{"id":53347,"date":"2026-01-30T01:21:18","date_gmt":"2026-01-30T01:21:18","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh\/uncategorized\/53347\/"},"modified":"2026-01-30T01:21:18","modified_gmt":"2026-01-30T01:21:18","slug":"monthly-market-review-january-recap-february-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/monthly-market-insights\/53347\/","title":{"rendered":"\u6bcf\u6708\u5e02\u5834\u56de\u9867\uff1a1\u6708\u56de\u9867\uff0f2\u6708\u5c55\u671b"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/03\/ross_maxwell_banner_mobile-1024x559.png\" alt=\"\" class=\"wp-image-25586\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">1\u6708\u5ef6\u7e8c2025\u5e74\u4e3b\u5c0e\u5e02\u5834\u5605\u4e3b\u984c\uff0c\u653f\u7b56\u8d70\u5411\u672a\u660e\u540c\u653f\u6cbb\u98a8\u96aa\u518d\u5ea6\u63a8\u9ad8\u6ce2\u5e45\uff08\u5373\u50f9\u683c\u4e0a\u843d\u5e45\u5ea6\uff09\u3002\u6708\u521d\u98a8\u96aa\u504f\u597d\uff08risk-on\uff1a\u6295\u8cc7\u8005\u8f03\u9858\u610f\u8cb7\u5165\u9ad8\u98a8\u96aa\u8cc7\u7522\uff09\u5f37\u52c1\uff0c\u7f8e\u570b\u7d93\u6fdf\u6578\u64da\u4ecd\u7136\u786c\u6de8\uff0c\u52a0\u4e0a\u91d1\u878d\u74b0\u5883\u8f49\u9b06\uff08\u4f8b\u5982\u501f\u8cb8\u6210\u672c\u4e0b\u964d\u3001\u8cc7\u91d1\u66f4\u6613\u6d41\u5165\u5e02\u5834\uff09\uff0c\u5e36\u52d5\u5168\u7403\u80a1\u5e02\u4e0a\u5347\u3002\u5176\u5f8c\uff0c\u7f8e\u570b\u7e3d\u7d71\u7279\u6717\u666e\u5c31\u95dc\u7a05\u4f5c\u51fa\u5a01\u8105\uff0c\u4e26\u540c\u683c\u9675\u862d\u76f8\u95dc\u7dca\u5f35\u5c40\u52e2\u639b\u920e\uff0c\u5e02\u5834\u6182\u616e\u8cbf\u6613\u885d\u7a81\u64f4\u5927\uff0c\u98a8\u96aa\u8cc7\u7522\uff08\u5982\u80a1\u7968\u3001\u9ad8\u6536\u76ca\u8cc7\u7522\uff09\u6025\u632b\u3002<\/p>\n\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\">What\u2019s really driving Donald Trump\u2019s interest in Greenland?<br><br>Geopolitica Institute CEO Dr Pippa Malmgren tells <a href=\"https:\/\/x.com\/MerrynSW?ref_src=twsrc%5Etfw\">@MerrynSW<\/a> why the space race is key to the territory\u2019s strategic importance<br><br>Hear in full on Merryn Talks Money: <a href=\"https:\/\/t.co\/0594VWOsg2\">https:\/\/t.co\/0594VWOsg2<\/a> <a href=\"https:\/\/t.co\/xUTXJgjX40\">pic.twitter.com\/xUTXJgjX40<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2015819128569741377?ref_src=twsrc%5Etfw\">January 26, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u907f\u96aa\u60c5\u7dd2\u5347\u6eab\uff0c\u8cc7\u91d1\u8f2a\u52d5\uff08rotation\uff1a\u7531\u4e00\u985e\u8cc7\u7522\u8f49\u53bb\u53e6\u4e00\u985e\u8cc7\u7522\uff09\u6d41\u5165\u907f\u96aa\u8cc7\u7522\uff08safe havens\uff1a\u5982\u7f8e\u5143\u3001\u9ec3\u91d1\u3001\u570b\u50b5\uff09\uff0c\u6ce2\u5e45\u6025\u5347\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u6709\u5831\u9053\u6307\u7f8e\u570b\u53f8\u6cd5\u90e8\uff08Department of Justice\uff09\u5be9\u8996\u6d89\u53ca\u806f\u5132\u5c40\u4e3b\u5e2d\u9b91\u5a01\u723e\u5605\u4e8b\u9805\uff0c\u4ee4\u5e02\u5834\u5c0d\u5236\u5ea6\u7a69\u5b9a\uff08institutional stability\uff1a\u653f\u5e9c\u8207\u76e3\u7ba1\u6a5f\u69cb\u904b\u4f5c\u662f\u5426\u7368\u7acb\u3001\u53ef\u9760\uff09\u5605\u6182\u616e\u52a0\u6df1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5176\u5f8c\u95dc\u7a05\u8a00\u8ad6\u964d\u6eab\uff0c\u77ed\u671f\u5347\u7d1a\u5f97\u4ee5\u907f\u514d\uff0c\u5e02\u5834\u9010\u6b65\u56de\u7a69\u3002\u4e0d\u904e\uff0c\u4e8b\u4ef6\u53cd\u6620\u5e02\u5834\u5e95\u5c64\u4ecd\u504f\u5be9\u614e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1\u6708\u6536\u5e02\u6642\u98a8\u96aa\u8cc7\u7522\u4ecd\u5177\u97cc\u6027\uff0c\u4f46\u5e02\u5834\u90e8\u7f72\u66f4\u91cd\u8996\u4fdd\u8b77\uff08protection\uff1a\u4ee5\u5c0d\u6c96\u6216\u964d\u4f4e\u98a8\u96aa\u70ba\u4e3b\uff09\u540c\u9748\u6d3b\u6027\uff0c\u800c\u5514\u4fc2\u5c0d\u55ae\u4e00\u65b9\u5411\u6709\u5f37\u70c8\u4fe1\u5ff5\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5916\u532f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">1\u6708\u5916\u532f\u5e02\u5834\u8ddf\u96a8\u98a8\u96aa\u6c23\u6c1b\u8f49\u8b8a\u800c\u6ce2\u52d5\uff0c\u7f8e\u5143\u4f9d\u7136\u4fc2\u5168\u7403\u8cc7\u91d1\u90e8\u7f72\u6838\u5fc3\u3002\u6708\u521d\u80a1\u5e02\u4e0a\u5347\u3001\u98a8\u96aa\u80c3\u7d0d\u6539\u5584\uff0c\u7f8e\u5143\u8f15\u5fae\u8f49\u5f31\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e4b\u5f8c\u8cbf\u6613\u6469\u64e6\u518d\u73fe\u3001\u653f\u6cbb\u6d88\u606f\u5347\u6eab\uff0c\u6c23\u6c1b\u9006\u8f49\u3002\u7f8e\u570b\u540c\u6b50\u76df\u4e4b\u9593\u518d\u6709\u95dc\u7a05\u5a01\u8105\uff0c\u52a0\u4e0a\u5e02\u5834\u95dc\u6ce8\u806f\u5132\u5c40\u9818\u5c0e\u5c64\uff0c\u4ee4\u532f\u5e02\u6ce2\u52d5\u52a0\u5287\u3002\u4e8b\u4ef6\u7a81\u986f\u7f8e\u5143\u65e2\u4fc2\u653f\u6cbb\u98a8\u96aa\u6eab\u5ea6\u8a08\uff08barometer\uff1a\u53cd\u6620\u98a8\u96aa\u5347\u6eab\u8207\u5426\uff09\uff0c\u4ea6\u4fc2\u4e0d\u660e\u6717\u6642\u5605\u9632\u5b88\u6027\u914d\u7f6e\uff08defensive allocation\uff1a\u7528\u4f5c\u964d\u4f4e\u7d44\u5408\u6ce2\u52d5\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AUDUSD\uff08\u6fb3\u5143\u514c\u7f8e\u5143\uff09\u8868\u73fe\u8f03\u7a81\u51fa\u3002\u8ca8\u5e63\u5c0d\uff08pair\uff1a\u5169\u7a2e\u8ca8\u5e63\u5605\u532f\u7387\u7d44\u5408\uff09\u6708\u521d\u65bc\u5340\u9593\u4e0a\u843d\uff08range\uff1a\u5728\u4e00\u5b9a\u9ad8\u4f4e\u4f4d\u4e4b\u9593\u53cd\u8986\uff09\uff0c\u53d7\u60e0\u80a1\u5e02\u60c5\u7dd2\u8f03\u597d\u540c\u5546\u54c1\u50f9\u683c\u7a69\u5b9a\u3002\u6708\u4e2d\u4e0d\u78ba\u5b9a\u6027\u4e00\u5ea6\u4ee4\u532f\u50f9\u53d7\u58d3\uff0c\u4f46\u96a8\u95dc\u7a05\u8a00\u8ad6\u964d\u6eab\u3001\u6574\u9ad4\u98a8\u96aa\u60c5\u7dd2\u6539\u5584\uff0c\u6fb3\u5143\u514c\u7f8e\u5143\u4ee5\u8f03\u5f37\u59ff\u614b\u5b8c\u62101\u6708\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/03\/ffaf655e-06f9-48fc-9ebd-ae14c54fe7bc.jpg\" alt=\"\" class=\"wp-image-40503\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u57161\uff1a\u6fb3\u5143\u514c\u7f8e\u51434\u5c0f\u6642\u5716\uff0c\u986f\u793a\u6708\u5c3e\u8d70\u5f37<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u9ec3\u91d1\u53ca\u767d\u9280<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8cb4\u91d1\u5c6c\u5ef6\u7e8c2025\u5e74\u5e95\u5347\u52e2\uff0c1\u6708\u91d1\u9280\u9f4a\u5275\u65b0\u9ad8\u3002\u91d1\u50f9\u5347\u7a7f\u6bcf\u76ce\u53f84,960\u7f8e\u5143\uff1b\u9280\u50f9\u9996\u6b21\u5347\u7a7f\u6bcf\u76ce\u53f8100\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u653f\u6cbb\u4e0d\u7a69\u4ecd\u4fc2\u4e3b\u8981\u63a8\u624b\uff1a\u8cbf\u6613\u6469\u64e6\u518d\u8d77\u3001\u7f8e\u570b\u5236\u5ea6\u7368\u7acb\u6027\uff08\u4f8b\u5982\u592e\u884c\u80fd\u5426\u7368\u7acb\u6c7a\u7b56\uff09\u5605\u7591\u616e\u3001\u4ee5\u53ca\u66f4\u5ee3\u6cdb\u5730\u7de3\u653f\u6cbb\u4e0d\u660e\u6717\uff0c\u5747\u652f\u6301\u9632\u5b88\u6027\u8cc7\u7522\u9700\u6c42\u3002\u5be6\u969b\u6536\u76ca\u7387\uff08real yields\uff1a\u540d\u7fa9\u5229\u7387\u6263\u9664\u901a\u8139\u5f8c\u5605\u56de\u5831\uff09\u4e0b\u8dcc\uff0c\u4ea6\u964d\u4f4e\u6301\u6709\u7121\u5229\u606f\u8cc7\u7522\uff08non-yielding assets\uff1a\u5982\u9ec3\u91d1\uff0c\u672c\u8eab\u5514\u6d3e\u606f\u6216\u5514\u4ed8\u5229\u606f\uff09\u5605\u6a5f\u6703\u6210\u672c\uff08opportunity cost\uff1a\u653e\u68c4\u5176\u4ed6\u53ef\u8cfa\u5229\u606f\u8cc7\u7522\u5605\u4ee3\u50f9\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5404\u570b\u592e\u884c\u6301\u7e8c\u8cb7\u5165\u9ec3\u91d1\uff0c\u7279\u5225\u4fc2\u65b0\u8208\u5e02\u5834\uff0c\u76ee\u7684\u4fc2\u5206\u6563\u5132\u5099\uff0c\u6e1b\u5c11\u5c0d\u7f8e\u5143\u4f9d\u8cf4\u3002\u767d\u9280\u9664\u5497\u53d7\u60e0\u907f\u96aa\u9700\u6c42\uff0c\u4ea6\u53d7\u5de5\u696d\u9700\u6c42\u61a7\u61ac\u5e36\u52d5\uff0c\u56e0\u5e02\u5834\u5c0d\u96fb\u6c23\u5316\uff08electrification\uff1a\u66f4\u591a\u5834\u5408\u4ee5\u96fb\u529b\u53d6\u4ee3\u5316\u77f3\u71c3\u6599\uff09\u540c\u80fd\u6e90\u8f49\u578b\uff08energy transition\uff1a\u7531\u9ad8\u78b3\u80fd\u6e90\u8f49\u5411\u4f4e\u78b3\/\u53ef\u518d\u751f\u80fd\u6e90\uff09\u76f8\u95dc\u7528\u9280\u9700\u6c42\u62b1\u6709\u671f\u671b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/03\/10858cb7-8514-43f3-9549-fe30fa7998c1.jpg\" alt=\"\" class=\"wp-image-40504\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u57162\uff1a\u767d\u92804\u5c0f\u6642\u5716\uff0c\u986f\u793a\u5347\u7a7f\u6bcf\u76ce\u53f8100\u7f8e\u5143<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u539f\u6cb9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">1\u6708\u6cb9\u50f9\u6ce2\u52d5\u504f\u5927\uff0c\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u3001\u4f9b\u61c9\u7aef\uff08supply-side\uff1a\u7522\u91cf\u8207\u51fa\u53e3\u7b49\u4f9b\u61c9\u56e0\u7d20\uff09\u4e0d\u78ba\u5b9a\u6027\uff0c\u4ee5\u53ca\u653f\u7b56\u9810\u671f\u8b8a\u5316\uff0c\u4ee4\u50f9\u683c\u591a\u6b21\u6025\u5347\u6025\u8dcc\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6708\u521d\u53d7\u98a8\u96aa\u504f\u597d\u5e36\u52d5\uff0c\u52a0\u4e0a\u5e02\u5834\u9810\u671fOPEC+\uff08\u77f3\u6cb9\u8f38\u51fa\u570b\u7d44\u7e54\u53ca\u76df\u53cb\uff09\u6703\u7dad\u6301\u4f9b\u61c9\u7d00\u5f8b\uff08supply discipline\uff1a\u900f\u904e\u9650\u7522\u63a7\u5236\u4f9b\u61c9\uff09\uff0c\u6cb9\u50f9\u4e0a\u5347\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5176\u5f8c\u5730\u7de3\u653f\u6cbb\u5f71\u97ff\u529b\u4e0a\u5347\uff0c\u59d4\u5167\u745e\u62c9\u540c\u7f8e\u570b\u95dc\u4fc2\u7dca\u5f35\uff0c\u5e02\u5834\u518d\u5ea6\u95dc\u6ce8\u5236\u88c1\u57f7\u884c\uff08sanctions enforcement\uff1a\u5236\u88c1\u63aa\u65bd\u662f\u5426\u52a0\u5f37\uff09\u540c\u59d4\u5167\u745e\u62c9\u51fa\u53e3\u53ef\u80fd\u53d7\u963b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f0a\u6717\u51fa\u73fe\u793a\u5a01\uff0c\u4ee4\u4f9b\u61c9\u6182\u616e\u52a0\u5287\uff0c\u5e02\u5834\u64d4\u5fc3\u53e6\u4e00\u4e3b\u8981\u7522\u6cb9\u5730\u5340\u4e0d\u7a69\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OPEC+\u91cd\u7533\u6703\u7dad\u6301\u4f9b\u61c9\u7ba1\u7406\uff0c\u4e26\u8868\u793a\u5982\u6709\u9700\u8981\u9858\u610f\u8abf\u6574\u7522\u91cf\uff0c\u6709\u52a9\u9650\u5236\u6cb9\u50f9\u4e0b\u884c\u58d3\u529b\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u5168\u7403\u80a1\u5e02\u6307\u65781\u6708\u96d6\u7136\u6ce2\u52d5\uff0c\u4f46\u4ecd\u986f\u793a\u97cc\u6027\u3002\u6708\u521d\u5275\u65b0\u9ad8\uff0c\u5176\u5f8c\u8cbf\u6613\u7dca\u5f35\u5347\u6eab\u89f8\u767c\u6708\u4e2d\u6025\u8dcc\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u95dc\u7a05\u5a01\u8105\u6536\u6582\uff0c\u5e02\u5834\u56de\u5347\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u60c5\u7dd2\u8f49\u5f31\u4e3b\u8981\u6e90\u65bc\u7f8e\u570b\u2014\u6b50\u76df\u5c31\u683c\u9675\u862d\u554f\u984c\u5605\u7dca\u5f35\u5347\u7d1a\u3002\u6295\u8cc7\u8005\u91cd\u65b0\u8a55\u4f30\u5168\u7403\u589e\u9577\u98a8\u96aa\uff0c\u7f8e\u80a1\u56de\u843d\uff0c\u6b50\u80a1\u8dcc\u5e45\u66f4\u660e\u986f\u3002<\/p>\n\n\n\n<p 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