Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The implementation date for the planned increase in tariffs on soft furniture from 25% to 30% and on cabinets and bathroom cabinets from 25% to 50% has been postponed by one year, reducing tariff pressure on furniture manufacturing export companies and alleviating subsequent inflation pressure in the U.S. furniture market [2][4] - The U.S. furniture industry is labor-intensive and heavily reliant on imports, with nearly 70% of imports coming from China, Vietnam, and Mexico. The previous tariff increases did not lead to a significant return of production capacity to the U.S. but rather shifted production to Southeast Asia [11] - The current tariff rates for U.S. furniture categories show that most countries face a 25% tariff, while China faces a 60% tariff on soft furniture and a 45% tariff on other furniture categories [11] - U.S. related companies' stock prices have rebounded significantly, with notable increases in stock prices for RH (up 8%), Wayfair (up 6%), and Williams-Sonoma (up 5%) [11] - The report continues to favor a rate cut chain, focusing on companies with established overseas production capabilities and absolute advantages in products or costs. The Federal Reserve's recent rate cuts are expected to further stimulate demand in the U.S. real estate and furniture markets [11] Summary by Sections Tariff Changes - The planned tariff increases on soft furniture and cabinets have been postponed to January 1, 2027, which is expected to ease the cost pressures on U.S. furniture manufacturers [2][4] Market Performance - The stock prices of U.S. furniture companies have shown significant rebounds following the tariff postponement, indicating positive market sentiment [11] Demand Recovery - The report anticipates a recovery in U.S. real estate and furniture demand due to the ongoing rate cuts, with potential for significant improvement in housing sales [11]

近日，家居出口行业迎来了一则关键消息：特朗普政府正式宣布，将原定于2026年1月1日实施的软体家具、厨房橱柜及浴室台盆柜等产品的关税上调计 划，推迟至2027年执行。在此期间，相关产品的关税税率仍维持在25%不变。 其实，早在2025年9月，特朗普所签署的行政令就对进口厨房橱柜和软体家具加征了25%的关税，并在10月就正式生效。而按照原计划，这两类产品关税 还将在2026年再次上调，其中厨房橱柜升至50%，软体家具升至30%。如今二次加税在即，为何特朗普会在新年前夕12月31日发布关税暂缓公告呢？ 在发布的公告中提到，美国与部分贸易伙伴在贸易互惠及木制品进口相关的国家安全问题上取得建设性进展，因此暂缓加税可以为后续谈判创造更缓和的 气氛。 我们作为全球最大的软体家具生产国和出口国，美国占中国家具出口份额约26%，木家具更是中国对美国林木产品出口的主力品类。此次推迟加税，无疑 为相关企业带来短期利好，争取到更多时间进行市场与产能调整。 但也必须清醒认识到，从政策表述来看，加税仅是推迟而非取消，2027年仍可能上调。更重要的是美国外贸政策不确定性是长期存在的，尤其是与木制 品、家具、橱柜相关产品，特别需要警惕23 ...

其二，短期仍然需控制港股仓位，春节前后行情或更好。该行主要担心一月美股科技有回调风险，间接 影响港股。市场对一月中下旬美股科技财报仍持谨慎观察态度，投资者会对企业Capex和ROI会更为严 格。如不及预期，美股科技可能会有回调，港股科技反弹会受阻。 其三，港股从现在进入震荡上行期，仍需将红利作为底仓，把握上半年的科技成长行情。南向潜在增量 资金保险和固收+会继续增配价值红利。考虑估值，AH对比视角，南向资金整体会增配港股科技成长 股票，但港股科技行情仍会受海外降息节奏和美股科技行情影响，需动态观察。 美股：本周纳指领跌1.5%，道指下跌1.3%，标普下跌1.0%。行业上，能源、公用事业领涨，信息技 术、金融领跌。美国服务业及制造业PMI双放缓，但就业稳健及房地产回暖、AI全面加速落地、特朗 普暂缓部分关税征收，美股整体收跌。具体来看： 其一，美国PMI放缓，制造业和服务业双双低于预期。美国12月Markit综合PMI初值降至53，为六个月 来的最低水平，低于预期的53.9和前值54.2。其中，制造业PMI初值为51.8，创五个月新低；服务业PMI 初值为52.9，创六个月新低，两项均不及市场预期。12月的PM ...

Core Viewpoint - The U.S. stock market experienced a significant drop after initially opening strong, while Chinese assets, particularly Chinese concept stocks, maintained a robust performance with a rise of approximately 4% [2][5]. Market Performance - On January 2, the U.S. stock market indices initially followed the Asian market's upward trend but soon began to decline, with the Dow Jones fluctuating and both the Nasdaq and S&P 500 erasing their earlier gains [2]. - The Nasdaq index was reported at 23,168.32, down 0.32% with a trading volume of 2.14 billion shares [4]. - The Nasdaq China Golden Dragon Index rose by 4.22%, reaching 7,847.38, with a trading volume of 0 shares at the time of reporting [6]. Chinese Stocks - Chinese concept stocks showed resilience, with notable gains: Baidu increased by over 12%, and its subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange [5][7]. - Other Chinese stocks also performed well, including Yatsen Global (+11.31%), JinkoSolar (+9.41%), and others, contributing to the overall strength of the Chinese stock market [7]. Sector Movements - The Philadelphia Semiconductor Index surged over 3%, with significant gains from companies like ASML (+9.26%) and Micron Technology (+8.56%) [12][14]. - The decline in the Nasdaq was influenced by major AI software stocks, with Amazon and Microsoft both dropping over 2% [15]. Economic Factors - The stock price of Wayfair and RH rose over 5% due to the postponement of tariffs on soft furniture and kitchen cabinets by the U.S. government [17].

#美国关税大棒打了自己人#【#美国一涨关税政策推迟1年#】当地时间2025年12月31日，美国总统特朗 普签署文件，宣布推迟按照原计划继续提高对进口软体家具、厨房橱柜和浴室柜等产品的关税税率。美 国政府当前对这些产品征收25%的关税，原计划于2026年1月1日起，把厨房橱柜、浴室柜及相关产品税 率再次上调至50%，把软体家具税率提高至30%。目前，再次加征关税的时间被推迟至2027年1月1日。 美国相关行业协会和媒体此前表示，对软体家具、厨房橱柜和浴室柜等产品加征关税会给美国消费者、 购房者和建筑商带来新的压力，而这些群体正处于政府意在提振增长的经济领域。美国有线电视新闻网 表示，美国政府对多种商品征收关税导致物价不稳，受到越来越多的批评。彭博社报道说，目前美国选 民对物价水平的不满情绪将持续发酵。 @央视新闻 ...

Group 1 - The new tax measure on cross-border remittances in the U.S. will take effect on January 1, 2026, requiring a 1% tax on qualifying remittance transactions [1][2] - The tax applies to remittances funded by cash or similar payment instruments, while transactions funded through U.S. bank accounts or debit/credit cards are generally exempt [2] - This tax measure is part of the "Big and Beautiful" tax and spending bill promoted by the Trump administration, affecting both U.S. citizens and residents sending money abroad [2][3] Group 2 - The tax is expected to primarily impact individuals who rely on cash for remittances, particularly immigrant communities and families dependent on cross-border transfers [3] - The U.S. government has postponed planned increases in tariffs on imported soft furniture, kitchen cabinets, and bathroom cabinets, which were initially set to rise significantly on January 1, 2026 [3] - The current tariff rate on these products is 25%, with a proposed increase to 50% for cabinets and 30% for soft furniture, now delayed until January 1, 2027 [3] Group 3 - The U.S. Department of Commerce has reduced proposed tariff rates for 13 Italian pasta exporters, with rates adjusted to 13.89% for Garofalo and 2.26% for La Molisana, while the remaining companies will face a uniform rate of 9.09% [4][5] - This reduction in pasta tariffs coincides with the postponement of tariff increases on imported furniture [5]

（原标题：美国疫情大暴发！刚刚，美国下调关税！美军发动突袭，特朗普：在委内瑞拉行动中摧毁一 大型设施） 来源：新华社 央视新闻 美国疫情大暴发 据新华社报道，美国疾病控制和预防中心公布的最新数据显示，目前全美流感活动水平持续上升。预计 本流感季以来，美国累计流感病例已至少有约750万例，其中住院病例约8.1万例，死亡病例约3100例。 据美疾控中心介绍，目前美国所有地区的多项关键监测指标均显示流感活动持续处于高位。甲型H3N2 流感病毒是本流感季占主导地位的流感病毒。截至2025年12月20日的一周，美国公共卫生实验室共报告 2086份流感病毒样本，其中2029份为甲型流感病毒，57份为乙型流感病毒。 据介绍，美疾控中心对自9月28日以来采集的275份甲型H3N2流感病毒样本进行了进一步基因特征分 析，其中约89.5%属于H3N2流感病毒的K型分支。 美疾控中心表示，本流感季美国已分发约1.3亿剂流感疫苗，并建议6个月及以上人群每年接种流感疫 苗，以降低感染和重症风险。 据美疾控中心网站介绍，美国流感季通常在秋冬两季，每年12月至次年2月为高峰期。每年接种流感疫 苗不仅有助于预防流感感染，还可降低重症、住院和 ...

美国疫情大暴发 据新华社报道，美国疾病控制和预防中心公布的最新数据显示，目前全美流感活动水平持续上升。预计 本流感季以来，美国累计流感病例已至少有约750万例，其中住院病例约8.1万例，死亡病例约3100例。 据美疾控中心介绍，目前美国所有地区的多项关键监测指标均显示流感活动持续处于高位。甲型H3N2 流感病毒是本流感季占主导地位的流感病毒。截至2025年12月20日的一周，美国公共卫生实验室共报告 2086份流感病毒样本，其中2029份为甲型流感病毒，57份为乙型流感病毒。 据介绍，美疾控中心对自9月28日以来采集的275份甲型H3N2流感病毒样本进行了进一步基因特征分 析，其中约89.5%属于H3N2流感病毒的K型分支。 此次下调意面关税，正值美方宣布推迟对部分进口家具加征关税之际。 物价持续上涨美国暂停对软体家具等再加关税 美国总统特朗普2025年12月31日签署文件，宣布推迟按照原计划继续提高对进口软体家具、厨房橱柜和 浴室柜等产品的关税税率。美国政府当前对部分软体家具、厨房橱柜和浴室柜征收25%的关税。 分析人士认为，物价持续上涨迫使美国政府暂停对相关产品继续加征关税。2025年10月，美国政府开始 ...

Group 1: Influenza Situation in the U.S. - The flu activity level in the U.S. is on the rise, with approximately 7.5 million cases reported this flu season, including around 81,000 hospitalizations and about 3,100 deaths [2] - The dominant strain this season is the H3N2 influenza virus, with 89.5% of analyzed samples belonging to the K lineage of H3N2 [2] - The CDC has distributed approximately 130 million doses of the flu vaccine and recommends annual vaccination for individuals aged 6 months and older to reduce the risk of infection and severe outcomes [2] Group 2: Tariff Adjustments on Italian Pasta Exports - The U.S. Department of Commerce has lowered the proposed tariff rates for 13 Italian pasta exporters, with Garofalo's rate reduced to 13.89% and La Molisana's to 2.26%, while the remaining 11 companies face a uniform rate of 9.09% [4] - This tariff adjustment coincides with the U.S. decision to postpone additional tariffs on certain imported furniture [5] Group 3: U.S. Tariff Suspension on Soft Furniture - The U.S. government has postponed plans to increase tariffs on imported soft furniture, kitchen cabinets, and bathroom vanities, which are currently subject to a 25% tariff [7] - The planned increase to 50% for kitchen cabinets and bathroom vanities, and to 30% for soft furniture, has been delayed until January 1, 2027, due to rising prices impacting consumers and builders [7] Group 4: U.S. Military Actions in Venezuela - The U.S. military conducted strikes against two vessels allegedly involved in drug trafficking, resulting in five fatalities [8] - The U.S. has deployed naval forces in the Caribbean near Venezuela under the "Southern Sword" operation, targeting what it claims are drug trafficking activities [8] Group 5: Sanctions on Venezuelan Oil Companies - The U.S. Treasury Department has imposed sanctions on four companies operating in the Venezuelan oil sector and has frozen four related oil tankers [10]

早上好，先来关注下重要消息。 美国下调13家意大利意面出口商拟议关税税率 据央视新闻消息，当地时间2026年1月1日，美国商务部表示，已下调对13家意大利意面出口商的拟议关 税税率。此前，这些企业一度面临最高92%的关税。 此次下调意面关税，正值美方宣布推迟对部分进口家具加征关税之际。 特朗普签署公告，将软体家具、橱柜和浴室柜关税上调措施推迟1年 环球网援引路透社、彭博社报道，白宫表示，特朗普当地时间2025年12月31日签署公告，将软体家具、 橱柜和浴室柜的关税上调措施再推迟1年。 彭博社称，在美国民众对物价水平不满情绪持续升温背景下，特朗普推迟上述上调计划，放缓了其征税 步伐。根据白宫发布的文件，原定于周四（2026年1月1日）生效的更高关税措施，将推迟至2027年1月1 日生效。 据报道，依据2025年9月美国发布的一项公告，特朗普此前宣布自2026年1月1日起，将"某些软垫木质产 品"关税从25%提高至30%，将橱柜和浴室柜的关税从25%提高至50%。 美军袭击两艘所谓"从事毒品走私活动的船只"，特朗普称美军在委内瑞拉行动中摧毁一大型设施 据央视新闻消息，美军南方司令部当地时间12月31日在社交媒体上 ...