宏观周报：美国通胀抬头消费降温，国内金融数据开门红

Group 1: U.S. Economic Indicators - In January, the U.S. CPI rose to 3.0% year-on-year, exceeding expectations of 2.9% and marking a six-month high[3] - The January retail sales decreased by 0.9% month-on-month, significantly below the expected decline of 0.1%, with the previous value revised to a 0.7% increase[8] - The core CPI for January recorded a year-on-year increase of 3.3%, surpassing the expected 3.1%[4] Group 2: Domestic Financial Data - In January, the total social financing (TSF) increased by 70,567 billion yuan, a year-on-year increase of 5,833 billion yuan, indicating a strong start to the year[12] - The new RMB loans in January amounted to 52,194 billion yuan, up by 3,793 billion yuan year-on-year, supporting the overall financing growth[13] - The M1 and M2 growth rates were reported at 0.4% and 7.0% respectively, with M1 showing a slight recovery compared to the previous month[13] Group 3: Market Trends and Risks - The market is closely monitoring the potential impact of AI innovation on asset revaluation in China, which has positively influenced the equity market[12] - Risks include potential market volatility due to Trump's policies, domestic policy effectiveness falling short of expectations, and the Federal Reserve's interest rate cuts not aligning with market predictions[12]