{"id":45317,"date":"2026-04-22T17:53:11","date_gmt":"2026-04-22T17:53:11","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e9%87%8e%e6%9d%91%e9%a2%84%e8%ae%a1%e8%83%bd%e6%ba%90%e6%88%90%e6%9c%ac%e4%b8%8a%e5%8d%87%e5%b0%86%e6%8a%91%e5%88%b6%e6%ac%a7%e5%85%83%e5%8c%ba%e5%a2%9e%e9%95%bf%ef%bc%8c%e5%b0%b1%e4%b8%9a%e8%bd%ac\/"},"modified":"2026-04-22T17:53:11","modified_gmt":"2026-04-22T17:53:11","slug":"%e9%87%8e%e6%9d%91%e9%a2%84%e8%ae%a1%e8%83%bd%e6%ba%90%e6%88%90%e6%9c%ac%e4%b8%8a%e5%8d%87%e5%b0%86%e6%8a%91%e5%88%b6%e6%ac%a7%e5%85%83%e5%8c%ba%e5%a2%9e%e9%95%bf%ef%bc%8c%e5%b0%b1%e4%b8%9a%e8%bd%ac","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e9%87%8e%e6%9d%91%e9%a2%84%e8%ae%a1%e8%83%bd%e6%ba%90%e6%88%90%e6%9c%ac%e4%b8%8a%e5%8d%87%e5%b0%86%e6%8a%91%e5%88%b6%e6%ac%a7%e5%85%83%e5%8c%ba%e5%a2%9e%e9%95%bf%ef%bc%8c%e5%b0%b1%e4%b8%9a%e8%bd%ac\/","title":{"rendered":"\u91ce\u6751\u9884\u8ba1\u80fd\u6e90\u6210\u672c\u4e0a\u5347\u5c06\u6291\u5236\u6b27\u5143\u533a\u589e\u957f\uff0c\u5c31\u4e1a\u8f6c\u5f31\u4e0e\u5de5\u8d44\u589e\u901f\u653e\u7f13\u4e4b\u9645\u901a\u80c0\u538b\u529b\u7f13\u89e3"},"content":{"rendered":"

\u91ce\u6751\u8bc1\u5238\u7ecf\u6d4e\u5b66\u5bb6\u8868\u793a\uff0c\u6700\u65b0\u4e00\u8f6e\u80fd\u6e90\u4ef7\u683c\u4e0a\u6da8\uff0c\u66f4\u53ef\u80fd\u62d6\u7d2f\u6b27\u5143\u533a\u7ecf\u6d4e\u589e\u957f\uff0c\u800c\u4e0d\u662f\u9020\u6210\u6301\u4e45\u7684\u901a\u80c0\u51b2\u51fb\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u5317\u6b27\u52b3\u52a8\u529b\u5e02\u573a\u8d70\u5f31\u3001\u653f\u5e9c\u8d22\u653f\u7a7a\u95f4\u6709\u9650\u3001\u7ecf\u6d4e\u95f2\u7f6e\u4ea7\u80fd\u8f83\u591a\uff0c\u4ee5\u53ca\u5de5\u8d44\u589e\u901f\u653e\u7f13\u3002<\/p>\n

\u80fd\u6e90\u4ef7\u683c\u88ab\u5f62\u5bb9\u4e3a\u504f\u9ad8\uff0c\u4f46\u4ecd\u4f4e\u4e8e2022\u5e74\u6c34\u5e73\u30022022\u5e74\uff0c\u6cb9\u4ef7\u4ece2\u6708\u4e0b\u65ec\u52307\u6708\u5e95\u4e00\u76f4\u9ad8\u4e8e100\u7f8e\u5143\uff1b\u6b27\u6d32\u5929\u7136\u6c14\u4ef7\u683c\u6700\u9ad8\u7ea6\u4e3a\u20ac340\/MWh\uff08\u6bcf\u5146\u74e6\u65f6\uff0c\u8ba1\u91cf\u7535\u529b\/\u5929\u7136\u6c14\u6279\u53d1\u4ef7\u683c\u7684\u5e38\u7528\u5355\u4f4d\uff09\uff0c\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u8fd1\u671f\u9ad8\u70b9\u4ec5\u7565\u9ad8\u4e8e\u20ac60\/MWh\u3002<\/p>\n

Spare Capacity And Output Gap<\/h3>\n

\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\uff08IMF\uff0c\u56fd\u9645\u673a\u6784\uff0c\u5b9a\u671f\u53d1\u5e03\u5168\u7403\u4e0e\u5404\u5730\u533a\u7ecf\u6d4e\u9884\u6d4b\uff09\u6700\u65b0\u534a\u5e74\u4e00\u6b21\u7684\u9884\u6d4b\u4f30\u8ba1\uff1a\u6b27\u5143\u533a2026\u5e74\u7684\u4ea7\u51fa\u7f3a\u53e3\u7ea6\u4e3a\u6f5c\u5728GDP\u7684-0.2%\uff0c\u800c2022\u5e74\u4e3a+0.8%\u3002\u4ea7\u51fa\u7f3a\u53e3\uff08\u5b9e\u9645\u7ecf\u6d4e\u4ea7\u51fa\u4e0e\u201c\u6f5c\u5728\u4ea7\u51fa\u201d\u7684\u5dee\u8ddd\uff09\u4e3a\u8d1f\uff0c\u901a\u5e38\u4ee3\u8868\u7ecf\u6d4e\u6ca1\u6709\u201c\u6ee1\u8d1f\u8377\u8fd0\u8f6c\u201d\uff0c\u95f2\u7f6e\u4ea7\u80fd\uff08\u4f01\u4e1a\u4ea7\u80fd\u4e0e\u52b3\u52a8\u529b\u672a\u88ab\u5145\u5206\u4f7f\u7528\uff09\u66f4\u9ad8\u3002\u8fd9\u610f\u5473\u7740\uff0c\u4e0e\u4e0a\u4e00\u8f6e\u80fd\u6e90\u51b2\u51fb\u76f8\u6bd4\uff0c\u5982\u4eca\u7684\u95f2\u7f6e\u4ea7\u80fd\u66f4\u591a\u3002<\/p>\n

\u8f83\u7d27\u7684\u8d27\u5e01\u653f\u7b56\uff08\u592e\u884c\u901a\u8fc7\u52a0\u606f\u3001\u6536\u7d27\u4fe1\u8d37\u7b49\u65b9\u5f0f\u538b\u5236\u9700\u6c42\uff09\u88ab\u8ba4\u4e3a\u4e0e\u6b27\u6d32\u901a\u80c0\u6301\u7eed\u964d\u6e29\u6709\u5173\uff0c\u800c\u4e14\u8fd9\u4e00\u8fc7\u7a0b\u5728\u7f8e\u4f0a\u6218\u4e89\u4e4b\u524d\u5c31\u5df2\u5f00\u59cb\u3002\u62a5\u544a\u63d0\u5230\uff0c\u670d\u52a1\u4e1a\u901a\u80c0\u4ecd\u8f83\u987d\u56fa\uff08\u4ef7\u683c\u4e0b\u964d\u6162\uff09\uff0c\u5e02\u573a\u4ecd\u5728\u5173\u6ce8\u77ed\u671f\u4ef7\u683c\u538b\u529b\u4e0e\u901a\u80c0\u9884\u671f\uff08\u4f01\u4e1a\u4e0e\u5c45\u6c11\u5bf9\u672a\u6765\u7269\u4ef7\u7684\u770b\u6cd5\uff0c\u53ef\u80fd\u5f71\u54cd\u5b9a\u4ef7\u4e0e\u8c08\u85aa\uff09\u3002<\/p>\n

\u5982\u679c\u8fd9\u6b21\u80fd\u6e90\u51b2\u51fb\u4e3b\u8981\u5a01\u80c1\u589e\u957f\u800c\u975e\u901a\u80c0\uff0c\u6b27\u6d32\u592e\u884c\uff08ECB\uff09\u53ef\u80fd\u88ab\u8feb\u8f6c\u5411\u66f4\u201c\u9e3d\u6d3e\u201d\uff08\u504f\u5411\u964d\u606f\u6216\u66f4\u5bbd\u677e\uff09\u3002\u76ee\u524d\u5df2\u51fa\u73b0\u8ff9\u8c61\uff1aHCOB\u6b27\u5143\u533a4\u67082026\u5e74\u7efc\u5408PMI\u521d\u503c\uff08\u91c7\u8d2d\u7ecf\u7406\u4eba\u6307\u6570\uff0c\u53cd\u6620\u4f01\u4e1a\u7ecf\u8425\u666f\u6c14\uff1b50\u4e3a\u8363\u67af\u7ebf\uff09\u610f\u5916\u964d\u81f348.5\uff0c\u663e\u793a\u5546\u4e1a\u6d3b\u52a8\u6536\u7f29\u3002\u8fd9\u4f7f\u5e02\u573a\u503e\u5411\u901a\u8fc7\u884d\u751f\u54c1\uff08\u7528\u4e8e\u5bf9\u51b2\u6216\u62bc\u6ce8\u4ef7\u683c\u53d8\u5316\u7684\u91d1\u878d\u5408\u7ea6\uff09\u62bc\u6ce8\u672a\u6765\u51e0\u4e2a\u6708\u5229\u7387\u8d70\u4f4e\uff0c\u4f8b\u5982Euribor\u671f\u8d27\uff08\u4ee5\u6b27\u5143\u94f6\u884c\u540c\u4e1a\u62c6\u501f\u5229\u7387\u4e3a\u57fa\u7840\u7684\u5229\u7387\u671f\u8d27\uff0c\u7528\u6765\u4ea4\u6613\/\u5bf9\u51b2\u5229\u7387\u53d8\u5316\uff09\u3002<\/p>\n

\u5c3d\u7ba1\u6b27\u76df\u7edf\u8ba1\u5c40\uff08Eurostat\uff09\u5feb\u901f\u4f30\u7b97\u663e\u793a\u6574\u4f53\u901a\u80c0\u5347\u81f32.8%\uff0c\u4f46\u4e3b\u8981\u7531\u80fd\u6e90\u5206\u9879\u63a8\u52a8\u3002\u5bf9\u6b27\u6d32\u592e\u884c\u66f4\u5173\u952e\u7684\u662f\uff0c\u6838\u5fc3\u901a\u80c0\uff08\u5254\u9664\u80fd\u6e90\u4e0e\u98df\u54c1\u7b49\u6ce2\u52a8\u8f83\u5927\u7684\u9879\u76ee\uff0c\u66f4\u80fd\u53cd\u6620\u957f\u671f\u7269\u4ef7\u8d8b\u52bf\uff09\u964d\u81f3\u4e24\u5e74\u4f4e\u70b92.5%\uff0c\u652f\u6301\u201c\u5e95\u5c42\u4ef7\u683c\u538b\u529b\u504f\u5f31\u201d\u7684\u5224\u65ad\uff0c\u5c3d\u7ba1\u670d\u52a1\u4ef7\u683c\u4ecd\u6709\u9ecf\u6027\u30022023\u81f32024\u5e74\u7684\u660e\u663e\u653f\u7b56\u6536\u7d27\uff0c\u5df2\u538b\u5236\u6574\u4e2a\u6b27\u5143\u533a\u4ee5\u9700\u6c42\u4e3a\u4e3b\u5bfc\u7684\u6da8\u4ef7\u538b\u529b\u3002<\/p>\n

Equities Rates And Fx Positioning<\/h3>\n

\u5728\u589e\u957f\u8d70\u5f31\u7684\u60c5\u666f\u4e0b\uff0c\u6b27\u6d32\u80a1\u6307\u9762\u4e34\u4e0b\u884c\u98ce\u9669\u3002\u53ef\u8003\u8651\u4e70\u5165Euro Stoxx 50\u7684\u770b\u8dcc\u671f\u6743\uff08put option\uff0c\u8d4b\u4e88\u672a\u6765\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u5356\u51fa\u6807\u7684\u7684\u6743\u5229\uff0c\u7528\u4e8e\u5bf9\u51b2\u6216\u62bc\u6ce8\u4e0b\u8dcc\uff09\u4f5c\u4e3a\u5bf9\u51b2\uff0c\u6216\u76f4\u63a5\u62bc\u6ce8\u672a\u6765\u51e0\u5468\u56de\u8c03\u3002\u82e5\u5e02\u573a\u4ecd\u8fc7\u5ea6\u5173\u6ce8\u901a\u80c0\uff0c\u6b27\u6d32\u80a1\u6307\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff08\u671f\u6743\u4ef7\u683c\u53cd\u6620\u7684\u5e02\u573a\u9884\u671f\u6ce2\u52a8\u5e45\u5ea6\uff09\u53ef\u80fd\u76f8\u5bf9\u4fbf\u5b9c\uff0c\u4e3a\u5e03\u5c40\u201c\u589e\u957f\u62c5\u5fe7\u201d\u63d0\u4f9b\u66f4\u597d\u7684\u5165\u573a\u70b9\u3002<\/p>\n

\u82e5\u6b27\u6d32\u592e\u884c\u8f6c\u5411\u9e3d\u6d3e\uff0c\u800c\u7f8e\u8054\u50a8\u5728\u7f8e\u56fd\u7ecf\u6d4e\u66f4\u5177\u97e7\u6027\u60c5\u51b5\u4e0b\u7ef4\u6301\u5229\u7387\u4e0d\u53d8\uff0c\u5c06\u5f62\u6210\u660e\u663e\u653f\u7b56\u5206\u5316\uff08\u4e24\u5927\u592e\u884c\u5229\u7387\u8def\u5f84\u4e0d\u540c\uff09\u3002\u8fd9\u589e\u5f3a\u4e86\u505a\u7a7a\u6b27\u5143\u5151\u7f8e\u5143\u7684\u7406\u7531\u3002\u53ef\u901a\u8fc7\u5356\u51faEUR\/USD\u671f\u8d27\uff08\u5916\u6c47\u671f\u8d27\u5408\u7ea6\uff09\u6216\u4e70\u5165\u5728\u6c47\u7387\u4e0b\u8dcc\u65f6\u83b7\u5229\u7684\u671f\u6743\u6765\u8868\u8fbe\u8fd9\u4e00\u89c2\u70b9\u3002<\/p>\n

\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5373\u4f7f\u8fd1\u671f\u80fd\u6e90\u518d\u5ea6\u8d70\u9ad8\uff0c\u6b27\u6d32\u5929\u7136\u6c14\u4ef7\u683c\u7ea6\u20ac65\/MWh\uff0c\u4ecd\u8fdc\u4f4e\u4e8e2022\u5e74\u9ad8\u8fbe\u20ac340\/MWh\u7684\u5cf0\u503c\u3002\u8fd9\u652f\u6301\u4e00\u79cd\u5224\u65ad\uff1a\u592e\u884c\u66f4\u53ef\u80fd\u4f18\u5148\u907f\u514d\u7ecf\u6d4e\u6df1\u5ea6\u8870\u9000\uff0c\u800c\u4e0d\u662f\u628a\u4e3b\u8981\u7cbe\u529b\u653e\u5728\u5bf9\u4ed8\u770b\u8d77\u6765\u5df2\u8f83\u53d7\u63a7\u7684\u901a\u80c0\u98ce\u9669\u4e0a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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