1 -1- -2- 2,000 1,500 1,000 500 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2020-01-212020-07-212021-01-212021-07-212022-01-212022-07-212023-01-212023-07-212024-01-212024-07-212025-0 泰国配额外巴西配额外 100 90 80 70 60 50 40 30 20 10 0 10111212345789 2021/20222022/20232023/20242024/2025 -3- -4- -5- -6- 长期负反馈 短期负反馈 短期正反馈 中长期正反馈 短期正反馈 中长期正反馈 -7- -8- 7.00 6.80 6.60 6.40 6.20 6.00 5.80 5.60 5.40 5.20 5.00 2024/10/182024/11/172024/12/172025/1/16 87.0 86.5 86.0 85.5 85.0 84.5 84.0 83.5 83.0 82.5 2024/10/18 2024/11/17 2024/12/17 2025/1/16 -9- -10- -11-