{"id":50538,"date":"2026-05-18T22:19:58","date_gmt":"2026-05-18T22:19:58","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/47659\/"},"modified":"2026-05-18T22:19:58","modified_gmt":"2026-05-18T22:19:58","slug":"%e6%b8%a3%e6%89%93%e8%ad%a6%e5%91%8a%ef%bc%9a%e9%9c%8d%e7%88%be%e6%9c%a8%e8%8c%b2%e6%b5%b7%e5%b3%bd%e5%bc%95%e7%99%bc%e7%9a%84%e6%b2%b9%e5%83%b9%e8%a1%9d%e6%93%8a%e6%88%96%e6%89%93%e6%93%8aai%e9%9c%80","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/50538\/","title":{"rendered":"\u6e23\u6253\u8b66\u544a\uff1a\u970d\u723e\u6728\u8332\u6d77\u5cfd\u5f15\u767c\u7684\u6cb9\u50f9\u885d\u64ca\u6216\u6253\u64caAI\u9700\u6c42\u53ca\u534a\u5c0e\u9ad4\u4f9b\u61c9"},"content":{"rendered":"

\u6e23\u6253\u8868\u793a\uff0c\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff08Strait of Hormuz\uff0c\u5168\u7403\u4e3b\u8981\u77f3\u6cb9\u822a\u9053\uff09\u4e8b\u5be6\u4e0a\u95dc\u9589\u4ee5\u53ca\u76ee\u524d\u7684\u80fd\u6e90\u885d\u64ca\uff08energy shock\uff0c\u80fd\u6e90\u50f9\u683c\u6025\u5347\u5e36\u4f86\u7684\u6210\u672c\u8207\u4f9b\u61c9\u58d3\u529b\uff09\uff0c\u53ef\u80fd\u5c0d\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u76f8\u95dc\u6d3b\u52d5\u9020\u6210\u77ed\u671f\u53ca\u9577\u671f\u58d3\u529b\u3002\u8a72\u884c\u8b66\u544a\uff0c\u77ed\u671f\u5167\u534a\u5c0e\u9ad4\uff08semiconductors\uff0c\u7528\u65bc\u96fb\u8166\u8207\u624b\u6a5f\u7b49\u7684\u6676\u7247\uff09\u751f\u7522\u6240\u9700\u7684\u6295\u5165\u54c1\u4f9b\u61c9\u5b58\u5728\u98a8\u96aa\u3002<\/p>\n

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\u6cb9\u50f9\u885d\u64ca\u5c0dAI\u8207\u534a\u5c0e\u9ad4\u7684\u98a8\u96aa<\/h3>\n

\u5831\u544a\u63d0\u5230\u904e\u53bb\u7684\u6cb9\u50f9\u885d\u64ca\uff08oil shocks\uff0c\u6cb9\u50f9\u56e0\u4f9b\u61c9\u6216\u5730\u7de3\u653f\u6cbb\u7a81\u8b8a\u800c\u6025\u5347\uff09\uff0c\u901a\u5e38\u8207\u4f01\u696d\u63a1\u7528\u65b0\u79d1\u6280\u901f\u5ea6\u653e\u6162\uff0c\u4ee5\u53ca\u751f\u7522\u529b\u589e\u9577\u8f49\u5f31\u6709\u95dc\u3002\u539f\u56e0\u662f\u71df\u904b\u6210\u672c\u4e0a\u5347\uff0c\u4f01\u696d\u6703\u524a\u6e1b\u8207\u79d1\u6280\u76f8\u95dc\u7684\u958b\u652f\u3002<\/p>\n

\u5831\u544a\u88dc\u5145\uff0c\u7576\u6cb9\u50f9\u885d\u64ca\u7531\u4f9b\u61c9\u7aef\u9a45\u52d5\uff08supply-driven\uff0c\u56e0\u4f9b\u61c9\u4e2d\u65b7\u800c\u975e\u9700\u6c42\u4e0a\u5347\uff09\u4ee5\u53ca\u5728\u7d93\u6fdf\u653f\u7b56\u4e0d\u78ba\u5b9a\u6027\u8f03\u9ad8\uff08economic policy uncertainty\uff0c\u653f\u7b56\u8d70\u5411\u96e3\u4ee5\u9810\u6e2c\uff09\u6642\uff0c\u8ca0\u9762\u5f71\u97ff\u66f4\u660e\u986f\u3002\u6587\u7ae0\u6307\u51fa\u5167\u5bb9\u7531AI\u5de5\u5177\u5354\u52a9\u88fd\u4f5c\u4e26\u7531\u7de8\u8f2f\u5be9\u95b1\u3002<\/p>\n

\u5728\u970d\u723e\u6728\u8332\u6d77\u5cfd\u5be6\u8cea\u95dc\u9589\u4e0b\uff0c\u80fd\u6e90\u885d\u64ca\u6b63\u5728\u64f4\u5927\u3002\u5e03\u862d\u7279\u539f\u6cb9\uff08Brent crude\uff0c\u570b\u969b\u6cb9\u50f9\u4e3b\u8981\u6307\u6a19\uff09\u5347\u7a7f\u6bcf\u6876115\u7f8e\u5143\uff0c\u5275\u81ea2025\u5e74\u521d\u4ee5\u4f86\u672a\u898b\u7684\u6c34\u5e73\uff0c\u885d\u64ca\u5e02\u5834\u5c0dAI\u7684\u6a02\u89c0\u60c5\u7dd2\u3002\u76f8\u95dc\u4e2d\u65b7\u5f71\u97ff\u5168\u7403\u6bcf\u65e5\u8fd1\u4e94\u5206\u4e4b\u4e00\u7684\u539f\u6cb9\u4f9b\u61c9\uff0c\u4ee4\u534a\u5c0e\u9ad4\u88fd\u9020\u7b49\u9ad8\u8017\u80fd\u884c\u696d\u9762\u5c0d\u5373\u6642\u6210\u672c\u58d3\u529b\u3002<\/p>\n

\u53ef\u8003\u616e\u8cb7\u5165\u534a\u5c0e\u9ad4\u6307\u6578\u53ca\u4e3b\u8981AI\u80a1\u4efd\u7684\u8a8d\u6cbd\u671f\u6b0a\uff08put options\uff0c\u5373\u770b\u8dcc\u671f\u6b0a\uff1a\u80a1\u50f9\u4e0b\u8dcc\u6642\u53ef\u7372\u5229\u6216\u7528\u4f5c\u5c0d\u6c96\uff09\uff0c\u5c24\u5176\u662f2025\u5e74\u5927\u5347\u7684\u80a1\u4efd\u3002\u80fd\u6e90\u6210\u672c\u4e0a\u5347\u6703\u4fb5\u8755\u4f9b\u61c9\u93c8\u8207\u5229\u6f64\u7387\uff08profit margins\uff0c\u6bcf\u55ae\u4f4d\u6536\u5165\u53ef\u4fdd\u7559\u7684\u76c8\u5229\uff09\uff0c\u5728\u4f30\u503c\u504f\u9ad8\u4e0b\u66f4\u6613\u51fa\u73fe\u6025\u8dcc\u3002\u540c\u6642\uff0c\u5e02\u5834\u6ce2\u52d5\u4e0a\u5347\uff0cVIX\uff08\u6050\u614c\u6307\u6578\uff0c\u53cd\u6620\u7f8e\u80a1\u9810\u671f\u6ce2\u52d5\uff09\u5347\u7a7f25\uff0c\u610f\u5473\u6301\u6709\u300c\u505a\u591a\u6ce2\u52d5\u300d\uff08long volatility\uff0c\u4ee5\u6ce2\u52d5\u4e0a\u5347\u70ba\u76ee\u6a19\u7684\u90e8\u7f72\uff09\u6216\u6709\u5229\u3002<\/p>\n

\u70ba\u79d1\u6280\u4f30\u503c\u56de\u8abf\u4f5c\u90e8\u7f72<\/h3>\n

\u6b77\u53f2\u986f\u793a\uff0c1970\u5e74\u4ee3\u7b49\u7531\u80fd\u6e90\u5e36\u52d5\u7684\u4f9b\u61c9\u885d\u64ca\uff0c\u5f80\u5f80\u4ee4\u4f01\u696d\u6e1b\u5c11\u5c0d\u65b0\u79d1\u6280\u7684\u6295\u8cc7\u3002\u7576\u71c3\u6599\u8207\u96fb\u529b\u6210\u672c\u4e0a\u5347\uff0c\u4f01\u696d\u5728AI\u57fa\u5efa\uff08AI infrastructure\uff0c\u4f8b\u5982\u4f3a\u670d\u5668\u3001\u6578\u64da\u4e2d\u5fc3\uff09\u7b49\u8cc7\u672c\u958b\u652f\uff08capital expenditures\uff0c\u9577\u671f\u6295\u8cc7\u652f\u51fa\uff09\u53ef\u80fd\u5ef6\u5f8c\u30022025\u5e74\u80fd\u6e90\u50f9\u683c\u6025\u5347\u671f\u9593\uff0c\u79d1\u6280\u652f\u51fa\u4ea6\u66fe\u51fa\u73fe\u8f03\u5c0f\u5e45\u5ea6\u56de\u843d\u3002<\/p>\n

\u5c55\u671b\u672a\u4f86\u6578\u5468\uff0c\u5e02\u5834\u7126\u9ede\u6216\u7531\u4f9b\u61c9\u93c8\u58d3\u529b\u8f49\u5411AI\u6295\u8cc7\u8207\u9700\u6c42\u4e0b\u6ed1\u7684\u98a8\u96aa\u3002\u591a\u9593\u79d1\u6280\u516c\u53f8\u7684\u9ad8\u4f30\u503c\uff08premium valuations\uff0c\u4f30\u503c\u9ad8\u65bc\u4e00\u822c\u6c34\u5e73\uff09\u5efa\u57fa\u65bc\u9032\u53d6\u7684\u672a\u4f86\u589e\u9577\u5047\u8a2d\uff0c\u4e00\u65e6\u5ba2\u6236\u524a\u6e1b\u958b\u652f\uff0c\u76f8\u95dc\u5047\u8a2d\u4fbf\u53ef\u80fd\u7ad9\u4e0d\u4f4f\u8173\u3002\u56e0\u6b64\uff0c\u53ef\u8003\u616e\u8f03\u9577\u5e74\u671f\u7684\u8a8d\u6cbd\u671f\u6b0a\uff08longer-dated put options\uff0c\u5230\u671f\u65e5\u8f03\u9060\u4ee5\u63d0\u9ad8\u5c0d\u6c96\u6642\u9593\uff09\u6216\u90e8\u7f72\u6cbd\u7a7a\uff08short positions\uff0c\u501f\u8ca8\u8ce3\u51fa\u3001\u9810\u671f\u4e0b\u8dcc\u7372\u5229\uff09\u66f4\u5ee3\u6cdb\u7684\u79d1\u6280\u6307\u6578\uff0c\u4f8b\u5982\u7d0d\u65af\u9054\u514b100\u6307\u6578\uff08Nasdaq 100\uff0c\u7f8e\u570b\u5927\u578b\u79d1\u6280\u80a1\u70ba\u4e3b\u7684\u6307\u6578\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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