9月19日，A股市场延续缩量震荡态势，三大指数集体收跌，科技板块内部分化加剧，资源类周期股与 政策驱动的消费板块逆势活跃；港股市场在科技股带动下相对抗跌，恒生科技指数微涨0.37%，有色金 属与博彩板块成为主要亮点。两市成交额均较前一交易日萎缩，显示投资者观望情绪浓厚，市场热点轮 动加快，结构性特征显著。 展望下周，A股或延续震荡整固，港股科技主线有望维持韧性。需重点关注国庆假期消费数据预期及政 策面动向，资源品价格走势与科技板块资金轮动节奏。策略上建议聚焦煤炭、旅游等政策与景气共振板 块，规避高位题材股回调风险，控制仓位灵活应对热点切换。 主要指数表现 港股市场科技制造与周期资源板块形成共振，富士康与博彩概念领涨。富士康指数暴涨15.68%，资金 持续涌入显示做多动能强劲；博彩板块延续强势，量价配合良好，高盛报告指出澳门博彩业将受益于国 庆黄金周酒店预订爆满及旅客结构优化；有色金属板块全面爆发，特斯拉产业链催化与全球资源品价格 回暖形成双重驱动；汽车零件股表现活跃，特斯拉Optimus机器人量产计划提振供应链预期。 领跌板块与驱动逻辑 A股市场前期热门成长板块集体回调，机器人概念领跌市场。宇树机器人指数跌5 ...

Core Viewpoint - The recent ruling by the Federal Circuit Court limits President Trump's power to impose tariffs unilaterally, stating that the authority to levy tariffs belongs to Congress, not the President [1][3]. Group 1: Legal and Political Implications - The court's decision was a 7-4 vote, indicating significant judicial pushback against the executive branch's use of the International Emergency Economic Powers Act to impose tariffs on countries like China, Canada, and Mexico [1]. - The ruling has sparked intense debate among the three branches of government, with the White House expressing dissatisfaction and claiming that the removal of tariffs could lead to economic collapse [1][3]. - The decision is seen as a victory for Congressional Democrats and state leaders who argue it prevents the imposition of erroneous tariffs [1][3]. Group 2: Economic Impact - The U.S. Treasury previously projected tariff revenues of $142 billion for the fiscal year 2025, but much of this revenue is now deemed illegally collected, potentially requiring refunds to businesses if the ruling is upheld by the Supreme Court [3][6]. - The tariffs have resulted in 64% of the costs being borne by U.S. businesses and 22% by consumers, leading to increased raw material prices and reduced corporate profits [6][8]. - The trade protectionism strategy has not yielded the intended benefits, instead harming domestic enterprises and consumers [6][8]. Group 3: Global Trade Dynamics - The ruling has caused a ripple effect in global trade, with countries like Japan and India reassessing their trade relations with the U.S. and considering retaliatory measures [3][4]. - The uncertainty surrounding U.S. trade policy has led to a loss of trust among international partners, complicating negotiations and agreements [8]. - The court's decision is viewed as a response to U.S. unilateralism in global trade, emphasizing that trade cannot be dictated by a single nation [8].

Group 1 - The Cambodian Ministry of Economy and Finance forecasts a robust growth of 7.1% in the industrial sector by 2025, slightly lower than previous expectations due to a slowdown in the garment and non-garment manufacturing industries [1] - The garment industry, as the largest pillar of Cambodia's industrial sector, is expected to achieve a growth rate of 10.1%, although this growth may weaken towards the end of the year due to new export tariffs imposed by the US starting in August [1] - Non-garment manufacturing is projected to grow by 6.9%, falling short of initial expectations, impacted by tensions at the Cambodia-Thailand border affecting raw material flow and tariffs on various export categories to the US [1] Group 2 - Significant growth was observed in several non-garment export categories in the first half of 2025, including electronic components (24.3%), furniture (39.4%), auto parts (10.1%), bicycles (41.6%), tires (80.4%), and a remarkable 194.9% increase in wires and cables [2] - The export of solar panels plummeted by 98.9% due to increased tariffs in the US market [2] - The diversification of export markets, particularly in the EU and China, is seen as a key driver for growth in the second half of 2025, helping Cambodia mitigate external risks and ensure steady economic development [2]

Group 1 - India is at a critical juncture, facing a tough test regarding energy security due to a proposed US Senate bill imposing punitive tariffs on countries buying oil from Russia [1][2][3][4] - The US bill threatens to impose tariffs as high as 500%, which could force India to choose between maintaining economic affordability and aligning with US geopolitical interests [2][4][10] - Since early 2022, Russian oil has been significantly cheaper than Middle Eastern oil, saving India nearly $7-8 per barrel, which has helped mitigate inflation and protect citizens' finances [5][6][18] Group 2 - The Indian government’s decision to import Russian oil is based on economic rationality, saving approximately $79 billion in oil import costs over the past year [6][18][19] - The US's geopolitical perspective views India's economic decisions as a lack of cooperation with its sanctions against Russia, leading to potential economic coercion [19][20] - The proposed tariffs are not merely economic penalties but a coercive measure aimed at forcing India to comply with US strategic objectives [20][48] Group 3 - India's long-standing commitment to "strategic autonomy" is now challenged by external pressures, particularly from the US [8][24][26] - The country must demonstrate its ability to maintain core interests, such as energy security and economic stability, under significant external pressure [11][28] - India's reliance on the US market, with exports amounting to $800-900 billion annually, makes it vulnerable to the proposed tariffs, which could devastate key industries [31][32][34] Group 4 - India is currently seeking to diversify its energy sources and reduce dependence on Russian oil, which requires significant time and investment [41][43] - The need for alternative markets and financial systems is critical, as India explores options to bypass reliance on the US dollar [41][42] - The ongoing geopolitical tensions are pushing India to develop a more complex diplomatic strategy, balancing relations with both the US and Russia [36][39][56] Group 5 - The situation reflects a broader trend of countries needing to navigate a complex geopolitical landscape, where they must maintain relationships with multiple powers while safeguarding their national interests [51][55] - The crisis serves as a test of India's national credibility, as it seeks to prove its resilience against US economic pressures while establishing itself as an independent player on the global stage [58][60] - The evolving dynamics indicate a shift towards a multipolar world, where countries must enhance their negotiating power and strategic autonomy to avoid being coerced by larger powers [61][62]

港股收评：新股首挂大涨 恒瑞医药涨超25% 金十数据5月23日讯，港股今日震荡，走势反覆，恒指收涨0.24%，报23601.26点。恒生科技指数收跌 0.09%，报5246.87点。截至今日收盘，恒指大市成交额2036.71亿港元。盘面上，恒瑞医药上市带动创 新药板块大涨，汽车零件、影视股涨幅居前，服装零售商板块走低。个股方面，上市首日，Mirxes- B(02629.HK)收涨28.76%，恒瑞医药(01276.HK)收涨25.2%。比亚迪股份(01211.HK)涨近2%，阿里影业 (01060.HK)涨8%，中国卫生集团(00673.HK)今日复牌涨超110%。滔搏(06110.HK)跌超9.4%，周大福 (01929.HK)跌3.3%，小鹏汽车(09868.HK)跌3.9%。 ...