特朗普就职演讲点评：外部风险缓释、内部政策可期

Core Views - The report highlights that Trump's administration will prioritize policies in immigration, energy, and tariffs, with immediate actions expected to address illegal immigration and enhance border security [3][4] - The focus on traditional energy development aims to combat inflation, with plans to declare a national energy emergency and increase energy exports, while potentially withdrawing from the Paris Climate Agreement [4] - A new tax authority will be established to impose tariffs on foreign imports, starting with a 25% tariff on goods from Canada and Mexico, indicating a gradual approach to tariff increases [5] Market Outlook - The market is transitioning, with external risks easing and internal policy expectations rising, suggesting a shift from defensive strategies to a pursuit of flexibility [7][8] - The report notes that the U.S. labor market is tight, with a non-farm unemployment rate of 4.1% as of December, which may exacerbate inflation risks due to tightened immigration policies [3] - The anticipated policies may provide support for the A-share market, especially as Trump expresses interest in visiting China within his first 100 days, indicating potential for improved U.S.-China relations [7] Investment Strategy - The report suggests a shift in investment strategy from defensive to more aggressive positioning, focusing on high-dividend stocks and sectors with growth potential, such as technology and consumer goods [8] - Key investment themes include high-dividend stocks in banking and energy sectors, consumer goods with improving outlooks, and technology stocks with room for valuation improvement [8]