{"id":53344,"date":"2025-12-01T20:59:00","date_gmt":"2025-12-01T20:59:00","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh\/uncategorized\/53344\/"},"modified":"2025-12-01T20:59:00","modified_gmt":"2025-12-01T20:59:00","slug":"november-recap-december-outlook-2025","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/monthly-market-insights\/53344\/","title":{"rendered":"2025\u5e7411\u6708\u56de\u9867\uff0f12\u6708\u5c55\u671b"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/10\/Ross-Maxwell_1408x768-1024x559.jpg\" alt=\"\" class=\"wp-image-31502\" \/><\/figure>\n\n\n<p>11\u6708\u521d\u5e02\u5834\u53d7\u7f8e\u570b\u806f\u90a6\u653f\u5e9c\u53ef\u80fd\u300c\u505c\u64fa\u300d\uff08\u653f\u5e9c\u56e0\u9810\u7b97\u672a\u7372\u901a\u904e\uff0c\u90e8\u5206\u90e8\u9580\u66ab\u505c\u904b\u4f5c\uff09\u7684\u9670\u973e\u7c60\u7f69\uff0c\u4ee4\u5e02\u5834\u4e0d\u78ba\u5b9a\u6027\u4e0a\u5347\uff0c\u4ea6\u6253\u4e82\u7d93\u6fdf\u6578\u64da\u767c\u5e03\u3002\u7f3a\u4e4f\u53ef\u9760\u6307\u6a19\u4e0b\uff0c\u7f8e\u570b\u806f\u5132\u5c40\uff08Fed\uff09\u5728\u95dc\u9375\u6642\u9ede\u5236\u5b9a\u5229\u7387\u653f\u7b56\u6642\uff0c\u53c3\u8003\u4f9d\u64da\u4e0d\u8db3\u3002<\/p>\n\n<p>\u5176\u5f8c\u505c\u64fa\u5371\u6a5f\u6700\u7d42\uff08\u4f46\u5c6c\u66ab\u6642\uff09\u89e3\u6c7a\uff0c\u98a8\u96aa\u8cc7\u7522\uff08risk assets\uff0c\u5373\u80a1\u5e02\u7b49\u8f03\u53d7\u7d93\u6fdf\u524d\u666f\u5f71\u97ff\u3001\u6ce2\u52d5\u8f03\u5927\u7684\u8cc7\u7522\uff09\u7372\u5f97\u5598\u606f\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u7d93\u6fdf\u6578\u64da\u6062\u5fa9\u516c\u5e03\uff0c\u4ee4\u653f\u7b56\u5236\u5b9a\u8005\u8207\u6295\u8cc7\u8005\u53ef\u518d\u6b21\u638c\u63e1\u5e02\u6cc1\u3002\u7576\u589e\u9577\u3001\u901a\u8139\u8207\u8ca8\u5e63\u74b0\u5883\u66f4\u6e05\u6670\uff0c\u4ea4\u6613\u54e1\u53ef\u4f5c\u66f4\u6709\u6839\u64da\u7684\u5224\u65b7\uff0c\u5e02\u5834\u6c23\u6c1b\u9010\u6b65\u56de\u7a69\u4e26\u6539\u5584\u3002<\/p>\n\n<p>\u5e02\u5834\u4ea6\u52a0\u5927\u5c0d\u300c\u5de8\u578b\u79d1\u6280\u80a1\u300d\uff08mega-cap tech\uff0c\u5373\u5e02\u503c\u6975\u5927\u7684\u79d1\u6280\u4f01\u696d\uff09\u4f30\u503c\u7684\u8a0e\u8ad6\uff0c\u95dc\u6ce8\u662f\u5426\u51fa\u73fe\u7531\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u5e36\u52d5\u7684\u8cc7\u7522\u6ce1\u6cab\uff08asset bubble\uff0c\u5373\u50f9\u683c\u504f\u96e2\u57fa\u672c\u56e0\u7d20\u3001\u7531\u6295\u6a5f\u63a8\u9ad8\uff09\u3002<\/p>\n\n<p>Nvidia \u900f\u904e<a href=\"https:\/\/www.vtmarkets.com\/opinion\/nvidias-earnings-and-the-tech-cycle\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u518d\u4ea4\u51fa\u5f37\u52c1\u800c\u5177\u97cc\u6027\u7684\u7b2c\u4e09\u5b63\u696d\u7e3e<\/a>\uff0c\u4e26\u63d0\u4f9b\u7a69\u5065\u7684\u7b2c\u56db\u5b63\u5c55\u671b\uff0c\u7d13\u7de9\u5e02\u5834\u7591\u616e\u3002\u5e02\u5834\u628a\u5176\u696d\u7e3e\u8996\u70ba\u300cAI\u8cc7\u672c\u958b\u652f\u5468\u671f\u300d\uff08AI-CapEx cycle\uff1bCapEx\u5373\u8cc7\u672c\u958b\u652f\uff0c\u4f01\u696d\u6295\u8cc7\u65bc\u4f3a\u670d\u5668\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u6676\u7247\u7b49\u786c\u4ef6\u8207\u57fa\u5efa\u7684\u958b\u652f\uff09\u4ecd\u5728\u6301\u7e8c\u7684\u8b49\u660e\u3002<\/p>\n\n<p>\u96d6\u7136\u4e3b\u8981\u6307\u6578\u5728\u6708\u5167\u5927\u90e8\u5206\u6642\u9593\u53d7\u58d3\uff0c\u4f46\u9019\u9805\u50ac\u5316\u56e0\u7d20\u5e36\u52d5\u5ee3\u6cdb\u53cd\u5f48\u2014\u2014<a href=\"https:\/\/www.vtmarkets.com\/live-updates\/while-clients-were-pleased-the-sp-500-maintained-its-upward-trend-despite-disappointing-retail-sales-and-ppi\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u6a19\u666e500\u6307\u6578\uff08S&amp;P 500\uff09\u5df2\u6536\u5fa9\u5931\u5730<\/a>\uff0c\u518d\u5ea6\u903c\u8fd1\u6b77\u53f2\u9ad8\u4f4d\uff0c\u4e26\u54117,000\u9ede\u6c34\u5e73\u9760\u650f\u3002<\/p>\n\n<p>\u4e0d\u904e\uff0c\u57fa\u672c\u9762\u4ecd\u5177\u6311\u6230\u3002\u5de5\u8cc7\u589e\u9577\uff08wage growth\uff0c\u5373\u85aa\u916c\u4e0a\u5347\u901f\u5ea6\uff09\u96d6\u6709\u6539\u5584\u4f46\u5e45\u5ea6\u4e0d\u5927\uff1b\u7269\u50f9\uff08\u901a\u8139\uff09\u7e8c\u964d\u6eab\u4e4b\u4e0b\uff0c\u6d88\u8cbb\u8005\u8cfc\u8cb7\u529b\u624d\u525b\u958b\u59cb\u56de\u7a69\u3002<\/p>\n\n<p>\u5de8\u578b\u80a1\u76c8\u5229\u9810\u671f\u4ecd\u504f\u9032\u53d6\uff0c\u5e02\u5834\u53ef\u5bb9\u8a31\u7684\u300c\u5931\u671b\u7a7a\u9593\u300d\u4e0d\u5927\u3002\u653f\u5e9c\u505c\u64fa\u8b70\u984c\u5c07\u57281\u6708\u5e95\u518d\u73fe\uff1b\u806f\u5132\u5c40\u5728\u5f80\u5f8c\u653f\u7b56\u8def\u5f91\u4e0a\uff0c\u4ecd\u8981\u5728\u6291\u901a\u8139\u8207\u4fdd\u589e\u9577\u4e4b\u9593\u4f5c\u51fa\u7d30\u7dfb\u5e73\u8861\u3002<\/p>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">\u6df1\u5165\u5e02\u5834<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5916\u532f<\/h3>\n\n\n<p>11\u6708\u5916\u532f\u5e02\u5834\u53d7\u5229\u7387\u9810\u671f\u8b8a\u5316\u3001\u8ca1\u653f\u6d88\u606f\u8207\u5404\u592e\u884c\u653f\u7b56\u5206\u6b67\u5f71\u97ff\u3002<\/p>\n\n<p>\u901a\u8139\u653e\u7de9\u53ca\u7f8e\u570b\u570b\u5eab\u5238\u5b73\u606f\u7387\uff08Treasury yields\uff0c\u5373\u7f8e\u570b\u570b\u50b5\u5229\u7387\uff09\u4e0b\u8dcc\uff0c\u4ee4\u5e02\u5834\u63d0\u9ad8\u5c0d\u806f\u5132\u5c40\u6700\u5feb\u65bc12\u6708\u6e1b\u606f\uff08rate cut\uff0c\u5373\u4e0b\u8abf\u653f\u7b56\u5229\u7387\uff09\u7684\u62bc\u6ce8\u3002\u96d6\u7136\u907f\u96aa\u9700\u6c42\uff08safe-haven demand\uff0c\u5373\u8cc7\u91d1\u5728\u4e0d\u78ba\u5b9a\u6642\u6d41\u5411\u8f03\u88ab\u8996\u70ba\u7a69\u5b9a\u7684\u8cc7\u7522\uff09\u4e00\u5ea6\u652f\u6301\u7f8e\u5143\uff0c\u4f46\u6574\u9ad4\u89c0\u9ede\u662f\u7f8e\u570b\u52a0\u606f\uff0f\u6536\u7dca\u653f\u7b56\uff08policy tightening\uff0c\u5373\u63d0\u9ad8\u5229\u7387\u6216\u6536\u7dca\u91d1\u878d\u689d\u4ef6\uff09\u57fa\u672c\u544a\u4e00\u6bb5\u843d\uff0c\u4ee4\u7f8e\u5143\u300c\u5957\u606f\u5438\u5f15\u529b\u300d\uff08carry appeal\uff0c\u5373\u6301\u6709\u9ad8\u606f\u8ca8\u5e63\u4ee5\u8cfa\u53d6\u606f\u5dee\u7684\u5438\u5f15\u529b\uff09\u4e0b\u964d\u3002<\/p>\n\n<p>\u82f1\u938a\uff08GBP\uff09\u53d7\u8ca1\u653f\u6d88\u606f\u5de6\u53f3\uff1a<\/p>\n\n\n<ul class=\"wp-block-list\">\n<li>\u82f1\u570b\u79cb\u5b63\u8ca1\u653f\u9810\u7b97\u6848\u91cb\u51fa<strong>\u523a\u6fc0\u589e\u9577\u63aa\u65bd\uff0b\u9078\u64c7\u6027\u7a05\u52d9\u8abf\u6574<\/strong>\u8a0a\u865f\u3002<\/li>\n\n\n\n<li>\u5c0d\u82f1\u938a\u7565\u70ba\u6709\u5229\uff0c\u4f46\u751f\u7522\u529b\u75b2\u5f31\u53ca\u82f1\u502b\u9280\u884c\uff08BoE\uff09\u5c0d\u6e1b\u606f\u53d6\u614b\u5be9\u614e\uff0c\u9650\u5236\u4e0a\u5347\u7a7a\u9593\u3002<\/li>\n<\/ul>\n\n\n<p>\u65e5\u5713\uff08JPY\uff09\u53d7\u58d3\uff1a<\/p>\n\n\n<ul class=\"wp-block-list\">\n<li>\u65e5\u672c\u9280\u884c\uff08BoJ\uff09\u7dad\u6301<strong>\u6975\u5ea6\u5bec\u9b06\u7acb\u5834<\/strong>\uff08ultra-accommodative stance\uff0c\u5373\u4f4e\u5229\u7387\u53ca\u4ee5\u8cb7\u50b5\u7b49\u65b9\u5f0f\u63d0\u4f9b\u5145\u88d5\u8cc7\u91d1\uff09\u3002<\/li>\n\n\n\n<li>\u7f8e\u65e5\u606f\u5dee\u64f4\u95ca\uff08yield differentials widened\uff0c\u5373\u5169\u5730\u50b5\u606f\u5dee\u8ddd\u62c9\u5927\uff09\u5f15\u767c\u6cbd\u65e5\u5713\u3002<\/li>\n\n\n\n<li>\u5e02\u5834\u4e00\u5ea6\u63e3\u6e2c\u5b98\u65b9\u5e72\u9810\uff08intervention\uff0c\u5373\u653f\u5e9c\u5165\u5e02\u8cb7\u8ce3\u5916\u532f\u4ee5\u5f71\u97ff\u532f\u50f9\uff09\uff0c\u4f46\u7f8e\u50b5\u606f\u4e0b\u8dcc\u4ee4\u8dcc\u52e2\u6709\u6240\u653e\u7de9\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-1-1024x332.jpeg\" alt=\"\" class=\"wp-image-35742\" \/><figcaption class=\"wp-element-caption\">#image_title<\/figcaption><\/figure>\n\n\n<p><em>\u57161\uff1a\u7f8e\u5143\u514c\u65e5\u5713\uff08USDJPY\uff09\u6708\u7dda\u5716\uff0c\u6b63\u903c\u8fd1\u53ef\u8ffd\u6eaf\u81f31980\u5e74\u4ee3\u7684\u9577\u671f\u963b\u529b\u4f4d\uff08resistance\uff0c\u5373\u50f9\u683c\u4e0a\u5347\u6642\u8f03\u6613\u9047\u5230\u6cbd\u58d3\u7684\u4f4d\u7f6e\uff09<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u9ec3\u91d1\u53ca\u767d\u9280<\/h3>\n\n\n<p>\u5b8f\u89c0\u74b0\u5883\u8f49\u8b8a\u63a8\u52d5\u6295\u8cc7\u8005\u8f49\u5411\u8cb4\u91d1\u5c6c\uff08precious metals\uff0c\u5373\u9ec3\u91d1\u3001\u767d\u9280\u7b49\uff09\uff0c11\u6708\u91d1\u9280\u666e\u904d\u8d70\u5f37\u3002\u7f8e\u570b\u570b\u50b5\u5b73\u606f\u7387\u4e0b\u8dcc\u53ca\u806f\u5132\u5c40\u6e1b\u606f\u9810\u671f\u5347\u6eab\uff0c\u5747\u652f\u6301\u5169\u8005\u8868\u73fe\u3002<\/p>\n\n<p>\u96a8\u300c\u5be6\u8cea\u5229\u7387\u300d\uff08real yields\uff0c\u5373\u540d\u7fa9\u50b5\u606f\u6263\u9664\u901a\u8139\u5f8c\u7684\u56de\u5831\uff09\u4e0b\u884c\u3001\u7f8e\u5143\u8f49\u5f31\uff0c\u91d1\u50f9\u7a69\u6b65\u4e0a\u5347\uff0c\u5ef6\u7e8c\u5176\u50b3\u7d71\u907f\u96aa\u8cc7\u7522\u89d2\u8272\u3002<\/p>\n\n<p>\u767d\u9280\u4ea6\u4e0a\u5347\uff0c\u4f46\u6ce2\u52d5\u66f4\u5927\u3002\u96d6\u7136\u540c\u6a23\u53d7<a href=\"https:\/\/www.vtmarkets.com\/live-updates\/amid-strong-industrial-demand-and-dovish-fed-expectations-silver-reached-an-all-time-high-above-56\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u5b8f\u89c0\u56e0\u7d20\u652f\u6301<\/a>\uff0c\u4f46\u767d\u9280\u540c\u5177\u300c\u8cb4\u91d1\u5c6c\uff0b\u5de5\u696d\u91d1\u5c6c\u300d\u96d9\u91cd\u5c6c\u6027\uff08industrial metal\uff0c\u5373\u7528\u65bc\u88fd\u9020\u696d\u539f\u6750\u6599\uff09\uff0c\u5c0d\u88fd\u9020\u696d\u6578\u64da\uff08manufacturing indicators\uff0c\u5982\u63a1\u8cfc\u7d93\u7406\u6307\u6578PMI\u7b49\u6d3b\u52d5\u6307\u6a19\uff09\u66f4\u654f\u611f\u3002<\/p>\n\n<p>\u5de5\u696d\u9700\u6c42\u6c23\u6c1b\u6539\u5584\u2014\u2014\u7279\u5225\u662f\u592a\u967d\u80fd\u8207\u96fb\u5b50\u7522\u54c1\u2014\u2014\u5e36\u52d5\u767d\u9280\u6708\u5e95\u5f37\u52e2\u6536\u5b98\uff0c\u4e26\u56de\u5347\u81f3\u63a5\u8fd1\u6b77\u53f2\u9ad8\u4f4d\u6c34\u5e73\u3002<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-3-1024x414.jpeg\" alt=\"\" class=\"wp-image-35744\" \/><\/figure>\n\n\n<p><em>\u57162\uff1a\u767d\u92804\u5c0f\u6642\u5716\uff0c\u986f\u793a\u5168\u6708\u5f37\u52e2\u6536\u5e02\u4e26\u9760\u8fd1\u6b77\u53f2\u9ad8\u4f4d\u5340\u57df<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u539f\u6cb9<\/h3>\n\n\n<p>11\u6708\u539f\u6cb9\u50f9\u683c\u8f15\u5fae\u4e0b\u884c\uff0c\u5e02\u5834\u540c\u6642\u53d7\u5230\u4f9b\u61c9\u7dad\u6301\u5f37\u97cc\u8207\u9700\u6c42\u8f49\u5f31\u5f71\u97ff\u3002<\/p>\n\n<p>\u5168\u7403\u589e\u9577\u6307\u6a19\u8f49\u5f31\uff0c\u7f8e\u570b\u3001\u6b50\u6d32\u53ca\u4e9e\u6d32\u90e8\u5206\u5730\u5340\u7684\u88fd\u9020\u696d\u63a1\u8cfc\u7d93\u7406\u6307\u6578\uff08PMI\uff1b\u8861\u91cf\u88fd\u9020\u696d\u666f\u6c23\u7684\u8abf\u67e5\u6307\u6a19\uff0c50\u4ee5\u4e0a\u4ee3\u8868\u64f4\u5f35\uff09\u986f\u793a\u5e74\u5e95\u524d\u6d3b\u52d5\u653e\u7de9\u3002<\/p>\n\n<p>\u4f9b\u61c9\u65b9\u9762\uff0c\u90e8\u5206OPEC+\uff08\u77f3\u6cb9\u8f38\u51fa\u570b\u7d44\u7e54\u53ca\u76df\u53cb\uff09\u6210\u54e1\u570b\u5728\u570b\u5167\u8ca1\u653f\u58d3\u529b\u4e0b\uff0c\u70ba\u589e\u52a0\u6536\u5165\u800c\u4f4e\u8abf\u8d85\u51fa\u914d\u984d\uff08production quotas\uff0c\u5373\u7522\u91cf\u4e0a\u9650\uff09\u751f\u7522\uff0c\u4ee4\u5e02\u5834\u51fa\u73fe\u984d\u5916\u4f9b\u61c9\u3002<\/p>\n\n<p>\u540c\u6642\uff0c\u7f8e\u570b\u9801\u5ca9\u6cb9\uff08shale\uff09\u7522\u91cf\u4fdd\u6301\u5f37\u52c1\uff0c\u53d7\u6548\u7387\u63d0\u5347\u53ca\u300c\u5c0d\u6c96\u7b56\u7565\u300d\uff08hedging\uff0c\u5373\u7528\u671f\u8ca8\u7b49\u5de5\u5177\u9396\u5b9a\u552e\u50f9\u3001\u964d\u4f4e\u50f9\u683c\u6ce2\u52d5\u98a8\u96aa\uff09\u652f\u6301\uff0c\u5373\u4f7f\u6cb9\u50f9\u56de\u843d\uff0c\u947d\u4e95\u6d3b\u52d5\u4ecd\u7dad\u6301\u3002<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-4-1024x435.jpeg\" alt=\"\" class=\"wp-image-35745\" \/><\/figure>\n\n\n<p><em>\u57163\uff1a\u539f\u6cb94\u5c0f\u6642\u5716\uff0c\u986f\u793a11\u6708\u5168\u6708\u9010\u6b65\u53d7\u4e0b\u884c\u58d3\u529b\u5f71\u97ff<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u80a1\u5e02\u6307\u6578<\/h3>\n\n\n<p>11\u6708\u5168\u7403\u80a1\u5e02\u660e\u986f\u6ce2\u52d5\u3002\u6708\u521d\u6025\u632b\uff0c\u4e3b\u56e0\u5e02\u5834\u64d4\u5fc3\u7f8e\u570b\u5de8\u578b\u79d1\u6280\u80a1\u5347\u52e2\u904e\u6025\u3001\u4f30\u503c\u904e\u9ad8\uff08overextended\uff0c\u5373\u50f9\u683c\u4e0a\u5347\u904e\u5feb\u3001\u56de\u8abf\u98a8\u96aa\u4e0a\u5347\uff09\u3002<\/p>\n\n<p>\u7f8e\u570b\u653f\u5e9c\u505c\u64fa\u4e0d\u78ba\u5b9a\u6027\u4ea6\u4ee4\u6578\u64da\u80fd\u898b\u5ea6\u4e0b\u964d\uff08data visibility\uff0c\u5373\u53ef\u7528\u6578\u64da\u8207\u8cc7\u8a0a\u7684\u6e05\u6670\u7a0b\u5ea6\uff09\uff0c\u4e26\u524a\u5f31\u6574\u9ad4\u98a8\u96aa\u80c3\u7d0d\uff08risk appetite\uff0c\u5373\u6295\u8cc7\u8005\u627f\u53d7\u98a8\u96aa\u7684\u610f\u9858\uff09\u3002<\/p>\n\n<p>\u6708\u4e2d\u5169\u9805\u95dc\u9375\u56e0\u7d20\u6539\u5584\u524d\u666f\uff0c\u5e02\u5834\u60c5\u7dd2\u8f49\u5411\u3002\u9996\u5148\uff0c\u505c\u64fa\u7d50\u675f\uff0c\u4fe1\u5fc3\u56de\u5347\uff0c\u6295\u8cc7\u8005\u4ea6\u53ef\u5206\u6790\u65b0\u4e00\u8f2a\u7d93\u6fdf\u6578\u64da\u3002<\/p>\n\n<p>\u5176\u6b21\uff0cNvidia \u4ea4\u51fa\u9060\u52dd\u9810\u671f\u7684\u696d\u7e3e\uff0c\u518d\u5ea6\u9ede\u71c3\u5e02\u5834\u5c0dAI\u8cc7\u672c\u958b\u652f\u5468\u671f\u7684\u4fe1\u5fc3\uff0c\u4e26\u626d\u8f49\u65e9\u524d\u7531\u79d1\u6280\u80a1\u5e36\u52d5\u7684\u62cb\u552e\uff08selloff\uff0c\u5373\u5feb\u901f\u4e0b\u8dcc\u3001\u96c6\u4e2d\u6cbd\u76e4\uff09\u3002\u4ee5\u4e0a\u56e0\u7d20\u4ee4\u5168\u7403\u6307\u6578\u56de\u7a69\uff0c\u4e26\u89f8\u767c\u300c\u7d13\u58d3\u53cd\u5f48\u300d\uff08relief rally\uff0c\u5373\u5229\u6de1\u6d88\u9000\u5f8c\u7684\u53cd\u5f48\uff09\u3002<\/p>\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">AI chipmaker Nvidia reports results after markets close. That stock alone is 7% of the S&amp;P 500&#39;s market value, so traders are braced for big swings whatever happens. Find out what&#39;s moving markets before the Wall Street open, with the Reuters Market Rundown <a href=\"https:\/\/t.co\/SmdxYefUtF\">pic.twitter.com\/SmdxYefUtF<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/1991099136322732088?ref_src=twsrc%5Etfw\">November 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-5-1024x529.jpeg\" alt=\"\" class=\"wp-image-35746\" \/><\/figure>\n\n\n<p><em>\u57164\uff1a\u6a19\u666e500\u6307\u6578\uff08SPX\uff094\u5c0f\u6642\u5716\uff0c\u986f\u793a\u6708\u521d\u53d7\u58d3\uff0c\u5176\u5f8c\u6708\u4e2d\u53cd\u5f48<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u52a0\u5bc6\u8ca8\u5e63<\/h3>\n\n\n<p>\u6bd4\u7279\u5e63\uff08Bitcoin\uff0911\u6708\u986f\u8457\u4e0b\u8dcc\uff0c\u5b8f\u89c0\u56e0\u7d20\u3001\u76e3\u7ba1\u8207\u5e02\u5834\u7d50\u69cb\uff08market-structure\uff0c\u5373\u4ea4\u6613\u8207\u6d41\u52d5\u6027\u7b49\u5e02\u5834\u904b\u4f5c\u65b9\u5f0f\uff09\u540c\u6642\u8f49\u5dee\u3002\u6708\u521d\u5728\u300c\u907f\u96aa\u60c5\u7dd2\u300d\uff08risk-off\uff0c\u5373\u6e1b\u5c11\u9ad8\u98a8\u96aa\u6301\u5009\uff09\u4e0b\uff0c\u4f30\u503c\u504f\u9ad8\u7684\u79d1\u6280\u80a1\u56de\u8abf\uff0c\u4e26\u62d6\u7d2f\u6bd4\u7279\u5e63\u7b49\u6295\u6a5f\u6027\u8cc7\u7522\uff08speculative assets\uff0c\u5373\u50f9\u683c\u66f4\u53d7\u60c5\u7dd2\u8207\u8cc7\u91d1\u6d41\u5f71\u97ff\u7684\u8cc7\u7522\uff09\u4e0b\u632b\uff1b11\u6708\u88ab\u8996\u70ba2025\u5e74\u6bd4\u7279\u5e63\u6700\u5f31\u6708\u4efd\u4e4b\u4e00\u3002<\/p>\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">LATEST: \ud83d\udcca Bitcoin has posted losses for two straight months, breaking from the historical average of bullish October and November price performance, as analysts debate whether demand will return or a deep accumulation phase is imminent. <a href=\"https:\/\/t.co\/qqAnfIcnbx\">pic.twitter.com\/qqAnfIcnbx<\/a><\/p>&mdash; CoinMarketCap (@CoinMarketCap) <a href=\"https:\/\/x.com\/CoinMarketCap\/status\/1993675525735211148?ref_src=twsrc%5Etfw\">November 26, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n<p>\u8870\u9000\u6182\u616e\u5347\u6eab\u53ca\u5e02\u5834\u6d41\u52d5\u6027\u6536\u7dca\uff08tightening liquidity\uff0c\u5373\u53ef\u52d5\u7528\u8cc7\u91d1\u6e1b\u5c11\u3001\u878d\u8cc7\u8b8a\u8cb4\uff09\uff0c\u63a8\u52d5\u8cc7\u91d1\u8f49\u5411\u73fe\u91d1\u53ca\u77ed\u5e74\u671f\u50b5\u5238\uff08short-duration bonds\uff0c\u5373\u5230\u671f\u5e74\u671f\u8f03\u77ed\u3001\u5229\u7387\u98a8\u96aa\u8f03\u4f4e\u7684\u50b5\u5238\uff09\uff0c\u4ee4\u6295\u8cc7\u8005\u6e1b\u5c11\u914d\u7f6e\u5982\u6bd4\u7279\u5e63\u7b49\u9ad8\u6ce2\u52d5\u8cc7\u7522\uff08high-volatility assets\uff0c\u5373\u50f9\u683c\u5347\u8dcc\u5e45\u5ea6\u8f03\u5927\uff09\u3002<\/p>\n\n<p>\u591a\u500b\u4e3b\u8981\u53f8\u6cd5\u7ba1\u8f44\u5340\u8868\u660e\u8a08\u5283\u52a0\u5f37\u76e3\u7ba1\uff0c\u91cd\u9ede\u5305\u62ec\u7a69\u5b9a\u5e63\u5132\u5099\uff08stablecoin reserves\uff1b\u7a69\u5b9a\u5e63\u80cc\u5f8c\u7528\u4f5c\u652f\u6301\u5176\u514c\u4ed8\u80fd\u529b\u7684\u8cc7\u7522\uff0c\u5982\u73fe\u91d1\u3001\u77ed\u50b5\u7b49\uff09\u53ca\u96e2\u5cb8\u4ea4\u6613\u6240\uff08offshore exchanges\uff0c\u5373\u5728\u5883\u5916\u8a2d\u7acb\u3001\u9762\u5411\u591a\u5730\u5ba2\u6236\u7684\u5e73\u53f0\uff09\uff0c\u4ee4\u76e3\u7ba1\u58d3\u529b\u4e0a\u5347\u3002<\/p>\n\n<p>\u540c\u6642\uff0c\u6bd4\u7279\u5e63\u7926\u5de5\uff08miners\uff0c\u5373\u63d0\u4f9b\u7b97\u529b\u4ee5\u7dad\u6301\u5340\u584a\u93c8\u904b\u4f5c\u4e26\u7372\u53d6\u734e\u52f5\u8005\uff09\u70ba\u61c9\u4ed8\u80fd\u6e90\u53ca\u878d\u8cc7\u6210\u672c\u4e0a\u5347\uff0c\u589e\u52a0\u8ce3\u51fa\u8cc7\u91d1\u6d41\uff08sell-side flows\uff0c\u5373\u66f4\u591a\u4f9b\u61c9\u6d41\u5411\u5e02\u5834\uff09\uff0c\u9032\u4e00\u6b65\u52a0\u91cd\u8dcc\u52e2\u3002<\/p>\n\n<p>\u793e\u4ea4\u5a92\u9ad4\u60c5\u7dd2\u6025\u8f49\u770b\u6de1\uff08bearish\uff0c\u5373\u9810\u671f\u4e0b\u8dcc\uff09\uff0c\u653e\u5927\u62cb\u552e\u58d3\u529b\uff0c\u4ee411\u6708\u6210\u70ba\u6bd4\u7279\u5e63\u5168\u5e74\u8868\u73fe\u6700\u5dee\u6708\u4efd\u4e4b\u4e00\u3002<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-6-1024x500.jpeg\" alt=\"\" class=\"wp-image-35749\" \/><\/figure>\n\n\n<p>\u57165\uff1a\u6bd4\u7279\u5e634\u5c0f\u6642\u5716\uff0c\u986f\u793a11\u6708\u660e\u986f\u4e0b\u8dcc<\/p>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">\u8e0f\u516512\u6708<\/h2>\n\n\n<p>\u8e0f\u516512\u6708\uff0c\u5e02\u5834\u8d70\u52e2\u4ecd\u53d6\u6c7a\u65bc\u65b0\u516c\u5e03\u6578\u64da\u8207\u5229\u7387\u9810\u671f\u8b8a\u5316\u4e4b\u9593\u7684\u4e92\u52d5\u3002\u7d93\u6fdf\u6578\u64da\u6062\u5fa9\u767c\u5e03\uff0c\u4ee4\u806f\u5132\u5c40\u8207\u6295\u8cc7\u8005\u66f4\u6613\u638c\u63e1\u5f62\u52e2\uff0c\u4f46\u5927\u74b0\u5883\u4ecd\u672a\u7a69\u5b9a\u3002<\/p>\n\n<p>\u63d0\u65e9\u6e1b\u606f\u7684\u53ef\u80fd\u6027\u3001\u901a\u8139\u56de\u7a69\uff0c\u4ee5\u53caAI\u76f8\u95dc\u4f01\u696d\u76c8\u5229\u5f37\u52c1\uff0c\u5c07\u63d0\u4f9b\u652f\u6301\uff1b\u4f46\u589e\u9577\u653e\u7de9\u8a0a\u865f\uff0c\u4ee5\u53ca1\u6708\u518d\u73fe\u505c\u64fa\u98a8\u96aa\uff0c\u4ee4\u4e0d\u78ba\u5b9a\u6027\u4ecd\u9ad8\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u570b\u505c\u64fa\u9670\u973e\u66ab\u9000\uff0c\u6578\u64da\u6062\u5fa9\u52a9Fed\u5b9a\u8abf\uff1bNvidia\u696d\u7e3e\u7e8c\u8b49AI\u8cc7\u672c\u958b\u652f\u5468\u671f\uff0c\u5e36\u52d5\u6a19\u6307\u903c\u8fd1\u9ad8\u4f4d\u3002\u60df\u901a\u8139\u8207\u589e\u9577\u62c9\u92f8\u3001\u5546\u54c1\u5206\u5316\u3001\u6bd4\u7279\u5e63\u56de\u8abf\uff0c1\u6708\u5e95\u518d\u73fe\u505c\u64fa\u98a8\u96aa\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":[49],"tags":[],"class_list":["post-53344","post","type-post","status-publish","format-standard","hentry","category-monthly-market-insights"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- 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