第一创业-国内通胀已成强弩之末：3月CPI同比预计上涨1.1%

2017 3 S1080510120001 010-63197789 CPI 3 28 1.1% ―― lihuaijun@fcsc.cn   CPI    PPI  2017 PPI First Capital Securities Corporation Limited 1 2001 1 2 CPI 2 First Capital Securities Corporation Limited 1 1 2 2009 3 2017 2004 2 1 1 1.4% 2001 2 1 0.4% 4 2017 2 2001 2 2004 1 3 First Capital Securities Corporation Limited 2 5 130 50 2011 13 美美/桶 美美/桶 120 110 100 90 80 70 60 50 40 30 11-12-31 12-12-31 13-12-31 期货结算价(连续):布伦特原油 14-12-31 15-12-31 16-12-31 期货结算价(连续):WTI原油 数据来源:Wind资 4 First Capital Securities Corporation Limited EIA 3 53110 495 55045 6 3 17 API 3 17 453 17 千桶 万桶 55000 530000 54000 520000 510000 53000 500000 52000 490000 51000 480000 50000 470000 49000 460000 48000 450000 47000 16-01-31 16-03-31 16-05-31 16-07-31 库存量:商业原油:全美 16-09-30 16-11-30 17-01-31 库存量:原油:API(右轴) 数据来源:Wind资讯 7 4 5 First Capital Securities Corporation Limited 9 2017 8 9 2017 2016 3 PPI CPI PPI PPI 6 First Capital Securities Corporation Limited 3 CPI 0.8% 1.1% 10 7 First Capital Securities Corporation Limited PPI 11 7.8% 2016.12 7.3% 2017.3 8 First Capital Securities Corporation Limited 6 20% 6 5-20% 6 ±5% 6 5% 115 18 TEL:0755-23838888 FAX:0755-25838999 P.R.China:518028 www.fcsc.com TEL: 010-63197788 P.R.China:100028 9 8 FAX: 010-63197777 TEL:021-68551658 P.R.China:200135 53 FAX:021-68551281