中(zhong)證網訊(記者(zhe) 馬爽(shuang))1978年(nian),以黨的(de)(de)(de)(de)十(shi)一屆三中(zhong)全會為(wei)標(biao)志(zhi),中(zhong)國(guo)開(kai)啟(qi)了改(gai)(gai)革開(kai)放的(de)(de)(de)(de)偉大(da)征程。10年(nian)后的(de)(de)(de)(de)1988年(nian),以國(guo)務(wu)(wu)院《政府工(gong)作(zuo)報(bao)告》“探索(suo)期(qi)(qi)(qi)貨(huo)(huo)交易”為(wei)標(biao)志(zhi),中(zhong)國(guo)正式開(kai)啟(qi)期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)創設(she)工(gong)作(zuo)。期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)從(cong)無到(dao)有、從(cong)小到(dao)大(da),經(jing)歷(li)了起步探索(suo)、治理與整頓、規范發(fa)展(zhan)(zhan)(zhan)到(dao)創新發(fa)展(zhan)(zhan)(zhan)四個(ge)階段。期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)的(de)(de)(de)(de)改(gai)(gai)革創新緊緊圍繞實體(ti)(ti)經(jing)濟的(de)(de)(de)(de)需求來發(fa)展(zhan)(zhan)(zhan),并在(zai)服務(wu)(wu)實體(ti)(ti)經(jing)濟的(de)(de)(de)(de)過程中(zhong)找到(dao)了發(fa)揮的(de)(de)(de)(de)切入(ru)點和作(zuo)用(yong)(yong),2008年(nian)我(wo)國(guo)經(jing)濟市(shi)場(chang)成功地(di)抵御了全球性金融危機(ji),更進一步體(ti)(ti)現(xian)期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)在(zai)規避危機(ji)風險中(zhong)的(de)(de)(de)(de)重(zhong)要功能作(zuo)用(yong)(yong)。黨的(de)(de)(de)(de)十(shi)八(ba)大(da)以來,期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)在(zai)價格發(fa)現(xian)、風險管理、服務(wu)(wu)供給(gei)側結構(gou)性改(gai)(gai)革、服務(wu)(wu)“三農(nong)”、助力脫貧攻(gong)堅(jian)及(ji)(ji)雙向(xiang)開(kai)放等方面(mian)發(fa)揮著積極作(zuo)用(yong)(yong),這期(qi)(qi)(qi)間,期(qi)(qi)(qi)貨(huo)(huo)業(ye)發(fa)展(zhan)(zhan)(zhan)可謂輝(hui)煌(huang)。縱(zong)觀(guan)中(zhong)國(guo)成立、改(gai)(gai)革發(fa)展(zhan)(zhan)(zhan)的(de)(de)(de)(de)歷(li)史進程,國(guo)際化期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)的(de)(de)(de)(de)水(shui)平(ping),中(zhong)國(guo)期(qi)(qi)(qi)貨(huo)(huo)業(ye)取得(de)斐然成績,面(mian)對國(guo)家經(jing)濟和產業(ye)發(fa)展(zhan)(zhan)(zhan)戰略及(ji)(ji)任務(wu)(wu)的(de)(de)(de)(de)要求,期(qi)(qi)(qi)貨(huo)(huo)市(shi)場(chang)肩負重(zhong)任,砥礪前行。
期貨市場功能創新,全方位服務實體企業
從市(shi)(shi)(shi)場功能來看(kan),在(zai)經濟(ji)(ji)新常態(tai)下,現貨(huo)(huo)產(chan)業(ye)(ye)(ye)(ye)鏈轉型升(sheng)級(ji)的(de)需求(qiu)非常大(da),企(qi)業(ye)(ye)(ye)(ye)在(zai)大(da)宗商品定(ding)價體系、融資(zi)模(mo)式、風(feng)險(xian)管(guan)(guan)理(li)工具和運營模(mo)式都需要創新來應(ying)對大(da)環境的(de)轉變。2013年中(zhong)國期(qi)(qi)(qi)貨(huo)(huo)業(ye)(ye)(ye)(ye)協會穩步推進創新,開(kai)展風(feng)險(xian)管(guan)(guan)理(li)業(ye)(ye)(ye)(ye)務(wu)試(shi)(shi)點(dian)(dian),目前已經成(cheng)為(wei)(wei)期(qi)(qi)(qi)貨(huo)(huo)公(gong)司服(fu)務(wu)實(shi)(shi)(shi)體經濟(ji)(ji)最(zui)直接、最(zui)“接地氣”的(de)業(ye)(ye)(ye)(ye)務(wu),試(shi)(shi)點(dian)(dian)開(kai)展7年多來,期(qi)(qi)(qi)貨(huo)(huo)風(feng)險(xian)管(guan)(guan)理(li)公(gong)司為(wei)(wei)期(qi)(qi)(qi)貨(huo)(huo)市(shi)(shi)(shi)場服(fu)務(wu)實(shi)(shi)(shi)體產(chan)業(ye)(ye)(ye)(ye)提(ti)供了(le)(le)有效手段,豐富期(qi)(qi)(qi)貨(huo)(huo)公(gong)司服(fu)務(wu)實(shi)(shi)(shi)體經濟(ji)(ji)方(fang)式和渠道(dao),業(ye)(ye)(ye)(ye)務(wu)規(gui)模(mo)不(bu)斷擴大(da),業(ye)(ye)(ye)(ye)務(wu)模(mo)式逐漸(jian)成(cheng)熟(shu)。根(gen)據中(zhong)期(qi)(qi)(qi)協公(gong)示顯示,截(jie)至2019年5月(yue)31日,共有 80 家(jia)風(feng)險(xian)管(guan)(guan)理(li)公(gong)司通(tong)(tong)過協會備案,其(qi)中(zhong)有79家(jia)公(gong)司備案了(le)(le)試(shi)(shi)點(dian)(dian)業(ye)(ye)(ye)(ye)務(wu)。5月(yue)份風(feng)險(xian)管(guan)(guan)理(li)公(gong)司總資(zi)產(chan)為(wei)(wei)474.29億元(yuan),同比(bi)(bi)增(zeng)長(chang)48%;凈資(zi)產(chan)為(wei)(wei)194.90億元(yuan),同比(bi)(bi)增(zeng)長(chang)47%;注(zhu)冊資(zi)本為(wei)(wei)218.48億元(yuan),同比(bi)(bi)增(zeng)長(chang)40%;實(shi)(shi)(shi)收資(zi)本為(wei)(wei)205.82億元(yuan),同比(bi)(bi)增(zeng)長(chang)41%。風(feng)險(xian)管(guan)(guan)理(li)公(gong)司逐漸(jian)形(xing)成(cheng)了(le)(le)三類業(ye)(ye)(ye)(ye)務(wu)發展方(fang)向:一是深入產(chan)業(ye)(ye)(ye)(ye)鏈參與現貨(huo)(huo)貿易(yi)(yi),通(tong)(tong)過期(qi)(qi)(qi)現結合服(fu)務(wu)實(shi)(shi)(shi)體產(chan)業(ye)(ye)(ye)(ye);二是設計(ji)場外期(qi)(qi)(qi)權,為(wei)(wei)客戶提(ti)供個性(xing)化(hua)的(de)風(feng)險(xian)管(guan)(guan)理(li)工具;三是通(tong)(tong)過期(qi)(qi)(qi)貨(huo)(huo)交易(yi)(yi)所(suo)場內期(qi)(qi)(qi)權和期(qi)(qi)(qi)貨(huo)(huo)做市(shi)(shi)(shi)業(ye)(ye)(ye)(ye)務(wu)。
格(ge)林(lin)大華(hua)資本(ben)在(zai)母公司格(ge)林(lin)大華(hua)期貨(huo)及股東(dong)山西證(zheng)券(quan)的(de)培育下,借用格(ge)林(lin)大華(hua)期貨(huo)26年(nian)以來行業(ye)研究及渠道資源,2014年(nian)9月5日在(zai)上海(hai)成(cheng)立,目前注冊資本(ben)3億元,2018年(nian)貿(mao)易規(gui)模達40個億,實現(xian)收(shou)(shou)入(ru)近兩個億。公司秉承“誠信穩健、矢志創新(xin)、追求(qiu)卓越(yue)”的(de)理(li)(li)(li)(li)念,立志成(cheng)為大宗商(shang)(shang)品(pin)企(qi)業(ye)風(feng)(feng)險(xian)管理(li)(li)(li)(li)服務和金融(rong)服務的(de)優秀供(gong)應商(shang)(shang),主要開展倉單服務、基差貿(mao)易、合作(zuo)套保、場外衍生品(pin)、做市業(ye)務等(deng)(deng)風(feng)(feng)險(xian)管理(li)(li)(li)(li)業(ye)務。在(zai)企(qi)業(ye)采(cai)購、銷售、生產(chan)(chan)、存儲各環節(jie)考(kao)慮(lv)價格(ge)管理(li)(li)(li)(li)、庫(ku)存管理(li)(li)(li)(li)、資金壓力、利潤預期等(deng)(deng)需求(qiu),通過(guo)融(rong)合現(xian)貨(huo)頭(tou)寸、期貨(huo)和期權(quan)風(feng)(feng)險(xian)管理(li)(li)(li)(li)工具的(de)綜合服務方案(an),形(xing)成(cheng)對沖交易、定價交易、貿(mao)易融(rong)資、基差定價、采(cai)購保供(gong)、研究共享等(deng)(deng)產(chan)(chan)品(pin),幫(bang)助(zhu)企(qi)業(ye)實現(xian)穩定生產(chan)(chan)經營、撫平利潤波動、增(zeng)強上下游產(chan)(chan)業(ye)粘性、創造增(zeng)值收(shou)(shou)益、擴大貿(mao)易規(gui)模等(deng)(deng)理(li)(li)(li)(li)想效果。
例(li)如大(da)豆(dou)標(biao)準(zhun)倉(cang)單(dan)代采(cai)(cai)(cai)購業(ye)(ye)務,某油廠(chang)企(qi)業(ye)(ye)遠期(qi)有采(cai)(cai)(cai)購大(da)豆(dou)的(de)計劃,由于庫(ku)存管理及(ji)資金壓力,企(qi)業(ye)(ye)存在風險訴求。格(ge)林大(da)華資本(ben)幫助油廠(chang)在期(qi)貨(huo)上采(cai)(cai)(cai)購1 萬噸大(da)豆(dou)標(biao)準(zhun)倉(cang)單(dan),通(tong)過(guo)在A1901上買(mai)入交割,將大(da)豆(dou)標(biao)準(zhun)倉(cang)單(dan)采(cai)(cai)(cai)購到我司名下,再遠期(qi)銷售給油廠(chang)企(qi)業(ye)(ye),實(shi)現企(qi)業(ye)(ye)遠期(qi)對大(da)豆(dou)采(cai)(cai)(cai)購的(de)需(xu)求,即鎖(suo)定了采(cai)(cai)(cai)購成本(ben)又保障了采(cai)(cai)(cai)購貨(huo)源(yuan)。
“保險+期貨”探索服務“三農”新模式
農(nong)(nong)(nong)業是我(wo)國的(de)基礎(chu)產業,農(nong)(nong)(nong)業的(de)發展關系(xi)到我(wo)國長遠的(de)戰(zhan)略(lve)規劃,2014年(nian)(nian)(nian)中央一號文件明確提出,“繼(ji)續堅持(chi)市(shi)場定(ding)(ding)價(jia)原則,探索(suo)推進農(nong)(nong)(nong)產品(pin)(pin)價(jia)格形(xing)(xing)成(cheng)機制與(yu)(yu)政府補(bu)貼(tie)脫鉤的(de)改革,逐步建立農(nong)(nong)(nong)產品(pin)(pin)目標價(jia)格制度”。我(wo)國將(jiang)按(an)照市(shi)場定(ding)(ding)價(jia)、價(jia)補(bu)分離原則,推進完(wan)善農(nong)(nong)(nong)產品(pin)(pin)的(de)價(jia)格形(xing)(xing)成(cheng)機制,逐步建立糧食等(deng)重(zhong)要農(nong)(nong)(nong)產品(pin)(pin)目標價(jia)格制度。在新(xin)的(de)政策(ce)環境與(yu)(yu)經濟形(xing)(xing)勢下,“保(bao)險+期(qi)(qi)貨(huo)”試(shi)點(dian)(dian)孕育(yu)而生,“保(bao)險+期(qi)(qi)貨(huo)”實質是一種再保(bao)險舉措。保(bao)險公(gong)司承(cheng)保(bao)價(jia)格保(bao)險后,購買(mai)期(qi)(qi)貨(huo)公(gong)司看跌期(qi)(qi)權,通(tong)過期(qi)(qi)貨(huo)市(shi)場對沖。“保(bao)險+期(qi)(qi)貨(huo)”試(shi)點(dian)(dian)開始于2015年(nian)(nian)(nian),2016-2018年(nian)(nian)(nian)全國試(shi)點(dian)(dian)項目數量(liang)分別為22個、79個和(he)158 個。試(shi)點(dian)(dian)農(nong)(nong)(nong)產品(pin)(pin)品(pin)(pin)種范圍從(cong)最初(chu)的(de)玉(yu)米和(he)雞蛋(dan)擴展到玉(yu)米、雞蛋(dan)、大豆、棉花(hua)、白(bai)糖(tang)、蘋果及天然橡膠等(deng)七個農(nong)(nong)(nong)產品(pin)(pin),試(shi)點(dian)(dian)區(qu)域(yu)包括東北三(san)省、新(xin)疆、河北、海南等(deng)二(er)十余個省、自治區(qu)和(he)直轄市(shi)。2018年(nian)(nian)(nian),僅大連商品(pin)(pin)交易所支持(chi)的(de)試(shi)點(dian)(dian)項目實現理(li)賠(pei)的(de)賠(pei)付(fu)總額就高達(da)1.77億元(yuan)。“保(bao)險+期(qi)(qi)貨(huo)”在保(bao)護農(nong)(nong)(nong)戶種糧積極性、保(bao)障國家糧食安全、精準扶(fu)貧助力鄉村(cun)振興(xing)戰(zhan)略(lve)中肩(jian)負(fu)重(zhong)要職責。
具(ju)體功能方面,除試(shi)點(dian)數量、規模(mo)、涉及品種、覆蓋(gai)區域擴大(da)(da)外(wai),“保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)”試(shi)點(dian)模(mo)式也(ye)在實踐中優(you)化升級(ji)(ji)。2015年(nian)和(he)2016年(nian),“保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)”試(shi)點(dian)均是普通(tong)的(de)價格(ge)險模(mo)式。2017年(nian),通(tong)過(guo)將價格(ge)險和(he)產量險相結(jie)合、引(yin)入大(da)(da)型(xing)企業(ye)集團和(he)商業(ye)銀(yin)行(xing)等(deng)嘗試(shi),創新出了收(shou)入險、“訂單農(nong)業(ye)+保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)”“保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)+銀(yin)行(xing)”等(deng)模(mo)式,保(bao)(bao)(bao)險保(bao)(bao)(bao)障(zhang)更全面,進一(yi)步拓展、豐富和(he)完善了“保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)”的(de)內(nei)涵。2018年(nian),大(da)(da)商所服務(wu)“三農(nong)”模(mo)式進一(yi)步升級(ji)(ji),推出了涵蓋(gai)“保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)”、場外(wai)期(qi)(qi)(qi)(qi)(qi)(qi)權(quan)、基(ji)差貿易(yi)等(deng)多(duo)(duo)種形式,“保(bao)(bao)(bao)險+期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)”、場外(wai)期(qi)(qi)(qi)(qi)(qi)(qi)權(quan)、基(ji)差收(shou)購(gou)等(deng)多(duo)(duo)業(ye)務(wu)形式并用,由期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)公司、保(bao)(bao)(bao)險公司、銀(yin)行(xing)等(deng)多(duo)(duo)類型(xing)金融機構共同參(can)與,覆蓋(gai)種植、養殖兩(liang)個(ge)行(xing)業(ye)的(de)“農(nong)民收(shou)入保(bao)(bao)(bao)障(zhang)計劃”。通(tong)過(guo)交易(yi)所平臺,以期(qi)(qi)(qi)(qi)(qi)(qi)貨(huo)市場價格(ge)發(fa)(fa)現和(he)風(feng)險管理(li)的(de)充分(fen)發(fa)(fa)揮為(wei)出發(fa)(fa)點(dian),推動多(duo)(duo)類型(xing)金融機構跨(kua)界合作,為(wei)農(nong)戶及涉農(nong)單位提供(gong)收(shou)入保(bao)(bao)(bao)障(zhang)和(he)風(feng)險管理(li)的(de)綜(zong)合性(xing)創新工具(ju)和(he)整(zheng)體解決方案。
格(ge)林大(da)(da)華(hua)(hua)期(qi)(qi)(qi)(qi)貨(huo)由2017年在山(shan)西省貧(pin)(pin)困(kun)縣(xian)開(kai)展雞(ji)(ji)(ji)(ji)(ji)蛋(dan)“保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)+期(qi)(qi)(qi)(qi)貨(huo)”首單(dan)試點開(kai)始,不斷(duan)投入人力、財(cai)力、時間全面拓展“保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)+期(qi)(qi)(qi)(qi)貨(huo)”業(ye)務(wu),試點規(gui)模及涉及品(pin)種逐年擴大(da)(da)。例如,四川某蛋(dan)雞(ji)(ji)(ji)(ji)(ji)養(yang)殖企(qi)業(ye)承(cheng)擔地方(fang)貧(pin)(pin)困(kun)戶脫貧(pin)(pin)任務(wu),但是面對雞(ji)(ji)(ji)(ji)(ji)蛋(dan)價(jia)(jia)格(ge)波動(dong)風險(xian)(xian)(xian)(xian)(xian),企(qi)業(ye)擔心影(ying)響(xiang)企(qi)業(ye)經營穩定(ding)性,由當地政(zheng)(zheng)府參與(yu),政(zheng)(zheng)府補貼保(bao)(bao)費的70%。人保(bao)(bao)財(cai)險(xian)(xian)(xian)(xian)(xian)與(yu)格(ge)林大(da)(da)華(hua)(hua)期(qi)(qi)(qi)(qi)貨(huo)共(gong)同為企(qi)業(ye)開(kai)展雞(ji)(ji)(ji)(ji)(ji)蛋(dan)價(jia)(jia)格(ge)“保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)+期(qi)(qi)(qi)(qi)貨(huo)”,企(qi)業(ye)在2017年至2018年共(gong)承(cheng)保(bao)(bao)雞(ji)(ji)(ji)(ji)(ji)蛋(dan)7050噸,通過四次理(li)賠(pei)共(gong)計賠(pei)付401萬元。具體模式,養(yang)殖企(qi)業(ye)向保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)司購(gou)買雞(ji)(ji)(ji)(ji)(ji)蛋(dan)價(jia)(jia)格(ge)保(bao)(bao)險(xian)(xian)(xian)(xian)(xian),以抵御(yu)保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)期(qi)(qi)(qi)(qi)內(nei)(nei)雞(ji)(ji)(ji)(ji)(ji)蛋(dan)價(jia)(jia)格(ge)下(xia)跌帶來的損失。為防止雞(ji)(ji)(ji)(ji)(ji)蛋(dan)價(jia)(jia)格(ge)大(da)(da)幅波動(dong),保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)司結合金(jin)(jin)融市場(chang)尋求解決方(fang)案,其運(yun)作方(fang)式為保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)司通過格(ge)林大(da)(da)華(hua)(hua)期(qi)(qi)(qi)(qi)貨(huo)風險(xian)(xian)(xian)(xian)(xian)管理(li)子公(gong)司(格(ge)林大(da)(da)華(hua)(hua)資本)買入雞(ji)(ji)(ji)(ji)(ji)蛋(dan)看跌期(qi)(qi)(qi)(qi)權。格(ge)林大(da)(da)華(hua)(hua)資本收取權利(li)(li)金(jin)(jin)后,憑借(jie)自身的專業(ye)知識利(li)(li)用場(chang)內(nei)(nei)期(qi)(qi)(qi)(qi)貨(huo)進行對沖;保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)司根據保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)條(tiao)款(kuan)確定(ding)是否對養(yang)殖戶進行理(li)賠(pei)。“保(bao)(bao)險(xian)(xian)(xian)(xian)(xian)+期(qi)(qi)(qi)(qi)貨(huo)”是傳統(tong)避險(xian)(xian)(xian)(xian)(xian)方(fang)式的升級(ji),也是金(jin)(jin)融服(fu)務(wu)三農手段(duan)的創新,有利(li)(li)于提升金(jin)(jin)融機構服(fu)務(wu)“三農”的水平,有助于推(tui)進精準(zhun)扶貧(pin)(pin)精準(zhun)脫貧(pin)(pin),努力實現社(she)會效益和經濟效益共(gong)同提高。
作為(wei)全球第(di)二(er)大(da)經濟(ji)體和第(di)一大(da)貨物貿(mao)易國(guo)(guo),中國(guo)(guo)發展(zhan)日新(xin)月異,中國(guo)(guo)成(cheng)就讓世界矚目,同(tong)時,大(da)宗商品價格(ge)波(bo)動也成(cheng)為(wei)各類實體企業的(de)(de)主要(yao)風(feng)險(xian),經濟(ji)發展(zhan)面臨的(de)(de)風(feng)險(xian)越多,配套的(de)(de)風(feng)險(xian)管理服務(wu)(wu)就要(yao)不斷(duan)創(chuang)新(xin)升(sheng)級。過(guo)去的(de)(de)30年(nian),中國(guo)(guo)期(qi)貨業取(qu)得了輝煌(huang)的(de)(de)業績,未來中國(guo)(guo)期(qi)貨市場要(yao)牢記服務(wu)(wu)實體經濟(ji)和國(guo)(guo)家戰略的(de)(de)初心(xin),努力提(ti)升(sheng)服務(wu)(wu)實體經濟(ji)的(de)(de)能力,以新(xin)擔當新(xin)業績迎接新(xin)中國(guo)(guo)成(cheng)立七十周年(nian)。
中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)(wang)聲(sheng)明(ming)(ming):凡本(ben)網(wang)(wang)(wang)注(zhu)明(ming)(ming)“來源:中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)(wang)”的(de)所有(you)作(zuo)(zuo)(zuo)品(pin),版權均屬于(yu)中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報、中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)(wang)。中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)(wang)與作(zuo)(zuo)(zuo)品(pin)作(zuo)(zuo)(zuo)者聯(lian)合聲(sheng)明(ming)(ming),任何組(zu)織(zhi)未(wei)經中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報、中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)(wang)以及作(zuo)(zuo)(zuo)者書面授權不(bu)得轉載、摘編(bian)或利用其(qi)(qi)(qi)它方式使用上述作(zuo)(zuo)(zuo)品(pin)。凡本(ben)網(wang)(wang)(wang)注(zhu)明(ming)(ming)來源非中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)(wang)的(de)作(zuo)(zuo)(zuo)品(pin),均轉載自(zi)其(qi)(qi)(qi)它媒體,轉載目的(de)在于(yu)更(geng)好服務讀(du)者、傳遞信息之需,并不(bu)代表本(ben)網(wang)(wang)(wang)贊(zan)同其(qi)(qi)(qi)觀(guan)點,本(ben)網(wang)(wang)(wang)亦不(bu)對其(qi)(qi)(qi)真實性負責,持異議(yi)者應與原出處單位主張權利。
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