特朗普又变了？万斯紧急“灭火”，港A股巨震，黄金飙涨！

Market Overview - A-shares opened significantly lower, with the Shanghai Composite Index narrowing its decline to 1% and the ChiNext Index down 2.14%, having previously dropped over 4% at the open. The Sci-Tech 50 Index turned positive, with a strong performance in self-controlled industrial chains, particularly in lithography machines, EDA, operating systems, and rare earths [1] - The Hang Seng Index fell over 2.27%, while the Hang Seng Tech Index dropped 2.71% [2] - The volatility index for the Hang Seng surged by 20%, reaching its highest level since May 2025 [5] Global Economic Sentiment - Following Trump's claim of imposing "100% tariffs," there was a subsequent report of "tariff easing," causing significant global market fluctuations [3] - The FTSE China A50 Index futures opened higher but were down 1.22% after a previous night session decline of 4.26% [7] Commodity Market - Risk assets saw a broad increase, with gold and silver reaching new highs. Spot gold peaked at $4,060 per ounce before retreating to $4,048 per ounce, while spot silver rose over 1% to $50.81 per ounce [9] Cryptocurrency Market - The cryptocurrency market rebounded strongly, with Bitcoin recovering from a low of $101,500 to $115,275, marking a 4.29% increase. Ethereum and other cryptocurrencies also saw significant gains [11][12] Trade Policy and Market Reactions - U.S. Vice President Vance indicated a willingness for rational negotiations with China, suggesting that Trump's tariff threats may not materialize as expected [13][14] - Analysts from Huaxi Securities believe the likelihood of the 100% tariff being implemented is low, citing past experiences that indicate high tariffs could disrupt U.S.-China trade, especially during the holiday season [15][16] - The "TACO" (Trump Always Chickens Out) trading strategy has been identified, highlighting a pattern of Trump threatening tariffs followed by market volatility and subsequent easing signals [18]