【中国银河】全球大类资产配置周观察：关税调整牵动市场，博弈之下仍暗藏风险-250518（11页）.pdf

1、?2025?05?18?l?2025?5?12?5?16?类?91%?24%?90?德?4?CPI?2.3%?24%?德?l?1?续?分?绪?点?绪?2?续?德?德?分?点?德?全?OPEC+?分?l?1?续?德?德?2?续?4?绪?l?1?续?德?德 4?CPI?点?点?2?续?点?德?CPI?点?点?续?点?2025?l?德?克?德?德 36?l?德?(?010-8092-7696*?yangchao_?S0130522030004?2025-05-12?2025-05-08?5?2025-05-07?2025-05-05?2025-05-04?2025-04-25?4?续?2025-04

2、-24?2025-04-08?2025-04-08?2025-04-06?2025?2025-04-03?2025-04-03?2025?A?2025-03-23?2025?2025-03-23?2025-03-20?3?3?分?2025-03-17?1?Catalog?.?.?.?.?.?.?.?.?.?.?.?.?.?.?.?2?2025?5?12?5?16?类?91%?24%?90?德?4?CPI?2.3%?24%?德?分?岩?点?分?点?分?7.15%?10?德德?6.00BP?500?5.27%?DCE?4.52%?10?德?4.42BP?SENSEX30?3.62%?3.41%?2

3、.69%?LME?2.65%?ICE?2.22%?2.09%?STOXX?2.06%?德 CAC40?1.85%?德?100?1.52%?SHFE?1.52%?NYMEX WTI?1.49%?LME?1.43%?1.38%?德 DAX?1.14%?0.76%?225?0.67%?CBOT?0.57%?0.56%?0.56%?0.52%?0.19%?0.02%?LME?0.02%?CBOT?0.07%?0.42%?0.76%?COMEX?1.47%?CBOT?1.50%?COMEX?4.15%?NYMEX?12.38%?1?2025?5?12?2025?5?16?分?BP?分?%?Wind?-5

4、-4-3-2-10123456NYMEX WTI?NYMEX?ICE?10?德德?COMEX?COMEX?225?德DAXLME?10?德?LME?STOXX?德CAC40?500?德?100CBOT?LME?DCE?SENSEX30SHFE?CBOT?CBOT?（%）（BP）?3?续?分?劲?续?绪?点?绪?德?2?COMEX?3?500?COMEX?Wind?Wind?4?5?德 API?EIA?Wind?Wind?续?德?类?德?类?点?EIA?951001051101151201500200025003000350040002023-12-292024-02-292024-04-302

5、024-06-302024-08-312024-10-312024-12-312025-02-282025-04-30?(?):COMEX?（美元/盎司）190024002900340039001020304050602023-12-292024-02-292024-04-302024-06-302024-08-312024-10-312024-12-312025-02-282025-04-30?500?(VIX)?(?):COMEX?（美元/盎司）0501001502002503002025-01-012025-01-152025-01-292025-02-122025-02-262025-

6、03-122025-03-262025-04-092025-04-232025-05-07?（1985-2019年=100）-600-400-20002004006008002025-03-072025-03-142025-03-212025-03-282025-04-042025-04-112025-04-182025-04-252025-05-022025-05-09?德:API?:?:?德:EIA?:?:?（万桶）?4?德?全?OPEC+?分?德?分?续?德?点?德?德?6?德 CPI?CPI?7?德 PPI?PPI?Wind?Wind?8?德?9?德?Wind?Wind?-2.0-1.