美股前瞻01.22：特朗普TACO速度再超预期，风偏回暖半导体新高

Market Overview - The market sentiment improved significantly following Trump's speech at the Davos Forum, where he indicated that he would not use military force to acquire Greenland and announced a framework for future agreements regarding Greenland and the Arctic, alleviating worst-case scenarios of escalating tensions between the US and Europe [1] - The S&P 500 recorded one of its largest single-day gains since November, with small-cap indices reaching all-time highs and outperforming the S&P for 13 consecutive trading days [1] - The Philadelphia Semiconductor Index rose by 3.18%, indicating strong performance in the semiconductor sector, while the overall market saw a rebound but did not fully recover from previous declines [1] Core Insights - The rapid reversal of the tariff situation regarding Greenland, from imposition to cancellation within a single trading day, demonstrates the efficiency and effectiveness of the TACO strategy [3] - Despite the recent market rebound, the underlying weakness in US Treasury bonds remains, with any marginal foreign capital withdrawal likely to have a significant impact [3] - The report suggests that while short-term market sentiment is improving, the overall trend has not reversed, and potential tariffs and geopolitical noise will keep indices in a volatile phase [3] Investment Recommendations - It is advised to prioritize investments in high-growth sectors such as semiconductors, midstream resources, energy infrastructure, and defense industries, while also considering banks and defensive sectors for hedging purposes [3] - The report emphasizes that the earnings foundation of the US stock market remains intact, and the previous day's drop was primarily a revaluation of risk premiums and market sentiment [3]