东方证券指出，工业金属方面，本次关税裁决并不影响钢铝关税，而且未来铜等关键金属的关税可能依 据的是232等条款而非IEEPA，因此关税裁决对工业品影响暂时有限，工业品价格仍锚定自身供需。美 国1月SIM制造业PMI大幅回升至52.6，需求托底预期继续增强。国内方面，春节前一周铜铝累库幅度放 缓，加工企业开工率淡季表现尚可，而且跌价后下游接货力度较强。铜铝等工业品现实转强或可期待， 重点关注节后去库力度。拉长时间看，内外政策托底预期下，工业品下方支撑较强，在宏观利好释出， 供给扰动增加背景下，中低库将强化商品的价格弹性。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等 短期涨跌仅供参考，不代表其未来表现，亦不构成对基金 ...

Market Overview - On February 23, US stock indices faced pressure due to uncertainty surrounding tariff rulings and concerns over AI development, resulting in a collective decline. The Dow Jones fell by 1.66% to 48,804.06 points, the S&P 500 dropped by 1.04% to 6,837.75 points, and the Nasdaq decreased by 1.13% to 22,627.27 points [1] Company-Specific Developments - IBM's stock plummeted over 13%, marking its largest single-day drop since October 2000. This decline is attributed to competitive pressures from Anthropic's Claude Code, which targets IBM's reliance on legacy COBOL systems [3][7] - Other notable stock movements included Novo Nordisk, which fell over 16%, and a 32.75% drop in the 2x Long Novo Nordisk ETF, following disappointing clinical trial results for its product CagriSema compared to Eli Lilly's Zepbound. Conversely, Arcellx's stock surged over 77% due to a reported acquisition by Gilead Sciences at $115 per share [8] Tariff and Economic Policy - The US Customs and Border Protection (CBP) announced the cessation of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) following a Supreme Court ruling deeming them illegal. This change is expected to influence market dynamics throughout the year [4][5] - Market analysts have differing views on the impact of tariffs. Michael Landsberg from Landsberg Bennett Private Wealth Management suggests that ongoing tariff negotiations may continue to disrupt the market, while Edward Jones' Angelo Kourkafas downplays the potential economic impact of increasing tariffs to 15% [5] Commodity Market Reaction - In response to the tariff situation, precious metals experienced gains, with COMEX gold futures rising by 0.7% to $5,262.3 and COMEX silver futures increasing by 2.18% to $88.46 [9]

智通财经APP获悉，创科实业(00669)盘中涨超5%，截至发稿，涨3.84%，报124.3港元，成交额9.12亿港 元。 小摩此前发布研报称，电动工具行业正重新步入增长轨道，推动因素包括供应链及库存调整正常化、利 率周期更有利，以及公司自身的催化剂。针对创科实业，该行预期Milwaukee品牌收入增长将重新加 速，因总市场规模快速扩张。同时，在退出沃尔玛的HART品牌后，公司将重新聚焦消费业务，尤其是 家得宝的Ryobi品牌。 消息面上，美国最高法院宣布特朗普政府实施多项关税无效。随后特朗普将全球关税提高至15%，为期 150天。花旗认为，这项裁决对大多数中国出口商而言总体上属于利好消息，因为其美国客户现需支付 更高对等关税，并不是根据第122条款额外征收的15%关税，故在美国销售业务占更高的公司应该受益 更多。该行较看好创科实业。 ...

格隆汇2月21日｜印度商业和工业部发表声明称，我们已获悉美国最高法院昨日关于关税的裁决。特朗 普总统也就此在新闻发布会上发表了讲话。美国政府已宣布了一些措施。我们正在研究这些情况所产生 的影响。 ...

格隆汇2月21日｜韩国表示，美国最高法院推翻特朗普实施关税的裁决，并不会影响其与美国的整体贸 易协议。该裁决使目前对韩国商品征收的15%互惠关税失效，但针对汽车和钢铁的行业性关税仍然有 效。韩国将密切关注美国的后续举措，并与企业团体合作，支持受影响的公司，同时采取最符合国家利 益的方向。 ...

责任编辑：张俊 SF065 达拉斯联邦储备银行行长洛里·洛根表示，她对利率持"谨慎乐观"态度，并承认企业可能面临更多不确 定性——包括最高法院的关税裁决。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：张俊 SF065 达拉斯联邦储备银行行长洛里·洛根表示，她对利率持"谨慎乐观"态度，并承认企业可能面临更多不确 定性——包括最高法院的关税裁决。 新浪合作大平台期货开户 安全快捷有保障 ...

来源：滚动播报 欧洲奢侈品和酒类股飙升，此前美国最高法院裁定总统特朗普发布的全球关税为非法。鉴于在美国业务 规模庞大，且生产基地通常设在本国，奢侈品公司是受特朗普关税影响最大的企业之一。在该裁决公布 后不久，一篮子欧洲奢侈品股飙升1.3%，行业领头羊LVMH集团股价跳涨1.3%。法国同行保乐力加、 爱马仕和盟可睐的股价也大幅走高。Guinness啤酒和烈酒生产商帝亚吉欧的股价飙升超过1%。 ...

本文源自：金融界AI电报 标普500指数和纳斯达克100指数在关税裁决引发飙升后回吐涨幅。 ...

Core Viewpoint - The U.S. Supreme Court did not make a ruling regarding the tariffs related to Trump, leading to a significant market reaction with major indices declining sharply [1] Market Reaction - The S&P 500 index fell by 1.5% - The Dow Jones Industrial Average dropped 744 points, also reflecting a 1.5% decrease - The Nasdaq Composite decreased by 416 points, marking an 1.8% decline - The semiconductor index experienced a slight decline of 0.7% [1]

Core Viewpoint - The U.S. Supreme Court has delayed its ruling on the Trump administration's tariff case, causing uncertainty in the market, particularly affecting consumer stocks. Analysts suggest that the longer the delay, the more favorable it may be for the Trump administration, although some legal experts disagree on this perspective [1][2]. Group 1: Court Proceedings and Market Reactions - The Supreme Court has not yet announced a decision on the tariff case, with potential rulings expected around January 21 or 22 [1]. - The delay in the ruling has led to declines in consumer stocks, reflecting market concerns over policy uncertainty [1]. - Analysts from JPMorgan indicate that the longer the court takes to decide, the higher the likelihood that the ruling will favor the Trump administration [2]. Group 2: Financial Implications of Tariffs - The potential amount for tariff refunds in the case is estimated at $135 billion [3]. - Trump has warned that a ruling against his tariffs could lead to refunds amounting to "hundreds of billions" or even "trillions" of dollars, which he claims would be disastrous for the country [4]. - The actual tariff revenue collected has increased by $206 billion over the past eight months, but only about $130 billion is attributed to tariffs under the International Emergency Economic Powers Act (IEEPA) [5]. Group 3: Economic Perspectives - The current pace of tariff revenue generation is approximately $30.4 billion per month, translating to an annualized revenue of $364.5 billion, although this figure is expected to decline as companies seek ways to avoid tariffs [5]. - The Trump administration has indicated that tariffs are a means to address the national debt, but experts argue that the revenue generated is insufficient to have a significant economic impact [5].