（原标题：特朗普威胁：如果欧洲抛售美国资产 将采取"大规模报复"） 【导读】若欧洲抛售美资产特朗普将报复 特朗普此前（现已放弃）曾威胁：为了推动对格陵兰岛的控制，将对八个欧洲国家的商品大幅加征关 税。这一表态引发市场猜测，欧洲可能会抛售数万亿美元的美国债券和股票作为反制手段。 丹麦养老基金AkademikerPension本周宣布计划退出1亿美元的美国国债投资；格陵兰的SISA Pension则 表示，正在考虑是否应继续投资美国股票。 不过，"卖出美国"（Sell America）策略很可能并不容易实施。大部分相关资产由私人基金持有，不在 各国政府直接控制之下；但一些大型持有者——包括挪威的主权财富基金——若集中抛售，仍可能对美 国资本市场造成影响。 美国财政部长斯科特·贝森特本周早些时候淡化了丹麦方面的抛售行为，称他"完全不担心"。 贝森特周三在达沃斯表示："丹麦对美国国债的投资，就像丹麦这个国家本身一样，无足轻重，他们多 年来一直在卖美债。" 特朗普威胁，如果欧洲抛售美国资产 将采取"大规模报复" 1月22日晚间，美国总统特朗普表示，如果欧洲国家为回应他的关税威胁而抛售美国资产，他将进行"强 烈报复"。 ...

【导读】2025年第四季度公募基金产品盈亏数据公布 随着2025年基金第四季报披露完毕，公募基金盈利情况最新出炉。 市场经过快速上涨后进入调整期，去年第四季度公募基金"赚钱效应"减退。数据显示，第四季度公募基 金产品整体亏损1101亿元，这也是自2024年第四季度以来，首个亏损季。国投瑞银、华安、永赢等3家 基金公司盈利超60亿元。 从产品类型看，股票型、混合型及QDII基金成为第四季度亏损的"主阵营"，本期利润分别达到-1308.95 亿元、-495.09亿元、-710.47亿元。 从2025年全年来看，公募基金依旧大丰收，合计盈利达到26041.07亿元，权益类基金仍是盈利的"大 户"，易方达、华夏、南方、广发、嘉实、华泰柏瑞、富国基金利润超过1000亿元。 去年四季度公募基金产品亏损1101亿元 经历2025年第三季度的快速上涨之后，2025年第四季度市场整体呈现高位宽幅震荡走势，科技成长股明 显回调。债券市场方面，政策面与资金面均显宽松，债市整体呈现震荡修复特征。 具体来看，股票型、混合型基金2025年第四季度利润分别达到-1308.95亿元、-495.09亿元，权益基金成 为亏损的主要来源。QDII ...

Core Viewpoint - Denmark is actively participating in negotiations regarding the Greenland framework agreement, emphasizing close cooperation with Greenland [1] Group 1: Denmark's Position - Danish Prime Minister Frederiksen stated that NATO is not authorized to negotiate on behalf of Denmark and Greenland [1] - Denmark has begun collaborating with the U.S. government to clarify the process of these negotiations [1] Group 2: U.S. Involvement - U.S. President Trump announced on social media that he has established a framework for an agreement concerning Greenland with NATO Secretary General Stoltenberg [1] - Stoltenberg indicated that a "good consensus" has been reached between the parties involved [1]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising by 306.78 points, or 0.63%, to 49,384.01 points; the Nasdaq increased by 211.20 points, or 0.91%, to 23,436.02 points; and the S&P 500 gained 37.73 points, or 0.55%, to 6,913.35 points [2][3]. Legal Action - Former President Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, seeking $5 billion in damages. The lawsuit claims that JPMorgan closed multiple bank accounts belonging to Trump and his related businesses due to "political and social motives" following the January 6 Capitol riots [4][5]. Company Developments - Nvidia's CEO Jensen Huang confirmed that Nvidia has surpassed Apple to become TSMC's largest customer, accounting for approximately 13% of TSMC's total revenue [7][8]. - Intel reported fourth-quarter 2025 revenue of $13.67 billion, a year-over-year decrease of 4.1%, exceeding market expectations of $13.43 billion. However, the company provided a weak guidance for the first quarter of 2026, projecting adjusted earnings per share of $0.00, below the market estimate of $0.08, and revenue expectations between $11.7 billion and $12.7 billion, compared to the market forecast of $12.56 billion [10][12].

Market Overview - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising for the second consecutive day, recovering losses from earlier in the week. The Dow gained 306.78 points, or 0.63%, closing at 49,384.01 points; the Nasdaq increased by 211.20 points, or 0.91%, to 23,436.02 points; and the S&P 500 rose by 37.73 points, or 0.55%, to 6,913.35 points [2][3]. Legal Action Against JPMorgan Chase - Former President Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, seeking $5 billion in damages. The lawsuit claims that JPMorgan Chase closed multiple bank accounts associated with Trump and his businesses due to "political and social motives" following the January 6 Capitol riots [7][8]. - The lawsuit alleges that JPMorgan Chase, under Dimon's direction, unlawfully blacklisted Trump and his affiliates, informing other financial institutions of this action. JPMorgan Chase has expressed regret over the lawsuit, asserting that account closures are typically due to legal, compliance, or regulatory risks, not political reasons [8] [9]. Intel's Earnings Report - Intel reported fourth-quarter revenue of $13.67 billion for 2025, a 4.1% year-over-year decline, but above the market expectation of $13.43 billion. The adjusted earnings per share for the fourth quarter were $0.15, compared to $0.13 in the same period last year, exceeding the forecast of $0.09 [12]. - However, Intel's guidance for the first quarter of 2026 was weak, projecting adjusted earnings per share of $0.00, below the market expectation of $0.08, and revenue estimates ranging from $11.7 billion to $12.7 billion, compared to the market forecast of $12.56 billion. Following this guidance, Intel's stock fell over 13% in after-hours trading [12]. Nvidia Becomes TSMC's Largest Customer - Nvidia's CEO Jensen Huang confirmed that Nvidia has surpassed Apple to become the largest customer of TSMC. Industry insiders estimate that Nvidia now accounts for 13% of TSMC's total revenue, placing it in the top position [10].

特朗普威胁，如果欧洲抛售美国资产 将采取"大规模报复" 1月22日晚间，美国总统特朗普表示，如果欧洲国家为回应他的关税威胁而抛售美国资产，他将进行"强 烈报复"。 特朗普在瑞士达沃斯世界经济论坛期间接受采访时说，"如果他们要这么做，那就做吧。但你知道，如 果真发生这种事，我们这边会进行强烈报复，而且我们手里牌都齐全。" 特朗普此前（现已放弃）曾威胁：为了推动对格陵兰岛的控制，将对八个欧洲国家的商品大幅加征关 税。这一表态引发市场猜测，欧洲可能会抛售数万亿美元的美国债券和股票作为反制手段。 丹麦养老基金AkademikerPension本周宣布计划退出1亿美元的美国国债投资；格陵兰的SISA Pension则 表示，正在考虑是否应继续投资美国股票。 不过，"卖出美国"（Sell America）策略很可能并不容易实施。大部分相关资产由私人基金持有，不在 各国政府直接控制之下；但一些大型持有者——包括挪威的主权财富基金——若集中抛售，仍可能对美 国资本市场造成影响。 瑞银集团首席执行官Sergio Ermotti表示，投资者若抛售美国资产和美元，是在下一个"相当危险的赌 注"。 Ermotti周二在瑞士达沃斯举行 ...

Core Viewpoint - The comprehensive fee reform in the public fund industry has been fully implemented, leading to a continuous trend of fee reductions among various funds to lower investment costs for investors and enhance their return experience [1][7]. Group 1: Fee Reductions Announced - Multiple funds have announced fee reductions, including Huaxia Fund, which lowered the management fee from 0.50% to 0.15% and the custody fee from 0.10% to 0.05%, representing a reduction of 70% and 50% respectively [3][5]. - Tianhong Fund reduced its management fee from 0.70% to 0.30% and custody fee from 0.15% to 0.05%, with reductions of 57.1% and 66.7% respectively [5]. - Other funds, such as GF Fund and Huatai Baoxing, have also announced similar fee reductions, contributing to a broader trend of decreasing fund fees across the market [6]. Group 2: Impact of Fee Reform - As of January 1, 2026, the implementation of the "Publicly Raised Securities Investment Fund Sales Expense Management Regulations" marks the completion of a two-year fee reform process, resulting in a significant increase in the number of low-fee funds [7]. - Currently, nearly 1,200 funds have an annual management fee of 0.15% or lower, while over 2,400 funds have a custody fee of 0.05% or lower, primarily consisting of stock index funds, bond funds, and money market funds [7]. - The fee reform is seen as a systemic and structural transformation of the industry, shifting the focus from scale expansion to service enhancement, which is expected to promote sustainable development in the long term [8].

Group 1 - Chinese assets have surged, with the Chinese concept stock index rising over 2% and Hong Kong futures increasing by approximately 1% [2] - Alibaba's stock price jumped 6%, leading the Chinese concept stocks, as the company prepares to push its chip manufacturing business, Pingtouge, towards an IPO [4] - Alibaba's CEO has committed over $53 billion to infrastructure and AI development, indicating a potential increase in future investments [4] Group 2 - The rise in U.S. stock markets is attributed to easing geopolitical tensions, a rebound in tech giants, and solid economic data [4] - U.S. economic growth in Q3 was slightly above previous estimates, driven by stronger exports and less drag from inventory [4] - Analysts noted that Trump's handling of the Greenland issue at the Davos World Economic Forum was effective in calming market fears [5]

Core Insights - Geely aims to achieve a revenue of over 1 trillion yuan and global sales exceeding 6.5 million vehicles by 2030, positioning itself among the top five global automakers [2][5] - The company reported a sales milestone of 4.116 million vehicles in 2025, ranking seventh globally [2] Group 1: New Energy Vehicles as Growth Engine - New energy vehicles (NEVs) are projected to account for approximately 75% of Geely's total sales by 2030, translating to over 4.87 million NEVs [4] - In 2025, Geely's total sales grew by 26% year-on-year, with NEV sales increasing by 58% to 2.293 million units, achieving a NEV penetration rate of 55.7% [4] - Geely's Galaxy brand saw a remarkable 150% year-on-year sales growth in 2025, reaching 1.2358 million units, highlighting the effectiveness of Geely's strategic transition to NEVs [4] Group 2: Global Market Expansion - Geely plans to ensure that over one-third of its total sales by 2030 will come from overseas markets, estimating overseas sales to exceed 2.16 million vehicles [5] - The company has accelerated its global market strategy, including a strategic partnership with Renault in Brazil to produce and sell NEVs [6] Group 3: Brand Strategy and Ecosystem Development - Geely aims to strengthen its brand matrix by enhancing the positioning and synergy of its various brands, including Geely, Galaxy, Lynk & Co, and Zeekr, while leveraging international brands like Volvo and Polestar [7] - The company plans to launch 100,000 customized Robotaxi vehicles by 2030, initiating commercial operations globally [7] Group 4: Strategic Integration and Resource Optimization - Geely is committed to implementing the "One Geely" strategy, focusing on top-level operations and global governance to ensure efficient and compliant operations across its business units [8] - The company aims to streamline its business segments and optimize its industrial layout, enhancing resource utilization efficiency [8] Group 5: Technological Advancements - Geely plans to develop a global top-tier new energy architecture covering vehicle classes A to E, with a target to reduce the average development cycle and overall costs by over 30% [9] Group 6: User Service Ecosystem - Geely is initiating the "Geely Boundless" ecosystem to facilitate shared user rights across multiple brands, aiming to create a comprehensive service experience that integrates post-vehicle market, mobility services, and quality living [10]

Group 1: Market Performance - Chinese assets have surged, with the Chinese concept stock index rising over 2% and major Hong Kong index futures increasing by approximately 1% [1] - Alibaba's stock price has skyrocketed by 6%, leading the Chinese concept stocks [3] Group 2: Alibaba's Business Developments - Alibaba is preparing to push its chip manufacturing business, Pingtouge, towards an IPO, starting with a restructuring to make it partially employee-owned [3] - The valuation of Pingtouge remains uncertain as the process is still in its early stages [4] Group 3: Economic Context - The U.S. stock market has risen due to easing geopolitical tensions, a rebound in tech giants, and solid economic data [4] - U.S. GDP growth for the third quarter slightly exceeded previous estimates, driven by stronger exports and less drag from inventory [4] - Initial jobless claims in the U.S. remained stable at 200,000, indicating a strong consumer base [4] Group 4: Geopolitical Factors - Trump's comments regarding Greenland have influenced market sentiment, with analysts noting a cautious approach from traders [4] - There are discussions about European countries potentially using U.S. assets as a countermeasure against Trump's Greenland-related tariff threats [5]