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市场定价2026年联储累计降息幅度较战前收窄57bp至5bp,期间一度出现加息预期
市场定价2026年联储累计降息幅度较战前收窄57bp至5bp,期间一度出现加息预期
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宏观专题研究:美国能否在能源短缺中独善其身?-260407(16页).pdf
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截至3Q25,联储估算的美债杠杆交易规模1.1万亿美元,占同期美债存量的3.7%
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行业数据
2026-07-29
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图15:Esk0m2026年至2030年太阳能光伏、电池储能系统及风能累计新增容量
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行业数据
2026-07-21
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2024年AnkerSOLIX阳台储能全球零售额第一
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行业数据
2026-07-21
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欧洲2025年新增储能装机规模(GWh)增长迅猛
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市场规模
2026-07-20
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2025年国内储能招标及中标规模(GWh)同比增加
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市场规模
2026-07-20
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中国新增储能装机规模,2025年66GW/189GWh
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市场规模
2026-07-20
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市场规模
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图表1凭借近十年的研发投入与技术积累,联讯仪器已成长为国内领先的高端测试仪器设备企业
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行业数据
2026-07-10
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图表32联影医疗全球业务拓展情况(截至2025年末)
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行业数据
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行业数据
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行业数据
2026-07-06
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行业数据
2026-06-26
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市场规模
2026-06-26
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行业数据
2026-06-26
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风险情形下,能源缺口中长期化,通胀预期脱锚的概率上升,联储加息压力加大,但考虑到美国以及全球经济衰退风险上升,联储加息的可能性仍然较小。风险情形下,霍尔木兹海峡封锁超过半年,油价需要大幅上涨从而使得供需平衡。若 2026 年布伦特油价均值达到150 美元/桶,美国 CPI 均值将达到 4.6%,这可能会影响居民通胀预期,甚至改变企业定价行为。这种风险情形下,美国以及全球经济衰退的风险上升,虽然短期通胀以及通胀预期 上行,但是衰退压力可能导 致后续通胀快速回落,联储预计仍然是先维持利率不变,待衰退风险显性化后,反而会快速降息。参考 1990 年海湾战争时期联储的经验,1990 年 8 月海湾战争爆发后,油价大幅上行,明显推高美国 CPI,联储在 8 月会议上选择观望,没有延续此前的降息,但是随着经济衰退的迹象更加明显,虽然 10 月美国 CPI 同比攀升至 6.4%的高位,但联储仍然继续降息,并在此后快速降息(图表 23)。
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宏观专题研究:美国能否在能源短缺中独善其身?-260407(16页).pdf
中性情形下,我们预计美国2026年实际GDP增速为2.0%
战争开始以来,GS美国金融条件收紧51bp至98.9
油价与油气投资存在较强相关性,且前者一般领先一个季度
美联储研究显示油价上涨10%拖累美国GDP增速0.06%,且
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