分析人士：持续关注关税政策变化

Group 1 - The joint statement from the US-China Geneva economic and trade talks indicates a positive shift in trade relations, leading to a recovery in the A-share market, with the Shanghai Composite Index rebounding to early April levels [1][2] - The market has priced in expectations of eased tariff disputes, with significant buying interest from institutional investors stabilizing market sentiment [1][2] - The reduction in tariffs is expected to boost the profitability and valuation of companies related to foreign trade, consumption, and new energy sectors, while military and shipbuilding sectors have seen a pullback [2] Group 2 - The bond market reacted negatively to the joint statement, with expectations of monetary policy easing and reduced tariffs leading to a rise in risk appetite, putting pressure on bond prices [3] - Despite the positive developments, the long-term impact of the remaining 10% baseline tariff needs to be monitored, as uncertainties remain regarding future trade relations and economic conditions [2][3] - The overall economic outlook is expected to improve with normalized trade negotiations, which could enhance export opportunities for domestic companies [2]