2025年大类资产中期投资展望：驭变谋势

www.chinastock.com.cn 駩⯟煝疵䫟⼴ 騟ⲏ䖪꭛騣婞倁劅⻑溸╚㎼ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻 뎣⺈騳ⲹ ⮕卥䉞匤鱪 2025 䌑㝕稝鰑☋╚劻䫌鰑㺥労 騟ⲏ䖪꭛騣婞倁劅⻑溸╚㎼ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻ն 1 뎣⺈騳ⲹ 2025 䌑㝕稝鰑☋╚劻䫌鰑㺥労 2025 䌑 6 劓 24 傽 呦䖦間掾 l  䌑┬⶯䌑⪢槊㴥間缋嵴㺥労⪢槊全锢缋嵴✅ꁾ鉿⼯⻓缏卐䙎⭀ꅌ杅䔰脯긌⪿㒘銻ꃹն 耘㎼㐃鯯侓䩬潜┱㜾ꌄ⬐⮄⺪䱽溸⯼䳀┬缋嵴劔労⛽ꅌ䌐甯ꁩ廍 䌑┬⶯䌑耘臅⥈䧶㵄类克姍ꮴ䛉箕駉  ╗㕈掾㕈续虹㞎╬  劓┱  劓⻄┞姍ն蝄ꄽ芤꼐䙎鿲点䧶㙨ꪍ俚䰕┯䒙ꮴ䛉虹㞎䧶侒罏氋蔸間労ն  姚⩧ⶔꄽ芤㎈訒♥姚嵌㝠鉿㶄卄⸐ⲇ⭀鿪 劓冩⢷ꮴ䛉嚤椚ⶬ둛 劓儱⻲缣缩ꮴ䛉⺆⬑◟ꄽ芤┱鰅儅悎⺈ն⪢䌑ꮴ䛉姍俚䧶婝◟┞姍ꯙ긌㜾ꌄ⬐⮄ⲎⰦ⺪茤㐃䌑潜ꃰⲎ┞姍ꮴ䛉ն 傽续缋嵴廛⾕⟶㜩⛰缏卐⸐ⲇ♇㐃赜鰑┱ꄽ芤臅Ⲙ㹀┯甯㴼侓瞬⯼冎⢟驐䡪ն蝄鰅儅侊ㄌյ䈰鰑鱂点յ呦䖦ꄽ芤缰䭦 劓䧶  劓⺪茤Ⲏ䛉┞姍  㕈掾⻲⮯⪢䌑缰䭦⯈椚┯⺈⺪茤䙎鿲㝕跳ꂛⲎ䛉鴤䔴䧶䲀ꂟ蔸  䌑ն l  䌑┬⶯䌑┩㝕┯燛㴼䙎 ⪸瓭䪑Ⲙ耘德⪸瓭侓瞬┯☹儱缋嵴騫虹䈰⪾剳儱㗛ꅐ德ꮪ璭䍈յꓨ卐⪢槊勶ⲇ缏卐溸ꓨ锢䩘勘⮋ն⸉⺮缋돂銩僻鰅儅騰⯀儅⮃⻓⹹㜩耘⽶⺪茤㐃⶷駖⻑ꓨ假Ⲏ䔰⪸瓭ն╚耘⹷⽶㐃둛璇䪫뀖意溸皶◚┱䷧付걾♨巆ꯙ绪缺溸缋鰅鱂ⲹ❹撬⩪怮┯燛㴼䙎ն ⟥氠ꓨ卐耘⩧⟥氠✅笡䪩⸐耘呵䙰뀭䉂ꁒ . ┧☳耘⩧焝劻㜾呵ⷑ嬠鱪┩䧯嵤Ⲙ䙎낊ꯟ┪ⶬն╚德笡缛䙎⭀䭦耘呵յ㜾鰑䭦♎缏卐䪋剱剳ⲎⰦ䉗㐙㸉耘⩧⟥氠✅笡溸鯵沼ն 㐌罔낊ꯟ 䌑  劓♨⚢⬐痓ⶬ绣耘⫯♃⪝ⲎⰦ괽㸸勏⫁嶯㿔㴘⪢䗣軭ն㐌罔낊ꯟ䭰俚낕ⶬ岓⚃⹴⪢槊ꁾ⚃괭衄鱂둛ガ⿣ꀂ⪝㒘ꄽ芤⸐ⲇ둛⚕⪢槊鰑分⚃呬✅笡䧶㺥䐷假┞鿝缏卐䙎ꓨ⛓ն l  䌑┬⶯䌑㝕稝鰑分㺥労묛ꓭCOMEX 묛ꓭ⚃呬╚厀䧶㸞甯婢痓熏  耘⩧/漯⺶㐃卋盛낊ꯟ㐙冎┬氋蔸⪾㜜⬐⮄  耘⩧/漯⺶溸⺪茤䙎նⸯ岓蝄┩㳌䍳㐌罔㹾ⲹ缣缩⹿ꐠꁾꀂ殭뀘⹴㳌虹䙎괛寛僘㳌䔕⿱┯硬ꯙ WTI 岓⚃⬐⮄  耘⩧/哇溸⺪茤㎃㳌䍳갫濫괛寛鿛䒙⹴ OPEC+䚱㜩㙨危⩽⻓WTI 岓⚃╚厀劔労㎈䓛  耘⩧/哇ꮩꂀն耘⡺侅漩椚⺇⯜◟耘德鯯侓鰱㲼閕埛䪆㝕յ缏卐䙎危괛ꨟꏕⲎⰦ⹴嶯㜾䫌鰑脢䭦♎㙨ꪍ鱶罏瞏㎌筷䔕⿱ 䌑劻耘呵侅漩椚걾♨劔侞㎈訒뀔駉㸞㐃 .%♨┪둛⛻괭衄ն╚⡺侅漩椚侓瞬㶄卄뀔劻䭦缩䳀危⯈椚┬鉿疿ꭊ漳硅┱䉗㐙鉿╬ꮺ㴼⪼峒Ⲙ䋀䍳 䌑劻╚呵侅漩椚劔労㐃 .%-.%ⶔꭊ⫐ꁾ鉿ն耘⩧䭰俚焝劻㎌耘德缋嵴潸㸉꼐䙎⹴ꉍꯟ괛寛㲾㐃ꮕ嫙䙎佻临⛰ꪍ劻鱶ⲹ♇⢟䒙뀔駉㸞㐃  ♨┬ꁾ鉿䓺䧯䒙耘⩧┱点⯈椚⪴㲾溸㹾긖ն姚⩧⩽耘⩧劔労㐃 . 蔸 . 괭衄ն耘⩧⩽傽⩧뀔駉㸞㐃  蔸 괭衄ն耘⩧⩽☭宑䉕耘⩧鯹⡽鱶ⲹ燛皒┱☭宑䉕꼐䙎䳀ⶬ⪴⻎✑氠┬耘⩧⩽☭宑䉕溸寤椚╚厀㸞⼯⻓⮃廛⾕┬瓌鱶ⲹ뀔駉㸞氮 . ⻔ . 긐䬼ն耘艧蝄耘臅⥈䐷⼅ꮴ䛉⽟劻耘艧俠✅⛓⡽╚厀劔労┪瓌ꮴ䛉䨿ꓤ侒溸嵤Ⲙ䙎绞⯈㸉㸰漽艧䔕⿱剳╬潳䱹ն热⯼耘艧⛓⡽⸐ⲇ䉂兇詇璺臔㹐⪼璇䪫升㑊⛓⡽ꄟ佻║ꓨ⺖Ⲏ呵ⲏ┪ꮺ瞏愗㐃낊ꯟ◜⚂㝃ꓨ┯燛㴼䙎㸉耘艧┪鉿疿ꭊ䓺䧯⸐⯜ն l 낊ꯟ䳀獏德⫐侓瞬侞卸┯燛㴼낊ꯟ㐌罔㎌筷䪑Ⲙ낊ꯟ䉗㐙䝠缦┯甯㴼낊ꯟ嶯㜾ꮴ䛉┯⹴뀔劻낊ꯟն ⮕卥䉞 匤鱪 (010-8092-7696 *yangchao_yj@chinastock.com.cn ⮕卥䉞溫駘罒焺S 潸⪸煝疵2025-06-222025 䌑艧╚劻䫌鰑㺥労僓瓌┿儅閒勨脯✑ 2025-06-212025 䌑 A 艧╚劻䫌鰑㺥労瞣㕈鉿甯ꓨ㗛뮿假 2025-06-10甯㴼䉕嚤䗼艧䫌鰑㺥労 2025-05-28┪䉗⪫⺶䌔鯺ꓨ缀ꁹ匡〘◲假⺈ 2025-05-21⛽⯈椚僓♣姚嵌鰑分ꏕ翞⼅獏 2025-05-12⪸瓭罏⾕⟥⺵┬〘◲升㑊劔労⺇漩 2025-05-07⪸ꨴ僓ꭊ虹掾溸⹿䉘⚷┞䴗㲳ꓭ鄌侓瞬甯䉗㐙甯뀔劻 2025-05-05䌑䫟⾕┞㳌䫟劔〘◲☗掾 2025-05-04◩┞⢏劻◜⚂唯槏⹴䉗㐙㺥労 2025-04-25䭦缩甯㴼⾕嵛鳢鰑续䉗㐙臔撌〘◲做긖4 劓╚㝠侓岖㹾⚷駖闌騣 2025-04-23⪫Ⳬ㕈ꓭ┞㳌䍳䭦♎ꓤ侒〘◲⟥⺵ 2025-04-08╚㎼曬䌐⬮㕈ꓭ埭疿⮃┿䳀䮵䉗㐙⟥䖦 2025-04-08寤ꓭ⪝䉗㑏㴼澚㝃 2025-04-03㸉瞏⪸瓭⬐⮄䉗㐙ꏕ翞뀔劻 2025-04-03艧  䌑◝㳌䍳䫌鰑㺥労♈⛓⡽⟶㜩⯒漥⯈⩽楓 2025-04-022025 䌑◝㳌䍳 A 艧䫌鰑㺥労낊呬⮘䰄㐭銝ꏕ翞 2025-03-21╅ⶬ锟訒呦䖦⢏駦劔〘◲ 2025-03-17巆鰆愗ⲇꓤ侒䭰䑜䫌鰑做⻔վ䳀䮵巆鰆┺뀉鉿Ⲙ做呿տ闌騣 2025-03-09╚㎼艧䉗⺉◜⛓⡽婞䛨撬ꓨ卐 騟ⲏ䖪꭛騣婞倁劅⻑溸╚㎼ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻ն 2 潨䓡 Catalog ┞յ  䌑┪⶯䌑㝕稝鰑☋鉿䝠㜩漽 .......................................................................................................  ┞ ꉍꯟ┱缏卐䙎儱┪⶯䌑鉿䝠溸全锢杅䔰 ...............................................................................................  ◝ 㝕㴵ガ⿣╚鰂ꓭ㺲銩⻓ⷑ⚳ ..............................................................................................................  ┩ ╚耘⡺䉗⹹儙侓瞬뀔劻┱ꉍꯟ괛寛 .....................................................................................................  ㎃ 㜾寤䉗㐙痓⮃耘⩧⟥氠溸殇闌 ...........................................................................................................  ◩ ⪢槊艧䉗臔撌◟艧璇䪫升㑊 ........................................................................