每次中美谈判，美国似乎都要"亮个大招"先下手为强。这次也不例外。 在第四轮中美经贸谈判即将于西班牙马德里登场前，特朗普政府又一次摆出强硬姿态，提出对中国商品 征收高达100%的关税。相比前三轮的筹码，这次的"震撼弹"打得更重，也打得更广——不仅自己动 手，还叫上了G7，甚至把北约国家都拖下了水。 比如加拿大，作为轮值主席国，虽然同意召开会议讨论，但其内部官员就明确表示，对中国这样的关键 贸易伙伴征重税并不现实。 表面上，这种高税率是为了应对中国持续进口俄罗斯能源，背后却是不折不扣的"经济武器化"。特朗普 正试图将地缘政治与经贸冲突打包处理，让外交、军备和贸易形成合围中国的新联盟。 只是，这样的"联盟"，真能一呼百应吗？ 9月13日，特朗普致函北约国家，要求他们集体对中国商品加征高额关税。这封信中，关税数字被定在 50%至100%之间，理由依旧是"中国购买俄罗斯能源"，但核心目的是希望通过"断供"来削弱俄罗斯的 军费来源。 在纸面上，这是一个极具象征意义的举动。北约本是军事同盟，美国现在却要它承担经贸对抗任务，将 一个防务体系转化为经济围堵工具，其野心昭然若揭。 但愿景归愿景，现实却骨感。不过，从目前G7内部的 ...

Group 1 - The core viewpoint of the article indicates a significant adjustment in institutional holdings in the U.S. stock market during Q2 2025, with increased allocations in technology, industrials, and communication services, while reducing positions in healthcare, financials, and consumer staples [1][2][31] - Institutional investors increased their holdings in the technology sector by 1.9%, while healthcare saw a reduction of 1.3%, and financials and consumer staples each decreased by 0.7% [2][31] - Hedge funds displayed a notable preference for small-cap healthcare stocks, with their allocation in this sector reaching 28%, compared to only 10% in the Russell 2000 index [14][31] Group 2 - The report highlights that U.S. domestic funds dominate the S&P 500 index, holding 81% of the total, while funds from Europe, the Middle East, and Africa account for 16%, and Asia-Pacific funds only 3% [17][31] - There is a significant regional preference difference, with European, Middle Eastern, and African funds allocating 2% more to the technology sector than U.S. funds, while Asia-Pacific funds have the highest allocation to U.S. tech stocks at 34% [23][31] - The article notes that the largest increases in individual stock holdings were seen in technology giants such as Nvidia (7.4%), Microsoft (7.1%), and Apple (5.8%), indicating strong investor confidence in these companies [24][31] Group 3 - The article discusses a structural change in industry preferences, with a long-term over-allocation to industrials and healthcare, while technology and consumer discretionary sectors have been under-allocated [28][30] - Hedge funds have maintained a long-term low allocation to technology stocks since 2010, primarily due to the high weight of large tech stocks in indices, which raises concerns about valuation risks [30][31] - The report concludes that while technology stocks have been broadly increased, hedge funds' long-term low allocation reflects caution regarding the valuation risks of large tech companies, while the sustained over-allocation to small-cap healthcare underscores optimism about growth potential in the biotech sector [31]