白银T+D (AGTD) 加自选

尽管“三条红线”被取消，中国房地产市场仍在挣扎。62/70城市房价下跌。中国1月份的房地产低迷加剧，官方数据显示，新房价格环比下跌0.4%，同比下跌3.1%。年度跌幅较12月的2.7%有所加速，标志着七个月来最大的收缩，并加剧了人们对该行业尚未找到持久底部的担忧。

China housing market struggles despite “three red lines” removal. 62/70 cities price falls.China's housing downturn deepened in January, with official data showing new home prices falling 0.4% month-on-month and 3.1% from a year earlier. The annual decline accelerated from December's 2.7% drop, marking the steepest contraction in seven months and reinforcing concerns that the sector has yet to find a durable floor.

中国房价继续呈死亡螺旋式上升：1月份同比下跌3.1%，月环比下跌0.4%。1月份，中国房地产市场的低迷几乎没有企稳的迹象，新房价格同比下跌3.1%，较之前2.7%的跌幅有所加深。按月计算，价格下跌0.4%，与12月持平，突显出该行业的下行势头持续存在。

China house prices continue their death spiral: January -3.1% y/y and -0.4% m/m.China's property downturn showed little sign of stabilising in January, with new home prices falling 3.1% year-on-year, deepening from the prior 2.7% decline. On a monthly basis, prices slipped 0.4%, unchanged from December, underscoring the persistence of downward momentum in the sector.

欧盟委员会在中国今天早些时候对欧盟乳制品征收关税后作出回应。正如当时所提到的，中国已着手从2月13日起对欧盟乳制品征收11.7%的关税。起初听起来很糟糕，但这里的背景很重要。

European Commission responds after China sets duties on EU dairy earlier today.As mentioned then, China has moved forward to finalise 11.7% tariffs on EU dairy products starting from 13 February. It sounds bad initially but context matters here.

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US-China trade truce sees a number of key China tech curbs being shelved - report.The report says ahead of Trump's visit to China in April, the US administration is putting on ice a number of key tech security measures that are targeted at Beijing. The sources say that Washington does not want to kick up a fuss, after having already seen a trade detente between Trump and Xi back in October last year.