海外高频 | 美国公布《国家安全战略》（申万宏观·赵伟团队）

Group 1: Major Assets & Overseas Events & Data - Most developed countries' government bond yields have risen significantly, with the US 10-year Treasury yield increasing by 12.0 basis points to 4.14% [15] - The S&P 500 rose by 0.3% and the Nasdaq by 0.9% during the week, while the dollar index fell by 0.5% to 98.98 [94] - WTI crude oil prices increased by 2.6% to $60.1 per barrel, while COMEX gold prices decreased by 0.6% to $4197.6 per ounce [33][94] Group 2: US National Security Strategy - The US released its 2025 National Security Strategy, emphasizing the protection of US territory and security in the Western Hemisphere as top priorities [62] - The strategy criticizes the decline of Europe and demographic changes, insisting that Europe must bear the primary costs of its own defense [62] - The importance of the Middle East has been downgraded, with a focus on avoiding re-engagement in prolonged ground wars [62] Group 3: Employment and Consumption Data - In November, ADP employment in the US decreased by 32,000, contrary to market expectations of an increase of 10,000, with weakness concentrated in small businesses [69] - The actual PCE consumption in September was flat at 0%, below the market expectation of 0.1%, indicating weakness in consumer spending [72] Group 4: Commodity Prices - The prices of most commodities rose, with LME copper increasing by 5.7% to $11,616 per ton and WTI crude oil rising by 2.6% [33][38] - The inflation expectations rose by 3 basis points to 2.26% [42]