：美国大选如何影响政策与资产

Financial Data and Key Metrics Changes - The overall public debt reached $31.4 trillion, with a suspension of the current debt ceiling until January 2025 [6][10][14] - The effective tax rate for S&P 500 companies has remained relatively low since the tax reform [14] Business Line Data and Key Metrics Changes - Significant increases in fixed asset investments were noted, particularly in non-residential construction, driven by Biden's infrastructure initiatives [10][46] - Manufacturing construction spending has seen substantial growth, indicating a strong recovery in the sector [10][46] Market Data and Key Metrics Changes - The approval rating for President Biden has dropped to 55.5%, indicating growing public dissatisfaction since the second half of 2023 [53] - Trump's support in key swing states shows a slight lead over Biden, with significant margins in Nevada, North Carolina, and Georgia [43][53] Company Strategy and Development Direction and Industry Competition - Both parties are focusing on infrastructure investment and supporting American manufacturing, with Biden's plans showing a more aggressive approach [46][57] - Trump's policies emphasize traditional energy and manufacturing, contrasting with Biden's focus on high-tech and clean energy sectors [57] Management's Comments on Operating Environment and Future Outlook - The upcoming elections are expected to influence market dynamics, with potential shifts in policy direction depending on the election outcome [42][54] - The economic environment remains uncertain, with inflationary pressures expected to persist due to various policy initiatives [58] Other Important Information - The upcoming presidential debates are anticipated to significantly impact voter sentiment and market expectations [54] - Trade policies from both candidates are likely to increase costs for imported goods, affecting inflation and supply chains [55][56] Q&A Session All Questions and Answers Question: What are the implications of the upcoming presidential election on economic policies? - The election outcome could lead to significant changes in fiscal and monetary policies, impacting growth and inflation [42][58] Question: How do the candidates' trade policies differ? - Trump proposes a 10% baseline tariff on all imports and a 60% tariff on Chinese goods, while Biden's approach includes targeted tariffs on specific sectors [55][56] Question: What is the expected impact of infrastructure investments on the economy? - Infrastructure investments are projected to boost economic growth, particularly in the manufacturing sector, although recent trends show a shift towards equipment investment [46][57]