周三，瑞典最大养老基金Alecta已抛售其持有的绝大部分美国国债，此次出售规模约77亿至88亿美元。 此前一天，丹麦养老基金Akademiker Pension也宣布将抛售其持有的约1亿美元美国国债，同花顺iFinD 数据显示，外国投资者持有美国国债金额超9万亿美元，其中欧洲持有超3.6万亿美元，全球市场正密切 关注特朗普"TACO"交易。 ...

当地时间1月21日，美国总统特朗普在瑞士达沃斯世界经济论坛年会上完成政策转向，先是明确表示不 会动用武力夺取格陵兰岛，随后与北约秘书长马克·吕特会晤后，宣布取消原定于2月1日对丹麦、挪 威、瑞典等8个欧洲国家加征的10%关税，称双方已就格陵兰岛及北极地区未来合作拟定协议框架。 此前1月17日，特朗普曾通过社交平台宣布加征关税，并计划6月将税率提升至25%，直至达成美国收购 格陵兰岛的协议。这一表态引发市场恐慌情绪蔓延，周二美股遭遇去年10月以来最差单日表现，出现股 债汇"三杀"，标普500指数抹去2026年以来全部涨幅，恐慌指数VIX跳升至去年11月以来最高水平。 特朗普政策反转后，市场情绪快速修复。周三美股三大指数集体反弹，道琼斯指数涨1.21%至49077.23 点，标普500指数涨1.16%至6875.62点，纳斯达克指数涨1.18%至23224.82点。热门中概股多数上涨，纳 斯达克中国金龙指数收涨2.21%，百度、哔哩哔哩等个股涨幅居前。 这一政策反转再次印证了华尔街流行的"TACO交易"逻辑，即"特朗普总是临阵退缩"（Trump Always Chickens Out）。此前特朗普曾多次上演类似政 ...

Core Viewpoint - The article discusses the recent developments in the gold market and geopolitical tensions, particularly focusing on Trump's announcement regarding Greenland and its impact on market sentiment and gold prices [2][4]. Gold Market Summary - COMEX gold prices rose to $4836.2 per ounce, marking a 1.48% increase, while domestic SHFE gold prices closed at 1091.8 yuan per gram, up by 1.09% [2][4]. - The market reacted to Trump's announcement of a framework agreement with NATO Secretary General Stoltenberg regarding Greenland, which temporarily postpones the planned tariff increases on European countries set to take effect on February 1 [2][4]. Market Sentiment and Stock Performance - The easing of tensions between the U.S. and Europe was interpreted as a "TACO" moment, leading to a recovery in risk sentiment, reflected in a 1.2% increase in the S&P 500 index [2][4]. - The reduction in risk aversion contributed to a decline in gold prices, indicating a shift in market dynamics [2][4]. Federal Reserve Outlook - The upcoming Federal Reserve meeting is anticipated, with Trump suggesting he may have selected a candidate for the Fed chair position, hinting at a preference for someone akin to Alan Greenspan [5]. - Reports indicate that the U.S. Supreme Court may reject Trump's request to dismiss Fed Governor Cook, reinforcing the independence of the Federal Reserve and altering market expectations regarding precious metals [5].

Fixed Income Market - The bond market has shown a strong performance in the past two weeks, with the yield on the 10-year government bond decreasing from 1.90% to 1.83%, a decline of 6.7 basis points [2] - The yield on the 30-year government bond fell from 2.34% to 2.26%, a decrease of 7.4 basis points, indicating a significant rebound this week [2] - Short-term interest rates have also declined, with the 1-year government bond yield dropping from 1.36% to 1.29% [2] Global Long-term Bond Rates - Recent increases in long-term interest rates in the US and Japan have negatively impacted global bond and stock markets [3] - The rise in global long-term bond rates reflects more than just a recovery in fundamentals; it indicates challenges to fiscal discipline in developed countries and concerns over long-term demand for bonds [3] - The report suggests a cautious approach to investment, recommending a wait-and-see strategy for adjustments in the market [3] Transportation Industry - In December, the growth rate of retail sales and online retail sales slowed down due to the reduction of subsidies for trade-in programs [5] - The volume of express deliveries also saw a slowdown, with year-on-year growth dropping from 6.4% in November to 2.6% in December [5] - The report recommends focusing on companies with strong overseas growth potential, such as Jitu Express, and those with robust cash flow and competitive advantages like ZTO Express [5] Real Estate Market - The real estate market in 2025 saw a decline in supply and demand, but the rate of decline has slowed, indicating a potential stabilization [6] - Structural opportunities exist in core cities and certain second and third-tier cities, where some companies have performed well [6] - The report anticipates continued policy support aimed at stabilizing the real estate market, benefiting leading companies with strong resource acquisition capabilities [6] Environmental Protection Industry - Longking Environmental Protection is positioned as a leader in China's air pollution control industry, with a focus on green energy services linked to mining operations [7] - The company is expected to benefit from its projects in renewable energy and electric mining vehicles, which are anticipated to drive long-term growth [7] Non-ferrous Metals Industry - Zijin Mining is expected to benefit from rising copper and gold prices, with projected net profit growth of 57% in 2026 and 23% in 2027 [8] - The company is viewed as a stable operator with strong growth potential, maintaining a "buy" rating [8] Logistics Industry - Manbang Group is projected to have a revenue of 3.2 billion yuan in Q4 2025, with a year-on-year decline of 1% [9] - The company has announced a shareholder return plan, committing to return at least 50% of its non-GAAP net profit to shareholders through dividends or buybacks [9] Media and Entertainment Industry - Netflix reported a 17% year-on-year revenue growth in Q4, exceeding expectations, with a net profit increase of 29.4% [9] - The company anticipates revenue of $50.7 to $51.7 billion in 2026, with a focus on expanding advertising revenue and leveraging AI in content production [9] Food Industry - Lihigh Foods expects a revenue of 4.26 to 4.42 billion yuan in 2025, with a net profit growth of 16.1% to 23.5% [10] - The company is projected to recover in its frozen baking business and maintain strong growth in its cream business [10] Sportswear Industry - Anta Sports reported a slight decline in its main brand revenue in Q4 2025 but expects double-digit growth for the full year [16] - The company is focusing on a multi-brand strategy and plans to increase investment in product development and sports resources [16] Restaurant Industry - Xiaocaiyuan has seen a significant increase in its takeaway revenue, with a year-on-year growth of 13.7% in the first half of 2025 [17] - The company is adjusting its menu pricing and product offerings to enhance its competitive edge and focus on quality growth [17] Electronics Industry - TCL Electronics announced a strategic partnership with Sony, which is expected to enhance its global market position [18] - The company anticipates a net profit growth of 45% to 60% in 2025, driven by its globalization and mid-to-high-end strategies [18]

一夜之间，美股市场上演戏剧性反转——美东时间周三，美股三大指数大幅反弹，均涨超1%， 收复前一日大跌的失地。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 消息面上，据新华社报道，美国总统特朗普21日在社交媒体发文称，他已经同北约秘书长吕特 就未来达成有关格陵兰岛的协议制定了框架，因此不会实施原定于2月1日生效、对欧洲8国加 征关税的措施。 此外，特朗普在达沃斯世界经济论坛演讲中谈到美联储，表示将很快宣布新美联储主席人选。 美股市场戏剧性反转 美东时间周三，美国总统特朗普取消针对欧洲国家的新一轮关税、并称已就格陵兰问题达成"协 议框架"，"TACO"时刻再度上演，美国股市大幅反弹，收复前一日大跌的失地，三大指数均涨 超1%。 截至收盘，道琼斯指数涨1.21%，报49077.23点；标普500指数涨1.16%，报6875.62点； 纳斯达克指数涨1.18%，报23224.82点。 | 道琼斯 | 纳斯达克 | 标普 500 | | --- | --- | --- | | 49077.23 | 23224.82 | 6875.62 | | 588.64 1.21% | ...

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

隔夜，全球金融市场迎来戏剧性反转。在特朗普政府宣布取消对欧洲8国原定的加征关税计划后，前一交易日因地缘风险触发的 "卖出美国" 交易潮迅速退 潮，美股三大指数集体强势反弹，存储芯片、中概股等多个板块表现亮眼，大宗商品与加密货币市场也随之出现结构性调整。 当日美股收盘，道琼斯工业平均指数大涨588.64点，涨幅1.21%收于49077.23 点；纳斯达克综合指数上涨270.50点，涨幅1.18%报23224.82点；标普 500 指数 上涨78.76点，涨幅1.16%收于6875.62点，三大指数均完全收复前一交易日失地，创下去年11月以来最大单日涨幅。市场情绪的显著回暖，核心驱动力来自 特朗普在达沃斯论坛期间释放的关键信号。 美股指数 | 道琼斯 | 纳斯达克 | 标普5( | | --- | --- | --- | | 49077.23 | 23224.82 | 6875. | | +588.64 +1.21% +270.50 +1.18% +78.76 + | | | | 中国金龙 | 纳指100期货 | 标普500 | | 7776.15 | 25548.75 | 6923.! | | +167.77 ...

Core Viewpoint - The U.S. stock market experienced a significant rebound, with major indices rising after President Trump's signals to ease tensions regarding Greenland and tariffs, reversing a previous sell-off triggered by geopolitical risks [1][10]. Group 1: Stock Market Performance - On January 21, U.S. stock indices collectively rose, with the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16%, marking the largest single-day gain since November of the previous year [1]. - Major technology stocks saw gains, with SanDisk rising over 10% and Intel increasing nearly 12%. Other notable performers included Western Digital up over 8%, Micron Technology up over 6%, and Nvidia and Tesla both up nearly 3% [3]. Group 2: Bond and Commodity Markets - The yield on 10-year U.S. Treasury bonds fell by 4.7 basis points, while the 30-year yield decreased by 5 basis points, indicating reduced pressure on long-term U.S. debt [7]. - Gold prices briefly approached a historical high near $4,900 before retreating, ultimately closing up 1.2% around $4,800. In contrast, silver prices fell by 1.3% [7]. Group 3: Oil and Cryptocurrency Markets - International oil prices saw slight increases, with WTI crude oil futures closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures at $65.24 per barrel, up 0.49% [8]. - Major cryptocurrencies experienced upward movement, with Bitcoin rising over 2% to surpass $90,000, and Ethereum also increasing by over 2% [8].

记者丨 张嘉钰 郑青亭 编辑丨江佩佩 特朗普就格陵兰问题接连释放"降温"信号后，前一日因关税与地缘风险触发的"卖出美国"交易迅速逆转，美国股债汇齐涨，黄金涨势则有所 降温。 当地时间1月21日，美股三大指数集体收涨，道指涨1.21%，纳指涨1.18%；标普500指数涨1.16%，完全收复了前一日的失地，创下自去年 11月以来最大单日涨幅。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 49077.23 | 23224.82 | 6875.62 | | +588.64 +1.21% +270.50 +1.18% +78.76 +1.16% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7776.15 | 25509.50 | 6915.75 | | +167.77 +2.21% +380.25 +1.51% +86.25 +1.26% | | | 大型科技股多数上涨，存储概念股走强，闪迪涨超10%，2026年迄今累计涨幅超过111%；英特尔涨近12%，西部数据涨超8%，美光科技涨 超6%，英伟达、特斯拉涨近3%。谷 ...

美东时间周三，在美国总统特朗普取消针对欧洲国家的新一轮关税、并称已就格陵兰问题达成"协议框架"后，美国股市大幅反弹，三大指数均涨超1%。 （标普500指数日内走势图，来源：TradingView） 截至收盘，道琼斯指数涨1.21%，报49,077.23点；标普500指数涨1.16%，报6,875.62点；纳斯达克指数涨1.18%，报23,224.82点。 特朗普周三在瑞士达沃斯举行的世界经济论坛上发表讲话，表示不会动用武力获取格陵兰，这一表态提振了股市。 随后，特朗普在其自创社交平台Truth Social上表示："基于我与北约秘书长马克·吕特进行的一次极富成效的会谈，我们已经就格陵兰问题，事实上也是就整 个北极地区，形成了一项未来协议的框架。基于这一共识，我将不会实施原定于2月1日生效的关税措施。" 马斯克于周二表示，公司旗下Cybercab自动驾驶出租车、Optimus人形机器人的初期生产速度将"极其缓慢"，之后才会逐步提升。据了解，Cybercab是一款双 座车型，整车未配备方向盘、踏板等人工操控装置。这家电动汽车制造商此前曾表示，Cybercab计划于2026年启动大规模量产，Optimus人形机器人 ...