宏观周报：中国AI新势力崛起，特朗普关税大棒挥舞

Domestic Highlights - In January 2024, profits of industrial enterprises above designated size totaled CNY 74,310.5 billion, a year-on-year decrease of 3.3%[8] - The profit of the manufacturing sector fell by 3.9% year-on-year, attributed to increased costs and insufficient demand[9] - During the Spring Festival travel period, cross-regional passenger flow is expected to reach 4.8 billion, a year-on-year increase of 7.2%[15] AI Industry Developments - Nvidia's DeepSeek-R1 model was released, marking a significant step for China's AI industry towards internationalization and innovation[10] - By the end of 2023, China's AI core industry scale reached CNY 578.4 billion, with a year-on-year growth of 13.9%[12] Capital Market Insights - The China Securities Regulatory Commission emphasized the need for six measures to promote high-quality development in the capital market, aiming to stabilize market conditions[13] - The release of supportive policies is expected to enhance the capital market's recovery, with a focus on increasing long-term capital inflows[14] International Economic Context - The Federal Reserve maintained the federal funds rate at 4.25%-4.5%, with a low likelihood of rate hikes in the near term[17] - The European Central Bank cut rates by 25 basis points, indicating ongoing economic challenges in the Eurozone[20] - Trump's administration announced tariffs of 25% on goods from Mexico and Canada, and 10% on Chinese goods, potentially impacting trade dynamics significantly[24]