【中国银河】全球大类资产配置周观察：多重空方因素或持续拖累美股-250316（12页）.pdf

1、?2025?03?16?l?德?组?25%?类?德农?德 2?德德?2?德?2?M2?M1?性?类?续?公?l?1?续?德?德?2?续?德?组?组?组?德?OPEC+?分?分?+?分?l?1?续?德 2?CPI?绪?组?冲?+?2?续?l?1?续?德 2?CPI?PPI?德?德?2?续?续?续?GDP?续?德?续?l?德?分?l?组?德?(?010-8092-7696*?yangchao_?S0130522030004?2025-03-05?A?2025?2025-02-21?2025-02-20?DeepSeek?AI?2025-02-13?A?2025-02-08?“?”?类?“?”?20

2、25-02-07?ETF?AI?分?2025-02-05?10%?A?A?“?”2025-02-04?2025-01-30?2025-01-24?2025-01-23?2024Q4?“?”?2025-01-21?分?2025-01-14?2025?2024-12-31?2025?分?1?Catalog?.?.?.?.?.?.?.?.?.?.?.?.?.?.?.?2?2025?3?10?3?14?德?组?25%?类?德农?德 2?德德?2?德?2?M2?M1?性?类?续?公?分?德?COMEX?4.74%?LME?3.43%?10?德?3.15BPs?COMEX?2.73%?DCE?2.52%?

3、LME?1.87%?1.39%?1.24%?CBOT?1.04%?1.02%?0.97%?225?0.45%?0.43%?ICE?0.41%?NYMEX WTI?0.22%?0.13%?SHFE?0.09%?0.01%?德 DAX?0.10%?0.15%?0.23%?德?100?0.55%?LME?0.63%?SENSEX30?0.68%?CBOT?0.78%?STOXX?0.81%?10?德德?1.00BP?1.12%?德 CAC40?1.14%?2.00%?CBOT?2.24%?500?2.27%?2.43%?3.07%?NYMEX?7.05%?1?2025?3?10?2025?3?14?

4、分?BP?分?%?Wind?-8-6-4-20246COMEX?LME?10?德?COMEX?DCE?LME?CBOT?225?ICE?NYMEX WTI?SHFE?德DAX?德?100LME?SENSEX30CBOT?STOXX10?德德?德CAC40?CBOT?500?NYMEX?（%）（BP）?3?续?德?25%?德?德 2?CPI?PPI?绪?德?2?全?3?500?COMEX?Wind?Wind?续?德?组?3?13?德?德?分?组?德?组?组?组?类?农?德?德?OPEC+?4?分?分?分?德?分?农?分?+?分?2025?德?2025?105?/?受?全?358003590036

5、0003610036200363003640005000100001500020000250002024-062024-072024-082024-092024-102024-112024-122025-012025-02?德?德?德?德?德?（吨）（吨）1900210023002500270029003100101520253035402023-12-292024-01-292024-02-292024-03-312024-04-302024-05-312024-06-302024-07-312024-08-312024-09-302024-10-312024-11-302024-12-31

6、2025-01-312025-02-28?500?(VIX)?(?):COMEX?（美元/盎司）?4?4?分?5?德 API?EIA?Wind?Wind?续?德 2?CPI?绪?农?分?组?冲?性?农?6?德 CPI?CPI?7?德 PPI?PPI?Wind?Wind?+?240002500026000270002800029000300002022-072022-102023-012023-042023-072023-102024-012024-042024-072024-102025-01分?:?:?/?-500050010002025-01-032025-01-102025-01-172