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style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">2.1 导弹ä¸æ 人æºæ¶èæççå®è´¦æ¬</span></h2><section data-layout-id="21" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">æ®åæ¹åæºåºä¼°è®¡ï¼å¨å²çªçååï¼ä¼ææ¥æä¸ä¸å°åºæåºå¤§çå¼¹é导弹æ¦åºï¼æ°é约为2000è³2500æï¼åæ¶é å¤äºçº¦480个移å¨åå°æ¶ï¼å¹¶æ¥ææ°éåºå¤§çâæ²èµ«å¾·-136âï¼Shahed-136ï¼çååæ äººæº ã</span></section><section data-layout-id="22" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">ç¶èï¼èª2æ28æ¥å²çªå¼å§ä»¥æ¥ï¼ä¼æå·²ç»å以è²åãé©»ä¸ä¸ç¾ååºå°åæµ·æ¹¾çå½åå°äºçº¦1200æå¼¹é导弹 ãè¿ç§âå¾æ³»å¼âçå¼ç«é度ï¼ç´æ¥å¯¼è´å ¶åºåæ¥å§ç¼©æ°´ãæ ¹æ®ä»¥è²åAlmaä¸å¿çè¯ä¼°ï¼ç¾ä»¥èåçç²¾å空è¢åæ¶æ§æ¯äºä¼æä¸åä¹ä¸å°ä¸åç导弹å¨å¤ãæªè³3æä¸æ¬ï¼ä¼æå¯ç¨çå¼¹é导弹æ°é已骤éè³1000è³1200æå·¦å³ï¼æ´è´å½çæ¯ï¼å ¶å®å¥½ç移å¨åå°æ¶ä» å©çº¦100个 ã</span></section><h2 data-layout-id="23" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">2.2 æ²æ¼ éé¿ä¸åºæ°æ¦å¨ï¼é«å¼ºåº¦æå»çä¸å¯æç»æ§</span></h2><section data-layout-id="24" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">åææåºï¼ä¼æç导弹åºåç»å¯¹ç»ä¸èµ·è¿ç»çé«å¼ºåº¦æ¶èãå¾å¤äººå¤©çå°è®¤ä¸ºä¼æå¯ä»¥åååºå¤§çå°ä¸å µå·¥åæºæºä¸æå°ç产æ°æ¦å¨ï¼ä½äºå®æ¯ï¼æ²æ¼ éä¸ä¼å空âé¿åºâå¤æçç°ä»£å¶å¯¼æ¦å¨ãå¨ç¾å对ä¼æå¢å 7000å¤ä¸ªç®æ ï¼éç¹å æ¬åå·¥å¶é åºå°åä¾åºé¾ç½ç»ï¼è¿è¡æ¯çæ§æå»åï¼å ¶å½é²å·¥ä¸åºç¡å·²æ¿ä¸´ç«çª ã</span></section><section data-layout-id="25" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">ææ°çæåºæ°æ®å°è¯äºè¿ä¸ç¹ï¼éçåå°è½åç丧失ï¼ä¼æç导弹交ç«é¢çå·²åºç°æå´å¼ä¸è·ãäºè§å¤§æ¥¼æåºï¼ä¼æç导弹åå°éè¾å²çªåæä¸éäº90%ï¼ååæ»å»æ 人æºçåºå¨é¢çæ´æ¯æ´è·äº95% ã</span></section><section data-layout-id="26" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">ä¸è¿ï¼å¯¹äºå ¨çå¸åºèè¨ï¼å ³é®çé£é©ç¹å¹¶ä¸å®å ¨å¨äºä¼æçå¼¹é导弹åºåã客è§ä¸ï¼ä¼æä» éä¾é å»ä»·çæ 人æºç¾¤ãæ°´é·ãåè°å¯¼å¼¹çè³å°åæ¦è£ å¿«èï¼å°±è¶³ä»¥å¯¹éå°æ¨å ¹æµ·å³¡çåä¸éè¡ææè´å½å¨è ãæ¢è¨ä¹ï¼å¨å°é海峡è¿ä¸ç¹å®ææ¯ä¸ï¼é«ç²¾å°çå¼¹é导弹åºå并éå¯ä¸çâåºçâãä½è¿åæ¶ä¹æå³çï¼å¦æå²çªé¿æåï¼ç»§ç»å°éç³æ²¹è¿è¾å¯¹ä½ä¸ºå ¨çæ大ç³æ²¹è¿å£å½çä¸å½çæ ¸å¿ä¹°å®¶å°æ为ä¸å©ï¼è¿å°ä½¿ä¼æå¨å¤äº¤ä¸é·å ¥æ´å å¤ç«æ æ´çå¢å° ã</span></section><h2 data-layout-id="27" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">2.3 代ç人ç½ç»çå¨åä½ä¸ºå²çªæç»æ§çå è¡ææ </span></h2><section data-layout-id="28" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å¤æå±å¿æ¯å¦é¿æåçå¦ä¸ä¸ªå ³é®ææ ï¼æ¯ä¸ä¸å°åºï¼å¦é»å·´å«©ç主å ãä¼æå /åå©äºä»å¶æ´¾æ°å µçï¼ä»£ç人æ¦è£ çè¡å¨é¢ç ãå¦æ代ç人è¡å¨å¤§å¹ å¢å ï¼æå³çä¼æè¯å¾éè¿é对称æäºå°å²çªé¿æåãæ©å¤§åãåä¹ï¼å¦æä»»ä½å 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å°é海峡çç»æµèªææ§ï¼ä¼æçè´¢æ¿æé</span></h2><section data-layout-id="32" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">许å¤å¸åºè§å¯è 忽ç¥äºä¸ä¸ªæ®é ·çç»æµäºå®ï¼å°ééå°æ¨å ¹æµ·å³¡å¯¹ä¼æèªèº«èè¨ï¼æ å¼äºä¸åºâç»æµèªæâã</span></section><section data-layout-id="33" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">æ®è¯¦ç»æµç®ï¼å¨æµ·å³¡å°éç¶æä¸ï¼ä¼æçæµ·è¿ç³æ²¹åºå£å¤§å¹ åé»ãæç §æåæ¯å¤©çº¦150ä¸æ¡¶çåºå£é计ç®ï¼å°é海峡导è´ä¼ææ¯å¤©çç»æµï¼å¤æ±ï¼æ失é«è¾¾1.4亿ç¾å ãè¿ç¬å·¨é¢æ失ç¸å½äºä¼ææ¿åºè´¢æ¿æ¶å ¥ç30% ãåå ä¸æäºç¶æä¸åºå¤§çåè´¹å¼æ¯ã被æ§æ¯åºç¡è®¾æ½çé建费ç¨ä»¥åå½å ç»æµæ´»å¨çåæ»ï¼å ¶å®ä¼ææ¯ç¾å½æ´âå°ä¸èµ·âè¿æ¡æµ·å³¡ã</span></section><section data-layout-id="34" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å½ç¶ï¼å¨é¢ä¸´çåå±æºçæäºç¶æä¸ï¼å°é海峡æ¯ä¼æå¶è¡¡ç¾å½åå ¶çåæå ·æ§ä»·æ¯çé对称æ段ãå设ä¼ææä¸æ²¡æâå°éå ¨çç³æ²¹è¿è¾âè¿ä¸ªæ 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leaf="">å¨æ¤èæ¯ä¸ï¼ç¾å½è´¢æ¿é¨ç¥åºäºä¸é¡¹æå ·éæ¼åçé常è§å¹²é¢æ段ãç¾å½è´¢æ¿é¨é¿æ¯ç§ç¹Â·è´æ£®ç¹ï¼Scott Bessentï¼æ确表示ï¼ç¾å½æ¿åºæ£èèå¨æªæ¥å 天å 解é¤å¯¹ç®åæ¼æµ®å¨æµ·ä¸ç约1.4亿桶ä¼æåæ²¹çå¶è£ ã</span></section><section data-layout-id="38" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">è¿1.4亿桶åæ²¹åæ¬ç±æ¸¸ç¦»äºè¥¿æ¹ç管ä¹å¤çâå¹½çµè°éâè£ è½½ï¼å å¶è£åå æ»çå¨æµ·ä¸ï¼ä¸»è¦ä¹°å®¶æ¯ä¸å½çç¬ç«ç¼åï¼è¶å£¶ç¼åï¼ ãç¾å½çç®çé常精æï¼ä¸æ¦è§£é¤å¶è£ï¼è¿1.4亿桶ç°è´§åæ²¹å°ç¬é´æ¶å ¥å ¨çåæ³å¸åºï¼å 许æ¥æ¬ãé©å½ãå°åº¦çå½åæ³éè´ ã</span></section><section data-layout-id="39" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">è¿ä¸ä» è½å¨æªæ¥10å°14天å ææ弥补å 海峡å°éé æçç©çä¾ç»ç¼ºå£ï¼æ¯å¤©çº¦1000ä¸æ¡¶ï¼ï¼ä»èå¹³æ油价 ï¼</span></section><section data-layout-id="40" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">åæ¶ï¼è¿ä¹æ¯ä¸ç§âç¨ä¼æçæ²¹åå¶ä¼æ油价âççç¥ï¼æå¨æç ´é¨åå½å®¶äº«åä½ä»·ææ£æ²¹çåææ ¼å±ï¼å°å ¶è½¬åä¸ºå ¨çå¸åºçå ¬å ±ç¼å²å« ã</span></section><h2 data-layout-id="41" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">3.3 å ¨çGDPæ失çæ²çæ¨æ¼</span></h2><section data-layout-id="42" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å¦æéå°æ¨å ¹æµ·å³¡æç»å°éå 个æï¼å½é 油价大æ¦çä¼é£åè³æ¯æ¡¶120â130ç¾å çæå¼åºé´ ãæ ¹æ®æå¨ç»æµæºæç模åæµç®ï¼æµ·å³¡å°éå¯¹å ¨çGDPçç ´åååç°é线æ§æ¾å¤§çç¹å¾ ï¼</span></section><table style="margin-bottom: 32px;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><thead><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">å²çªä¸æµ·å³¡å°éæç»æ¶é´</span></strong></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">å ¨çGDPé¢ææ失è§æ¨¡</span></strong></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">å¸ä¼¦ç¹æ²¹ä»·è¿è¡åºé´</span></strong></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">å ¨çéèï¼CPIï¼æ¬åé¢æ</span></strong></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">æµ·æ¹¾å½å®¶GDPæç´¯</span></strong></td></tr></thead><tbody><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,1,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="43,1,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">çæå²å»ï¼å°äº2å¨ï¼</span></b></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,1,1,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">约 3300亿ç¾å </span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,1,2,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ç»´æå¨ $80-$100/桶</span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,1,3,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">æé«æå 0.4%</span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,1,4,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ä¸é约 4%</span></span></td></tr><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,2,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="43,2,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ä¸æå²å»ï¼4-6å¨ï¼</span></b></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,2,1,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">约 7700亿ç¾å </span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,2,2,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">å²é«è³ $100-$120/桶</span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,2,3,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">æé«æå 1.0%</span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,2,4,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ä¸é约 11%</span></span></td></tr><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,3,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="43,3,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">é¿æå°éï¼3-6个æï¼</span></b></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,3,1,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">约 2.2ä¸äº¿ç¾å </span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,3,2,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">çªç ´ $130/桶 çè³æ´é«</span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,3,3,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">æé«æå 2.5%</span></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="43,3,4,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">æ´è·çº¦ 22%</span></span></td></tr><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><p data-path-to-node="43,4,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.8;margin-top: 0px !important;margin-bottom: 24px;font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);"><span data-path-to-node="43,4,0,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">注ï¼æ°æ®åºäºå½é è´§å¸åºéç»ç»ï¼IMFï¼æ²¹ä»·ä¼ 导系æ°æ¨¡åæµç® </span></span><span data-path-to-node="43,4,0,0,1" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><response-element ng-version="0.0.0-PLACEHOLDER" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><source-footnote style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><sup data-turn-source-index="35" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;font-size: 16px !important;"></sup></source-footnote></response-element></span></span><span data-path-to-node="43,4,0,0,2" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ã</span></span></p></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><section style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><br /></span></section></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><section style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><br /></span></section></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><section style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><br /></span></section></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><section style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><br /></span></section></td></tr></tbody></table><section data-layout-id="44" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">é¢å¯¹å¦æ¤é«æçå ¨ç代价ï¼ä¸ä» æ¯ç¾å½ï¼å ¨çææ主è¦ç»æµä½ï¼å æ¬ä¸å½ã欧洲ï¼é½æ强ççææ¿æ½åå²çªåæ¹å°½å¿«ç»æå°éãè¿è¿ä¸æ¥å°è¯äºæµ·å³¡å°éæ¯ä¸ç§ä¸å¯æç»çæ端ç¶æã</span></section><h1 data-layout-id="45" style="font-size: 20px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;text-align: center;"><span leaf="">åã åæ²¹å®ä»·çå¾®è§ç»æï¼è¿æè´´æ°´ä¸é¿æä¸æ¢</span></h1><section data-layout-id="46" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å¨ä¸¥éçå°ç¼å²çªä¸ï¼è¿æå约çä»·æ ¼éä½åæ³¢å¨å¾å¾é常å§çã以3æä¸æ¬ä¸ºä¾ï¼å¸ä¼¦ç¹åæ²¹è¿æç°è´§ä»·æ ¼ä¸åº¦å¨ææ æ 绪æ¨å¨ä¸é¼è¿120ç¾å /桶çå ³å£ ãç¶èï¼è¦çæ£çæåæ²¹å¸åºçé¿æè¶å¿ï¼å¿ 须跳åºçæçç°è´§ççï¼å®¡è§å ¶è¿ææ²çº¿ï¼Forward Curveï¼çç»æã</span></section><h2 data-layout-id="47" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">4.1 深度贴水ï¼Backwardationï¼æ示çå¸åºçç¸</span></h2><section data-layout-id="48" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å½åï¼åæ²¹æè´§å¸åºåç°åºæå ¶é¡å³ç<span textstyle="" style="font-weight: bold;">è¿æè´´æ°´ï¼Backwardationï¼ç»æ</span>ï¼å³è¿æåçº¦ä»·æ ¼è¿è¿é«äºè¿æåçº¦ä»·æ ¼ ã</span></section><section data-layout-id="49" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">éè¿å¯¹2026å¹´3æä¸æ¬å¸ä¼¦ç¹åæ²¹æè´§æ²çº¿çåæï¼æ们å¯ä»¥æ¸ æ°å°çå°èµæ¬å¸åºççå®é¢æ ï¼</span></section><section data-layout-id="50" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><span textstyle="" style="font-weight: bold;">è¿æå约ï¼4æï¼ï¼</span>交æå¨103ç¾å /桶左å³ï¼å å«äºæé«çâæäºæº¢ä»·âåç©çç°è´§çç¨ç¼ºæ§ã</span></section><section data-layout-id="51" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><span textstyle="" style="font-weight: bold;">ä¸æå约ï¼7æï¼ï¼</span>ä»·æ ¼å·²åè½è³93ç¾å /桶éè¿ï¼è¾ç°è´§è´´æ°´çº¦10ç¾å ï¼æ¾ç¤ºå¸åºé¢æä¾åºé¾å°å¨å¤å£éæ¥éæã</span></section><section data-layout-id="52" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><span textstyle="" style="font-weight: bold;">è¿æå约ï¼12æåä¹åï¼ï¼</span>ä»·æ ¼è¿ éæ»è½è³81ç¾å çè³78ç¾å /桶以ä¸ï¼è¾ç°è´§è´´æ°´è¶ è¿20ç¾å ã</span></section><section data-layout-id="53" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">è¿ç§ç»æä¼ è¾¾äºä¸ä¸ªæç¡®æ 误çä¿¡å·ï¼<span textstyle="" style="font-weight: bold;">æèµè 认为å½åçç°è´§ç缺åéå°æ¨å ¹æµ·å³¡å°éæ¯ææ¶çï¼Transitoryï¼</span>ãç²¾æç交æååªæ¿æ为解å³ç¼åçæä¾æ¯ä»é«ä»·ï¼ä½æç»ä¸º12个ææ24个æåçåæ²¹æ¯ä»è¶ è¿80ç¾å ç溢价ã</span></section><h2 data-layout-id="54" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">4.2 è¿æä»·æ ¼æªå¨ï¼80-85ç¾å ä¸æ¢é¾ä»¥å®è´¨æ§çªç ´</span></h2><section data-layout-id="55" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">æ¢å¥è¯è¯´ï¼é¤é两年æçè¿æä»·æ ¼ï¼2-year Forward Priceï¼ä¹è·éè¿æä»·æ ¼åæ¥åºç°å¤§å¹ ä¸è°ï¼å¦ååæ²¹å¸åºå½åçå§çæ³¢å¨å¾é¾å¨é¿æå ç»´æãè¦å®ç°æ²¹ä»·é¿æç«ç¨³å¨80â85ç¾å 以ä¸çä»·æ ¼ä¸æ¢ï¼éè¦çå°ç»ææ§çä¾é失衡ï¼èä¸ä» ä» æ¯ç©æµçææ¶ä¸æã</span></section><section data-layout-id="56" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">ä¹æ以å¸æ²¹ç两年æè¿æä»·æ ¼æ²¡æåºç°å¤§å¹ æ³¢å¨ï¼æ ¹æ¬åå å¨äºå ¨çåæ²¹ç<span textstyle="" style="font-weight: bold;">ç产è½å并æªéå°æ¯çæ§æå»</span>ãè³ä»ä¸ºæ¢ï¼æ²ç¹é¿æ伯ãé¿èé ãç§å¨ç¹ãä¼æå çæµ·æ¹¾æ ¸å¿äº§æ²¹å½çæ²¹äºåä¸æ¸¸ç产设æ½åºæ¬å®å¥½æ æ ãæ¤å¤ï¼æ²ç¹åé¿èé è¿æ¥æç»è¿éå°æ¨å ¹æµ·å³¡çè¾æ²¹ç®¡éï¼å¦æ²ç¹ä¸è¥¿ç®¡éåé¿èé å¯æ¥ä¼æ管éï¼ï¼å°½ç®¡è¿ååéï¼ä½ä»è½æä¾ä¸å®çç¼å² ã</span></section><section data-layout-id="57" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å ¶å®ï¼å¨å 个æçæ¶é´çªå£å ï¼ä¸»è¦å½å®¶ä¾é èªèº«çåºå¤§æç¥ç³æ²¹å¨å¤ï¼SPRï¼å®å ¨å¯ä»¥å¹³æçæçä»·æ ¼é£åãä¸æ¦å¤äº¤æ¡æåå¾è¿å±ï¼è¿è¾çº¿è·¯æ¢å¤éç ï¼è¢«åæç产è½åæ»çå¨æµ·ä¸çåæ²¹å°è¿ éæ¶å ¥å¸åºï¼å¯¼è´ç³æ²¹ä»·æ ¼çåè½ååè¿ éãè³ä»ä¸ºæ¢ï¼æ²¹ä»·çææå§çæ³¢å¨ï¼åæ çä» ä» æ¯çæçä¾æ±éé ä¸ææ ï¼èéé¿æçèµæºæ¯ç«ã</span></section><h1 data-layout-id="58" style="font-size: 20px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;text-align: center;"><span leaf="">äºã å®è§ç»æµæº¢åºæåºä¸ç¾èå¨çæ¿çç©éµ</span></h1><section data-layout-id="59" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">é«ä¼çè½æºä»·æ ¼å¯¹å ¨çç»æµèè¨æ¯ä¸åâæ ¢æ§æ¯è¯âãå ¶å¯¹å®è§ç»æµç溢åºæåºä¸ä» ä½ç°å¨éèæ°æ®çåå¼¹ä¸ï¼æ´æ·±å»å°å½±åçå ¨ç央è¡ï¼å°¤å ¶æ¯ç¾èå¨ï¼çæ¿çåå¼ã</span></section><h2 data-layout-id="60" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">5.1 油价å²å»ä¸éèä¼ å¯¼çéåè¯ä¼°</span></h2><section data-layout-id="61" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">èª1980年以æ¥çå次油价å²å»åå²è¡¨æï¼åæ²¹ä»·æ ¼é£åçå½±å大å¤ä» éäºæ¨é«âæ´ä½éèâï¼Headline Inflationï¼ï¼èç±äºç°ä»£ç»æµä¸è½æºå¯é度çä¸éï¼å ¶å¾é¾å®å ¨ä¸æä¹ å°ä¼ 导è³âæ ¸å¿éèâï¼Core Inflationï¼ ã</span></section><section data-layout-id="62" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å¨éåå±é¢ä¸ï¼å¦æå½é 油价ä¸æ¶¨çº¦10%并é¿æç»´æï¼é£ä¹å¨æ¥ä¸æ¥ç3-4个æå ï¼æ´ä½éèçå°éä¹ä¸åï¼ç¸å½äºæ¨å¨çº¦30个åºç¹ï¼0.3%ï¼çéèå¢å¹ ã以æ¤æ¨ç®ï¼å¦ææäºæç»æ°æï¼å¯¼è´æ²¹ä»·é¿æåçå¨100ç¾å ä¸æ¹ï¼é£ä¹ç¾å½ç主è¦ç»æµä½çæ´ä½CPIå°é¢ä¸´æ¾èçåå¼¹ååã</span></section><h2 data-layout-id="63" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">5.2 æ»èé£é©ä¸çç¾èå¨æ¿ç两é¾</span></h2><section data-layout-id="64" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å¨æ¤ç§æ æ¯ä¸ï¼ç¾èå¨çæ¿çè·¯å¾å°é¢ä¸´æ大ç两é¾ææ©ï¼</span></section><section data-layout-id="65" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><span textstyle="" style="font-weight: bold;">æ æ¯ä¸ï¼éèç²æ§å¢å ï¼éæ¯é¢æ延åï¼å½ååºåé¢æï¼</span>å³ä½¿ç¾èå¨å¨ç论ä¸å¯ä»¥å¯¹ç±å¤é¨è½æºå²å»å¼èµ·çâææ¶æ§âéèååç½®ä¹ä¸çï¼Look-throughï¼ï¼ä½å¨å®é æä½ä¸ï¼ä¸ºäºç»´æ¤å¤®è¡çæéèä¿¡èªï¼éæ¯è¡å¨å¤§æ¦çä¼æ¯å½åå¸åºé¢æçæ¶é´æ´æãå¦ææäºæ延ï¼ç¾èå¨ä¸ºäºé²æ¢éèé¢æè±éï¼å¿ ç¶ä¼éæ©âæå µä¸å¨âï¼ç»´æå¨3.5%-3.75%åºé´ï¼ï¼è¿å°ä½¿å¾å¹´å çéæ¯è·¯å¾åå¾æ´å åå· ãè¿ä¹æ£æ¯ç¹ææ®å¨éåæ为æ 忧çå±é¢ã</span></section><section data-layout-id="66" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf=""><span textstyle="" style="font-weight: bold;">æ æ¯äºï¼ç»æµæ¶å触åçâæå¸å¼éæ¯âï¼å 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rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">ç±äºæ¬§æ´²åäºæ´²çæ°å ´å¸åºå½å®¶é«åº¦ä¾èµåæ²¹ä¸å¤©ç¶æ°è¿å£ï¼å ¶ä¸ä» è¦æ¿åé«æçè½æºè´¦åï¼è¿è¦åºå¯¹æ¬å¸è´¬å¼çååãä¾å¦ï¼å¨æ¤æ¬¡å²çªä¸ï¼å¡å¡å°çLNG设æ½éè¢å¯¼è´æ¬§æ´²å¤©ç¶æ°æè´§ä»·æ ¼ç¬é´æ´æ¶¨35% ãç¸æ¯ä¹ä¸ï¼ç¾å½ç®åä¸ä» æ¯å ¨çæ大çç³æ²¹ç产å½ï¼èä¸å ¶ç»æµç»æ对è½æºçä¾èµåº¦å·²å¤§å¹ éä½ï¼èª1980年以æ¥åä½ç»æµäº§åºçç³æ²¹æ¶è´¹éä¸éäºè¿70%ï¼ ãè¿ç§è½æºç¬ç«æ§ï¼ä½¿å¾ç¾å½èµäº§å¨å¨è¡ä¸å±ç°åºäºæ人çé§æ§ã</span></section><h1 data-layout-id="70" style="font-size: 20px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;text-align: center;"><span leaf="">å ã è·¨èµäº§é ç½®çç¥ï¼âAI-è½æºâå ±çå¨æä¸çç»ææ§çå¸</span></h1><section data-layout-id="71" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">é¢å¯¹å¦æ¤å¤æçå°ç¼ä¸å®è§ç¯å¢ï¼ä¼ ç»çâææ¶æå®ä¸åâçæèµé»è¾å·²ç»å¤±æãæ们çåºåå设ä¿æä¸åï¼<span textstyle="" style="font-weight: bold;">å ¨çç»æµå¹¿æ³å¢é¿çåºå±é»è¾ä¾ç¶ç¨³åºï¼å ¶è¶³ä»¥æ¯æå ¨çè¡ç¥¨çæ®éä¸æ¶¨ãæ´éè¦çæ¯ï¼äººå·¥æºè½ï¼AIï¼ä¸»é¢æ£å¨æ¨å¨èµæ¬å¸åºäº§ç巨大çç»ææ§å·®å¼åï¼èä¸æ¯åå¶æ´ä½è¡å¸çåæ¥ã</span></span></section><h2 data-layout-id="72" style="font-size: 17px;font-weight: 500;color: rgba(114, 207, 96, 1);line-height: 1.8;margin-bottom: 12px;"><span leaf="">6.1 âAI-è½æºâæ¢çº½ï¼éå¡èµæ¬åé ç第å次工ä¸é©å½</span></h2><section data-layout-id="73" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">å¦æ说å°ç¼å²çªæ¯2026å¹´å¸åºççæåªé³ï¼é£ä¹âAI-è½æºâæ¢çº½ï¼AI-Energy Nexusï¼åæ¯ä¸»å¯¼æªæ¥åå¹´çæ强é³ã</span></section><section data-layout-id="74" style="font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);line-height: 1.8;margin-bottom: 24px;"><span leaf="">人工æºè½å¤§æ¨¡åçè®ç»ä¸æ¨çéè¦æµ·éçç®åï¼èç®åç尽头æ¯çµåãé¢è®¡å°2030å¹´ï¼ä» æ°æ®ä¸å¿çèçµéå°±å°è¾¾å°945太ç¦æ¶ï¼TWhï¼ï¼AIå°è´¡ç®å ¨ççµåéæ±å¢é¿ç20%ä»¥ä¸ ãè¿æå³çï¼ç§æ巨头ï¼å¦å¾®è½¯ãMetaçï¼å¿ é¡»æ¥èµæ°å亿ç¾å ï¼ä¸ä» ç¨äºè´ä¹°è¯çï¼æ´ç¨äºå»ºè®¾é å¥ç绿è²çµç½ãæ ¸è½è®¾æ½ä¸å·å´ç³»ç» 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!important;line-height: 1.15 !important;margin-top: 0px !important;"><thead><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">èµäº§ç±»å«</span></strong></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">é 置建议ä¸æ ¸å¿é»è¾</span></strong></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><strong style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;margin-bottom: 0px !important;"><span leaf="">é£é©æ示</span></strong></td></tr></thead><tbody><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="76,1,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="76,1,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">å ¨çè¡ç¥¨ (Equities)</span></b></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><p data-path-to-node="76,1,1,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.8;margin-top: 0px !important;margin-bottom: 24px;font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);"><span data-path-to-node="76,1,1,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="76,1,1,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">è¶ é ç¾è¡ä¸AIåºç¡è®¾æ½ï¼ä½é 欧洲ä¸èå¼±æ°å ´å¸åº</span></b><span leaf="">ãç¾è¡å ·æè½æºç¬ç«åAI浪潮çåéæ¤åæ²³ãéç¹å¸å±å导ä½ãæ°æ®ä¸å¿çµæºç®¡çãçµç½ç°ä»£å以åæ¥æé¿æçµåååçå ¬ç¨äºä¸å ¬å¸ </span></span><span data-path-to-node="76,1,1,0,1" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><response-element ng-version="0.0.0-PLACEHOLDER" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><source-footnote style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><sup data-turn-source-index="52" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;font-size: 16px !important;"></sup></source-footnote></response-element></span></span><span data-path-to-node="76,1,1,0,2" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ã</span></span></p></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><p data-path-to-node="76,1,2,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.8;margin-top: 0px !important;margin-bottom: 24px;font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);"><span data-path-to-node="76,1,2,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">欧洲å¶é ä¸å©æ¶¦åé«è½æºææ¬æ¤åï¼æ°å ´å¸åºé¢ä¸´èµæ¬å¤æµåå </span></span><span data-path-to-node="76,1,2,0,1" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><response-element ng-version="0.0.0-PLACEHOLDER" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><source-footnote style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><sup data-turn-source-index="45" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;font-size: 16px !important;"></sup></source-footnote></response-element></span></span><span data-path-to-node="76,1,2,0,2" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ã</span></span></p></td></tr><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="76,2,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="76,2,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">大å®åå (Commodities)</span></b></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><p data-path-to-node="76,2,1,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.8;margin-top: 0px !important;margin-bottom: 24px;font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);"><span data-path-to-node="76,2,1,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="76,2,1,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ç»´æåæ²¹è¿æå¤å¤´å¥å©ï¼åå³è§é¿è¿æ追é«</span></b><span leaf="">ãå©ç¨æ端çè¿æè´´æ°´ç»æï¼Backwardationï¼å¯¹å²ç°è´§ä¸æé£é©ï¼ä½éè¦æ海峡ä¸æ¦è§£å°å¸¦æ¥çä»·æ ¼éªå´© 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!important;"><span leaf="">ã</span></span></p></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><p data-path-to-node="76,2,2,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.8;margin-top: 0px !important;margin-bottom: 24px;font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);"><span data-path-to-node="76,2,2,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">æç¥ç³æ²¹å¨å¤ï¼SPRï¼ç大è§æ¨¡éæ¾å°è¿ éå平油价波峰 </span></span><span data-path-to-node="76,2,2,0,1" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><response-element ng-version="0.0.0-PLACEHOLDER" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><source-footnote style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><sup data-turn-source-index="27" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;font-size: 16px !important;"></sup></source-footnote></response-element></span></span><span data-path-to-node="76,2,2,0,2" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">ã</span></span></p></td></tr><tr style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span data-path-to-node="76,3,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="76,3,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><span leaf="">åºå®æ¶ç (Fixed Income)</span></b></span></td><td style="border: 1px solid;font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><p data-path-to-node="76,3,1,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.8;margin-top: 0px !important;margin-bottom: 24px;font-size: 17px;font-weight: 400;color: rgba(0,0,0,0.9);"><span data-path-to-node="76,3,1,0,0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px !important;"><b data-path-to-node="76,3,1,0,0" data-index-in-node="0" style="font-family: "Google Sans Text", sans-serif !important;line-height: 1.15 !important;margin-top: 0px 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