Core Viewpoint - The article emphasizes the dual connotation of the interval target set for economic policy, which aims to provide space for structural adjustment, risk prevention, and reform promotion, with a GDP growth target of 4.5%-5% for 2026 [2][32]. Group 1: Economic Policy and Reform - The core policy direction is to ensure that both fiscal and reform efforts are robust, with fiscal policy maintaining a "more proactive" stance and monetary policy remaining "moderately loose" [3][34]. - The focus on expanding domestic demand has been prioritized for two consecutive years, emphasizing the release of service consumption and the role of new infrastructure in driving growth [4][34]. Group 2: Two Sessions Insights - The article discusses the significance of the "Two Sessions" in shaping economic policy, highlighting the need for a proactive approach to address both domestic and international challenges [9][32]. - It outlines the government's commitment to maintaining a stable economic environment while promoting high-quality development and addressing structural issues [34][32]. Group 3: Consumer Trends and Economic Indicators - The article notes a shift in consumer behavior, with a potential transition from quantity to quality in consumption patterns, particularly in the context of post-holiday travel demand [17][21]. - It also provides insights into recent economic indicators, such as the decline in the PMI for February, indicating challenges in the manufacturing sector [26][27].

Group 1 - The core theme of Trump's State of the Union address was centered around economic policies, including tariffs, trade agreements, and tax reforms, aimed at showcasing the strength and prosperity of the nation [1][2] - Trump claimed that the U.S. economy has experienced a remarkable turnaround, attributing this to tariffs that have generated over $18 trillion in revenue within a year [2] - The address lasted 1 hour and 47 minutes, setting a new record for the longest State of the Union speech, surpassing his previous record of 1 hour and 39 minutes [1] Group 2 - Trump emphasized that the primary duty of the U.S. government is to protect American citizens rather than illegal immigrants, which sparked protests from Democratic lawmakers present at the event [4] - Several Democratic members expressed their discontent during the speech, with some being escorted out for their protests against Trump's statements [3][5] - The speech included a mention of ongoing tensions with Iran, although Trump did not elaborate extensively on foreign policy matters [2]

Group 1 - The U.S. government is signaling a de-escalation in tensions with Iran, with President Trump stating that all reports about a potential war with Iran are false and that he prefers to reach an agreement rather than engage in conflict [1][4] - A new 10% global tariff imposed by the Trump administration has come into effect, with discussions ongoing about potentially increasing this rate to 15% [1][5] - The Trump administration is considering imposing new "national security tariffs" on six industries, including large batteries, pig iron and iron parts, plastic pipes, industrial chemicals, and telecommunications equipment [1][5] Group 2 - President Trump has indicated that the Supreme Court has inadvertently granted him significantly more power regarding tariffs, suggesting that he could use this authority in a more aggressive manner without needing Congressional approval [2][5] - Trump warned that any country attempting to exploit the Supreme Court's ruling could face much higher tariffs than previously agreed upon, particularly targeting nations that have historically harmed U.S. interests [2][5] - The upcoming State of the Union address will be used by Trump to promote economic policies aimed at reducing living costs, with a focus on responding to voter concerns ahead of the midterm elections [2][6] Group 3 - White House officials are pressuring tech executives to sign a non-binding agreement to cover the costs of infrastructure necessary for data centers [3][6] - There are discussions about establishing a stablecoin for Gaza to help rebuild its economy, although the details of implementation are still in the early stages [3][6] - Senate Minority Leader Schumer has stated that the Democratic Party will block any extension of the new 15% global tariff, which is set to expire in 150 days, with indications that there may not be enough votes to extend it [3][7] Group 4 - Reports indicate that there are no orders for a hospital ship to be deployed to Greenland, contradicting previous claims made by President Trump [3][7]

Group 1 - A recent poll indicates that a majority of Americans believe the Trump administration's tariff policy is harmful to the national economy, with 59% of respondents disapproving of Trump's economic policies [1] - Among Democrats, 87% believe tariffs damage the U.S. economy, while 66% of Republicans think tariffs are beneficial, reflecting a partisan divide in perception [1] - The disapproval rate among independents has increased from 59% to 66%, highlighting a growing dissatisfaction with Trump's economic governance [1] Group 2 - The Republican Party's support for Trump's economic policies is under scrutiny, especially given their slim majority in the House and the public's concern over rising prices [2] - There are non-political reasons for the Republican Party to reconsider support for Trump's tariff policies, as these policies are deemed unconstitutional and have not achieved their intended goals [2] - The U.S. Supreme Court may soon rule against Trump's tariff policies, but this does not change the fact that the Republican Party should not have supported these policies from the outset [2]

Group 1 - The Thai Industrial Federation (FTI) projects that automotive production will reach 1.5 million units by 2026, a slight increase from 1.45 million units last year, driven by rising domestic demand and increased production of electric vehicles [1] - Of the projected production, 950,000 units are intended for export and 550,000 units for the domestic market, with domestic production expected to increase by 50,000 units [1] - The automotive export performance has been mixed, with a year-on-year increase of 11.3% in December 2025, reaching 84,963 units, but an overall annual decline of 8.19%, totaling 935,750 units [1] Group 2 - The FTI's vice president, Surapong, expressed concerns about global economic uncertainties, tariffs, and geopolitical conflicts negatively impacting exports, leading to a cautious outlook [1] - Stricter carbon emission regulations abroad, particularly in Australia from 2025 to 2028, may increase manufacturing costs for high-emission vehicles such as pickups and luxury models [1] - Domestic optimism is rising, with expectations that the upcoming elections will lead to a government capable of implementing economic policies that boost business confidence [1] Group 3 - Surapong welcomed the investment committee's recent approval of incentives for new projects worth 1.15 trillion baht, which is expected to stimulate economic growth and benefit the automotive industry in the next 1 to 2 years [2] - Domestic automotive sales are projected to reach approximately 640,000 to 650,000 units by 2026, primarily due to increasing demand for electric vehicles [2] - In December, domestic car sales surged by 47.2% year-on-year, totaling 75,121 units, while total domestic sales for 2025 increased by 8.47% to 621,166 units [2]

Core Viewpoint - The article discusses President Trump's campaign activities in Iowa, emphasizing the importance of the midterm elections for his policies and agenda, particularly regarding tax cuts and border policies [3][4][5]. Group 1: Importance of Midterm Elections - Trump highlighted that losing control of Congress would jeopardize his tax and border policies, urging Republican voters to participate actively in the midterm elections [5][6]. - He stated that controlling both the Senate and the House is crucial for advancing his agenda, asserting that a Democratic victory would lead to a collapse of the country [6][8]. Group 2: Economic Performance Claims - Trump linked the significance of the midterm elections to his economic achievements, claiming improvements in inflation, investment, and job growth since he took office [8]. - He attributed domestic investment growth to tariffs and trade policies, stating that the U.S. has secured a record $18 trillion in investment commitments [8]. Group 3: Opposition Voices - Iowa Democrats criticized Trump's visit, arguing that his tariffs and economic policies have harmed the state's agriculture and worsened the economic outlook for its residents [10][11]. - They pointed out rising living costs and increasing layoffs, attributing these issues to Trump's policies, which they claim have led to higher healthcare costs and reduced support for Medicaid [10][11].

Macro and Strategy Research - The US economy shows strong internal momentum with a 0.3% month-on-month increase in personal consumption expenditures adjusted for inflation in November 2025, marking the highest growth rate since the second half of 2025 [2] - In Europe, inflation dropped below 2% year-on-year in December 2025, indicating easing pressure, supported by labor costs and year-end consumption [3] - Domestic economic growth in China for 2025 is expected to meet targets despite a slowdown in the fourth quarter, with net exports providing structural support in early 2026 [3] Fixed Income Research - The bond market continues to show signs of recovery, with mid- to long-term bonds performing well, driven by a strong equity market and manageable bank liability pressures [5][7] - The issuance of special bonds increased significantly, with a total of 56 bonds issued, amounting to 619.1 billion yuan during the reporting period [7] - The overall bond market is characterized by a recovery trend, with the yield on 7-year government bonds declining the most [7] Industry Research - Nine departments in China have issued opinions to promote high-quality development in the pharmaceutical retail industry, indicating potential benefits for leading chain pharmacies and an expected operational turning point [10][12] - The SW pharmaceutical industry index shows a price-to-earnings ratio of 52.01, with a valuation premium of 266% relative to the CSI 300 index [11] - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, while also monitoring segments like small nucleic acids [12]

Core Viewpoint - The White House Chief of Staff, Mark Meadows, announced that Trump will begin weekly speeches across the U.S. focusing on economic and energy issues ahead of the midterm elections in November [1] Group 1: Political Strategy - Trump’s first speech will take place in Iowa on Tuesday, emphasizing economic and energy topics [1] - There is increasing concern among White House senior aides and Republican lawmakers that Trump is focusing more on foreign policy rather than economic and healthcare issues, which could negatively impact the elections [1] - Polls indicate that the American public is generally dissatisfied with Trump's performance on economic matters [1] Group 2: Republican Party Dynamics - Trump acknowledged in a recent interview that the Republican Party may struggle to maintain its fragile advantage in Congress, as the ruling party often loses seats in midterm elections [1] - Despite Trump not being on the ballot, Republicans view him as the best spokesperson on economic issues and plan to leverage his popularity to appeal to skeptical voters [1]

Group 1 - The core viewpoint of the articles revolves around the criticism of Japanese Prime Minister Suga Yoshihide's government for its silence on the U.S. military actions in Venezuela, which many perceive as a double standard in foreign policy [2][4]. - The Japanese government is facing strong criticism from both the political and public spheres for not condemning the U.S. actions, which are seen as a violation of international law [2][3]. - Analysts suggest that Suga's government is prioritizing diplomatic relations with the U.S. over addressing international law violations, indicating a potential diplomatic dilemma [4][5]. Group 2 - Suga Yoshihide's government is under pressure to clarify its foreign policy stance, especially in light of deteriorating relations with China and the upcoming visit of South Korean President Yoon Suk-yeol to China [5][6]. - The articles highlight concerns that Suga's conservative approach may lead to further diplomatic crises, particularly in relations with South Korea [6]. - There is a noted lack of moderate voices within Suga's administration, which may hinder effective communication and policy-making, raising questions about the government's diplomatic capabilities [6].

Core Viewpoint - A majority of Ghanaians express improved living standards compared to last year, indicating positive social expectations from the 2026 national budget [1] Group 1: Public Sentiment on Living Standards - 56% of respondents reported an improvement in their living standards compared to the previous year, while 27% felt it remained the same, and 12% experienced a decline [1] - 70% of voters are optimistic about further improvements in living standards by 2026, with only 18% expressing pessimism [1] Group 2: Satisfaction with the 2026 Budget - Approximately 66% of voters are satisfied with the 2026 budget proposal, while 18% are dissatisfied, and 16% remain neutral [1] Group 3: Governance and Corruption Perception - About 56% of respondents believe that the corruption situation in the country has improved, and 60% approve of the government's anti-corruption efforts [1] - Regarding illegal mining issues, 47% of the population feels that the situation has not worsened during Mahama's administration, with a 43% agreement rate among those in mining areas [1] Group 4: Overall Confidence in Government Actions - The majority of Ghanaians support the government's economic policies, governance actions, and anti-corruption efforts, which are enhancing public confidence in the country's development trajectory [1]