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\u5967\u5730\u5229 UniCredit \u9280\u884c\u88fd\u9020\u696d\u63a1\u8cfc\u7d93\u7406\u6307\u6578\uff08PMI\uff0c\u900f\u904e\u8abf\u67e5\u53cd\u6620\u88fd\u9020\u696d\u666f\u6c23\uff1b\u9ad8\u65bc 50 \u4ee3\u8868\u64f4\u5f35\u3001\u4f4e\u65bc 50 \u4ee3\u8868\u6536\u7e2e\uff094 \u6708\u8dcc\u81f3 51.2\uff0c\u8f03\u4e0a\u6b21\u7684 52.4 \u56de\u843d\u3002<\/p>\n

PMI \u4ecd\u9ad8\u65bc 50\uff0c\u8868\u793a\u88fd\u9020\u696d\u6d3b\u52d5\u7e7c\u7e8c\u64f4\u5f35\u3002<\/p>\n

\u6b50\u5143\u5340\u88fd\u9020\u696d\u52d5\u529b\u964d\u6eab<\/h3>\n

\u5967\u5730\u5229\u88fd\u9020\u696d PMI \u56de\u843d\u81f3 51.2\uff0c\u96d6\u4ecd\u5728\u589e\u9577\u5340\u9593\uff0c\u4f46\u53cd\u6620\u589e\u9577\u901f\u5ea6\u653e\u6162\u3002\u9019\u8207\u5fb7\u570b\u88fd\u9020\u696d PMI \u8fd1\u65e5\u56de\u843d\u81f3 51.9 \u7684\u8d70\u52e2\u4e00\u81f4\uff0c\u986f\u793a\u6b50\u5143\u5340\u5de5\u696d\u6838\u5fc3\u53ef\u80fd\u6b63\u5728\u964d\u6eab\uff0c\u6b50\u6d32\u7d93\u6fdf\u6216\u6709\u8f49\u5f31\u98a8\u96aa\u3002<\/p>\n

\u9019\u8207 2025 \u5e74\u5927\u90e8\u5206\u6642\u9593\u7684\u88fd\u9020\u696d\u5f37\u52e2\u53cd\u5f48\u76f8\u6bd4\uff0c\u5c6c\u660e\u986f\u8f49\u5411\u3002\u53ef\u8003\u616e\u8cb7\u5165\u5967\u5730\u5229 ATX \u6307\u6578\u7684\u8a8d\u6cbd\u671f\u6b0a\uff08Put options\uff0c\u770b\u8dcc\u671f\u6b0a\uff1b\u7528\u8f03\u5c11\u8cc7\u91d1\u62bc\u6ce8\u6307\u6578\u4e0b\u8dcc\uff0c\u4e5f\u53ef\u4f5c\u5c0d\u6c96\uff09\uff0c\u56e0\u5de5\u696d\u80a1\u5728\u6307\u6578\u4e2d\u4f54\u6bd4\u9ad8\uff0c\u8f03\u6613\u53d7\u58d3\u3002\u53e6\u4e00\u500b\u8f03\u6eab\u548c\u7684\u505a\u6cd5\uff0c\u662f\u5728\u4e3b\u8981\u6b50\u6d32\u5de5\u696d ETF\uff08\u4ea4\u6613\u6240\u8cb7\u8ce3\u57fa\u91d1\uff0c\u50cf\u80a1\u7968\u822c\u5728\u4ea4\u6613\u6240\u8cb7\u8ce3\u7684\u4e00\u7c43\u5b50\u8cc7\u7522\uff09\u4e0a\u8ce3\u51fa\u8a8d\u8cfc\u50f9\u5dee\uff08Call spreads\uff1a\u540c\u6642\u8ce3\u51fa\u8f03\u4f4e\u884c\u4f7f\u50f9\u3001\u8cb7\u5165\u8f03\u9ad8\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u671f\u6b0a\uff0c\u7528\u4ee5\u6536\u53d6\u671f\u6b0a\u91d1\u4e26\u9650\u5236\u6700\u5927\u98a8\u96aa\uff09\u3002<\/p>\n

\u6b50\u5143\u5340\u901a\u8139\u4ecd\u7d04\u5728 2.5% \u5f98\u5f8a\uff0c\u589e\u9577\u653e\u6162\u4ee4\u6b50\u6d32\u592e\u884c\u5f80\u5f8c\u7684\u5229\u7387\u65b9\u5411\u66f4\u96e3\u53d6\u6368\u3002\u9019\u985e\u6578\u64da\u524a\u5f31\u518d\u52a0\u606f\uff08\u5229\u7387\u4e0a\u8abf\uff09\u7684\u7406\u64da\uff0c\u4e26\u63d0\u9ad8\u4e0b\u4e00\u6b65\u8f49\u70ba\u6e1b\u606f\uff08\u5229\u7387\u4e0b\u8abf\uff09\u7684\u53ef\u80fd\u6027\uff0c\u4f46\u672a\u5fc5\u662f\u5373\u6642\u884c\u52d5\u3002\u56e0\u6b64\uff0c\u53ef\u7559\u610f\u5efa\u7acb\u6b50\u5143\u7684\u77ed\u5009\uff08Short positions\uff1a\u770b\u8dcc\u90e8\u7f72\uff0c\u50f9\u683c\u4e0b\u8dcc\u53ef\u7372\u5229\uff09\uff0c\u5c24\u5176\u662f\u514c\u7f8e\u5143\u3002<\/p>\n

\u50b5\u5e02\uff08\u50b5\u5238\u5e02\u5834\uff09\u53ef\u80fd\u6703\u4e0b\u8abf\u5c0d\u300c\u8ca8\u5e63\u653f\u7b56\u6536\u7dca\u300d\uff08Monetary tightening\uff1a\u592e\u884c\u900f\u904e\u52a0\u606f\u6216\u6e1b\u5c11\u5e02\u5834\u6d41\u52d5\u6027\u4ee5\u58d3\u6291\u901a\u8139\uff09\u7684\u5269\u9918\u9810\u671f\u3002\u53ef\u8003\u616e\u8cb7\u5165\u5fb7\u570b\u570b\u50b5\u671f\u8ca8\uff08German Bund futures\uff1a\u4ee5\u5fb7\u570b\u9577\u671f\u570b\u50b5\u4f5c\u70ba\u6a19\u7684\u7684\u671f\u8ca8\u5408\u7d04\uff1b\u671f\u8ca8\u662f\u9810\u5148\u7d04\u5b9a\u672a\u4f86\u4ee5\u7279\u5b9a\u50f9\u683c\u8cb7\u8ce3\u7684\u5408\u7d04\uff09\uff0c\u56e0\u5176\u5728\u5340\u5167\u4e0d\u660e\u6717\u6642\u5e38\u88ab\u8996\u70ba\u907f\u96aa\u8cc7\u7522\u3002\u6b64\u90e8\u7f72\u53d7\u60e0\u65bc\u300c\u672c\u8f2a\u5229\u7387\u5df2\u898b\u9802\u300d\u7684\u770b\u6cd5\u3002<\/p>\n

\u88fd\u9020\u696d\u653e\u6162\u4ea6\u4ee4\u4eba\u60f3\u8d77\u6578\u5e74\u524d\u80fd\u6e90\u50f9\u683c\u885d\u64ca\u671f\u9593\u7684\u5de5\u696d\u75b2\u5f31\uff0c\u7576\u6642\u5e02\u5834\u6ce2\u5e45\u66fe\u5927\u5e45\u4e0a\u5347\u3002\u56e0\u800c\uff0c\u8cb7\u5165 VSTOXX \u6307\u6578\u7684\u8a8d\u8cfc\u671f\u6b0a\uff08VSTOXX\uff1a\u8861\u91cf\u6b50\u6d32\u85cd\u7c4c\u80a1\u6ce2\u52d5\u9810\u671f\u7684\u300c\u6ce2\u5e45\u6307\u6578\u300d\uff1b\u6ce2\u52d5\u4e0a\u5347\u6642\u901a\u5e38\u8d70\u9ad8\uff1b\u8a8d\u8cfc\u671f\u6b0a\u70ba\u770b\u597d\u5176\u4e0a\u5347\u7684\u5de5\u5177\uff09\u53ef\u4f5c\u70ba\u5c0d\u6c96\u4e26\u628a\u63e1\u672a\u4f86\u6578\u9031\u5e02\u5834\u6ce2\u52d5\u4e0a\u5347\u7684\u6a5f\u6703\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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