Macroeconomic Indicators - The FHFA house price index in the US increased by 0.4% month-on-month in October, surpassing the expected 0.1% and the previous value of -0.1% [1][10] - The number of initial jobless claims in the US dropped significantly to 199,000 for the week ending December 20, falling below 200,000 and approaching historical lows, compared to the previous value of 215,000 and an expectation of 218,000 [1][10] - The US refinery utilization rate slightly increased to 94.7% for the week ending December 26, up from 94.6% the previous week [1][10] - The US crude steel production continued to decline year-on-year, with a decrease of 1.8% compared to a previous decline of 3.6% [1][10] Major Index Performance - The S&P Oil & Gas Index rose by 3.11% over the week from December 29, 2025, to January 2, 2026, while the Nasdaq 100 Index fell by 1.71% and the S&P 500 Index decreased by 1.03% [2][12] - Among the 11 sectors covered by the S&P 500, three sectors saw gains, with the S&P 500 Energy sector leading with a rise of 3.29%, while the S&P 500 Consumer Discretionary sector lagged with a decline of 3.17% [2][12] Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [4][13] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant portion (57.87%) of its composition in the information technology sector, along with exposure to consumer services, consumer goods, and healthcare [4][13]

Macroeconomic Overview - The actual GDP growth in the US for Q3 2025 significantly exceeded expectations, driven by resilient consumer spending and a reduction in imports, with an annualized quarter-on-quarter growth of 4.3%, surpassing the expected 3.3% and the previous 3.8% [1][11] - In October, US durable goods orders were weaker than expected, with a month-on-month decline of 2.2%, below the forecast of -1.5% and the previous increase of 0.7% [1][12] Major Index Performance - For the week of December 22-26, the S&P Oil & Gas Index rose by 0.27%, the Nasdaq 100 Index increased by 1.18%, and the S&P 500 Index gained 1.40%, with 10 out of 11 sectors in the S&P 500 showing gains [1][13] - The S&P 500 Materials sector led with a rise of 2.38%, while the S&P 500 Consumer Staples sector saw a slight decline of 0.10% [1][13] Investment Direction - Following the strong GDP growth in Q3, expectations for interest rate cuts decreased, leading to a rebound in US stocks, while gold reached a historical high [1][15] - Despite high valuations in the US stock market, liquidity expansion and profit recovery are expected to provide support [1][15] ETF Products - The Bosera S&P 500 ETF (513500) is designed to track the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [1][15] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant focus on the information technology sector, which constitutes 57.87% of the index [1][15]

Macroeconomic Overview - In November, the US non-farm payrolls increased by 64,000, exceeding the expected 50,000 but lower than the previous 119,000 [1] - The unemployment rate in November rose to 4.6%, higher than the expected 4.5% and the previous 4.4% [1] - The US Consumer Price Index (CPI) for November unexpectedly weakened, with a year-on-year increase of 2.7%, below the expected 3.1% and the previous 3% [1][10] - The core CPI for November also rose by 2.6%, not meeting the expected and previous 3% [10] - Retail sales in October showed no growth, primarily due to declines in automobile and gasoline sales, with a month-on-month change of 0% [10] - Excluding automobiles, retail sales increased by 0.4%, surpassing the expected 0.2% and the previous 10.1% [10] - Excluding both automobiles and gasoline, retail sales rose by 0.5%, matching the expected 0.5% and improving from 0% previously [10] - The annualized month-on-month sales of existing homes in November decreased by 0.5%, lower than the expected 1.2% and the previous 1.5% [1][10] - The total annualized sales of existing homes in November were 4.13 million units, below the expected 4.15 million but higher than the previous 4.11 million [10] Index Performance - For the week of December 15-19, the S&P Oil & Gas Index fell by 4.85%, while the Nasdaq 100 Index rose by 0.59% [2][11] - The S&P 500 Index increased by 0.10%, with five of its eleven sectors showing gains, led by non-essential consumer goods up by 1.01% and energy down by 2.91% [2][11] Investment Products - The Bosera S&P 500 ETF (513500) tracks the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [4][13] - The S&P 500 Index is recognized as a benchmark for US stocks, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of US stocks [4][13] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the information technology sector comprising 57.87% of the index [4][13]

Macroeconomic Overview - In October, the JOLTS job openings in the U.S. unexpectedly increased to 7.67 million, surpassing the expected 7.12 million and the previous value of 7.66 million, primarily driven by a significant rise in the retail sector [1] - The NFIB small business optimism index for November rose to 99%, above the expected 98.3% and the previous 98.2%, indicating a recovery in sales expectations and hiring demand [1] - The Sentix investor confidence index for December increased to 9.7, up from 4.0 in the previous month, reflecting improved investor sentiment [1] Major Index Performance - For the week of December 8-12, the S&P Oil & Gas index fell by 3.69%, the Nasdaq 100 index decreased by 1.93%, and the S&P 500 index declined by 0.63% [2][15] - Among the 11 sectors covered by the S&P 500, 6 sectors saw gains, with the S&P 500 Materials sector leading with a rise of 2.44%, while the S&P 500 Communication Services sector lagged with a drop of 3.20% [2][15] Federal Reserve Insights - The Federal Reserve's decision to lower interest rates was accompanied by an unexpected expansion of its balance sheet, which is beneficial for market liquidity [16][17] - Internal divisions within the Federal Reserve were noted, with some members advocating for a more significant rate cut of 50 basis points, while others preferred to maintain the current rates [17] - The market's expectations for future rate cuts have adjusted, with projections for 2026 decreasing from 3 times to 2.2 times [16][17] Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the S&P 500 index, which includes over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of U.S. stocks [17] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 index, with a significant portion (57.87%) of its composition in the Information Technology sector, alongside exposure to Consumer Services, Consumer Goods, and Healthcare sectors [18]

Group 1: US Macroeconomic Data - The US PCE price index for September remained high, with a year-on-year increase of 2.8%, matching expectations and up from the previous value of 2.7% [1] - The month-on-month PCE price index for September rose by 0.3%, consistent with expectations and the previous value [1] - The core PCE price index for September increased by 2.8% year-on-year, in line with expectations but lower than the previous value of 2.9% [1] - The month-on-month core PCE price index for September rose by 0.2%, matching expectations and the previous value [1] - Personal consumption expenditures in September increased by 0.3% month-on-month, in line with expectations but lower than the previous value of 0.5% [1] - Actual personal consumption expenditures for September showed no growth, falling short of the expected increase of 0.1% and the previous value of 0.2% [1] - The ISM manufacturing index for November recorded 48.2, below expectations of 49 and the previous value of 48.7, indicating continued contraction in manufacturing [1] - The ISM services index for November recorded 52.6, exceeding expectations of 52 and the previous value of 52.4, indicating accelerated expansion in services [1] - The ADP employment report for November showed a decrease of 32,000 jobs, significantly below the expected decrease of 10,000 and the previous decrease of 42,000 [1] - Consumer confidence improved significantly in December, with inflation expectations declining [1] Group 2: Consumer Confidence and Inflation Expectations - The preliminary consumer confidence index from the University of Michigan for December recorded 52.3, better than the expected value of 52 and the previous value of 51 [2] - The one-year inflation expectation from the University of Michigan for December was 4.1%, lower than both the expected and previous values of 4.5% [2] - The five-year inflation expectation from the University of Michigan for December was 3.2%, lower than both the expected and previous values of 3.4% [2] Group 3: Major Index Performance - The S&P Oil & Gas Index rose by 1.97% during the week of December 1-5, while the Nasdaq 100 Index increased by 1.01% and the S&P 500 Index rose by 0.31% [3] - Among the 11 sectors covered by the S&P 500, 6 sectors experienced gains, with the S&P 500 Energy sector leading with a 1.40% increase, while the S&P 500 Utilities sector lagged with a 4.52% decline [3] Group 4: Market Outlook - US stocks experienced slight gains during the week of December 1-5, driven by disappointing employment data and stable interest rate cut expectations [5] - The market is closely monitoring the upcoming FOMC meeting for voting and dot plot information [6]

Macroeconomic Data - The US September CPI data did not exceed expectations, with core inflation slightly declining while super core inflation remained resilient. The CPI year-on-year increased by 3%, higher than the previous value of 2.9% but lower than the expected 3.1%. The core CPI year-on-year also increased by 3%, lower than both the previous and expected values of 3.1%. Month-on-month, the CPI rose by 0.3%, lower than the previous value of 0.4% and the expected 0.4%. The core CPI month-on-month increased by 0.2%, lower than the previous value of 0.3% and the expected 0.3% [1]. PMI Data - Global PMI data showed divergence, with the US PMI rebounding above expectations, while the Eurozone manufacturing returned to the growth line, and manufacturing conditions in Germany and Japan remained poor. The US October Markit Composite PMI recorded 54.8, exceeding the expected 53.5 and previous 53.9. The US October Markit Manufacturing PMI recorded 52.2, slightly above the expected and previous values of 52. The US October Markit Services PMI recorded 55.2, higher than the expected 53.5 and previous 54.2. The Eurozone October Composite PMI preliminary value was 52.2, above the expected 51.1 and previous 51.2. The Eurozone October Manufacturing PMI recorded 50, exceeding both expected and previous values of 49.8. The Eurozone October Services PMI recorded 52.6, higher than the expected 51.2 and previous 51.3. Germany's October Composite PMI recorded 53.8, better than the expected 51.5 and previous 52. The October Manufacturing PMI for Germany was 49.6, slightly above the expected and previous values of 49.5. The October Services PMI for Germany was 54.5, exceeding the expected 51 and previous 51.5. Japan's October Composite PMI recorded 50.9, lower than the previous 51.3. Japan's October Manufacturing PMI recorded 48.3, lower than the previous 48.5. Japan's October Services PMI recorded 52.4, lower than the previous 53.3 [2]. Housing Market - US September existing home sales showed a marginal recovery, meeting expectations. The total number of existing home sales annualized increased by 1.5% month-on-month, in line with expectations and higher than the previous value of -0.2%. The total number of existing home sales annualized recorded 4.06 million units, consistent with expectations and higher than the previous value of 4 million units [3]. Major Index Performance - In the week from October 20 to 24, the S&P Oil & Gas Index rose by 3.91%, the Nasdaq 100 Index increased by 2.18%, and the S&P 500 Index gained 1.92%. Among the 11 sectors covered by the S&P 500, 9 sectors rose, with Information Technology leading at 2.75%, while Consumer Staples lagged at -0.59% [4]. Market Outlook - US stocks continued to reach new highs, supported by the easing of tariffs and weaker-than-expected CPI data. The CPI's delayed release indicated a slowdown in inflation, alleviating market anxiety and increasing the probability of a Federal Reserve rate cut in October. This rate cut is expected to aid traditional private demand, such as real estate and manufacturing investments, alongside fiscal stimulus and ongoing technology investment trends, suggesting a gradual recovery in the US credit cycle. As of last week, 29% of S&P 500 constituents had reported Q3 earnings, with 84% exceeding expectations. In addition to earnings growth, close attention is being paid to corporate cash expenditure outlooks [6].

Group 1: Macroeconomic Indicators - The NFIB Small Business Optimism Index for September recorded 98.8%, below the expected 100.6% and the previous value of 100.8% [1] - The NAHB Housing Market Index for October exceeded expectations, recording 37, higher than the expected 33 and the previous value of 32 [2] Group 2: Index Performance - The S&P Oil & Gas Index fell by 0.31% over the past week, while the Nasdaq 100 Index rose by 2.46% and the S&P 500 Index increased by 1.70% [3][4] - All 11 sectors of the S&P 500 Index saw gains, with the Communication Equipment sector leading at 3.64% [4] Group 3: Market Trends and Investment Opportunities - Following a decline, U.S. stocks rebounded last week, with gold prices reaching nearly $4,400, setting a new historical record [5] - Concerns about credit quality arose from reports of regional banks, but the market recovered due to easing tariffs and solid performance from several regional banks [5] - The S&P 500 Index is recognized as a benchmark for U.S. stocks, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of U.S. stocks [5]

Macroeconomic Overview - The U.S. government shutdown continues due to the failure to pass a temporary funding bill, starting from October 1, 2025 [1] - The U.S.-China trade tensions are escalating, with the U.S. expanding export controls and adding 16 Chinese tech companies to the entity list [1] - In response, China is tightening export controls on rare earths and other materials, and has announced special port fees for U.S. vessels [1] - Former President Trump announced plans to impose significant tariffs on China starting November 1, 2025 [1] Consumer Confidence and Inflation - The University of Michigan's consumer confidence index for October recorded at 55, slightly above the expected 54 but below the previous value of 55.1 [1] - The consumer expectations index for October was recorded at 51.2, falling short of the expected 51.4 and previous 51.7 [1] - One-year inflation expectations for October were slightly lower at 4.6, compared to the expected 4.7 and previous 4.7 [1] - Five-year inflation expectations remained stable at 3.7, matching both the expected and previous values [1] Market Performance - The S&P Oil & Gas Index fell by 6.94% over the week from October 6 to October 10 [2] - The Nasdaq 100 Index decreased by 2.27% during the same period [2] - The S&P 500 Index dropped by 2.43%, with only two of its eleven sectors showing gains, led by utilities at 1.42% and energy down by 3.98% [2][3] Investment Direction - The recent tariff threats from Trump have triggered risk-averse trading, leading to declines in U.S. stocks and increases in gold prices [4] - The impact of these tariffs on U.S.-China trade and the economy is considered less severe than in April, with market reactions being more desensitized [4] - The BoShi S&P 500 ETF (513500) is highlighted as a tool for domestic investors to capture U.S. stock growth, tracking the S&P 500 Index which covers over 500 representative companies [4] - The BoShi Nasdaq 100 ETF (513390) focuses on the technology sector, which constitutes 57.87% of the index, featuring high-quality tech companies [5]

Group 1: US Macroeconomic Data - In August, US retail sales unexpectedly increased by 0.6% month-on-month, surpassing the expected 0.2% and matching the previous value [1] - Retail sales excluding automobiles rose by 0.7%, exceeding both the expected 0.4% and the previous value of 0.4% [1] - New housing starts in August fell significantly by 8.5% month-on-month, lower than the expected decline of 4.4% and the previous increase of 3.4%, totaling 1.307 million units [1] - Building permits in August also fell by 3.7%, not meeting the expected increase of 0.6% and worsening from the previous decline of 2.2%, with a total of 1.312 million permits issued [1] Group 2: Major Index Performance - For the week of September 15-19, the S&P Oil & Gas Index decreased by 0.11%, while the Nasdaq 100 Index increased by 2.22% and the S&P 500 Index rose by 1.22% [2] - Among the 11 sectors covered by the S&P 500, 5 sectors saw gains, with communication equipment leading at 3.37%, while real estate experienced a decline of 1.42% [2] Group 3: Investment Direction - Following the recent interest rate meeting, a new round of rate cuts is anticipated, with US stocks rising as a result [4] - The dot plot indicates that among 19 voting members, 9 expect one more rate cut this year, while another 9 anticipate two cuts, aligning with current market expectations [4] - The US economy may remain resilient, supported by strong AI sector investments and potential fiscal spending resuming in October, with traditional demand in manufacturing and real estate likely to respond quickly to monetary easing [4]

Macroeconomic Overview - US consumer inflation continues to rise, with the August CPI increasing by 2.9% year-on-year, up from 2.7% previously and in line with expectations [1] - Core CPI year-on-year growth remains at 3.1%, matching the previous value and expectations [1] - The August PPI year-on-year growth decreased to 2.6%, below the expected 3.3% and previous 3.1% [1] - Consumer confidence in the US remains low, with the September Michigan Consumer Sentiment Index at 55.4, below the expected 58 and previous 58.2 [1] Market Performance - The S&P Oil & Gas Index rose by 0.33% over the week, while the Nasdaq 100 Index increased by 1.86% and the S&P 500 Index rose by 1.59% [2][3] - Among the 11 sectors covered by the S&P 500, 10 sectors saw gains, with Information Technology leading at 3.09% and Consumer Staples declining by 0.15% [2][3] Investment Outlook - The recent non-farm employment data and moderate inflation figures have led the market to anticipate interest rate cuts starting in September, contributing to the rise in US stocks [2] - The market's expectation for rate cuts has slightly decreased compared to the previous week, but there remains a strong belief that cuts will commence in September [2] - The upcoming FOMC meeting is expected to signal the beginning of a series of rate cuts, which could support US growth in Q4 [2]