随着股市从春季低点大幅反弹，部分华尔街专业人士认为最糟糕的阶段可能已经结束，夏季交易时段或 将迎来相对平静的行情。这一切始于特朗普政府宣布所谓"解放日"对等关税政策后市场的戏剧性反转。 但更广阔的宏观背景依然乐观。摩根士丹利董事总经理兼高级投资组合经理安德鲁·斯利蒙（Andrew Slimmon）表示，"我确实认为二季度经济将再次带来上行惊喜"。他列举了强劲的盈利预期和稳定的经 济表现，"即使市场重返历史高点，我也不会感到意外"。 不过斯利蒙警告，当前环境已不如4月初有利——当时股市刚从大幅下跌中反弹且波动性高企，即便是 轻微利好也能引发强劲的V型复苏。但在基准指数上涨20%、波动率指数趋稳后，市场对负面消息的脆 弱性可能上升。 （文章来源：金十数据） Prime Capital Financial副首席投资官威尔·麦高夫（Will McGough）同样认为市场可能在夏季保持安静。 他指出，即便是近期市场最关注的长期美国国债收益率，也基本维持在4%至5%的区间内波动，尽管华 盛顿的噪音持续不断。"我现在的建议是享受夏天"，麦高夫称，"目前没有什么因素能推动市场实质性 突破当前区间"。 当然，未来数月仍不乏可能 ...

Core Viewpoint - Heathrow Airport, one of the busiest global aviation hubs, faces significant operational challenges due to limited runway capacity and ongoing delays in the construction of a third runway, despite increasing passenger traffic and government support for expansion [1][2][4]. Group 1: Operational Challenges - In March, Heathrow Airport experienced a one-day shutdown due to a fire at a nearby substation, resulting in the cancellation or delay of thousands of flights and affecting over 200,000 passengers [1]. - The airport's passenger throughput is projected to reach a record 83.9 million in 2024, surpassing pre-COVID levels, with a 4% increase in flight numbers to 470,000 [2]. Group 2: Expansion Plans - The plan for a third runway has been under discussion since the 1980s but has faced opposition from environmental groups and local residents concerned about noise pollution and carbon emissions [3]. - Heathrow's CEO announced plans to invest billions of pounds in expanding Terminals 2 and 5 as a preparatory step for the third runway [2]. Group 3: Economic Impact - A 2016 government report estimated that the new runway could generate up to £61 billion in economic benefits over 60 years and create thousands of jobs [4]. - Research indicates that the third runway could contribute to a nearly 0.5% increase in the UK's GDP by 2050 and stimulate growth in the domestic steel industry [4]. Group 4: Regulatory and Political Landscape - The UK faces broader challenges in infrastructure project approvals, with frequent government changes and a complex planning process contributing to delays [5][6]. - Political disagreements complicate the approval of infrastructure projects, with local political pressures often taking precedence over economic development needs [7][8]. Group 5: Future Outlook - The current government aims to see construction of the third runway begin by 2029, with operational status expected by 2035, but achieving this timeline requires significant political will [8][9].