多重不确定因素，美股或延续震荡下行

Investment Rating - The report suggests a cautious outlook for the US stock market, predicting continued volatility and a downward trend until late March or early April 2025, with a focus on sectors such as healthcare, consumer services, traditional telecommunications, and utilities [6][14]. Core Insights - The US stock market is facing significant pressure due to uncertainties surrounding tariffs and economic indicators that have fallen short of expectations, leading to a potential rotation of funds out of the market [6][14]. - The report highlights the resilience of the US labor market, as indicated by an increase in job vacancies and resignation rates, which may alleviate recession fears [6][26]. - The copper industry is expected to see price increases due to anticipated tariffs on imports, which could create supply shortages in the US market [14][26]. - The pharmaceutical sector is poised for valuation recovery, supported by government policies aimed at optimizing drug pricing and promoting innovative drug development [14][19]. Summary by Sections US Market Dynamics - The US stock market has retraced all gains since the Federal Reserve's rate cuts in September 2024, with consumer discretionary and industrial sectors facing significant impacts from tariff uncertainties [6][14]. - Major US indices experienced declines, with the Dow Jones dropping 1.14% and the S&P 500 down 0.76% [8][10]. European Market Dynamics - European markets also faced declines, with the Stoxx 600 index down 1.7%, driven by concerns over economic growth and tariff announcements from the US [10][14]. Asian Market Dynamics - The Asian markets showed mixed results, with the Thai market gaining 0.9%, while other markets like the Philippines and Singapore experienced declines [21][22]. Sector Performance - In the US, the industrial sector was notably affected by tariff announcements, leading to a 1.54% drop in the industrial index [10][14]. - In the Hong Kong market, sectors such as consumer goods and technology showed positive performance, with notable gains in companies like China Resources Beverage [10][11]. Individual Company Insights - Snowflake reported better-than-expected revenue performance, with AI products contributing to growth, and the company is viewed positively for its long-term investment potential [8][19]. - The copper sector is recommended for investment due to expected price increases driven by tariff-related supply constraints, with specific companies like Zijin Mining and Luoyang Molybdenum highlighted [14][19].