据记录，当晚特朗普的国情咨文演讲持续1小时47分钟。 当地时间周二（2月24日），美国总统特朗普在国会发表了第二任期的首场国情咨文演说，阐述其重返 白宫一年后在经济、关税、移民和中东局势等议题上的施政重点。 尽管目前正值美国向中东派遣两艘航母以应对与伊朗的紧张局势之际，特朗普当晚没有过多提到外交政 策。在提到伊朗问题时，特朗普称，他希望通过外交途径解决美国与伊朗之间的分歧，但暗示军事行动 仍然是一个选项。 特朗普还在演讲中特别为国务卿卢比奥"点赞"，称他将作为最出色的国务卿而被人们铭记。 当晚的演讲以《美国250（周年）：强大、繁荣且受人尊敬》为主轴，侧重讲述关税和贸易政策、制造 业复苏、减税法案等经济政策，此外，特朗普还公布了旨在降低生活成本的能源政策和降低处方药价格 等计划。 特朗普在一天前曾预告说，这将是一场"长篇演说"，极有可能挑战他此前创下的99分钟历史最长纪录。 据记录，当晚特朗普的国情咨文演讲持续1小时47分钟，刷新了在2025年，他在国会发表的1小时39分钟 的演讲记录。此前，美国前总统克林顿在2000年发表的近1小时30分的国情咨文演讲，是自1964年以来 最长的国情咨文演讲。 最高法院大法 ...

来源：金十数据整理（2026-02-24） 1． 释放美伊局势缓和信号——特朗普：所有关于可能对伊朗开战的报道都是错误的，而且是蓄意为 之。我是做决定的人，我更愿意达成协议而不是打仗，但如果不能达成协议，对伊朗及伊朗人民来说， 那将是极其糟糕的一天。 2． 10%全球关税生效——当地时间周二，特朗普新征收的10%的全球关税开始生效。特朗普曾威胁将 税率提高至15%，但截至10%的税率生效时，特朗普也并未正式发布行政令提高税率。据悉白宫已经正 在制定行政令以提高税率。 来源：金十数据整理（2026-02-24） 3． 考虑对六种行业征收新的"国家安全关税"——据华尔街日报，特朗普政府正在考虑对六种行业征收 新的"国家安全关税"。正在考虑的征税范围可能涵盖大型电池、生铁与铁质配件、塑料管材、工业化学 品以及电网和电信设备等行业。这些关税将与新的全球15%关税分开实施。 4． 威胁以"更蛮横"方式使用其他关税权力——特朗普：美国最高法院"在无意中且未察觉的情况下"赋 予总统比裁决前"强大得多的（关税）权力"。其他关税"完全可以以一种更具威力且更为蛮横的方式加 以使用"。我们可以利用许可证对外国采取绝对严厉的措施。此 ...

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]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The report provides investment suggestions for the aluminum industry, recommending light - position short - term long trades on dips for alumina, Shanghai aluminum, and cast aluminum, while emphasizing the need to control trading rhythm and risk [2]. 3. Summary by Related Catalogs 3.1 Futures Market - **Prices and Spreads**: The closing price of the Shanghai aluminum main contract was 21,920 yuan/ton, down 250 yuan; the closing price of the alumina futures main contract was 2,537 yuan/ton, up 67 yuan. The LME electrolytic aluminum three - month quote was 2,875 dollars/ton, down 20 dollars. The spread between the main and second - consecutive contracts for Shanghai aluminum was - 65 yuan/ton, up 30 yuan; for alumina, it was - 15 yuan/ton, up 56 yuan [2]. - **Positions and Inventories**: The main contract positions of Shanghai aluminum decreased by 20,430 hands to 294,373 hands; for alumina, it decreased by 35,592 hands to 205,975 hands. The LME aluminum inventory increased by 900 tons to 519,650 tons; the Shanghai aluminum inventory on the SHFE decreased by 3,635 tons to 119,995 tons [2]. 3.2 Spot Market - **Aluminum Prices**: The price of Shanghai Non - ferrous A00 aluminum was 21,710 yuan/ton, down 340 yuan; the Yangtze River Non - ferrous Market AOO aluminum was 22,070 yuan/ton, down 380 yuan. The average price of ADC12 aluminum alloy ingots nationwide was 21,600 yuan/ton, down 150 yuan [2]. - **Basis and Premiums**: The basis of cast aluminum alloy was 580 yuan/ton, down 130 yuan; the basis of electrolytic aluminum was - 210 yuan/ton, down 90 yuan. The Shanghai Wumao aluminum premium was - 50 yuan/ton, up 10 yuan; the LME aluminum premium was - 32.55 dollars/ton, down 5.87 dollars [2]. 3.3 Upstream Situation - **Alumina**: The alumina production in November was 786.50 million tons, down 13.40 million tons; the demand for alumina (for electrolytic aluminum) was 730.23 million tons, up 25.92 million tons. The capacity utilization rate of alumina was 86.51%, down 0.45%; the supply - demand balance was 37.98 million tons, down 8.87 million tons [2]. - **Aluminum Scrap**: The average price of crushed raw aluminum in Foshan metal scrap was 17,250 yuan/ton, up 100 yuan; in Shandong metal scrap, it was 16,800 yuan/ton, up 50 yuan. China's imports of aluminum scrap increased by 2,945.61 tons to 158,360.01 tons, and exports decreased by 36.08 tons to 32.46 tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The import volume of primary aluminum increased by 4,462 tons to 248,261.37 tons, and the export volume decreased by 4,396.36 tons to 24,573.56 tons. The total production capacity of electrolytic aluminum increased by 1 million tons to 4,524.20 million tons, and the operating rate was 98.21%, down 0.03% [2]. - **Aluminum Products**: The output of aluminum products was 569.40 million tons, down 20.60 million tons; the export volume of unwrought aluminum and aluminum products increased by 7 million tons to 57 million tons. The output of recycled aluminum alloy ingots was 60.83 million tons, down 4.82 million tons; the export volume of aluminum alloy increased by 0.74 million tons to 3.09 million tons [2]. 3.5 Downstream and Application - The national real estate climate index was 91.90, down 0.52. The automobile production was 351.90 million vehicles, up 24 million vehicles [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum was 13.76%, up 0.53%; the 40 - day historical volatility was 12.25%, up 0.43%. The implied volatility of the Shanghai aluminum main at - the - money IV was 13.69%, up 0.0257; the call - put ratio was 1.72, up 0.0321 [2]. 3.7 Industry News - China's November financial data showed that RMB loans increased by 15.36 trillion yuan in the first 11 months, and the cumulative increase in social financing scale was 33.39 trillion yuan, exceeding last year's total. At the end of November, M2 increased by 8% year - on - year, M1 by 4.9%, the stock of social financing by 8.5%, and the balance of RMB loans by 6.4% [2]. - Multiple Fed officials spoke. Philadelphia Fed President Patrick Harker said inflation was no longer the biggest enemy, and the risk of employment decline was more worrying. Chicago Fed President Austan Goolsbee said he voted against a rate cut on Wednesday, waiting for more data, and expected more rate cuts next year than the median forecast [2]. - The National Development and Reform Work Conference emphasized strengthening economic monitoring and early - warning analysis, promoting investment to stop falling and stabilize, and boosting consumption with practical and new measures [2]. - At the 2025 - 2026 China Economic Annual Conference, Han Wenxiu said that China's main economic indicators were better than expected, and the economic aggregate was expected to reach about 140 trillion yuan this year. In 2026, efforts would be made to promote the synchronous growth of residents' income and the economy [2]. 3.8 Alumina View Summary - The alumina main contract was oscillating strongly, with decreasing positions, spot premium, and weakening basis. The supply of bauxite was expected to gradually increase, and the price of domestic bauxite might decline slightly. The domestic alumina production capacity and operating rate might decline slightly, while the demand from electrolytic aluminum plants remained stable. It was recommended to take light - position short - term long trades on dips [2]. 3.9 Electrolytic Aluminum View Summary - The Shanghai aluminum main contract was oscillating weakly, with decreasing positions, spot discount, and weakening basis. The profit of aluminum plants was good, and the domestic electrolytic aluminum production capacity continued to grow slightly. Although it was the traditional off - season, the demand for downstream aluminum products remained resilient. The option market sentiment was bullish, and it was recommended to take light - position short - term long trades on dips [2]. 3.10 Cast Aluminum View Summary - The cast aluminum main contract first fell and then rose, with increasing positions, spot premium, and weakening basis. The supply of scrap aluminum was tight, and the production of cast aluminum might decline. The demand from downstream enterprises was cautious. It was recommended to take light - position short - term long trades on dips [2].