【中国银河】全球大类资产配置周观察：美联储降息还有多远？-250607（11页）.pdf

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2、-25?4?续?2025-04-24?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?6?2?6?7?组?1500?组?100?全?50?100?德?50%?德?2025?德?2.2%?1.6%?德?全?组?点?1?分?缺?意?受?德?德?德德?点?续?德?缺?10?德德?10.00BP?NYMEX?9.81

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5、EC+?分?9?OPEC+分?2025?2.9%?德?-200-1000100200300-1001020302024-092024-102024-112024-122025-012025-022025-032025-042025-05?德?德?德?德?德?（吨）（吨）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?+19?分?德分?5

6、?德 API?EIA?Wind?Wind?续?组?50%?德?德 5?13.9?克?ISM 纳?PMI?9?德?点?克?组?德?组?危?德?6?德?PMI?全?7?德?PMI?全?Wind?Wind?-5.0-3.0-1.01.03.0303540452023-072023-092023-112024-012024-032024-052024-072024-092024-112025-012025-03?+19?:?:?+19?:?:?（百万桶/天）（百万桶/天）-1000-500050010002025-03-282025-04-042025-04-112025-04-182025-04-2