Core Viewpoint - The recent escalation in the China-U.S. economic and trade conflict is expected to have a weaker impact on the A-share market compared to the situation in early April, due to prior market adjustments and effective responses from China [1] Group 1: Market Impact - The current situation may affect risk appetite, potentially extending the market adjustment that began at the end of August [1] - The overall assessment indicates that the impact on A-shares will be less severe than in April, as the market had already priced in significant adjustments at that time [1] Group 2: Long-term Outlook - The restructuring of the global monetary order is accelerating, leading to a decline in the safety of U.S. dollar assets, which will continue to favor the revaluation of RMB assets [1] - Upcoming policy plans, such as the "14th Five-Year Plan," and the positive fundamentals in sectors like technology suggest that the foundation for market growth remains intact [1] - A-share valuations are considered relatively reasonable, indicating that the current market conditions may support a more stable and long-term growth trajectory [1] Group 3: Investment Opportunities - If irrational market sentiment leads to excessive adjustments in the short term, it may present favorable opportunities for reallocation into A-shares [1]
中金：中美关税“再升级” 短期冲击不改中期趋势