of MTNs[PWRLNG] Powerlong signs strategic cooperation agreement with Agricultural Bank of China | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
[RISSUN] Risesun is seeking consent to further extend its RMB1.12bn (cUSD166.3mn) 7.18% notes due 2023 (20荣盛地产MTN002) | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
CMB International Global Markets Limited | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Fixed Income Department | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Tel: 852 3761 8867/ 852 3657 6291 fis@cmbi.com.hk | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
CMB International Global Markets Limited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly owned subsidiary of China Merchants Bank) | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Author Certification | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
The author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Besides, the author confirms that neither the author nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) wi... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Important Disclosures | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
There are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors. CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial pos... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
This report or any information contained herein, have been prepared by the CMBIGM, solely for the purpose of supplying information to the clients of CMBIGM and/or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation to buy or sell any security or any in... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
The information and contents contained in this report are based on the analyses and interpretations of information believed to be publicly available and reliable. CMBIGM has exerted every effort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness or correctness. CMBIGM provides th... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
CMBIGM may have a position, make markets or act as principal or engage in transactions in securities of companies referred to in this report for itself and/or on behalf of its clients from time to time. Investors should assume that CMBIGM does or seeks to have investment banking or other business relationships with th... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
Additional information on recommended securities is available upon request. Disclaimer: | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
For recipients of this document in the United Kingdom | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
This report has been provided only to persons (I)falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time)(“The Order”) or (II) are persons falling within Article 49(2) (a) to (d) (“High Net Worth Companies, Unincorporated Associations, ... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
For recipients of this document in the United States | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
CMBIGM is not a registered broker-dealer in the United States. As a result, CMBIGM is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. The research analyst who is primary responsible for the content of this research report is not registered or qualified... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
For recipients of this document in Singapore | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
This report is distributed in Singapore by CMBI (Singapore) Pte. Limited (CMBISG) (Company Regn. No. 201731928D), an Exempt Financial Adviser as defined in the Financial Advisers Act (Cap. 110) of Singapore and regulated by the Monetary Authority of Singapore. CMBISG may distribute reports produced by its respective f... | 2023-02-06T00:00:00 | Fixed Income Daily Market Update |
分析师:周古玥 | 2023-02-05T00:00:00 | 贵金属月报：预期向现实回归，金银或暂时承压 |
从业资格号:F3075597投资咨询号:Z0018099 | 2023-02-05T00:00:00 | 贵金属月报：预期向现实回归，金银或暂时承压 |
电话:021-55007766-6636邮箱:15527@guosen.com.cn | 2023-02-05T00:00:00 | 贵金属月报：预期向现实回归，金银或暂时承压 |
国信期货贵金属月报 | 2023-02-05T00:00:00 | 贵金属月报：预期向现实回归，金银或暂时承压 |
2022 年12 月25 日 | 2023-02-05T00:00:00 | 贵金属月报：预期向现实回归，金银或暂时承压 |
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