策略点评：春节国内外大事速递

Group 1 - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.5% and will continue with its balance sheet reduction, aligning with market expectations [2][7] - The European Central Bank lowered key interest rates by 25 basis points, marking the fifth rate cut since June 2024, due to ongoing economic weakness in the Eurozone [8] - The U.S. announced a 10% tariff on Chinese goods, prompting retaliatory measures from China, which will impose tariffs on U.S. imports including coal and LNG [3][10] Group 2 - Hong Kong stocks led global gains while U.S. tech stocks experienced significant pullbacks, influenced by the rapid rise of the DeepSeek model from a Chinese company [11] - During the Spring Festival, domestic travel surged with 501 million trips taken, a 5.9% increase year-on-year, and total spending reached 677 billion yuan, up 7% [4][12] - The Spring Festival box office reached 9.712 billion yuan, setting a new record and increasing by 21% compared to 2024 [4][12] Group 3 - The manufacturing PMI for January fell to 49.1%, indicating a slowdown in production activity, with various sub-indices showing declines [16][17] - Despite exceeding expectations for Q4 GDP, market sentiment remains low, with investors showing reduced enthusiasm for fundamental pricing [18] - The report suggests that investors should consider participating in the "spring rally" focusing on sectors like technology growth and new consumption [20]