【中国银河】全球大类资产配置周观察：关税谈判与降息悬念，谁在主导资产秩序？-250726（11页）.pdf

1、?2025?07?26?l?续?15%?续?德?GDP?1%?德?岩?74%?呵?3?岩?7?l?续?续?OPEC+?德?分?l?呵?续?呵?德?呵?续?呵?德?点?A?岩?呵?点?类?绪?l?续?德?类?续?类?点?PMI?点?续?德?续?类?德?续?续?续?l?225?4.11%?德?1.2?岩?德?1.67%?500?1.46%?1.02%?德 7?纳?PMI?类?AI?l?德?(?010-8092-7696*?yangchao_?S0130522030004?2025-07-22?2025-07-16?A?2025-07-15?2025?A?2025-06-26?2025?分?2025

2、-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?2025-04-25?4?续?2025-04-24?2025-04-08?2025-04-08?1?Catalog?.?.?.?.?.?.?.?.?.?.?.?.?.?.?.?2?2025?7?21?7?25?续?15%?德?15%?50%?续?德?GDP?1%?德?12?18?岩?74%?呵?3?岩?7?岩?德?分?呵?10?德德呵?类?10?呵德呵

3、?德?A?德?1.2?岩?德?10?呵德呵?6.72BP,SHFE?6.34%,?225?4.11%,?2.76%,?2.33%,?2.27%,?2.26%,?1.71%,?1.67%,?500?1.46%,?德?100?1.43%,?1.26%,DCE?1.26%,?1.02%,?0.99%,LME?0.37%,?STOXX?0.30%,LME?0.18%,?德 CAC40?0.15%,?0.09%,LME?0.06%,?0.18%,?德 DAX?0.30%,?SENSEX30?0.36%,COMEX?0.36%,COMEX?0.59%,?0.77%,?0.80%,CBOT?1.28%,CB

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5、 API?EIA?Wind?Wind?续?OPEC+?分?德?分?换?EIA?320?190024002900340039001.21.41.61.82.02.22.42.62023-12-292024-02-292024-04-302024-06-302024-08-312024-10-312024-12-312025-02-282025-04-302025-06-30?德?德?:10?（美元/盎司）?%?190024002900340039001020304050602023-12-292024-02-292024-04-302024-06-302024-08-312024-10-3120

6、24-12-312025-02-282025-04-302025-06-30?500?(VIX)?(?):COMEX?（美元/盎司）-50501502503504505506502025-01-012025-01-152025-01-292025-02-122025-02-262025-03-122025-03-262025-04-092025-04-232025-05-072025-05-212025-06-042025-06-182025-07-022025-07-16?（1985-2019年=100）-1500-1000-500050010002025-05-162025-05-2320