【文/观察者网 柳白】 据香港英文媒体《南华早报》报道，尽管美国方面不断施压，但今年9月，俄罗斯仍是中国最大的原油供应国。 中国海关总署10月20日发布的数据显示，中国9月从俄罗斯进口原油环比增长4.3%，达828.7万吨，进口额为40.66 亿美元。这一数据表明，尽管存在地缘政治摩擦，中国仍愿意维持与俄罗斯的贸易联系。 就特朗普谈及中国购买俄能源一事，中国外交部发言人林剑16日表示，中方已多次就该问题表明立场，中国同包 括俄罗斯在内的世界各国开展正常的经贸能源合作正当合法。美方的做法是典型的单边霸凌和经济胁迫，严重破 坏国际经贸规则，威胁全球产业链供应链的安全稳定。 9月19日，俄罗斯圣彼得堡石油码头IC Photo "增加从俄罗斯购买原油是中国展现的一种姿态，在与美国进一步谈判前偏逆着来（defiance）。"经济学人智库高 级经济学家徐天辰说。 "我看不出中国有任何理由放弃俄罗斯原油，除非例如特朗普愿意取消对中国的所有关税，并解除对中国企业的制 裁。"他补充道。 特朗普政府仍在加紧围堵俄罗斯能源收入。特朗普15日称，印度总理莫迪已承诺停止采购俄罗斯原油，并称"现在 我们也会让中国采取同样的行动。" 随后 ...

美国股市周五大幅下跌，投资者对地缘政治摩擦及贸易政策不确定性担忧重燃，科技板块领跌，市场避 险情绪急剧升温，衡量市场恐慌情绪的CBOE波动率指数（VIX）升至6月中旬以来最高水平。 截至收盘，道琼斯工业平均指数下跌878.82点，收于45479.60点，跌幅1.9%；标普500指数下跌182.6 点，收于6552.51点，跌幅2.71%；纳斯达克综合指数下跌820.2点，收于22204.43点，跌幅3.56%。标普 500指数和纳指录得自4月以来最大单日跌幅。 分析人士表示，市场短期剧烈波动反映出投资者对宏观与政策前景的不确定感增强，尤其是在官方经济 数据暂时中断的背景下。 经济数据方面，密歇根大学公布的10月消费者信心初值显示，信心指数仍徘徊在历史低位，通胀与就业 前景不振持续压制消费意愿。 多位美联储官员在讲话中表示，货币政策未来调整需保持"谨慎渐进"的步伐。美联储理事沃勒表示，当 前经济放缓迹象正在显现，未来利率调整或将以25个基点为步幅进行；圣路易斯联储主席穆萨莱姆则认 为，仍存在再降息一次以支撑就业的可能，但须警惕通胀风险。 大宗商品市场波动加剧。国际油价显著下跌，纽约WTI原油期货收跌4.24%， ...

本文字数：973，阅读时长大约1分钟 作者 |第一财经 胡弋杰 美国股市周五大幅下跌，投资者对地缘政治摩擦及贸易政策不确定性担忧重燃，科技板块领跌，市场避 险情绪急剧升温，衡量市场恐慌情绪的CBOE波动率指数（VIX）升至6月中旬以来最高水平。 截至收盘，道琼斯工业平均指数下跌878.82点，收于45479.60点，跌幅1.9%；标普500指数下跌182.6 点，收于6552.51点，跌幅2.71%；纳斯达克综合指数下跌820.2点，收于22204.43点，跌幅3.56%。标普 500指数和纳指录得自4月以来最大单日跌幅。 2025.10.11 从整周表现看，标普500指数本周累计下跌2.43%，道琼斯工业平均指数累跌2.73%，纳指累跌 2.53%。 大型科技股普遍下挫，博通跌5.9%，特斯拉收跌5.1%，亚马逊跌约5%，英伟达跌4.9%，Meta跌3.9%， 苹果跌3.45%，微软跌2.2%，Alphabet跌1.95%。 半导体板块跌幅居前，费城半导体指数下挫6.3%。 热门中概股集体承压，纳斯达克中国金龙指数跌6.1%。其中，阿里巴巴跌超8%，拼多多跌超5%，京东 跌超6%，百度跌超8%，理想汽车跌超 ...

热门中概股集体承压，纳斯达克中国金龙指数跌6.1%。其中，阿里巴巴跌超8%，拼多多跌超5%，京东跌超6%，百 度跌超8%，理想汽车跌超3%，蔚来跌超10%，小鹏跌超8%，哔哩哔哩跌超9%，富途控股跌逾11%。 2025.10. 11 本文字数：973，阅读时长大约1分钟 作者 | 第一财经 胡弋杰 美国股市周五大幅下跌，投资者对地缘政治摩擦及贸易政策不确定性担忧重燃，科技板块领跌，市场避险情绪急剧升 温，衡量市场恐慌情绪的CBOE波动率指数（VIX）升至6月中旬以来最高水平。 截至收盘，道琼斯工业平均指数下跌878.82点，收于45479.60点，跌幅1.9%；标普500指数下跌182.6点，收于 6552.51点，跌幅2.71%；纳斯达克综合指数下跌820.2点，收于22204.43点，跌幅3.56%。标普500指数和纳指录 得自4月以来最大单日跌幅。 从整周表现看，标普500指数本周累计下跌2.43%，道琼斯工业平均指数累跌2.73%，纳指累跌 2.53%。 大型科技股普遍下挫，博通跌5.9%，特斯拉收跌5.1%，亚马逊跌约5%，英伟达跌4.9%，Meta跌3.9%，苹果跌 3.45%，微软跌2.2%，A ...

*三大指数集体重挫 *大型科技股与中概股普遍承压 *美债收益率下行至一个多月低点 美国股市周五大幅下跌，投资者对地缘政治摩擦及贸易政策不确定性担忧重燃，科技板块领跌，市场避 险情绪急剧升温，衡量市场恐慌情绪的CBOE波动率指数（VIX）升至6月中旬以来最高水平。 经济数据方面，密歇根大学公布的10月消费者信心初值显示，信心指数仍徘徊在历史低位，通胀与就业 前景不振持续压制消费意愿。 多位美联储官员在讲话中表示，货币政策未来调整需保持"谨慎渐进"的步伐。美联储理事沃勒表示，当 前经济放缓迹象正在显现，未来利率调整或将以25个基点为步幅进行；圣路易斯联储主席穆萨莱姆则认 为，仍存在再降息一次以支撑就业的可能，但须警惕通胀风险。 大宗商品市场波动加剧。国际油价显著下跌，纽约WTI原油期货收跌4.24%，报每桶58.9美元；伦敦布 伦特原油期货跌3.82%，收于每桶62.73美元。 避险买盘支撑下，COMEX黄金期货上涨0.70%，收于每盎司4000.4美元。 截至收盘，道琼斯工业平均指数下跌878.82点，收于45479.60点，跌幅1.9%；标普500指数下跌182.6 点，收于6552.51点，跌幅2.71%； ...

Group 1 - The core viewpoint is that the current U.S. Federal Reserve's communication strategy is intentionally ambiguous, aiming to extend the negotiation cycle and create monetary space, influenced by political factors as the election approaches and inflation pressures persist [1][2] - The persistent inflation in the U.S. is attributed to structural cost increases resulting from a deep restructuring of the global supply chain, rather than traditional overheating demand or supply-demand mismatches [1] - The past 40 years of moderate inflation in the U.S. were largely supported by a global supply chain centered around China, which has been disrupted since 2021 due to geopolitical tensions and the breakdown of globalization [1] Group 2 - The sensitivity and vulnerability of global capital market valuations have increased, with a warning that lack of strategic coordination between the U.S. and China could lead to rising inflation expectations, higher interest rates, and a compression of valuations [2] - The adjustment of global asset prices is closely tied to the trajectory of geopolitical dynamics, emphasizing that the only path to resolving U.S. inflation issues is through easing tensions and rebuilding cooperative logic [2]

Core Viewpoint - The UK Maritime Trade Operations (UKMTO) has issued a warning regarding escalating tensions in the Gulf region, advising vessels to exercise caution while navigating through the Arabian Gulf, Oman Gulf, and the Strait of Hormuz due to potential impacts on commercial shipping [1]. Summary by Relevant Sections - **Tensions in the Gulf Region** - UKMTO has acknowledged an increase in regional tensions that may lead to military activities affecting seafarers directly [1]. - **Advisory for Maritime Operations** - The agency recommends that vessels passing through the Arabian Gulf, Oman Gulf, and Strait of Hormuz should proceed with caution and report any incidents or suspicious activities [1]. - **Strategic Importance of the Strait of Hormuz** - The Strait of Hormuz is highlighted as a strategic chokepoint between the Persian Gulf and the Arabian Sea, which has been a focal point for maritime incidents and geopolitical friction, particularly involving Iran and Western powers [1].

Group 1 - The core viewpoint of the article indicates a cautiously optimistic outlook on holiday consumption, primarily driven by an increase in the number of travelers, despite lower per capita spending [2][3] - During the May Day holiday, domestic travel reached 314 million person-times, a year-on-year increase of 6.4%, with total spending amounting to 180.27 billion yuan, up 8.0% year-on-year [3] - The increase in travel numbers coupled with lower per capita spending suggests that while consumer willingness is high, overall spending capacity remains constrained [3] Group 2 - Container throughput in April maintained resilience, indicating that exports are not expected to decline sharply [5][6] - As of April 27, the average weekly container throughput in China increased by 7.3% year-on-year, while the average cargo throughput at ports rose by 5.6% [6] - Vietnam's exports saw a significant year-on-year increase of 21%, attributed to the resurgence of re-export trade from China due to differentiated tariffs with the U.S. [6] Group 3 - There is increasing downward pressure on prices, influenced by geopolitical tensions leading to significant declines in commodity prices [8][9] - It is anticipated that the Producer Price Index (PPI) and Consumer Price Index (CPI) will see year-on-year declines of approximately -2.7% and -0.1%, respectively, in April [9] - The domestic production material price index fell from 101.7 at the end of March to 99.4 at the end of April, reflecting a month-on-month decrease of 2.2% [10] Group 4 - The GDP growth rate for April is projected to be around 4.9% [12][14] - The PMI production index dropped by 2.8 percentage points to 49.8%, indicating a cooling in production activities compared to March [13] - Downstream production activities, such as textile machinery and automotive tire manufacturing, showed a decline in operating rates compared to the end of March [13] Group 5 - Government bond issuance has slowed down, but policy determination remains strong [15][16] - In April, the net financing scale of government bonds was 793.8 billion yuan, down from 1,475.6 billion yuan previously [16] - The cumulative issuance progress of various types of government bonds indicates that if economic pressures increase, the issuance speed of special and national bonds may accelerate [17]