博时基金：美股回调，小盘股表现优于标普和纳指

Macroeconomic Indicators - The core CPI in the US for December 2025 increased by 2.6% year-on-year, aligning with the previous value and slightly below the expected 2.7% [14][15] - The month-on-month core CPI rose by 0.2%, matching the previous value and slightly below the expected 0.3% [14][15] - Retail sales in the US for November 2025 grew by 0.6% month-on-month, exceeding the expected 0.5% and the previous value of -0.1%, indicating strong consumer resilience [15] - The core PPI in the US for November 2025 increased by 3% year-on-year, higher than the previous value of 2.6% and the expected 2.7%, while remaining flat month-on-month, suggesting limited price pressure at the production level [15] - New home sales in the US for October 2025 were stable, with an annualized total of approximately 737,000 units, a slight month-on-month decline of 0.1%, better than the expected -10.6% but lower than the previous value of 20.5% [15] - Existing home sales in the US for December 2025 saw a significant month-on-month increase of 5.1%, reaching an annualized total of 4.35 million units, well above the expected 2.2% and the previous value of 0.7%, marking a three-year monthly high [15] Major Index Performance - The S&P Oil & Gas Index rose by 2.23% during the week of January 12-16, while the Nasdaq 100 Index fell by 0.92% and the S&P 500 Index decreased by 0.38% [2] - Among the 11 sectors covered by the S&P 500, 6 sectors experienced gains, with the S&P 500 Real Estate sector leading at 4.07%, while the S&P 500 Financial sector lagged with a decline of 2.33% [2] Investment Direction - The US stock market experienced a pullback, with small-cap stocks continuing to outperform the S&P and Nasdaq indices [16] - Economic data overall exceeded expectations, and the probability of Fed Chair candidate Waller's selection significantly increased, leading to a decline in market rate cut expectations, with the first potential cut possibly in June [16] - The S&P 500 Index is recognized as a benchmark for the US stock market, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization [16] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the information technology sector comprising 57.87% of the index, along with distributions in consumer services, consumer goods, and healthcare sectors [16]