贝莱德：维持超配AI主题和美股

Group 1 - U.S. risk assets are in a tug-of-war, with strong corporate earnings driven by AI themes on one side and tariffs impacting economic growth and inflation on the other [1] - Preliminary signs indicate that both consumers and businesses will share the burden of tariffs, although strong corporate performance may mitigate some of the tariff impacts [1] - Recent trade agreements have reduced uncertainty regarding the actual implementation of tariffs, but the full impact on consumers has yet to be realized [1] Group 2 - The automotive industry highlights the complexity of tariff issues, with U.S. manufacturers like GM and Ford experiencing significant profit declines as they absorb tariff costs [2] - Japanese and Korean automakers are lowering export prices to the U.S. to offset tariff costs, while European manufacturers face intense pricing pressure from lower-priced Chinese electric vehicles [2] - The industrial sector, which includes automotive manufacturing, has shown resilience, with the S&P 500 industrial sector up approximately 15% this year, benefiting from AI infrastructure and geopolitical trends [2]