宏观经济深度报告：全球变局（1）：从格陵兰看美式地缘再定价

Group 1: Geopolitical Dynamics - The U.S. is increasingly using geopolitical tools to reshape international order and asset pricing, with a focus on Greenland as a strategic military and resource hub[1] - The U.S. has three main objectives regarding Greenland: national security, resource acquisition, and leveraging political cycles for strategic advantage[1] - The EU's ability to counter U.S. actions is limited due to its trade dependency, with approximately 34% of its trade surplus with the U.S. concentrated in pharmaceuticals[1] Group 2: Asset Pricing and Market Trends - The restructuring of global asset pricing is underway, with a shift towards "hard currency" and scarce resources as the new valuation anchors[2] - Investment trends indicate a migration towards precious metals and strategic resources, with a systematic increase in the asset attributes of non-renewable resources[2] - The Chinese equity market may experience a relative appreciation as global capital flows are restructured and the U.S. dollar's credit weakens[2] Group 3: Economic Indicators - Fixed asset investment has decreased by 3.80% year-on-year[4] - Retail sales have shown a modest increase of 0.90% year-on-year[4] - Exports have risen by 6.60% year-on-year, while M2 money supply growth stands at 8.50%[4]