【ACY证券】经济衰退究竟代表什么，美国数据已经初现端倪
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei";color:black;mso-color-alt:windowtext">在最近的讲座与分析中，我们曾反复提及“经济衰退”一词。收益率曲线倒挂，美国经济会衰退；俄乌之间打仗，欧洲经济会衰退；疫情下供应链收缩，全球经济会衰退。那么究竟什么是经济衰退呢？<b>其实每个国家对衰退的定义皆有不同，以美国的标准来看，连续两个或两个以上季度</b></span><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">GDP</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">出现负增长，便被称为经济衰退。</span></b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p><p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext"></span></b></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">经济衰退本身并不可怕，可怕的是企业与民众的心理防线决堤。就像供应链一样，经济活动同样有着自己的一套
“牛鞭效应”。一旦官方宣布经济进入衰退阶段，企业会主动对业务进行收缩防守，民众同样会节衣缩食降低消费。经济活动受到限制，从而延长衰退的时间，形成恶性循环，甚至可能导致长期的经济萧条。也正是为了避免这种情况出现，<b>美联储最近一直要强调，快速加息不会令美国经济陷入衰退泥潭，为市场提供“莫须有”的信心。</b></span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p><p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext"><b></b></span></span></p>
<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">不过就在昨天，<b>美国公布了一季度</b></span><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">GDP</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">增长年率，出乎多数人的意料，竟然报得</span></b><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">-1.4%</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">。</span></b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">这是疫情以来首次出现负增长，主要受到进口的飙升与库存的暴跌等两方面影响。在经济下滑的背后，一方面是疫情期间过度扩张的经济活动，另一方面则受到新能源转型和俄乌战争等地缘政治影响。除此之外，<b>整体经济数据仍然表现的较为“健康”，消费者需求和私人企业投资仍在稳定上涨。</b>不过即便如此，情绪面对经济的看衰仍然影响到了金融市场，在数据公布后，黄金再度上涨，而美元则见顶回落。伴随美联储下周</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">50</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">基点加息落地，美元或将受到利多出尽影响，开始反向贬值。</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p><p><br><br>data/attachment/portal/202204/29/195939o71mx9qcx9hkjk1m.jpg<br></p>
<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="EN-AU" style="mso-no-proof:yes">
</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei""></span></span></p>
<p class="MsoNormal" align="center" style="text-align:center;line-height:normal"><span style="font-size:16.5px;"><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">EURUSD</span></i><i><span lang="ZH-CN" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">一小时图</span></i><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></i></span></p>
<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">从欧美小时图来看，受到加息预期影响，欧美呈现单边下滑，下降通道非常明显。掉期市场中对于加息的押注仍在提前，越来越多的交易者认为美联储今年会加息</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">12</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">次（每次</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">25</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">个基点）， <span style="mso-spacerun:yes"> </span>短线美元的看涨动力仍然较强。不过指标方面来看，</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">MACD</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">快慢线形成金叉后开始逐步上行，柱线释放背离信号；</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">RSI</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">相对强弱指标同样形成背离，不过两个背离形态幅度都不大，反转信号还不够强。<b>整体来看欧美的交易策略以短空长多为主。现价附近的关键阻力主要看</b></span><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">1.052</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">趋势线阻力，而下方的支撑则要看</span></b><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">1.045</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">附近。</span></b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">多单入场可以配合</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">RSI</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">和</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">MACD</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">更加明显的底部背离信号。关注今晚欧洲</span><span lang="EN-AU" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">CPI</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">与美国消费者信心指数发布后，欧元探底回升的机会。</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei""></span></span></p>
<p class="MsoNormal" style="line-height:normal"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei""><span style="font-size:16.5px;"> </span></span></p>
<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">今日关注数据</span></b><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></b></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">17:00 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">欧元区</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">4</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">月</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">CPI</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">年率</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">17:00 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">欧元区第一季度</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">GDP</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">年率</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">20:30 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">美国</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">3</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">月个人支出月率</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">22:00 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">美国</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">4</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">月密歇根大学消费者信心指数</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""><span style="font-size:16.5px;"> </span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US">联系我们</span></b><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:SimSun;
mso-ansi-language:EN-US"> </span><span style="font-family:
"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";mso-ansi-language:
EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US">电话：</span><span style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI";
mso-ansi-language:EN-US">167 4049 5509<span lang="ZH-CN">（中国）</span></span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:SimSun;
mso-ansi-language:EN-US"> </span><span style="font-family:
"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";mso-ansi-language:
EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:
SimSun;mso-ansi-language:EN-US"> </span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI"">1300
729 171</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI"">（澳大利亚）</span><span style="font-family:"Arial",sans-serif;
mso-fareast-font-family:SimSun;mso-ansi-language:EN-US"> </span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";
mso-ansi-language:EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI"">QQ</span><span lang="ZH-CN" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI"">：</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Segoe UI""> 8008 83691 </span><span style="font-family:"Arial",sans-serif;
mso-fareast-font-family:SimSun;mso-ansi-language:EN-US"> </span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";
mso-ansi-language:EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US">微信：</span><span style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI";
mso-ansi-language:EN-US">acyau2011</span><span style="font-family:"Arial",sans-serif;
mso-fareast-font-family:SimSun;mso-ansi-language:EN-US"> </span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";
mso-ansi-language:EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US">官网：</span><span lang="EN-AU"><span style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI"">https://www.acy.com.au</span></span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:SimSun;
mso-ansi-language:EN-US"> </span><span style="font-family:
"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";mso-ansi-language:
EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US">邮箱：</span><span lang="EN-AU"><span style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI"">[email protected]</span></span><span style="mso-ascii-font-family:Calibri;mso-fareast-font-family:SimSun;mso-hansi-font-family:
Calibri;mso-bidi-font-family:Calibri;mso-ansi-language:EN-US"> </span></span></p><p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><br><br>data/attachment/portal/202204/29/200003tdff1r9v4rjricz9.jpg<br><span style="font-size:16.5px;"><span style="mso-ascii-font-family:Calibri;mso-fareast-font-family:SimSun;mso-hansi-font-family:
Calibri;mso-bidi-font-family:Calibri;mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:
SimSun;mso-ansi-language:EN-US"> </span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";
mso-ansi-language:EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white;
vertical-align:baseline"><span style="font-size:16.5px;"><i style="mso-bidi-font-style:normal"><span lang="EN-AU" style="font-family:DengXian;mso-ascii-theme-font:minor-fareast;
mso-fareast-theme-font:minor-fareast;mso-hansi-theme-font:minor-fareast;
mso-bidi-font-family:"Microsoft YaHei";color:black;mso-color-alt:windowtext;
mso-no-proof:yes">
</span></i><span style="font-family: "Segoe UI", sans-serif; color: black;"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:
SimSun;mso-ansi-language:EN-US"> </span><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";
mso-ansi-language:EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;vertical-align:
baseline"><span style="font-size:16.5px;"><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US">免责声明：</span></b><span style="font-family:"Arial",sans-serif;mso-fareast-font-family:SimSun;
mso-ansi-language:EN-US"> </span><span style="font-family:
"Arial",sans-serif;mso-fareast-font-family:"Microsoft YaHei";mso-ansi-language:
EN-US"> </span><span style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Segoe UI";mso-ansi-language:EN-US"> </span><span style="font-family: "Segoe UI", sans-serif;"></span></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Segoe UI";color:black;mso-color-alt:windowtext;mso-ansi-language:EN-US">本文内容由第三方提供。</span><span style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Segoe UI";
color:black;mso-color-alt:windowtext;mso-ansi-language:EN-US">ACY<span lang="ZH-CN">证券对文中内容的准确性和完整性，不做任何声明或保证；由第三方的建议，预测或其他信息导致了投资损失，</span>ACY<span lang="ZH-CN">证券不承担任何责任。本文内容不构成任何投资建议，与个人投资目标，财务状况或需求无关。如有任何疑问，请您咨询独立专业的财务或税务的意见。</span>ACY
Securities Pty Ltd<span lang="ZH-CN">（</span>AFSL 403863<span lang="ZH-CN">）受澳大利亚证券投资委员会授权和监管。</span></span><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></i></span></p>
<p class="MsoNormal" style="margin-bottom:0cm;line-height:normal;background:white"><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""><span style="font-size:16.5px;"> </span></span></i></p>
页:
[1]