据新华社，美国当地时间1月20日， 美国总统特朗普再次执政满一年。当天，他出席白宫记者会，就其就职一周年发表讲话并回应格陵兰岛等外界关 心的焦点问题。 特朗普带着厚厚一叠文件步入白宫简报室，宣称自己重返白宫的第一年"做得比任何一届政府都多得多"，取得的成就"一个星期都列不完"。据美联社 报道，记者在会前拿到一份31页的材料， 上面罗列着特朗普政府自诩的"365天内365项胜利"。 美国2025年遭拘押移民死亡人数已达20年来之最， 2026年1月"古德之死"再度点燃全美怒火。特朗普20日在记者会上承认，非法入境者中有"好人"， 驱逐非法移民是"要把犯罪分子赶出去"。 非法移民 特朗普公开这一"私信"后，马克龙在达沃斯论坛发表演讲表示，在美国企图吞并格陵兰岛的背景下， 北约现在是一个"被削弱的机构"。 "和平委员会" 1月7日，美国移民与海关执法局人员在明尼苏达州明尼阿波利斯市进行抓捕非法移民的行动时，开枪打死驾车的37岁美国女子蕾恩·妮科尔·古德，引 发当地局势紧张和全美舆论高度关注。连日来，明尼阿波利斯市抗议活动不断并引发冲突。明尼苏达州官员17日宣布，该州国民警卫队进入"待命状 态"。 关税 特朗普20日 ...

Core Viewpoint - Amazon's CEO Andy Jassy indicated that the impact of U.S. tariff policies is reflected in rising prices on the platform, leading to a 3.4% drop in Amazon's stock price on January 20 [3][4]. Group 1: Price Increases and Inventory Management - Price increases are influenced by multiple factors, including the depletion of inventory that sellers had stocked up before tariff changes [6][8]. - Many third-party sellers had accumulated inventory to maintain low prices, but as this inventory is sold out, price increases are becoming unavoidable [6][8]. - The average selling price of Amazon retail goods did not significantly rise last year due to early procurement and inventory management by sellers [7]. Group 2: Factors Influencing Price Changes - Rising prices are also attributed to increases in raw material costs and currency fluctuations, with significant price hikes in materials like copper and aluminum [8]. - Sellers are adjusting prices based on current costs and exchange rates, with communication ongoing with customers regarding these changes [8]. Group 3: Seller Strategies and Market Dynamics - Sellers are adopting different strategies in response to rising costs, with some passing costs onto consumers while others absorb costs to stimulate demand [9][10]. - The competitive landscape influences pricing decisions, with standardized products often seeing sellers absorb costs to retain customers, while unique branded products can more easily pass costs to consumers [10]. Group 4: Consumer Behavior and Market Outlook - Consumer behavior is shifting, with some opting for cheaper products and discounts, while others are delaying purchases of non-essential items [11][12]. - A report from Deloitte indicated a 10% year-over-year decline in planned consumer spending for the fourth quarter, with expectations of reduced spending on retail goods and experiences [11]. - Despite fluctuations in the market, long-term demand remains, particularly in sectors where U.S. domestic production is insufficient [11].

Group 1 - The report from the German Economic Institute indicates that the economic relationship between Germany and the United States has significantly deteriorated since President Trump took office in January 2025, primarily due to policy uncertainty affecting German investments and exports to the U.S. [1] - From February to November 2025, German direct investment in the U.S. amounted to €10.2 billion, a sharp decline from nearly €19 billion during the same period the previous year, representing a year-on-year decrease of approximately 45% [1]. - The long-term data from 2015 to 2024 shows that German companies' investment levels in the U.S. last year were over 24% lower than the average [1]. Group 2 - German exports to the U.S. have also weakened significantly, with a year-on-year decline of about 9% from February to October 2025 [1]. - Specific sectors have been notably affected, with automotive and parts exports down nearly 19%, machinery exports decreasing by about 10%, and chemical product exports dropping by over 10% [1]. - The economist Samina Sultan from the German Economic Institute stated that rising uncertainty has a clear suppressive effect on investment and trade, undermining corporate confidence and the transatlantic economic relationship, which in turn diminishes the attractiveness and long-term competitiveness of the U.S. as an investment destination [1]. Group 3 - According to a report from the Kiel Institute for the World Economy, the additional costs from U.S. tariffs are primarily borne by American importers and consumers rather than foreign exporters [2]. - The study, based on over 25 million U.S. import shipping data amounting to approximately $4 trillion, reveals that U.S. tariff revenues increased by about $200 billion in 2025, with foreign exporters only shouldering about 4% of the tariff burden [2]. - The research suggests that the actual effect of U.S. tariff policy resembles a consumption tax on imported goods, with costs absorbed domestically, ultimately harming the U.S. economy [2].

Investment Rating - The textile and apparel industry is rated as "Neutral" for the upcoming period, indicating that the industry is expected to perform in line with the overall market [9]. Core Insights - The report highlights a divergence in performance within the textile and apparel sector, with high-end outdoor and niche sports brands showing strong potential despite an overall slowdown in demand [3]. - Domestic retail sales for clothing and textiles reached 1.52 trillion yuan in 2025, reflecting a year-on-year growth of 3.2%, with a notable slowdown in December due to warmer winter temperatures [3]. - Export figures for the textile and apparel sector showed a decline, with total exports amounting to 293.8 billion USD, down 2.6% year-on-year, indicating a shift in supply chain dynamics towards countries like Vietnam [3]. Summary by Sections Domestic Demand - Retail sales for clothing and textiles in China reached 1.52 trillion yuan in 2025, with growth rates of 6.3%, 3.5%, and 0.6% in October, November, and December respectively [3]. - The warmer winter led to a slowdown in winter clothing sales, impacting overall performance [3]. International Demand - Textile and apparel exports totaled 293.8 billion USD in 2025, with textiles at 142.6 billion USD (up 0.4%) and apparel at 151.2 billion USD (down 5.2%) [3]. - Vietnam's textile exports grew by 7.0%, indicating a shift in orders due to tariff policies affecting different production regions [3]. Brand Performance - High-end outdoor brands and niche sports brands are expected to maintain strong growth, while traditional brands like Anta and Li Ning are projected to see varied performance, with Anta's revenue expected to decline slightly [3]. - Women's apparel is facing challenges, but companies like Xinha and Ge Li Si are expected to show improvements in profitability due to prior adjustments [3]. Home Textiles - Companies like Luolai and Water Mercury are expected to perform steadily, while Fuanna is still in a destocking phase [3]. Non-woven Fabric Industry - The non-woven fabric sector is anticipated to benefit from quality upgrades and expanding demand, with companies like Nuo Bang and Yan Jiang expected to see significant revenue growth [3]. Textile Manufacturing - The report notes that the performance of the sports manufacturing chain is under pressure due to fluctuations in brand orders, but the Australian wool industry is expected to see a rebound in demand and pricing [3]. Investment Recommendations - The report suggests focusing on high-performance outdoor brands, discount retail, personal care, and sleep economy sectors for potential investment opportunities [3].

中新网1月21日电 当地时间20日，亚马逊首席执行官安迪·贾西在瑞士达沃斯世界经济论坛期间接受美媒 采访表示，美国政府关税政策的影响已开始在部分商品价格中显现出来。 亚马逊公司的标志。 据美国消费者新闻与商业频道(CNBC)报道，去年春季关税政策推出之前，亚马逊及其诸多第三方商家 囤积了库存，以尽可能保持低价。但到去年秋季，大部分库存都已售罄。当前，不少卖家正在权衡如何 消化关税带来的额外成本。 他还表示，亚马逊正"尽可能为消费者保持低价"，但在某些情况下，提价不可避免。因为零售业的利润 通常有限，如果成本上升10%，企业几乎无力消化。 贾西称，关税影响了部分消费者的购买习惯，一些人开始购买价格较低的商品，或寻找折扣商品，其他 消费者则推迟购买价格较高的非必需品。 美媒注意到，除了亚马逊，沃尔玛、塔吉特和家得宝等多家美国零售商都公开表示，关税正在使商品变 得更加昂贵。 今年1月，美联储最新发布的"褐皮书"显示，所有联邦储备区都持续面临关税带来的成本压力。许多企 业表示，由于库存耗尽或保持利润率的压力加大，其已经开始将关税成本转嫁给消费者。 资料图： "因此，一些关税正在逐步反映到部分商品的价格中。"贾西表示， ...

Investment Rating - The textile and apparel industry is rated as "Overweight" indicating an expectation for the industry to outperform the overall market [4][10]. Core Insights - The report highlights a divergence in performance within the brand apparel sector, with expectations for growth in the non-woven fabric manufacturing segment and opportunities in the Australian wool cycle [4]. - Domestic demand for apparel has shown a modest increase, with retail sales of clothing, shoes, and textiles reaching 1.52 trillion yuan in 2025, reflecting a year-on-year growth of 3.2% [4]. - Export figures indicate a decline, with textile and apparel exports totaling $293.8 billion in 2025, down 2.6% year-on-year, while Vietnam's textile exports grew by 7% [4]. Summary by Sections Domestic Demand - Retail sales for clothing, shoes, and textiles in China reached 1.52 trillion yuan in 2025, with monthly growth rates of 6.3%, 3.5%, and 0.6% in October, November, and December respectively [4]. - The warm winter weather has negatively impacted winter apparel sales [4]. Export Demand - Textile and apparel exports amounted to $293.8 billion in 2025, with textiles at $142.6 billion (up 0.4%) and clothing at $151.2 billion (down 5.2%) [4]. - Vietnam's textile exports were $39.6 billion (up 7%) and footwear exports were $24.2 billion (up 5.8%), indicating a shift in the textile supply chain [4]. Brand Performance - High-end outdoor and niche sports brands are expected to maintain strong growth despite overall industry slowdowns [4]. - Anta, FILA, and outdoor brands are projected to see sales declines in Q4 2025, while brands like 361 Degrees are expected to grow by 10% [4]. Children and Women's Apparel - Women's apparel is facing challenges, but companies like Xinha and Ge Li Si are expected to show improvements in revenue and profitability [4]. - Men's apparel, particularly Haian, is projected to grow by 5% in revenue [4]. Home Textiles - Fuanna is still in a destocking phase, while companies like Luolai and Water Mercury are expected to perform steadily [4]. Non-Woven Fabric Industry - The non-woven fabric sector is benefiting from quality upgrades and expanding demand, with companies like Wanjian and Nuo Bang expected to see revenue growth of 10% to 20% [4]. Textile Manufacturing - The report notes that brands like Nike are experiencing performance fluctuations, impacting the manufacturing chain, while the Australian wool industry is expected to see price increases due to reduced supply and rising demand [4]. Investment Recommendations - The report suggests focusing on high-performance outdoor brands, discount retail, personal care, and sleep economy sectors for potential investment opportunities [4]. - Companies like Anta, Li Ning, and Tebu are highlighted as key players to watch [4].

今日周三(1月21日)欧盘时段，白银期货目前交投于23156一线上方，今日开盘于23660元/千克，截至发 稿，白银期货暂报23215元/千克，上涨0.25%，最高触及23690元/千克，最低下探22638元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 【要闻速递】 沪银小范围震荡，沪银溢价收敛至2000元/克。银价情绪有所压制，高位震荡。预判的支撑在22500， 21000，沪银主力合约参考运行区间21600-24000区间。 美国最高法院周二并未就总统特朗普的关税政策作出裁决，意味着围绕其标志性经济举措的法律挑战， 至少还需要一个月时间才能见分晓。 若法院最终裁定特朗普在关税问题上败诉，这将成为他重返白宫以来遭遇的最大法律挫折。争议焦点在 于特朗普4月2日推出的"解放日"关税政策，该政策对大多数进口商品加征10%至50%不等的关税，并以 打击芬太尼走私为由，对来自加拿大、墨西哥和中国的商品额外征收关税。 一旦裁决对特朗普不利，不仅可能引发超过1300亿美元的关税退款申请，还可能削弱他威胁对欧洲国家 加征更多关税的筹码。 【最新白银期货行情解析】 法院即将开始为期四周的休庭。按照惯例，下一个可能发布关 ...

近日，挪威、瑞典、法国、德国、英国、荷兰和芬兰等欧洲国家宣布向格陵兰岛派兵，参加由丹麦在该岛发起的"北极耐力"军事演习。特朗普17日在社交媒 体上宣布，将从2月1日起对来自上述八国的输美商品加征10%关税，并宣称加征关税的税率将从6月1日起提高至25%，直到相关方就美国"全面、彻底购买 格陵兰岛"达成协议。欧洲多国对此予以批评，并表示可能采取反制措施。 特朗普：不排除以武力夺取格陵兰岛可能性 据央视新闻1月21日消息，当地时间1月20日，美国总统特朗普在记者会上接受记者提问。在被问及如果最高法院就关税问题作出不利裁决，是否会影响美国 针对格陵兰岛的安全政策时，特朗普表示，如果现行关税工具受限，他"可以使用其他方式"，例如通过"许可制度"等替代手段。他强调，目前正在使用的方 式是"最好、最强、最快、最简单、最不复杂的"，但并非唯一选择。 有记者追问，若最高法院裁决对联邦政府不利，是否会导致此前美国与欧盟方面达成的有关对美接近一万亿美元投资承诺"付诸东流"。特朗普回应称，他对 此并不担心，认为欧洲方面"非常需要与美国达成协议"，而且"当初为此进行了非常艰难的谈判"。他表示，相关投资不太可能因此取消，但仍需观察后续 ...

一、市场: ●1月21日收盘：美股收跌道指重挫870点 特朗普关税威胁引燃避险交易 北京时间1月21日凌晨，美股周二大幅收跌，道指跌870.74点，纳指、标普500指数均有较大跌幅。美国总统特朗普重申攫取格陵兰言论，威胁提高对欧洲八 国关税，市场避险情绪盛行，资金逃离美国资产，美债收益率飙升，丹麦养老金运营商退出美国国债市场。科技股领跌，"恐慌指数"升至去年11月25日以来 最高，黄金价格创历史新高。欧洲领导人称关税威胁"不可接受"，考虑反制措施。本周多家公司将公布财报，其业绩指引对维持美股看涨情绪至关重要。 ●1月21日美股成交额前20：闪迪连续第三日创历史新高，获花旗唱好 周一美股多只科技股表现不一。英伟达收跌 4.38%，其参与人工智能推理初创公司 Baseten 3 亿美元融资，凸显其在该领域布局。特斯拉收跌 4.17%，遭前 CEO 批评 FSD 纯视觉方案。苹果收跌 3.46%，法国法院允许其保留 ATT 功能。谷歌 A 类股收跌 2.42%，Waymo 开启无人车的士商业化运营。博通收跌 5.43%。闪迪收高 9.55%，花旗上调其目标价。台积电收跌 4.45%，面临投资者对扩张策略质疑。英特尔 ...

Core Viewpoint - Global markets are experiencing a risk-off sentiment due to US Treasury Secretary Scott Bessent's reaffirmation of the Trump administration's use of tariffs as a primary geopolitical tool, raising concerns about trade-driven inflation and impacting cryptocurrency markets [1][2]. Group 1: Tariffs as a Geopolitical Tool - Bessent emphasized that tariffs are a central component of US foreign policy, framing them as an effective strategy rather than a last resort [2]. - He indicated that President Trump could impose a 10% tariff as early as February 1 if Denmark and allied countries do not cooperate regarding Greenland, signaling a potential escalation in trade tensions [3]. Group 2: Economic Implications of Tariffs - Bessent defended the economic effectiveness of tariffs, claiming they have generated "hundreds of millions of dollars" in revenue, despite contrasting research indicating that US consumers bear most of the tariff costs [5]. - New data suggests that tariffs function more like a hidden consumption tax, which could tighten household liquidity over time, affecting discretionary spending and speculative capital flows into high-volatility assets like cryptocurrencies [6]. Group 3: Impact on Cryptocurrency Markets - Following Bessent's remarks, Bitcoin fell below $90,000 and Ethereum slipped under $3,000, as investors reassessed macroeconomic risks associated with rising trade tensions [1].