【原油专题】③ 原油贸易流程

  • 时间: 2017-09-26 17:26:31
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引言:原油作为全球最重要的商品品种之一,其价格集合了政治、金融、商品等多方面属性。经过多年现货和期货市场的发展,原油形成了自身特有的价格体系模式,其供需与贸易遍及全球,与各国的生产生活息息相关。国内原油期货上市的步伐已经愈发临近,为了让投资者更好的参与交易,中粮期货研究院即日起推出原油专题系列报告,从价格体系、供需结构、贸易流程、国际期货市场等多方面对原油期货进行详细解读,敬请关注。

1     原油贸易种类

1.1   长期合同(Term contracts

在石油销售和采购方式中,长期合同是中东国家销售的最主要方式。中东的国家石油公司一般在每年9-10月与炼油厂直接签订下一年度的长期供油合同,以大体确定每年度原油的供应与销售,合约中规定交货的目的港,不得转售,但是装期、数量、价格等具体信息还需要提前数月进行商定。

1.2   现货采购(Spot purchase

20世纪第二次石油危机之后,石油市场出现了供过于求、油价下跌的局面,更多的交易走向现货市场,特别是许多贸易商的参与使得现货市场发展很快。现货采购更为灵活方便,很多炼厂都选择长约与现货按一定比例搭配的方式来安排采购计划,以在不同市场情况下合理调整原油采购品种和数量。

1 安哥拉现货原油采购流程

以中国炼厂采购西非安哥拉原油现货为例,各油田生产商在当月15日公布未来第二个月的提油窗口,然后依此进行长约和现货交易。西非现货采购一般是FOB价格,贸易员在达成交易后,由船务人员负责租船、运输执行以及一切与运输相关的纠纷处理,由贸易执行人员负责合同签署、报关报检和一切与货物相关的纠纷处理,许多公司还专门设立滞期费处理岗位来进行滞期费的谈判和索赔。

2     原油贸易成交

在国际原油贸易中,贸易员之间通常用邮件的方式确认贸易成交(Deal Recap),主要确定贸易条款、品种、数量、价格等交易要素。贸易成交之后,买卖双方的贸易执行人员根据Deal Recap上的主要内容制作、审阅、修改、反馈合同,直至最终合同定稿。以下主要介绍Deal Recap上的主要内容。

2.1   贸易条款

最常见的海洋运输销售合同贸易条款有FOBCIFCFR等。

2.2   交易油种

2.3   交易数量

不同的原油生产商根据装港条件、库存情况等确定不同的标准货量,西非原油一般为95万桶或100万桶+/-5%,中东原油为100万桶+/-5%

2.4   装期/交货期

2 油田生产商提油计划安排

油田生产商根据每日库存和最近提油量滚动更新未来2-3个月的提油计划,确定最新的提油期/装期,并预留一定的库存缓冲期。装期一般为2-3天,买方需要租船并在这段时间内抵达装港进行提油,否则算是违约,需要承担一定的违约金,而如果卖方未能在这段时间内按时按量交货,也要承担相应的滞期费。

2.5   价格

原油国际贸易中一般采用计价公式作价,也称浮动价,而不采用固定价,只有贴水是固定的,计价公式表示为:基准价+贴水。中东原油的销售价格为:官价(OSP+贴水。

常用的基准原油有布伦特、WTI、迪拜/阿曼、塔皮斯、米纳斯。

1)布伦特原油(Brent)。欧洲、西北非原油的作价一般以此为基准原油,可以是期货(ICE Brent)或者现货(Dated Brent)。

2)美国德州中质原油(WTI)。美国、南美各国以及运往美国的大多数原油均以此为基准。

3)迪拜和阿曼原油(Dubai/Oman)。中东运往亚洲地区的原油一般以普氏评估的两者的平均价作为基准油价。

4)塔皮斯原油(Tapis)。印尼、马来西亚以及其他远东地区生产的轻质原油经常以此作为基准。

5)米纳斯原油(Minas)。印尼、越南等部分亚洲地区生产的原油以此为基准。

2.6   计价期

计价期一般以装船提单日为基础计算,通常有如下几种:

1)提单日前后五天,常用于部分西非原油;

2)提单日后五天,常用于西非、北海原油;

3)提单日所在月全月,大部分中东原油、远东原油;

4)提单日所在周及前后各一周,共三周,常用于越南和澳洲原油。

2.7   付款期

FOB付款期一般在提单日后一定天数,CIF付款期在卸货港完货(时间表上拆管结束时间)后一定天数。

2.8   信用条款

付款的信用条件,如T/TLC和预付款等。

2.9   一般贸易条款(GT&C

许多跨国石油公司、国家石油公司都制定了符合自身利益和操作习惯的一般贸易条款,规定了操作环节的许多要素细节和责任划分标准。虽然不同的一般贸易条款大体相同,但不少细节条款往往直接决定了买方能否顺利收回短量、滞期费、杂费等索赔。

3 不同公司石油GT&C部分条款比较

我们将SHELLSTATOILBPOMAN一般贸易条款中的部分区别做了比较。以短量和质量不符索赔时限为例,如果发生该类纠纷,时限最短的OMAN要求卸货完成后21天内,最长的SHELL可以在一年以内,一般来说,商检在卸货港复检之后需要2-3天准备全套数量品质单据,如果由于买方的贸易执行人员的原因未能在21天内向卖方索赔,则卖方可以以时限失效为由拒绝赔偿。

3     贸易运输执行

4 中国原油进口路线图

中国除了东北中-俄、西北中-哈、西南中-缅三条输油管道,以及在二连浩特从俄罗斯火车进口少量原油外,每年进口原油数量的90%以上都是通过油轮海运进口,且运输成本仅高于管道,远低于火车和油罐车,因此本文只介绍油轮运输中的要点。

3.1   油轮分类

油轮按船型载重吨分为以下几类:

1)巨型油轮(ULCC):载重吨位在32万吨以上;

2)超大型油轮(VLCC):载重吨位在20-32万吨;

3)苏伊士型油轮(Suezmax):载重吨位在12-20万吨;

4)阿芙拉型油轮(Aframax):载重吨位在8-12万吨;

5)巴拿马型油轮(Panamax):载重吨位在6-8万吨;

6)小型油轮(MR):载重吨位在6万吨以下。

3.2   中国原油进口航线

5 2016VLCC航线图

从图5可以看出,中国进口原油的最主要地区是中东、西非和南美,单程航行到中国的时间分别约为203545天。整体来看,市场上的油轮数量供过于求,且未来新增运力要超过淘汰运力,因此在未来的数年内运费水平还将处于较低的水平。目前,从中东到中国的VLCC运费在1-1.5美元/桶左右,从西非到中国的VLCC运费在1.5-2美元/桶左右,短期受区域运力供需影响有所波动。

3.3   配载

提油前,大副会根据所载原油最新密度、温度、装卸港吃水等要求,从而制作航次货运任务编制油船计划配载图,并写出装油步骤及注意事项,经船长审批、租家同意后执行。

6 油轮配载图示例

由于西非原油经常是95万桶或者100万桶的标准货量,而为了降低平均运费,中国买方一般租用可以装载200万桶原油的VLCC,经常需要装运两种不同的原油,就需要涉及拼装。以上图为例,大幅根据租家要求按PazflorPlutonio两种原油制作左、中、右各舱配载,合理分配装油舱室位置以确保油轮横倾和纵倾平衡。

3.4   提单

原油提单是由油田终端作业者根据终端流量计或者岸罐的计量数据出具的,如果在装货结束后,提油轮上的船检量和提单量的差异超过0.3%,船长可以拒绝签收提单,由租家/买方与卖方就是否修改提单进行协商。

7 提单示例

原油贸易中的买卖双方往往都是资金信用良好的大型公司,经常是无提单放货,实际结算还是要以提单为依据。其中买卖双方进行结算的数量就是提单上的净桶数(Net Barrel),即毛桶扣除水杂之后的数。

3.5   滞期费

滞期费(Demurrage)是在航次租船合同中,当船舶装货或卸货延期超过装卸货时间时,由租船人向船东所支付的约定款项。油轮运输惯例中只有滞期费,而无速遣费。滞期费涉及船东、卖方、收货方和拼装方,计算时要根据租约或合同约定分别进行计算,然后进行索赔或对索赔进行谈判。由于滞期费不属于货款,租约或合同中一般只约定提出滞期费索赔的时限和所需资料,未规定滞期费的最后结算时间,双方经常要进行一年以上的多轮谈判才能最终结束。

8 装港滞期费计算示例

以上图为例,由于装货港Cinta未能在30个小时内完成装货,买方有权向卖方索赔超过30小时以外的时间、并以租约或一般贸易条款上约定的滞期费率计算的滞期费。在滞期费的计算中,还要扣除移泊、等单据、坏天气减半等时间。

4     原油贸易合同模板示例

1. SELLER

 

2. BUYER

 

3. PRODUCT & QUALITY

SATURNO BLEND CRUDE OIL OF QUALITY AS MADE AVAILABLE TO THE SELLER AT THE LOADING TERMINAL AT THE TIME AND PLACE OF LOADING.

THE SELLER’S OBLIGATIONS WITH RESPECT TO QUALITY ARE LIMITED TO THE WARRANTED SPECIFICATIONS OF THE PRODUCT SET OUT ABOVE AND ALL GUARANTEES, UNDERTAKINGS, REPRESENTATIONS, CONDITIONS, WARRANTIES OR OTHER TERMS, EXPRESS OR IMPLIED (WHETHER BY STATUTE, COMMON LAW OR OTHERWISE), INCLUDING WITHOUT LIMITATION THOSE RELATING TO THE QUALITY, FITNESS OR SUITABILITY OF THE PRODUCT FOR ANY PARTICULAR PURPOSE OR OTHERWISE, ARE EXCLUDED FROM THIS CONTRACT TO THE FULLEST EXTENT PERMISSIBLE BY LAW.

 

4. QUANTITY

950,000 NET US BARRELS SUBJECT TO AN OPERATIONAL TOLERANCE OF +/-5% IN THE SELLER’S OPTION, BUT ALWAYS SUBJECT TO TERMINAL ACCEPTANCE AND REVIEW.

 

5. DELIVERY

IN ONE LOT AS FULL OR PART CARGO CIF ONE SAFE PORT QINGDAO DESIGNATED BY THE BUYER, ANTICIPATED TO LOAD DURING THE PERIOD 31ST JULY 2013 – 01ST AUGUST 2013 WITHOUT GUARANTEE (“ANTICIPATED LOADING PERIOD”).

 

6. PRICE

THE UNIT PRICE IN US DOLLARS PER NET U.S. BARREL CIF ONE SAFE PORT, QINGDAO SHALL BE CALCULATED AS (A) + (B) + (C) + (D) WHERE:

(A) = A FOB ELEMENT WHICH SHALL BE CALCULATED AS THE AVERAGE OF THE MEAN QUOTATIONS FOR DATED BRENT AS PUBLISHED IN PLATT’S CRUDE OIL MARKETWIRE EFFECTIVE FOR THE FIVE (5) RELEVANT QUOTATIONS PUBLISHED AFTER THE BILL OF LADING DATE (WHERE BILL OF LADING = DAY ZERO). IN ALL CASES FIVE (5) QUOTATIONS SHALL BE USED.

TO THIS A DISCOUNT OF US DOLLARS 1.00 PER NET US BARREL SHALL BE APPLIED, PLUS INSPECTION FEE AT THE PORT OF LOADING SHARED BY BUYER.

 (B) = A FREIGHT ELEMENT, BASIS QINGDAO WHICH SHALL INCLUDE ALL FREIGHT (WHICH SHALL BE PRO RATED FOR PART CARGO) AND RELATED COSTS ACTUALLY INCURRED DURING THE PERFORMANCE OF THIS AGREEMENT (EXCLUDING ADDRESS COMMISSION WHICH SHALL BE FOR SELLER’S ACCOUNT) AND WHICH SHALL BE CALCULATED IN ACCORDANCE WITH THE RATE, TERMS AND CONDITIONS SPECIFIED IN THE CHARTERPARTY OF THE PERFORMING VESSEL. IN ADDITION THE BUYER SHALL PAY THE SELLER FOR THE ACTUAL FREIGHT COSTS INCURRED.

(C) = ALL ADDITIONAL DUES AND CHARGES, AS A RESULT OF THE VOYAGE INCLUDING BUT NOT LIMITED TO ANY STS COSTS AND TIME ON SUCH VESSELS, INCLUDE BUT NOT LIMITED TO FREIGHT, HOSES, FENDERS, AGENCY FEES AND OTHER COSTS INCLUDING INSPECTION AND INSURANCE. ANY ADDITIONAL COSTS INCURRED AS A RESULT OF DISCHARGING AT AN ADDITOINAL PORT SHALL BE PAYABLE BY THE BUYER AT CHARTER PARTY RATES TERMS AND CONDITIONS.

(D)= INSURANCE PLEASE REFER TO THE INSURANCE CLAUSE BELOW.

ANY PUBLISHED CORRECTION TO ANY RELEVANT ASSESSMENT SHALL BE TAKEN INTO ACCOUNT.

THE FINAL PRICE SHALL BE CALCULATED TO THREE (3) DECIMAL PLACES AND THE FOLLOWING ARITHMETIC RULES SHALL BE APPLIED TO DO THIS:

(1) IF THE FOURTH DECIMAL PLACE IS FIVE (5) OR GREATER THAN FIVE (5), THEN THE THIRD DECIMAL PLACE SHALL BE ROUNDED UP TO THE NEXT DIGIT.

(2) IF THE FOURTH DECIMAL PLACE IS FOUR (4) OR LESS THAN (4), THEN THE THIRD DECIMAL PLACE WILL BE UNCHANGED.

 

7. PAYMENT

PAYMENT SHALL BE MADE FREE OF ALL CHARGES WITHOUT OFFSET, DEDUCTION, DISCOUNT OR COUNTERCLAIM IN UNITED STATES DOLLARS BY TELEGRAPHIC TRANSFER OF SAME DAY FUNDS TO THE BANK AND ACCOUNT SPECIFIED BY SELLER, NO LATER THAN 85 CALENDAR DAYS AFTER BILL OF LADING DATE (BILL OF LADING DATE = DAY ONE) AGAINST PRESENTATION TO BUYER OF SELLER’S COMMERCIAL INVOICE (FAX/EMAIL ACCEPTABLE), FULL SET OF CLEAN ORIGINAL BILLS OF LADING AND OTHER USUAL SHIPPING DOCUMENTSIN THE ABSENCE OF ORIGINAL DOCUMENTS, PAYMENT SHALL BE MADE AGAINST PRESENTATION OF SELLER’S COMMERCIAL INVOICE AND LETTER OF INDEMNITY (FAX/EMAIL ACCEPTABLE) IN SELLER’S STANDARD FORMAT.

IF PAYMENT SHOULD BECOME DUE ON A SATURDAY, SUNDAY OR OTHER NON-BANKING DAY IN NEW YORK CITY, THEN PAYMENT SHALL BE MADE UPON THE PRECEDING BANKING DAY

ALL DOCUMENTS FOR PAYMENT SHALL BE DELIVERED TO BUYER NO LATER THAN (3) THREE WORKING DAYS PRIOR TO PAYMENT DUE DATE, FAILING WHICH PAYMENT SHALL BE MADE (3) THREE WORKING DAYS AFTER RECEIPT OF SUCH DOCUMENTS AT NO COST OR CONSEQUENCE TO BUYER.

OVERDUE PAYMENT

WITHOUT LIMITATION TO THE PROVISIONS OF THE PAYMENT CLAUSE OR THE SELLER'S OTHER RIGHTS UNDER THE AGREEMENT OR OTHERWISE, THE SELLER SHALL HAVE THE RIGHT TO REQUEST, IN RESPECT OF ANY PAYMENT NOT RECEIVED IN SELLER’S ACCOUNT ON THE DUE DATE, PAYMENT BY THE BUYER TO THE SELLER OF INTEREST THEREON AT 3% ABOVE THE ONE MONTH (1M) LIBOR RATE QUOTED AT 11:00 LONDON TIME ON THE PAYMENT DUE DATE AS PUBLISHED ON REUTERS PAGE “LIBOR03” UNDER THE HEADING “R.B. SCOT”. IF THERE IS NO PUBLICATION ON THE PAYMENT DUE DATE, THEN THE MOST RECENT PUBLICATION PRIOR TO THE PAYMENT DUE DATE WILL BE USED. IF THE REUTERS PAGE/”R.B.SCOT” PUBLICATION CEASES TO EXIST, SELLER SHALL USE AN ALTERNATIVE ONE MONTH (1M) LIBOR RATE OF ITS CHOOSING. SUCH INTEREST TO BE CALCULATED FROM THE PAYMENT DUE DATE THROUGH TO THE ACTUAL DATE OF PAYMENT CREDITED TO SELLER'S ACCOUNT AND TO BE BASED UPON 360 DAYS CALENDAR YEAR. THIS CLAUSE IS NOT TO BE DEEMED AS A WILLINGNESS ON THE SELLER’S PART TO OFFER EXTENDED CREDIT TERMS TO THE BUYER.

 

8. INSPECTION

A MUTUALLY AGREED INDEPENDENT INSPECTOR SHALL BE APPOINTED AT THE LOAD PORT TO ASSURE THAT MEASUREMENTS ARE MADE IN ACCORDANCE WITH GOOD STANDARD PRACTICE. INSPECTIONS COSTS FOR QUANTITY AND QUALITY TO BE SHARED EQUALLY BETWEEN THE PARTIES.

ANY CLAIM FOR DEFECT IN QUALITY OR SHORTAGE OF QUANTITY MUST BE SUBMITTED BY THE BUYER TO THE SELLER IN WRITING WITH FULL SUPPORTING DOCUMENTATION WITHIN 45 DAYS AFTER BILL OF LADING.

THE INDEPENDENT INSPECTOR’S FINDINGS SHALL BE FINAL AND BINDING UPON BOTH PARTIES SAVE FOR FRAUD OR MANIFEST ERROR.

 

9. LAYTIME AND DEMURRAGE

FOR THE PURPOSE OF THIS CONTRACT, THE LAYTIME ALLOWED TO THE BUYER SHALL BE 60 HOURS IN TOTAL FOR BOTH LOADING AND DISCHARGING THE CARGO. SHOULD THE TIME FOR BOTH LOADING AND DISCHARGING EXCEED 60 HOURS, THE BUYER SHALL PAY UNIPEC DEMURRAGE FOR THE TIME EXCEEDING 60 HOURS AT CHARTERARTY DEMURRAGE RATE.

DEMURRAGE IS PAYABLE TO UNIPEC, EVEN IF IT IS NOT RECOVERED BY THE BUYER. DEMURRAGE SHALL BE CALCULATED AS PER CHARTERPARTY DEMURRAGE RATE, PER DAY PRO RATA”.

IF THE VESSEL ARRIVES AT THE SECOND LOAD PORT OR FOR THE SECOND LOADING PRIOR TO THE AGREED ARRIVAL WINDOW, ANY WAITING TIME IS TO BE SHARED EQUALLY BETWEEN THE PARTIES (50/50).

 

10. INSURANCE

SELLER SHALL PROCURE AND PAY FOR CARGO INSURANCE AGAINST MAINE RISKS FOR 110 PERCENT OF THE CIF VALUE OF THE CARGO. SUCH INSURANCE SHALL (I) OPERATE FROM PASSING THE PERMANENT FLANGE CONNECTIN OF THE VESSEL’S INTAKE HOSE AT THE LOAD PORT TO PASSING THE PERMANENT CONNECTION OF THE VESSSEL’S DELIVERY HOSE AT DISCHARGE PORT, (II) BE CONTRACTED WITH AN INSURANCE COMPANY OF GOOD REPUTE ACCEPTABLE TO THE BUYER; (III) BE IN ACCORDANCE WITH THE MINIMUM COVER OF THE INSTITUTE CARGO CLAUSES (A), INSTITUTE WAR CLAUSES (CARGO) AND INSTITUTE STRIKES CLAUSES (CARGO) (INSTITUTE OF LONDON UNDERWRITERS); AND (IV) COVER LEAKAGE AND SHORTAGE SUBJECT TO A DEDUCTIBLE OF ZERO POINT FIVE ZERO(0.50) PERCENT OF THE INSURED VALUE.

 

11. SEVERABILITY

THE INVALIDITY, ILLEGALITY OR UNENFORCEABILITY OF ANY ONE OR MORE OF THE PROVISIONS OF THIS CONTRACT SHALL NOT AFFECT OR IMPAIR THE VALIDITY AND ENFORCEABILITY OF ANY OTHER PROVISIONS OF THIS CONTRACT IN ANY WAY WHATSOEVER.

 

12. TITLE AND RISK

TITLE AND RISK OF LOSS TO THE OIL SHALL PASS FROM THE SELLER TO THE BUYER AT THE DISCHARGE PORT AS THE OIL PASSES THE VESSELS PERMANENT MANIFOLD DURING DISCHARGING OPERATIONS.

 

13. LAW AND DISPUTE RESOLUTION

THE CONSTRUCTION, VALIDITY AND PERFORMANCE OF THE AGREEMENT SHALL BE GOVERNED BY ENGLISH LAW TO THE EXCLUSION OF ANY OTHER LAW, WHICH MAY BE IMPUTED IN ACCORDANCE WITH CHOICE OF LAW RULES APPLICABLE IN ANY JURISDICTION.

ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THE AGREEMENT, INCLUDING ANY QUESTION REGARDING ITS EXISTENCE, VALIDITY OR TERMINATION (THE DISPUTE) SHALL BE REFERRED TO THE COMMERCIAL COURT OF THE HIGH COURT IN LONDON.

NOTWITHSTANDING THE PROVISIONS OF THIS CLAUSE THE SELLER SHALL HAVE THE RIGHT TO COMMENCE AND PURSUE PROCEEDINGS FOR INTERIM OR CONSERVATORY RELIEF AGAINST THE BUYER IN ANY COURT IN ANY JURISDICTION AND THE COMMENCEMENT AND PURSUIT OF SUCH PROCEEDINGS IN ANY ONE COURT OR JURISDICTION SHALL NOT PRECLUDE THE SELLER COMMENCING OR PURSUING PROCEEDINGS IN ANY COURT OR JURISDICTION (WHETHER CONCURRENTLY OR NOT) IF AND TO THE EXTENT PERMITTED BY THE APPLICABLE LAW.

THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS OF VIENNA, 11TH APRIL 1980 SHALL NOT APPLY.

 

14. ASSIGNMENT

WITHOUT THE PRIOR WRITTEN CONSENT OF THE OTHER PARTY, WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD, NEITHER PARTY MAY ASSIGN ITS RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT IN FULL OR IN PART, EXCEPT THAT THE SELLER MAY WITHOUT SUCH CONSENT ASSIGN THE PROCEEDS OF THE CONTRACT IN CONNECTION WITH BANK FUNDING ARRANGEMENTS TO A BANK, PROVIDED THAT BUYER IS ABLE TO SATISFY ITSELF THAT PAYMENT MAY BE LAWFULLY MADE TO THAT BANK. ANY SUCH ASSIGNMENT WILL NOT DETRACT FROM THE SELLER'S OBLIGATIONS UNDER THIS CONTRACT.

 

15. QUANTITY AND QUALITY DETERMINATION

ANY CLAIM REGARDING THE QUANTITY AND/OR QUALITY OF OIL MUST BE RECEIVED IN WRITING AND FULLY DOCUMENTED BY SELLER LATEST FORTY FIVE (45) DAYS AFTER BILL OF LADING DATE. AFTER FORTY FIVE DAYS THE CLAIM SHALL BE DEEMED TO HAVE BEEN WAIVED.

 

16. OTHER TERMS AND CONDITIONS

WHERE NOT SPECIFICALLY COVERED IN THIS DOCUMENT, THIS CONTRACT SHALL BE DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF BP OIL INTERNATIONAL LIMITED GENERAL TERMS AND CONDITIONS FOR SALES AND PURCHASES OF CRUDE OIL, 2007 EDITION.

CIF SHALL HAVE THE MEANING AS GIVEN IN INCOTERMS 2000

THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE

 

 

中粮期货原油组  

(副总经理兼研究院院长 焦健 投资咨询资格证号:Z0012768

(研究院副院长 柳瑾 投资咨询资格证号:Z0012424

(研究员:张峥、李云旭)

风险揭示:

1.本策略观点系研究员依据掌握的资料做出,因条件所限实际结果可能有很大不同。请投资者务必独立进行交易决策。公司不对交易结果做任何保证。

2.市场具有不确定性,过往策略观点的吻合并不保证当前策略观点的正确。公司及其他研究员可能发表与本策略观点不同的意见。

3.在法律范围内,公司或关联机构可能会就涉及的品种进行交易,或可能为其他公司交易提供服务。

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