张忆东：黄金向上的新动能，恰恰来自这场战争导致的石油美元根基动摇

新浪证券03-25

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　3月25日，近期国际形势动荡，海内外市场出现波动。新浪财经对话海通国际执行委员会委员、首席经济学家及研究部主管张忆东，就“国际秩序重构危中有机，中国硬核资产长牛未央”展开深度剖析。>>视频直播　　张忆东分析指出，过去两周市场呈现出“油价涨、美元涨、黄金跌”的走势，一方面是年初黄金获利盘抛压所致，另一方面也是石油美元神话...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2622026552?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-25 16:41","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2622026552","market":"sh","top_or_hot":-1,"title":"张忆东：黄金向上的新动能，恰恰来自这场战争导致的石油美元根基动摇","media":"新浪证券","content":"<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　3月25日，近期国际形势动荡，海内外市场出现波动。新浪财经对话海通国际执行委员会委员、首席经济学家及研究部主管张忆东，就“国际秩序重构危中有机，中国硬核资产长牛未央”展开深度剖析。>>视频直播\n　　张忆东分析指出，过去两周市场呈现出“油价涨、美元涨、黄金跌”的走势，一方面是年初黄金获利盘抛压所致，另一方面也是石油美元神话...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/roll/2026-03-25/doc-inhseupy3666139.shtml\">网页链接</a>\n\n</div>\n","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>张忆东：黄金向上的新动能，恰恰来自这场战争导致的石油美元根基动摇</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n张忆东：黄金向上的新动能，恰恰来自这场战争导致的石油美元根基动摇\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-25 16:41 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/roll/2026-03-25/doc-inhseupy3666139.shtml><strong>新浪证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　3月25日，近期国际形势动荡，海内外市场出现波动。新浪财经对话海通国际执行委员会委员、首席经济学家及研究部主管张忆东，就“国际秩序重构危中有机，中国硬核资产长牛未央”展开深度剖析。>>视频直播\n　　张忆东分析指出，过去两周市场呈现出“油价涨、美元涨、黄金跌”的走势，一方面是年初黄金获利盘抛压所致，另一方面也是石油美元神话...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/roll/2026-03-25/doc-inhseupy3666139.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"XOP","symbol_name":"油气开采指数ETF-SPDR S&P","start_time":0,"source_url":"https://finance.sina.com.cn/stock/roll/2026-03-25/doc-inhseupy3666139.shtml","article_id":"2622026552","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622026552","pubTimestamp":1774428060,"columns":[{"name":"黄金","id":5,"label_key":null}],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　3月25日，近期国际形势动荡，海内外市场出现波动。　　张忆东分析指出，过去两周市场呈现出“油价涨、美元涨、黄金跌”的走势，一方面是年初黄金获利盘抛压所致，另一方面也是石油美元神话尚未被打破、市场存在惯性思维的结果。张忆东表示，黄金定价的核心逻辑已转向国际金融秩序重构的确定性溢价。张忆东判断，战争持续三周以来，石油美元的根基已在猛烈摇动。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159831":"黄金","159934":"黄金ETF","518880":"黄金ETF华安","XOP":"油气开采指数ETF-SPDR S&P","XME":"金属与采矿指数ETF-SPDR","JNUG":"金矿指数二倍做多ETF","PALL":"abrdn Physical Palladium Shares ETF","DZZ":"德银黄金两倍做空ETN","DUST":"二倍做空黄金矿业指数ETF-Direxion","GLD":"黄金ETF-SPDR","GLL":"2倍做空黄金ETF-ProShares","BK4570":"地缘局势概念股","SGOL":"Abrdn Gold ETF Trust","BK4504":"桥水持仓","GDX":"黄金矿业ETF-VanEck","BK4207":"综合性银行","BK4585":"ETF&股票定投概念","DGP":"二倍做多黄金ETN(PowerShares)","GDXD":"MicroSectors Gold Miners -3x Inverse Leveraged ETN","IAU":"黄金信托ETF-iShares","GDXJ":"小型黄金矿业ETF(Market Vectors)","BK4588":"碎股","AAAU":"Goldman Sachs Physical Gold ETF","BK4535":"淡马锡持仓","IAUM":"ISHARES GOLD TRUST MICRO","NUGT":"二倍做多黄金矿业指数ETF-Direxion"},"translate_title":"Zhang Yidong: The new kinetic energy of gold upward comes precisely from the shaken foundation of petrodollar caused by this war","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159831":1.5,"159934":0.6,"518880":0.6,"AAAU":1.5,"MGCmain":1.5,"GDXJ":1.5,"IAUM":1.5,"1OZmain":1.5,"SGOL":1.5,"JNUG":1.5,"SGCmain":0.6,"XOP":1.5,"NUGT":0.6,"SGUmain":0.6,"GDX":1.5,"GLL":1.5,"GLD":0.6,"DZZ":1.5,"XME":1.5,"GCmain":1.5,"DGP":1.5,"QOmain":1.5,"GDXD":1.5,"IAU":1.5,"DUST":1.5,"PALL":1.5},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　3月25日，近期国际形势动荡，海内外市场出现波动。新浪财经对话海通国际执行委员会委员、首席经济学家及研究部主管张忆东，就“国际秩序重构危中有机，中国硬核资产长牛未央”展开深度剖析。>>视频直播\n　　张忆东分析指出，过去两周市场呈现出“油价涨、美元涨、黄金跌”的走势，一方面是年初黄金获利盘抛压所致，另一方面也是石油美元神话尚未被打破、市场存在惯性思维的结果。但他认为，这种短期交易行为未必代表长期正确方向。\n　　“黄金牛市的逻辑，不是看美元，也不是看美国的实际利率。”张忆东表示，黄金定价的核心逻辑已转向国际金融秩序重构的确定性溢价。他强调，这一重构是确定的——美元开始走下神坛，国际金融秩序正在发生深刻变革。\n　　张忆东强调，此次战争与1990年海湾战争对石油美元的影响截然相反。“如果这场战争时间拉得越长，石油美元就不是摇晃，而是塌方。”张忆东判断，战争持续三周以来，石油美元的根基已在猛烈摇动。近期美国两年期、十年期国债拍卖均出现遇冷迹象，收益率维持高位。这反映出“中东土豪”对美国国债的配置意愿正在发生变化。\n　　张忆东同时提示了潜在风险。他指出，如果出现小概率事件——即高烈度战争延续至今年九月份甚至年底，引发全球性金融危机，黄金在流动性冲击下也可能短期承压。本周一黄金的下跌就带有一定的流动性冲击特征。\n　　但他强调，只要不出现全球性金融危机，当前就是配置黄金的好时机。即便极端情形发生，黄金在经历流动性踩踏后，一旦流动性缓解，其反弹力度往往更大——“像弹簧一样，压力越低，弹力越大”。\n\n\n新浪合作大平台期货开户 安全快捷有保障\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨赐","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622026552","isCrawlerRequest":true}