【中国银河】全球大类资产配置周观察：新一轮关税谈判进行时，特朗普行情还要持续多久？-250712（11页）.pdf

1、?2025?07?12?l?德?德?8?德?全?德?德?6?CPI?14?类?续?l?1?续?德?缺?2?续?OPEC+?分?绪?l?续?续?6?受?l?1?续?类?2?续?德?德?续?l?德?A?分?分?l?德?(?010-8092-7696*?yangchao_?S0130522030004?2025-06-26?2025?分?2025-06-22?2025?2025-06-21?2025?A?2025-06-10:?2025-05-29?2025-05-21?分?2025-05-12?2025-05-08?5?2025-05-07?2025-05-05?2025-05-04?2025-0

2、4-25?4?续?2025-04-24?2025-04-08?2025-04-08?2025-04-06?2025?2025-04-03?1?Catalog?.?.?.?.?.?.?.?.?.?.?.?.?.?.?.?2?2025?7?7?7?11?德?德?8?德?全?德?德?6?CPI?14?类?续?全?德?分?OPEC+?德?分?德?PMI?意?德?A?缺?10?德德?8.00BP?COMEX?5.37%?5.10%?DCE?3.80%?ICE?3.41%?NYMEX WTI?2.61%?2.36%?10?德?2.20BP?2.04%?德 DAX?1.97%?1.85%?1.78%?德 C

3、AC40?1.73%?SHFE?1.65%?STOXX?1.52%?德?100?1.34%?1.09%?0.93%?0.91%?COMEX?0.82%?LME?0.51%?LME?0.46%?0.13%?0.08%?500?0.31%?225?0.61%?0.74%?陡?1.02%?SENSEX30?1.12%?1.12%?NYMEX?1.53%?CBOT?1.90%?CBOT?2.02%?LME?2.04%?CBOT?3.98%?1?2025?7?7?2025?7?11?分?BP?分?%?Wind?-6-4-2024681010?德德?COMEX?DCE?ICE?NYMEX WTI?10?德

4、?德DAX?德CAC40SHFE?STOXX?德?100?COMEX?LME?LME?500?225?SENSEX30?NYMEX?CBOT?CBOT?LME?CBOT?（%）（BP）?3?续?14 德?类?8?德?6?劲?受?缺?绪?绪?续?分?绪?分?2?3?500?COMEX?Wind?Wind?4?5?德 API?EIA?Wind?Wind?-200-1000100200300-1001020302024-102024-112024-122025-012025-022025-032025-042025-052025-06?德?德?德?德?德?（吨）（吨）1900240029003400

5、39001020304050602023-12-292024-02-292024-04-302024-06-302024-08-312024-10-312024-12-312025-02-282025-04-302025-06-30?500?(VIX)?(?):COMEX?（美元/盎司）-50501502503504505506502025-01-012025-01-152025-01-292025-02-122025-02-262025-03-122025-03-262025-04-092025-04-232025-05-072025-05-212025-06-042025-06-18202

6、5-07-02?（1985-2019年=100）-1500-1000-500050010002025-05-022025-05-092025-05-162025-05-232025-05-302025-06-062025-06-132025-06-202025-06-272025-07-04?德:API?:?:?德:EIA?:?:?（万桶）?4 续?缺?受?绪?绪?绪?OPEC+?分?缺?EIA?API?绪?OPEC+?分?OPEC?分?全?续?德?14 德?分?劲?CPI?德?全?6?德?纳?PMI?7?德?Wind?Wind?续?缺?绪?20.040.060.080.02017-12201