【中国银河】全球大类资产配置周观察：关税政策暂停裁决陷入拉锯-250531（12页）.pdf

1、?2025?05?31?l?5?26?5?30?25%?50%?类?德?l?1?续?分?点?德?绪?2?续?OPEC+?劲?7?分?41?点?l?续?续德?德?德?劲?点?性?德?性?续?5?PMI?德?l?续?续?续?德?点?点?l?德?73%?391?AI?点?克?德?德 36?粘?l?德?(?010-8092-7696*?yangchao_?S0130522030004?2025-05-29?2025-05-21?分?2025-05-12?2025-05-08?5?2025-05-07?2025-05-05?2025-05-04?2025-04-25?4?续?2025-04-24?202

2、5-04-08?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?26?5?30?25%?50%?类?德?7?9?受?分?受?德?5?PMI?49.5%?4?受?分?岩?225?2.17%?2.01%?500?1.88%?1.60%?德 DAX?1.56%?1.38%?1.05%?STOXX?0.86%?德?100?0.62%?

3、0.48%?0.32%?0.31%?德 CAC40?0.23%?0.03%?0.04%?0.14%?SENSEX30?0.33%?LME?0.61%?0.91%?LME?1.18%?NYMEX WTI?1.20%?1.32%?1.40%?COMEX?1.57%?COMEX?1.59%?CBOT?1.70%?CBOT?1.71%?LME?2.67%?DCE?2.84%?SHFE?3.08%?ICE?3.35%?CBOT?3.48%?10?德?4.96BP?NYMEX?7.06%?10?德德?10.00BP?1?2025?5?26?2025?5?30?分?BP?分?%?Wind?-12-10-8-

4、6-4-2024?225?500?德DAX?STOXX?德?100?德CAC40?SENSEX30LME?LME?NYMEX WTI?COMEX?COMEX?CBOT?CBOT?LME?DCE?SHFE?ICE?CBOT?10?德?NYMEX?10?德德?（%）（BP）?3?续?德?分?劲?点?分?德?绪?全?绪?2?德?德?3?500?COMEX?Wind?Wind?续?点?OPEC+?劲?7?分?分?41?/?德?GDP?0.2%?OPEC+?分受?德?分?190024002900340039001.21.41.61.82.02.22.42.62023-12-292024-02-29202

5、4-04-302024-06-302024-08-312024-10-312024-12-312025-02-282025-04-30?德?德?:10?（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）?4?4?分?5?德 API?EIA?Wind?Wind?续?续 40?德?德?德?劲?点?受?30?10?德?6?德 GDP?

6、全?7?德?Wind?Wind?240002500026000270002800029000300002022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-03分?:?:?/?-600-400-20002004006008002025-03-212025-03-282025-04-042025-04-112025-04-182025-04-252025-05-022025-05-092025-05-162025-05-23?德:API?:?:?德:EIA?:?:?（万桶）-6.0-4.0-2.00.