宏观周报：中长期资金将入市，特朗普关税一波三折

Domestic Developments - The People's Bank of China and the China Securities Regulatory Commission are actively guiding long-term funds into the market, with a focus on stabilizing the capital market through policy tools[1] - The one-year and five-year Loan Prime Rates (LPR) remain unchanged at 3.1% and 3.6% respectively, indicating a low probability of interest rate cuts in the short term[1] - In 2024, listed companies announced share repurchase plans totaling nearly 300 billion yuan, with over 300 companies utilizing bank loans for repurchases, reflecting a significant policy impact on market stability[8] - The Ministry of Industry and Information Technology outlined three key areas for industrial growth in 2025, focusing on key industries, effective demand expansion, and improving the business environment[9] International Developments - Trump was inaugurated as the 47th President of the United States, emphasizing immigration and energy policies without mentioning tariffs on specific countries, which eased market concerns[2] - The European Central Bank is expected to cut interest rates by 0.25 percentage points next week, with potential further cuts in the following months[17] - In the UK, wages grew by 5.6% year-on-year, the highest in six months, but signs of labor market fatigue are emerging, raising questions about future interest rate cuts[19] Market Trends - Brent crude oil prices fell by 3.06% week-on-week, while iron ore prices increased by 2.28%[22] - Real estate sales increased by 1.58% week-on-week, with a notable 20% year-on-year growth in daily retail sales of passenger cars[37] - Vegetable prices rose by 2.32% week-on-week, and pork prices increased by 0.21%[45]