[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio186c9573":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio186c9573","特朗普反手加到15%！美股下一步如何走？","\u002Fdoc\u002Fdcio186c9573","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\u003Cspan style=\"font-size: large;\">2026\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>2\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>20\u003Cspan style=\"font-family: DengXian;\">日周五，美国最高法院以\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">比\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">裁定，特朗普政府依据《国际紧急经济权力法》（\u003C\u002Fspan>IEEPA\u003Cspan style=\"font-family: DengXian;\">）实施的大规模关税措施超出总统法定权限。法院认为，\u003C\u002Fspan>IEEPA\u003Cspan style=\"font-family: DengXian;\">旨在应对国家紧急制裁，并非为全面贸易征税设计，广泛关税应由国会授权。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这项裁决直接动摇了特朗普\u003C\u002Fspan>2025\u003Cspan style=\"font-family: DengXian;\">年以来关税体系的法律基础。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但\u003C\u002Fspan>2\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>20\u003Cspan style=\"font-family: DengXian;\">日晚间，白宫宣布改依据《\u003C\u002Fspan>1974\u003Cspan style=\"font-family: DengXian;\">年贸易法》第\u003C\u002Fspan>122\u003Cspan style=\"font-family: DengXian;\">条对全球商品征收\u003C\u002Fspan>10%\u003Cspan style=\"font-family: DengXian;\">进口关税，为期\u003C\u002Fspan>150\u003Cspan style=\"font-family: DengXian;\">天；\u003C\u002Fspan>\u003Cstrong>2\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>21\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">日，特朗普在\u003C\u002Fspan>“\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">真实社交\u003C\u002Fspan>”\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">发文，将税率上调至\u003C\u002Fspan>15%\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>2\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>24\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">日生效。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>“\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>20\u003Cspan style=\"font-family: DengXian;\">日至\u003C\u002Fspan>21\u003Cspan style=\"font-family: DengXian;\">日：市场的即时反应\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>20\u003Cspan style=\"font-family: DengXian;\">日裁决公布当天，美股盘中波动放大。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">盘中一度出现\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">关税失去法律支撑\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">的解读，部分进口依赖型板块短暂反弹。但随着白宫宣布新的关税框架，指数涨幅明显收窄。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>21\u003Cspan style=\"font-family: DengXian;\">日，在特朗普将税率上调至\u003C\u002Fspan>15%\u003Cspan style=\"font-family: DengXian;\">后，盘前期货出现回落，市场重新定价成本变量。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这\u003C\u002Fspan>48\u003Cspan style=\"font-family: DengXian;\">小时的走势说明一个事实：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">市场定价的核心不是\u003C\u002Fspan>“\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">法律输赢\u003C\u002Fspan>”\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">，而是\u003C\u002Fspan>“\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">企业成本是否上升\u003C\u002Fspan>”\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>“\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2025\u003Cspan style=\"font-family: DengXian;\">年以来的真实样本\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">要判断这次冲击的持续性，必须回看过去一年市场对类似事件的反应。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>2025\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>4\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>3\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">日\u003C\u002Fspan> —— \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">扩大关税覆盖范围\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">4\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">日，特朗普宣布扩大进口关税覆盖品类。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">当日：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">下跌约\u003C\u002Fspan>1.4%\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">纳指下跌约\u003C\u002Fspan>1.8%\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">工业板块领跌\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">4\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>4\u003Cspan style=\"font-family: DengXian;\">日继续下探，但跌幅明显收窄。到\u003C\u002Fspan>4\u003Cspan style=\"font-family: DengXian;\">月中旬，指数基本回到政策宣布前区间。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">市场结论很清楚：\u003Cstrong>短期冲击，但盈利未受实质破坏。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>2025\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>7\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>18\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">日\u003C\u002Fspan> —— \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">强硬贸易表态\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">7\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>18\u003Cspan style=\"font-family: DengXian;\">日，特朗普公开表示将采取更强硬贸易措施。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">当日纳指盘中一度跌超\u003C\u002Fspan>2%\u003Cspan style=\"font-family: DengXian;\">，收盘跌约\u003C\u002Fspan>1.6%\u003Cspan style=\"font-family: DengXian;\">。工业与运输板块跌幅明显高于科技股。但随后两周，在财报季盈利支撑下，指数重新上行。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>2026\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>1 \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">月中旬\u003C\u002Fspan> —— \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">格陵兰岛争议\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2026\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>1\u003Cspan style=\"font-family: DengXian;\">月中旬。当时特朗普再次将格陵兰岛问题上升至国家安全层面，引发地缘政治担忧。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">表态当日：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">与纳指盘中回落约\u003C\u002Fspan>1%\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">VIX\u003Cspan style=\"font-family: DengXian;\">明显上行\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">黄金与美元走强\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">但关键在于：随后几个交易日指数迅速企稳，月底重新回到上行通道。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">原因很简单\u003C\u002Fspan>——\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">没有实质性制裁或贸易措施落地，企业盈利模型未发生变化。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>“\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">本次\u003C\u002Fspan>15%\u003Cspan style=\"font-family: DengXian;\">全球关税与此前冲击的差异\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">与去年几次事件相比，这次有两个关键不同。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">第一，税率更广泛。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">此前多为特定品类或特定国家，而这次是全球范围统一\u003C\u002Fspan>15%\u003Cspan style=\"font-family: DengXian;\">。覆盖面更广，理论上的成本影响更直接。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">第二，当前估值位置更高。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">与纳指仍处高位，风险溢价本身偏低。在高估值环境下，盈利预期的小幅修正更容易放大指数波动。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>“\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">关税对盈利的实际传导路径\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">历史研究和纽约联储数据表明，\u003Cstrong>约\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>90%\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的关税成本最终由美国企业和消费者承担。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这意味着：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">零售与消费企业利润率面临压力\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">依赖进口中间品的制造业成本上升\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">若价格转嫁，将带来输入型通胀压力\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">但是否构成系统性风险，要看三个变量：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">企业是否下调全年盈利指引\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">通胀是否重新抬头\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">贸易伙伴是否采取报复性措施\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">只要这三点未被触发，指数趋势通常不会被单一政策改变。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>“\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">对标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">、纳指和道指的阶段性判断\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">结合\u003C\u002Fspan>2025\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>4\u003Cspan style=\"font-family: DengXian;\">月、\u003C\u002Fspan>7\u003Cspan style=\"font-family: DengXian;\">月以及\u003C\u002Fspan>2026\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>1\u003Cspan style=\"font-family: DengXian;\">月的样本，可以看到一个规律：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">政策冲击\u003C\u002Fspan> → \u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">指数通常回撤\u003C\u002Fspan>1%–2%\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">未演变为系统性冲突\u003C\u002Fspan> → \u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">一至两周内修复\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">真正改变趋势的，从来不是行政命令本身，而是盈利与流动性。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">本次\u003C\u002Fspan>15%\u003Cspan style=\"font-family: DengXian;\">全球关税更可能带来：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">短期波动率上升\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">工业与零售板块承压\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">科技权重相对抗跌\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-family: DengXian; font-size: large;\">指数结构性分化\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">是否演变为趋势性下跌，取决于盈利预期是否出现连续下修。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">目前尚未看到这一信号。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网认为，最高院裁决划定了总统权力边界，但并未终止关税工具。特朗普将税率提高至\u003C\u002Fspan>15%\u003Cspan style=\"font-family: DengXian;\">，意味着贸易议题将继续影响\u003C\u002Fspan>2026\u003Cspan style=\"font-family: DengXian;\">年的市场节奏。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">从过去一年的真实样本可以看到：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">美股对政策冲击反应越来越\u003C\u002Fspan>“\u003C\u002Fspan>\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">交易化\u003C\u002Fspan>”——\u003C\u002Fspan>\u003Cspan style=\"text-decoration: underline;\">\u003Cspan style=\"font-family: DengXian;\">先定价风险，随后重新回到盈利主线。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这一次，也更可能如此。市场真正关心的，从来不是政治姿态，而是利润表。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPY\u002FSPY.jpg","2026-02-23T05:44:17","2026.02.23","2026\u002F02\u002F23",33036,[22],"SPY","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]