美股收盘走低，中概股普遍承压

Core Viewpoint - The U.S. stock market closed lower, primarily driven by the financial sector, as investors reacted coldly to JPMorgan Chase's earnings report and expressed concerns over President Trump's proposed credit card interest rate cap, which could compress financial institutions' profit margins and impact consumer credit and the economy [3][4]. Financial Sector Performance - The financial sector was the biggest loser among the 11 major sectors of the S&P 500, falling by 1.84%, with a cumulative decline of 2.6% for the week, marking the largest two-day drop since mid-November [4]. - The S&P Bank Subindex dropped by 2.4% on the same day [4]. JPMorgan Chase Earnings Report - JPMorgan Chase's stock fell by 4.2% after reporting Q4 2025 adjusted revenue of $46.77 billion and net profit of $13 billion, with earnings per share of $4.63, exceeding market expectations due to strong performance in market trading [5]. - However, the investment banking segment underperformed, with revenues of $2.35 billion, a year-on-year decline of 5%, contrasting with prior expectations of low single-digit growth [5]. - Bond underwriting fees unexpectedly fell by 2%, against an anticipated growth of 19% [5]. Market Reactions to Interest Rate Cap - Trump's call for a 10% cap on credit card interest rates, effective January 20, negatively affected financial stock sentiment, with major players like Visa and Mastercard seeing declines of 4.5% and 4.3%, respectively [6]. - JPMorgan's CEO warned that the interest rate cap could erode bank profits and potentially lead to reduced credit limits for lower credit score consumers, impacting both consumers and the economy [6]. Economic Indicators - The U.S. Consumer Price Index (CPI) for December rose by 2.7% year-on-year, with core CPI also up by 2.6%, remaining stable compared to November and below market expectations [6]. - Following the CPI data release, U.S. Treasury yields fell, with the 10-year yield down by 2.4 basis points to 4.175% and the 2-year yield down by 2.5 basis points to 3.522% [6]. Commodity Market Insights - In the commodities market, international oil prices increased, with light crude oil futures for February delivery rising by $1.65 to $61.15 per barrel, a gain of 2.77% [6]. - Gold prices saw a slight decline, with spot gold down by 0.19% to $4,588.82 per ounce, while COMEX gold futures fell by 0.43% to $4,595 per ounce [7].