美股收盘走低，中概股普遍承压

Core Viewpoint - The U.S. stock market closed lower, primarily driven by the financial sector, as investors reacted coldly to JPMorgan Chase's earnings report and expressed concerns over President Trump's proposed credit card interest rate cap, which could compress financial institutions' profit margins and impact consumer credit and the economy [2][4]. Financial Sector Performance - The financial sector led the decline among the 11 major sectors of the S&P 500, falling by 1.84%, with a cumulative drop of 2.6% for the week, marking the largest two-day decline since mid-November [3]. - The S&P Bank Subindex dropped by 2.4% on the same day [3]. JPMorgan Chase Earnings - JPMorgan Chase reported a 4.2% decline in its stock price, with adjusted revenue for Q4 2025 at $46.77 billion and net profit at $13 billion, translating to earnings per share of $4.63, exceeding market expectations due to strong performance in market trading [3]. - However, the investment banking segment underperformed, with Q4 2025 investment banking revenue at $2.35 billion, a 5% year-over-year decline, contrasting with prior expectations of low single-digit growth [3]. Market Reactions to Interest Rate Cap - Trump's proposal for a one-year 10% cap on credit card interest rates has negatively affected sentiment in financial stocks, with market participants already pricing in potential impacts despite the lack of detailed regulations [4][5]. - Major credit card companies, including Visa and Mastercard, saw declines of 4.5% and 4.3%, respectively, following JPMorgan's warning that the interest rate cap could erode bank profits and limit credit availability for lower credit score consumers, potentially affecting the economy [5]. Economic Indicators - The U.S. Labor Department reported that the Consumer Price Index (CPI) rose by 2.7% year-over-year in December, with core CPI at 2.6%, both unchanged from November and below market expectations [5]. - Following the CPI data release, U.S. Treasury yields fell, with the 10-year yield down by 2.4 basis points to 4.175% and the two-year yield down by 2.5 basis points to 3.522% [5]. Commodity Market - In the commodities market, international oil prices increased, with light crude oil futures for February delivery rising by $1.65 to $61.15 per barrel, a 2.77% increase [5].