{"id":46972,"date":"2026-05-07T18:11:29","date_gmt":"2026-05-07T18:11:29","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46972\/"},"modified":"2026-05-07T18:11:29","modified_gmt":"2026-05-07T18:11:29","slug":"%e9%9c%8d%e7%88%be%e6%9c%a8%e8%8c%b2%e5%b0%81%e9%8e%96%e5%8a%a0%e5%8a%87%e5%8e%9f%e6%b2%b9%e4%be%9b%e6%87%89%e7%b7%8a%e5%bc%b5%ef%bc%8c%e5%b8%83%e8%98%ad%e7%89%b9%e9%80%bc%e8%bf%91%e6%af%8f%e6%a1%b610","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/46972\/","title":{"rendered":"\u970d\u723e\u6728\u8332\u5c01\u9396\u52a0\u5287\u539f\u6cb9\u4f9b\u61c9\u7dca\u5f35\uff0c\u5e03\u862d\u7279\u903c\u8fd1\u6bcf\u6876100\u7f8e\u5143\uff0c\u5b58\u5728\u885d\u4e0a150\u7f8e\u5143\u98a8\u96aa\u517c\u6182\u6eef\u8139"},"content":{"rendered":"<p>\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff08Strait of Hormuz\uff0c\u4e2d\u6771\u91cd\u8981\u77f3\u6cb9\u904b\u8f38\u901a\u9053\uff09\u53d7\u963b\uff0c\u64da\u5831\u4ee4\u5168\u7403\u6bcf\u65e5\u539f\u6cb9\u4f9b\u61c9\u6e1b\u5c11\u7d04900\u842c\u81f31,000\u842c\u6876\u3002\u5e03\u862d\u7279\u539f\u6cb9\uff08Brent\uff0c\u6b50\u6d32\u57fa\u6e96\u6cb9\u50f9\uff09\u73fe\u6642\u63a5\u8fd1\u6bcf\u6876100\u7f8e\u5143\uff0c\u6587\u4e2d\u63d0\u53ca\u7d04103\u7f8e\u5143\uff1b\u4e26\u4f30\u8a08\u82e5\u9650\u5236\u6301\u7e8c\uff0c\u6cb9\u50f9\u6216\u65bc\u4eca\u590f\u5347\u7a7f\u6bcf\u6876150\u7f8e\u5143\u3002<\/p>\n<p>\u6587\u4e2d\u6307\u51fa\u6d77\u5cfd\u5e7e\u4e4e\u7121\u6cd5\u901a\u884c\uff0c\u82e5\u4f4e\u6d41\u91cf\u6301\u7e8c\uff0c\u6700\u5feb\u5230\u590f\u5b63\u6216\u51fa\u73fe\u4f9b\u61c9\u77ed\u7f3a\u3002\u540c\u6642\uff0c\u9ad8\u6cb9\u50f9\u63a8\u9ad8\u80fd\u6e90\u3001\u5316\u80a5\uff08fertiliser\uff0c\u8fb2\u696d\u7528\u990a\u5206\uff09\u53ca\u5176\u4ed6\u5728\u6d77\u7063\u5730\u5340\uff08Gulf region\uff0c\u6ce2\u65af\u7063\u5468\u908a\u7522\u6cb9\u570b\uff09\u63a1\u8cfc\u7684\u751f\u7522\u6210\u672c\uff0c\u52a0\u4e0a\u7269\u6d41\uff08logistics\uff0c\u904b\u8f38\u8207\u4f9b\u61c9\u93c8\u5b89\u6392\uff09\u53d7\u9650\uff0c\u4ee4\u6210\u672c\u58d3\u529b\u52a0\u5287\u3002<\/p>\n<h3>\u5e02\u5834\u5f71\u97ff\u8207\u4f9b\u61c9\u885d\u64ca<\/h3>\n<p>\u6587\u4e2d\u628a\u6cb9\u50f9\u8207\u6295\u5165\u6210\u672c\u9577\u671f\u9ad8\u4f01\uff0c\u8207\u5168\u7403\u901a\u8139\uff08inflation\uff0c\u7269\u50f9\u666e\u904d\u4e0a\u5347\uff09\u4e0a\u5347\u3001\u4ee5\u53ca\u590f\u5b63\u524d\u51fa\u73fe\u300c\u6eef\u8139\u300d\uff08stagflation\uff0c\u7d93\u6fdf\u589e\u9577\u653e\u6162\u4f46\u7269\u50f9\u4ecd\u9ad8\uff09\u7684\u98a8\u96aa\u9023\u7d50\u8d77\u4f86\u3002\u53c8\u6307\u901a\u8139\u9810\u671f\uff08inflation expectations\uff0c\u5e02\u5834\u5c0d\u672a\u4f86\u7269\u50f9\u4e0a\u5347\u7684\u4f30\u7b97\uff09\u5347\u6eab\uff0c\u6216\u4ee4\u7f8e\u570b\u8ca8\u5e63\u653f\u7b56\u504f\u5411\u4e2d\u6027\u6216\u504f\u7dca\uff08neutral\/restrictive stance\uff0c\u5373\u4e0d\u518d\u652f\u6301\u7d93\u6fdf\u3001\u751a\u81f3\u6536\u7dca\uff09\uff0c\u5f9e\u800c\u63d0\u9ad8\u6301\u6709\u9ec3\u91d1\u7684\u878d\u8cc7\u6210\u672c\u8207\u6a5f\u6703\u6210\u672c\uff08opportunity cost\uff0c\u8cc7\u91d1\u6539\u6295\u53ef\u6536\u606f\u8cc7\u7522\u7684\u5229\u76ca\uff09\u3002<\/p>\n<p>\u6587\u7ae0\u63d0\u5230\u83ef\u76db\u9813\u8207\u5fb7\u9ed1\u862d\u7684\u8a00\u8ad6\u3001\u5c0d\u822a\u904b\u7684\u8972\u64ca\u3001\u4ee5\u53ca\u4f0a\u6717\u6838\u80fd\u529b\u72c0\u6cc1\u7b49\u56e0\u7d20\uff0c\u4ee4\u77ed\u671f\u6062\u5fa9\u66a2\u901a\u7684\u6a5f\u6703\u53d7\u9650\u3002\u4ea6\u6307\u7d10\u7d04\u671f\u6cb9\uff08WTI\uff0c\u7f8e\u570b\u57fa\u6e96\u6cb9\u50f9\uff09\u8fd1\u65e5\u8dcc\u7a7f\u6bcf\u6876100\u7f8e\u5143\uff0c\u4f46\u4e26\u975e\u56e0\u904b\u6cb9\u91cf\u589e\u52a0\uff1b\u4e14\u6230\u5f8c\u4f9b\u9700\u7f3a\u53e3\uff08deficit\uff0c\u4f9b\u61c9\u5c11\u65bc\u9700\u6c42\uff09\u6216\u4ee4\u6cb9\u50f9\u5728100\u7f8e\u5143\u9644\u8fd1\u7dad\u6301\u4e00\u6bb5\u6642\u9593\u3002<\/p>\n<p>\u5728\u970d\u723e\u6728\u8332\u6d77\u5cfd\u5927\u81f4\u53d7\u963b\u4e0b\uff0c\u5e02\u5834\u51fa\u73fe\u6bcf\u65e5\u7d04900\u842c\u81f31,000\u842c\u6876\u7684\u91cd\u5927\u4f9b\u61c9\u4e2d\u65b7\u3002\u6309\u6b64\u63a8\u7b97\uff0c\u73fe\u6642\u7d04\u6bcf\u6876103\u7f8e\u5143\u7684\u5e03\u862d\u7279\u539f\u6cb9\uff0c\u4eca\u590f\u6216\u4e0a\u8a66\u6bcf\u6876150\u7f8e\u5143\u4ee5\u4e0a\u7684\u65b0\u5340\u9593\u3002\u884d\u751f\u7522\u54c1\uff08derivatives\uff0c\u5305\u62ec\u671f\u8ca8\u8207\u671f\u6b0a\u7b49\u4ee5\u8cc7\u7522\u50f9\u683c\u70ba\u57fa\u790e\u7684\u5408\u7d04\uff09\u4ea4\u6613\u8005\u53ef\u8003\u616e\u90e8\u7f72\u5411\u4e0a\u884c\u60c5\uff0c\u56e0\u5be6\u7269\u77ed\u7f3a\uff08physical shortages\uff0c\u5be6\u969b\u53ef\u4ea4\u4ed8\u539f\u6cb9\u4e0d\u8db3\uff09\u5728\u672a\u4f86\u6578\u5468\u6216\u66f4\u660e\u986f\u3002<\/p>\n<p>\u7f8e\u570b\u80fd\u6e90\u8cc7\u8a0a\u7f72\uff08EIA\uff0c\u5b98\u65b9\u80fd\u6e90\u6578\u64da\u6a5f\u69cb\uff09\u6578\u64da\u4ea6\u652f\u6301\u6b64\u770b\u6cd5\uff1a\u7f8e\u570b\u539f\u6cb9\u5eab\u5b58\uff08crude inventories\uff0c\u5132\u6cb9\u91cf\uff09\u5728\u6700\u65b0\u4e00\u5468\u6e1b\u5c11\u903e450\u842c\u6876\uff0c\u8dcc\u5e45\u5927\u65bc\u9810\u671f\u3002\u5728\u5be6\u7269\u4f9b\u61c9\u6536\u7dca\u4e4b\u969b\uff0cOPEC+\uff08\u77f3\u6cb9\u8f38\u51fa\u570b\u7d44\u7e54\u53ca\u76df\u53cb\uff09\u8fd1\u671f\u8a0e\u8ad6\u672a\u6709\u63d0\u51fa\u660e\u78ba\u65b9\u6848\uff0c\u52d5\u7528\u6709\u9650\u7684\u5269\u9918\u7522\u80fd\uff08spare capacity\uff0c\u5c1a\u672a\u6295\u7522\u4f46\u53ef\u52a0\u7522\u7684\u80fd\u529b\uff09\u4ee5\u5f4c\u88dc\u970d\u723e\u6728\u8332\u7f3a\u53e3\u3002\u4e0a\u8ff0\u56e0\u7d20\u4ee4\u5efa\u7acb\u539f\u6cb9\u671f\u8ca8\uff08futures\uff0c\u7d04\u5b9a\u672a\u4f86\u4ea4\u6536\u7684\u5408\u7d04\uff09\u9577\u5009\uff0c\u6216\u8cb7\u5165\u770b\u6f32\u671f\u6b0a\uff08call options\uff0c\u652f\u4ed8\u6b0a\u5229\u91d1\u4ee5\u7372\u5f97\u8cb7\u5165\u6b0a\uff09\u7684\u7406\u7531\u66f4\u5145\u5206\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4f01\u696d\u6295\u5165\u6210\u672c\u6025\u5347\uff0c\u52a0\u4e0a\u592e\u884c\u4e0d\u518d\u300c\u653e\u6c34\u300d\uff08less accommodative\uff0c\u6307\u6e1b\u5c11\u5bec\u9b06\u653f\u7b56\u5982\u4f4e\u606f\u6216\u8cb7\u50b5\uff09\uff0c\u4ee4\u5b8f\u89c0\u74b0\u5883\u66f4\u56f0\u96e3\u3002\u6eef\u8139\u58d3\u529b\u6216\u62d6\u7d2f\u4f01\u696d\u76c8\u5229\uff0c\u4e26\u58d3\u6291\u80a1\u6307\u8868\u73fe\u3002\u56e0\u6b64\uff0c\u96a8\u80fd\u6e90\u98a8\u96aa\u767c\u9175\uff0c\u5c0d\u80a1\u5e02\u63a1\u53d6\u5be9\u614e\u751a\u81f3\u504f\u6de1\u7b56\u7565\uff0c\u53ef\u80fd\u8f03\u5408\u9069\u3002<\/p>\n<h3>\u4ea4\u6613\u8207\u653f\u7b56\u542b\u610f<\/h3>\n<p>\u6587\u7ae0\u56de\u98672022\u5e74\u5730\u7de3\u653f\u6cbb\u885d\u64ca\u5f8c\u7684\u5e02\u5834\uff1a\u6cb9\u50f9\u9577\u6642\u9593\u504f\u9ad8\u4e26\u63a8\u5347\u901a\u8139\u3002\u73fe\u6642\u4f9b\u61c9\u4e2d\u65b7\u66f4\u76f4\u63a5\u3001\u898f\u6a21\u4ea6\u66f4\u5927\uff0c\u610f\u5473\u50f9\u683c\u5f71\u97ff\u6216\u8f03\u7576\u5e74\u66f4\u731b\u70c8\u4e14\u66f4\u6301\u4e45\u3002\u56e0\u6b64\uff0c\u90e8\u7f72\u6cb9\u50f9\u9577\u671f\u9ad8\u65bc\u6bcf\u6876100\u7f8e\u5143\u7684\u60c5\u666f\uff0c\u5c6c\u8f03\u7a69\u5065\u505a\u6cd5\u3002<\/p>\n<p>\u9ad8\u80fd\u6e90\u50f9\u683c\u53ef\u80fd\u76f4\u63a5\u53cd\u6620\u65bc\u672a\u4f86\u901a\u8139\u6578\u64da\uff0c\u4ee4\u806f\u5132\u5c40\uff08Federal Reserve\uff0c\u7f8e\u570b\u4e2d\u592e\u9280\u884c\uff09\u66f4\u96e3\u53d6\u6368\u3002\u6587\u7ae0\u8a8d\u70ba\uff0c\u806f\u5132\u5c40\u6216\u88ab\u8feb\u7dad\u6301\u4e2d\u6027\u751a\u81f3\u504f\u7dca\u7684\u653f\u7b56\u53d6\u5411\uff0c\u4ee5\u58d3\u6291\u901a\u8139\u9810\u671f\u4e0a\u5347\u3002\u6b64\u9810\u671f\u4ea6\u6703\u4ee4\u5229\u7387\u5e02\u5834\uff08interest rate markets\uff0c\u4ea4\u6613\u5229\u7387\u6216\u5229\u7387\u671f\u8ca8\/\u6389\u671f\u7684\u5e02\u5834\uff09\u6ce2\u52d5\u52a0\u5927\uff0c\u4ea4\u6613\u8005\u53ef\u6309\u6ce2\u52d5\u4f5c\u90e8\u7f72\u3002<\/p>\n<p>\u82e5\u806f\u5132\u5c40\u653f\u7b56\u66f4\u504f\u7dca\uff0c\u6301\u6709\u4e0d\u6d3e\u606f\u8cc7\u7522\uff08non-yielding assets\uff0c\u4e0d\u63d0\u4f9b\u5229\u606f\u6216\u80a1\u606f\u7684\u8cc7\u7522\uff09\u5982\u9ec3\u91d1\u7684\u6a5f\u6703\u6210\u672c\u5c07\u4e0a\u5347\u3002\u8f03\u9ad8\u5229\u7387\u53ca\u8f03\u5f37\u7f8e\u5143\uff08U.S. dollar typically stronger\uff0c\u5347\u606f\u5f80\u5f80\u652f\u6301\u7f8e\u5143\uff09\u4e00\u822c\u5c0d\u8cb4\u91d1\u5c6c\uff08precious metals\uff0c\u5982\u9ec3\u91d1\u3001\u767d\u9280\uff09\u69cb\u6210\u58d3\u529b\u3002\u4ea4\u6613\u8005\u53ef\u8003\u616e\u4ee5\u504f\u6de1\u7b56\u7565\u90e8\u7f72\u9ec3\u91d1\uff0c\u4f5c\u70ba\u300c\u9ad8\u6cb9\u50f9\u6301\u7e8c\u300d\u7684\u5ef6\u4f38\u4ea4\u6613\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u970d\u723e\u6728\u8332\u5c01\u9396\u5347\u6eab\uff0c\u539f\u6cb9\u4f9b\u61c9\u66f4\u7dca\uff1b\u5e03\u862d\u7279\u903c\u8fd1\u6bcf\u6876100\u7f8e\u5143\uff0c\u5e02\u5834\u6182\u98c6\u81f3150\u7f8e\u5143\uff0c\u6eef\u8139\u9670\u973e\u518d\u73fe\uff0c\u6295\u8cc7\u8005\u6025\u5c0b\u907f\u96aa\u8207\u901a\u8139\u5c0d\u6c96\u7b56\u7565\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46972","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=46972"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46972\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=46972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=46972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=46972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}