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2025-4-23
2025-5-2
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从多个渠道确认,今天开始,净卖出限制有序放开,今天南下资金有相当一部分是卖出限制放开之后的减仓,A股同理。但这个卖出并没有完全放开,而是逐渐进行 独家:中国电动汽车巨头比亚迪在欧洲战略失误后重启业务 Exclusive: China EV giant BYD reboots Europe operations after strategic stumbles, sources say
 

全球宏观

路演时间2025年4月,敦和徐小庆
概要:
由于关税导致美国出现二次通胀的概率是比较低的:关税上涨,这部分商品在美国居民消费中所占的比例很小,并不会导致通胀上行。商品进口额仅占美国居民消费支出的16%。商品只占了美国核心CPI的25%权重,服务占了75%,美国CPI的趋势还是服务价格决定的。油价会影响到CPI里面的运输等服务类价格,这部分价格其实是通缩的。
美国是否会出现“深度”衰退:1930年美国经济大萧条和关税没关系。出现“深度衰退”,一定和繁荣时期私人部门加杠杆有关。过去几年美国始终是政府债务扩张,而私人部门债务并没有起来。暂时还看不到私人部门有明显的危机传导路径。
特朗普到底想做什么?关键在于美债收益率:并不相信提高关税之后就一定会有制造业回流。过去几天美债收益率大幅飙升,于是特朗普出来急踩刹车了。说明他在乎的不是美股,而是美债利率。川普和财政部关心的是财务支出成本,联储关心的是高收益债的信用利差。过去联储出来喊话,往往是因为高收益债的信用利差出现了大幅飙升。
关于东升西降:一般情况下,如果全球经济下行,美元其实都是走强的,与美股与其他市场的相对表现有关。如果全球经济上行,美元在全球经济的占比多半是回落的,对应美元走弱。而现在看到的情况是美元在走弱,同时美股相对全球其他市场跌得更多。不一致的原因在于2018年之后全球化的进程就已经放缓了,美国经济对全球经济的影响已经没有以前大了。虽然80年代日本看起来是受害者,但日股是跑赢美股的。日本在当时出口受抑制的情况下,也大力刺激了国内的投资和消费。这个对现在有借鉴意义。
正文:
关税冲击会导致美国通胀反弹吗?
现在有两种看法,一种认为一定会出现美国滞涨,联储无法在经济已经疲弱的情况下降息,对股票市场很负面。还一种认定为美国经济衰退,不用担心通胀的问题,联储一定会降息,甚至不排除重新扩表。第二种情况可能出现美股的反弹。
上面第一种情况几乎不可能发生,不会因为关税导致美国的二次通胀。第二种的可能性更大。
为什么关税不会导致二次通胀?大家总喜欢说上世纪30年代大萧条,美国实施过高的关税税率。
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其实30年代美国并没有出现通胀。逻辑上得不出结论认为关税上调一定会导致美国CPI走高。因为如果美国居民的收入总量没有提高,一部分消费支出增加了,就一定会砍掉另外一部分消费支出,所以最终看不到最终消费上涨。如果由关税上调能够得出CPI上行的结论,就一定会有居民收入和总量的抬升。
比如上世纪70年代原油价格上涨,其实有个很重要的背景就是工会力量非常强大,要求工人的生活成本一定要和收入正相关。而现在美国居民收入的增速已经放缓了,现在的工会也不可能因为关税太高就要求提高工人收入。
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30年代股票市场的暴跌,也增建了消费需求的负循环,收入和消费双压缩,所以没有导致通胀。
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1929年后美国失业率飙升至15%以上,股市暴跌导致居民财富大幅减少,进一步增强了消费需求的收缩
“全球化”的结果就是在商品上的支出会越来越便宜。得益于二战后全球化的发展,美国居民消费支出中从廉价商品中节省出来的购买力转向服务消费.
商品的消费支出目前占居民消费的比率已经非常小了,且具有刚性特征。刚性意味着加入因为关税上涨导致这部分商品价格上涨,商品消费数量也不会砍掉,只能砍服务类消费。
剔除能源后美国居民的商品消费占比不到30%,继续压缩的空间已不大.关税虽然直接抬升商品消费成本,但很可能带来的最大冲击是居民减少服务消费支出.
那些“小量小件”的关税即便涨一倍,对消费需求其实也没有多少影响。这些关税的变动对美国人而言不是不能接受的。
受特朗普关税政策预期影响,24年四季度以来居民已开始将消费支出从服务转向商品
商品只占了核心CPI的25%权重,服务占了75%,美国CPI的趋势还是服务价格决定的。
美国经济是否会深度衰退?
这里指的是“深度”衰退,比如美股持续、大幅下跌。
1930年美国经济大萧条和关税没关系,当时美国贸易仍大幅顺差
20年代德国在制造业已经明显崛起了,对美国产生很大威胁。制造业竞争力下降带来的产能过剩或许是大萧条的核心原因工业产出恢复的速度远远快于当时物价上涨的速度,当时企图通过关税来保护本国制造业。
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出现“深度衰退”,一定和繁荣时期私人部门加杠杆有关。30年代大萧条之前私人部门加杠杆,政府去杠杆。股市出现深度调整前通常都伴随着私人部门加杠杆,但当前私人部门债务增速持续回落。标普跌幅较小、持续时间较短阶段,基本都发生在政府债务增速快于私人部门。
 
特朗普到底想做什么?关键在于美债收益率。对美国居民来讲,利率的下降远比股票下跌更重要,比如消费低、房贷。过去几天美债收益率大幅飙升,于是特朗普出来急踩刹车了。说明他在乎的不是美股,而是美债利率。现在美债收益率的上升是所有人不能接受的,净利率支出的上升过快。降息虽然能降低短债的融资成本,但中长期债券只要新发利率不低于3%,就会继续推高存量债务的平均融资成本。25年企业债到期规模大幅攀升,将于二季度迎来偿债高峰期,而当期利率下,展期融资成本将显著上升。
 
联储关心的是高收益债的信用利差,过去联储出来喊话,往往是因为高收益债的信用利差出现了大幅飙升。
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关于东升西降:
尽管最近有下跌,但是中国资产的“相对”表现还是不错的。本轮罕见的出现港股上涨和美国下跌。年初以来欧股和美股也一度出现方向上的分化,但近期欧股、港股均与美股共振下跌
一般情况下,如果全球经济下行,美元其实都是走强的,与美股与其他市场的相对表现有关。如果全球经济上行,美元在全球经济的占比多半是回落的,对应美元走弱。而现在看到的情况是美元在走弱,同时美股相对全球其他市场跌得更多。不一致的原因在于2018年之后全球化的进程就已经放缓了,美国经济对全球经济的影响已经没有以前大了。
过去几年美国经济即便表现不错,但对全球经济的拉动效应在下降。
当商品价格上升时,受冲击最大的其实是服务消费,因为被挤占了。而服务消费下降对全球的外溢效应是很小的。
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当每个经济体都更依赖自己的财政来拉动经济的时候,国家之间的分化就会加大。美国的孤立主义倒逼德国新政府对财政政策的态度发生重大转变德国赤字率有望回到欧债危机前的历史高位。
虽然80年代日本看起来是受害者,但日股是跑赢美股的。现在是否有借鉴意义?日本在当时出口受抑制的情况下,也大力刺激了国内的投资和消费,抵消了出口下滑对经济带来的拖累。而中美 24年以来的经济周期也开始背离,中国经济对出口依赖性已大幅下降(06Y43%→24Y18%),
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Kai:仍看好今年银行及股指表现。
 

海外报告 Global Market Reports

亚洲将欢迎排除中国的贸易协议 Asia Would Welcome Trade Deals That Exclude China
Disrupting Beijing’s dominance would suit the US and its partners in the region. 打破北京在区域内的主导地位对美国及其伙伴有利 In any conflict, you have to recruit allies. Unfortunately for Donald Trump, that’s also true of his trade war. Some of his advisors understand this: Treasury Secretary Scott Bessent intends to use the “90-day pause” he won from the president to round up old friends and encircle China. 在任何冲突中,你都需要招募盟友。不幸的是,对于唐纳德·特朗普来说,贸易战也是如此。一些顾问理解这一点:财政部长斯科特·贝塞特打算利用他从总统那里赢得的“90 天暂停”来召集老朋友并包围中国。 Given that Washington is trusted far less in Asia these days, that might be a big ask for Bessent and his colleagues. But we shouldn’t dismiss the effort out of hand, either. Many countries would be happy to see the current structure of Trump’s tariffs — disproportionately targeted at China — continue indefinitely. 鉴于华盛顿在亚洲的信任度远不如从前,这对贝森特和他的同事们来说可能是一个很大的挑战。但我们也不要轻易放弃这项努力。许多国家都希望特朗普的关税结构——不成比例地针对中国——能够无限期地继续下去。
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Beijing knows this, and that’s why it has begun its own ally-recruiting effort. Xi == visited Vietnam, Cambodia and Malaysia last week, and his hosts went out of their way to give him an enthusiastic welcome. 北京知道这一点,这就是为什么它开始了自己的盟友招募工作。习==上周访问了越南、柬埔寨和马来西亚,东道主不遗余力地热情欢迎他。 Yet the fact is that resentment of China’s dominance of goods trade and manufacturing supply chains is as potent in much of Asia as it is in the US. Perhaps more potent, since job losses caused by Chinese dumping are an ongoing and severe problem. Indonesia may have lost as many as 80,000 jobs in just the textile sector last year, with more to come. 然而,事实上,对中国的商品贸易和制造业供应链主导地位的怨恨在亚洲的许多地区与美国一样强烈,也许更强烈,因为由中国倾销造成的失业是一个持续且严重的问题。印度尼西亚去年可能仅纺织行业就失去了多达 8 万个工作岗位,而且还有更多岗位将受到影响。 The real cost to developing countries of China’s trade practices goes even deeper, although it is less visible. It’s possible to count jobs that are being lost, but much harder to count the jobs that aren’t created. After years of trying to pry value chains away from Beijing’s firm grip, policymakers in emerging Asia are worried and angry. They fear the old tools of development — lower wages and industrial incentives — can’t work against a trade superpower determined to pour its resources into maintaining investment-led growth. 中国贸易实践对发展中国家造成的实际成本更深,尽管这不太明显。可以计算正在失去的工作岗位,但很难计算没有创造的工作岗位。在多年试图从北京的牢固控制中夺回价值链之后,亚洲新兴国家的政策制定者感到担忧和愤怒。他们担心,旧的发展工具——较低的工资和工业激励措施——无法对抗一个决心将资源投入到维持投资驱动型增长的贸易强国。 Some economies, such as Vietnam, have certainly prospered by integrating more closely with China. But their leaders know that comes at a cost. Nobody views it as the sort of benign relationship that could instead be built with US companies, investors, and markets. 一些经济体,如越南,通过与中国的紧密融合确实繁荣起来。但他们的领导人知道这需要付出代价。没有人认为这是一种可以与美国公司、投资者和市场建立的良好关系。 It’s entirely possible to corral such countries into a coalition meant to disrupt a China-centric trade paradigm. And, yes, differential tariffs — which penalize China more — could well be a part of that effort. 将这些国家纳入旨在打破以中国为中心的贸易模式的联盟是完全可能的。是的,差别关税——对中国施加更多惩罚的关税——可能将是这一努力的一部分。 But a few other things will need to be put in place. A big lesson of the past few years is that attitudes to decoupling from China in Asia vary widely. Some countries, India, especially, are eager to isolate Beijing as far as possible, and have gone further than most in the West to control Chinese investment and cut trade links. Others, such as Indonesia, might be willing to join in any effort to reshape supply chains that gives them a shot at industrialization, but will need an incentive that outweighs the promises and threats that Beijing could deploy. And there are yet others, such as Cambodia, that are perhaps too closely integrated with China now to be reliable partners for the US. 但还需要做其他一些事情。过去几年的一大教训是,亚洲各国对与中国脱钩的态度差异很大。一些国家,尤其是印度,渴望尽可能孤立北京,在控制中国投资和切断贸易联系方面走在了西方大多数国家的前面。其他国家,如印度尼西亚,可能愿意加入任何旨在重塑供应链的努力,但需要一种超过北京可能部署的承诺和威胁的激励措施。还有一些国家,如柬埔寨,可能由于现在与中国过于紧密的融合,无法成为可靠的美国伙伴。 Everyone in Asia already wanted to reduce China’s footprint in the manufacturing sector. Now, as markets in the West close themselves to Chinese goods, producers and policymakers here are terrified that Chinese overcapacity will flood their home markets with cheap imports. 亚洲的每个人都希望减少中国在制造业的足迹。现在,随着西方市场对中国商品关闭,这里的生产商和政策制定者担心中国的产能过剩会用廉价的进口商品淹没他们的国内市场。 These nations’ incentives aren’t perfectly aligned, however. They are in competition with each other to replace Chinese producers in specific sectors, for example. And some would also want to be the ones who “cheat” any final deal by trans-shipping Chinese goods as much as they can, or through the low-value assembly of goods prepared in factories on the mainland. 这些国家的激励措施并不完全一致。例如,它们相互竞争以取代特定领域的中国生产商。而且,一些国家还希望成为那些尽可能“作弊”任何最终协议的人,通过转运尽可能多的中国商品,或者通过在大陆工厂准备的低价值组装商品。 Something else will be needed as a glue to hold these diverse interests together. If aid and trade are both off the table, it’s unclear what the US has to offer. Trump thinks access to US consumers is enough of a carrot, but for countries locked in competition with each other and with Beijing, the gains from that trade might appear too uncertain. After all, if they are asked to cut China out of their supply chains, it could raise their costs, perhaps by too much to break into the US market. 需要其他东西作为粘合剂来将这些不同的利益结合起来。如果援助和贸易都不在桌面上,不清楚美国能提供什么。特朗普认为进入美国消费者市场已经足够作为胡萝卜,但对于与其他国家和北京竞争的国家来说,从这种贸易中获得的收益可能看起来过于不确定。毕竟,如果要求他们从供应链中排除中国,可能会增加他们的成本,可能过多以至于无法进入美国市场。 A coalition on fairer trade will need boutique strategies designed for each of these countries. Even if Bessent can somehow figure that out, he needs his boss to play along. Any partnership will require Trump’s willingness to haggle on the details, and respects these countries’ autonomy. 一个公平贸易联盟将需要为这些国家量身定制的策略。即使贝森特能设法弄清楚这一点,他还需要他的老板配合。任何伙伴关系都需要特朗普愿意就细节进行讨价还价,并尊重这些国家的自主权。 Trump has promised to negotiate with “more than 75” countries he says reached out to the US. Any such negotiation will need him to acknowledge that most of his Asian partners aren’t out to defraud the US. Such a change of heart seems unlikely: After Xi’s visit to Vietnam, the president said the meeting’s purpose was “trying to figure out, how do we screw the United States of America?” 特朗普承诺与“超过 75 个”国家进行谈判,他说他已经向美国伸出了援手。任何此类谈判都需要他承认,他的大多数亚洲合作伙伴并不是为了欺骗美国。这种改变主意似乎不太可能:习主席在访问越南后表示,这次会议的目的是“试图弄清楚,我们如何搞砸美利坚合众国? America will only benefit from a trade coalition that excludes China, ensures the US’ domestic regulations and higher standards don’t render its producers uncompetitive, and creates new supply chains that include US workers. What Trump actually needs to achieve his ends is an inclusive, equitable, high-quality partnership with allies across the Pacific Ocean. A trans-Pacific partnership, if you will. 美国将从排除中国的贸易联盟中受益,确保美国的国内法规和更高标准不会使生产商失去竞争力,并创建包括美国工人的新供应链。特朗普实际上需要的是与太平洋彼岸的盟友建立包容性、公平性、高质量的伙伴关系。换句话说,就是一个跨太平洋伙伴关系。
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特斯拉在 2021 年以来最紧张的一个季度后削减支出计划 Tesla Trims Spending Plan After Its Stingiest Quarter Since 2021
Summary 摘要 Companies 公司 Tesla, Alphabet first of Magnificent 7 megacaps set to report 特斯拉、Alphabet 等“七大巨头”将率先公布财报 Boeing, Merck, Intel among other companies due next week 波音、默克、英特尔等公司下周也将公布 Focus also on Fed, after Trump slams chair over rates 在特朗普抨击美联储主席后,市场也将关注美联储动态 NEW YORK, April 18 (Reuters) - A heavy slate of U.S. company results in the coming week will test a stock market shaken by a U.S. trade policy overhaul that upended the outlook for the global economy and corporate America. 纽约 4 月 18 日(路透社)- 在即将到来的这一周,美国公司的大量业绩报告将对因美国贸易政策改革而受到冲击的全球经济和美企前景进行考验。 Investors remain on edge after President Donald Trump's sweeping April 2 tariff announcement stunned markets and sparked some of the most volatile trading since the onset of the COVID-19 pandemic five years ago. 在美国总统唐纳德·特朗普 4 月 2 日宣布的大规模关税措施震惊市场并引发自五年前新冠疫情爆发以来最动荡的交易以来,投资者仍然处于紧张状态。
After rebounding somewhat last week, the benchmark S&P 500 (.SPX), opens new tab stock index fell this week and was down 14% from its February record high. Volatility levels moderated from five-year peaks but remain elevated by historic measures. 尽管上周有所反弹,但基准的标普 500 指数(.SPX)本周下跌,较 2 月份的创纪录高点下跌了 14%。波动性水平从五年高点有所缓和,但仍然高于历史平均水平。 Tesla (TSLA.O), opens new tab and Google parent Alphabet (GOOGL.O), opens new tab - two of the so-called Magnificent Seven megacap companies whose shares have faltered after two years of stock leadership - are among those closely watched for financial results as investors seek guidance about the fallout from tariffs that are very much in flux. 特斯拉(TSLA.O)和谷歌母公司 Alphabet(GOOGL.O)——这两家所谓的“七大巨头”公司股价在连续两年领导股市后出现下滑——是那些投资者密切关注其财务报告的公司之一,他们寻求了解不断变化的关税对市场的影响。 "The view of the CEOs going forward has never been more important," said JJ Kinahan, CEO of IG North America and president of online broker Tastytrade. "展望未来,CEO 们的观点从未如此重要,”IG 北美首席执行官兼在线经纪公司 Tastytrade 总裁 JJ Kinahan 表示。
Companies and investors are grappling with a tariff landscape poised to keep shifting as the Trump administration negotiates with other countries. While he has paused some of the heftiest levies on imports, the U.S. is also locked in a trade battle with China, the world's second-largest economy. 公司和投资者正在应对一个不断变化的关税格局,因为特朗普政府与其他国家进行谈判。虽然他已经暂停了对进口商品的一些最重的关税,但美国也陷入与世界上第二大经济体中国的贸易战。 Economists polled by Reuters this week put odds of a recession in the next year at 45%, up from 25% last month. 本周,路透社调查的经济学家将明年出现经济衰退的概率定为 45%,比上个月的 25%有所上升。 In one corporate report this week that caught the attention of investors, United Airlines (UAL.O), opens new tab laid out two scenarios for the year, including one warning of a significant hit to revenue and profit if there is a recession. 在本周引起投资者关注的某份企业报告中,联合航空(UAL.O)提出了两种情景,包括一种警告,如果出现经济衰退,将对收入和利润造成重大打击。 United's dual forecast provided a type of "roadmap" by acknowledging and quantifying risks, said Julian Emanuel, head of equity and derivatives strategy at Evercore ISI. 联合航空的双重预测通过承认和量化风险,提供了一种“路线图”,Evercore ISI 的股票和衍生品策略负责人朱利安·埃曼纽尔表示。
"Putting parameters on what may unfold is how stakeholders ... make decisions in an environment where traditional guidance is bound to be considered relatively unreliable," Emanuel said in a note on Thursday. 埃曼纽尔在周四的一份报告中表示:“对可能发生的事情设定参数是利益相关者在传统指导必然被视为相对不可靠的环境中做出决策的方式。” Elon Musk's electric vehicle maker Tesla, which reports results on April 22, is in the spotlight in part because of the billionaire's close ties to Trump. 特斯拉是埃隆·马斯克的电动汽车制造商,将于 4 月 22 日公布业绩,部分原因是这位亿万富翁与特朗普的密切关系,因此备受关注。 Alphabet will be watched for any detail on advertising spending and capital expenses tied to artificial intelligence capacity, as investors scrutinize AI project costs. The company was dealt a setback on Thursday, when a judge ruled Google illegally dominates two markets for online advertising technology. 随着投资者审视 AI 项目成本,Alphabet 将受到关注,以了解任何关于广告支出和与人工智能能力相关的资本支出的细节。周四,一位法官裁定谷歌非法垄断两个在线广告技术市场,该公司遭遇了挫折。 All the Magnificent Seven megacap stocks are sharply lower in 2025, with Alphabet down about 20% and Tesla off 40%. 2025 年,七大巨无霸股票均大幅下跌,Alphabet 下跌约 20%,特斯拉下跌 40%。 The Magnificent Seven "led everything to the upside," Kinahan said. "If they can't continue to perform, I think it gives people a pause overall, especially as we're looking for footing after the last couple of weeks." 金瀚安表示,“七大巨无霸股票‘引领了一切上涨’。‘如果它们不能继续表现,我认为这会让人们整体上有所犹豫,尤其是在我们刚刚经历了过去几周的市场动荡之后。’”
Boeing's (BA.N), opens new tab results are also in focus, after China reportedly ordered its airlines not to take further deliveries of the planemaker's jets. IBM (IBM.N), opens new tab, Merck (MRK.N), opens new tab, Intel (INTC.O), opens new tab and Procter & Gamble (PG.N), opens new tab are among the major U.S. companies set to post results in the coming week. 波音(BA.N)的业绩也备受关注,据报道中国要求其航空公司不要接收该飞机制造商的进一步交付。IBM(IBM.N)、默克(MRK.N)、英特尔(INTC.O)和宝洁(PG.N)是即将在本周公布业绩的美国大型公司之一。 Projections for U.S. profit growth have pulled back, with S&P 500 earnings estimated to rise 9.2% in 2025, down from the 14% gain estimated at the start of the year, according to LSEG IBES data. Investors are bracing for even greater contraction as companies report results and account more for the tariffs. 美国盈利增长预期有所回落,据 LSEG IBES 数据显示,标普 500 指数公司 2025 年盈利预计增长 9.2%,低于年初预估的 14%。随着公司公布业绩并更多地考虑关税影响,投资者正准备应对更大的收缩。 The market's attention was also on the Federal Reserve, after Trump on Thursday said Fed Chair Jerome Powell's termination "cannot come fast enough," while calling for the U.S. central bank to cut interest rates. A day earlier, Powell said the Fed would wait for more data on the economy's direction before changing rates. 市场关注的焦点也转向了美联储,特朗普周四表示,美联储主席杰罗姆·鲍威尔的解雇“来得越快越好”,同时呼吁美国央行降低利率。前一天,鲍威尔表示,美联储将在改变利率之前等待更多关于经济方向的资料。 Investors will be hoping that the heart of earnings season can restore more calm to markets. The Cboe Volatility index (.VIX), opens new tab, an options-based measure of investor anxiety, hit around 60 in the aftermath of Trump's tariff announcement, but has since pulled back to about 30. 投资者希望财报季的“高潮”能够为市场带来更多的平静。Cboe 波动率指数(.VIX),一种基于期权的投资者焦虑指标,在特朗普宣布关税后一度达到约 60,但随后回落至约 30。 Still, that level is well above its long-term median level of 17.6, according to LSEG Datastream. 然而,这一水平远高于 LSEG Datastream 长期中位数水平 17.6。 Ayako Yoshioka, senior investment strategist at Wealth Enhancement, said the index would need to recede to the "mid-teens in order to say maybe that volatility has subsided a little bit." 野口绫子,财富增值的高级投资策略师表示,指数需要回落至“十几”的水平,才能说波动性可能有所缓和。 If it stays around 30, Yoshioka said, "it doesn't mean we're out of the woods." 如果它保持在 30 左右,吉冈表示,“这并不意味着我们已经走出困境。”
 
Tariffs may mean more US steel jobs. Will there be workers to fill them? 关税可能意味着更多美国钢铁行业的工作岗位。会有工人来填补这些岗位吗?
Summary 摘要 Companies 公司 Steel industry faces worker shortage despite high wages 钢铁行业面临劳动力短缺,尽管工资水平较高 Workers are reluctant to move to steel country in Arkansas 工人们不愿搬到阿肯色州的钢铁地区 Mississippi County struggles with housing and economic decline 密西西比县面临住房和经济衰退的挑战

Americans sour on Trump's handling of the economy, Reuters/Ipsos poll finds 美国人对特朗普处理经济的方式感到不满,路透社/益普索民调发现
Summary 摘要 Trump's economic approval rating falls to 37% in Reuters/Ipsos poll 特朗普的经济支持率在路透社/益普索民调中降至 37% Concerns over recession and stock market due to tariffs and Fed chair threats 由于关税和美联储主席的威胁,人们对经济衰退和股市的担忧加剧 Republicans largely support Trump, but cost of living concerns persist 共和党人普遍支持特朗普,但生活成本问题依然存在 WASHINGTON, April 23 (Reuters) - Americans elected President Donald Trump in hopes that he would fight inflation and boost the U.S. economy, but as he approaches his 100th day in office they are giving the Republican poor marks for his handling of both, a new Reuters/Ipsos poll shows. 华盛顿 4 月 23 日(路透社)- 美国选民选举唐纳德·特朗普总统,希望他能打击通胀并提振美国经济,但随着他接近执政 100 天,一项新的路透社/Ipsos 民调显示,他们对共和党在处理这两方面的表现给出了较差的评价。 Trump has kicked off his term with an aggressive economic agenda, sparking trade wars as he slaps tariffs on major U.S. trading partners, trying to pressure the Federal Reserve to bend to his will and setting off the worst selloff in U.S. financial markets since the early months of the COVID pandemic five years ago. 特朗普上任伊始便推出了一系列激进的经济议程,引发贸易战,对主要美国贸易伙伴征收关税,试图迫使美联储屈服于他的意志,并引发了自五年前 COVID 大流行初期以来美国金融市场最严重的抛售潮。
 
 
China's EV leader expanded to Europe with high expectations but saw slow initial sales 中国电动汽车领导者比亚迪在欧洲扩张,但初期销量缓慢 BYD sources said company was slow to offer hybrids, expand dealer network 比亚迪内部人士表示,公司推出混合动力车型较慢,经销商网络扩张不足 BYD has moved swiftly to address problems, hire European execs with local-market knowledge 比亚迪迅速采取措施解决问题,聘请了具有当地市场知识的欧洲高管 MILAN/SHANGHAI, April 23 (Reuters) - China's leading EV maker BYD is overhauling its European operations after strategic missteps including failures to sign up enough dealers and hire executives with local-market knowledge and to offer hybrids in markets resistant to fully electric vehicles, six current and former BYD executives said.
 

市场评论

 
【市场自上而下分析】 今天市场主要受盘前突发事件影响,短期“期盼缓和”情绪发泄,出现高低切换:高位零售、黄金下跌;低位机器人、汽车零部件、消费电子反弹。 但从市场表现来看,仍以轮动为主,没有明显的持续性。 不管是从自上而下还是市场表现来看,关税战的转折点还未出现,反制依然是市场的主流。 特朗普当前态度放软,一方面是为了缓解金融市场的压力,另一方面是通过营造谈判“积极进展”的预期,在全球贸易格局中争取舆论优势和主动权,而一旦这些目的都达到了,他又会毫不犹豫地再次对中国极限施压。态度反复、极限施压,都是特朗普的基操。 这种表面缓和性表态更多是美国政府为了缓解自身短期压力,不能当作关税战的转折点。 静待政治局会议落地。 与其被海外的反复无常扰动,不如重点关注内部确定性的政策预期。

 
随着中美贸易摩擦加剧,美元/人民币汇率正成为最关键的市场变量之一。在当前三位数的关税水平下,关税本身的边际作用已有限:人民币小幅贬值不足以抵消其影响,大幅贬值则可能带来更广泛的破坏性。然而,关税仍对汇率市场具有方向性指引,因其在中美之间制造了通胀与通缩的分化压力——在美国可能推高通胀,在中国则带来通缩风险,从而使实际利差向有利于人民币的一方倾斜。美元/人民币汇率在过去几年已明显脱离名义利差,而是更紧密地跟随中美之间的实际利差波动。尽管短期内市场可能担忧中国出口疲弱带来人民币贬值压力,但若高关税持续带来结构性通胀差异,长期来看反而可能支持人民币走强。这个结果或许出人意料,却可能更符合中美调整全球失衡的长期战略目标。
 

 
预计于本周晚些时候召开的四月政治局会议,将成为重新评估关税形势并制定对冲政策的重要平台。从长远战略布局考量,我们认为政治局将坚定坚持 “高质量发展” 的政策框架,不会采取全面激进的举措。
具体而言,我们重点关注以下几个方面:
(1)、持续加大对资产价格的支持力度,尤其是股票市场和房地产市场; (2)、推行 “机会性贬值” 的外汇政策; (3)、实施约 1.5 万亿元人民币的额外财政刺激措施,重点聚焦于出口企业的救助扶持、以旧换新政策的推进以及更广泛的商品补贴,涵盖育儿补贴、服务业补贴、社会保障福利的提升,以及战略性投资领域; (4)、采取更为精准适度的货币宽松政策,包括下调 40 个基点的利率以及降低 100 个基点的存款准备金率; (5)、推进供给侧改革 2.0 版本。
倘若政治局提出的财政解决方案(例如预算修订)能够在定于 4 月 27 日至 30 日召开的全国人大常委会会议上迅速获得批准,我们预期将迎来积极的市场行情。
 

1/ 新闻面,“抛售美国”+“trump的交易 = 卖出美国”;这类新闻变多了,裁员的报道也变多了(早上还有英特尔裁员20%);这类悲观情绪慢慢继续加强叙事;
2/ 资金面,逢高卖出,逐步转仓到防御股(可能这可以解释为什么昨天netflix早盘的时候大涨);
3/ 关税不仅仅冲击股市,公司盈利,开始冲击消费者(比如trump的支持者);从头条转化为真实的支出,这里trump的压力能顶多久?
4/ 美国的散户慢慢变成“耐心资金”,机构反而变成更加的“交易性”;
 

东财策略:
现在比18年更有科技自信等因素,中国已经不怕中美脱钩, 如果特朗普不撤回对等关税,中国也做好准备就按照脱钩来(扩内需是必然) 。
如果美国真的打金融战,中国奉陪到底,美元霸权可能损失更大。
加上外交层面同时众多国家也不会简单弃中站美,美国内部很多民众经不起中国断供,美国金融市场也不跟着特朗普讲zz,特朗普的运作空间确实没那么大。
但中期看,中美博弈还要持续较长时间,谈谈打打,预计中美贸易不会就这么脱钩,但规模中期趋势是收缩的。
 
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