“特朗普交易”落地具有哪些特征？

Group 1 - The report highlights the characteristics of the "Trump trade," indicating that the expectation of Trump's election has caused significant market disturbances, particularly in U.S. Treasury yields and gold prices [1][11][19] - Following Trump's announcement of victory, the 10-year and 20-year U.S. Treasury yields rose by 16 basis points, reaching 4.42% and 4.71% respectively, reflecting a strong fiscal expectation [1][14] - The report notes that gold prices dropped significantly after Trump's election announcement, suggesting that some assets had already priced in the election outcome, leading to potential profit-taking pressure in the short term [1][17][26] Group 2 - The investment outlook suggests that while short-term profit-taking in gold may occur, the long-term outlook for gold prices could rise due to increased geopolitical tensions and long-term inflation expectations following Trump's election [2][26] - The report indicates that the anticipated increase in tariffs under Trump's administration may negatively impact China's exports, prompting a shift in economic policy towards boosting domestic demand [3][23] - The performance of A-shares is expected to depend on the strength of fiscal policies and the economic fundamentals in the fourth quarter, with cyclical sectors like real estate and core assets in food and beverage likely to benefit if fiscal policies remain strong [2][26]