【西街观察】关税几番“狼来了”，A股韧性依旧

Group 1 - The recent announcement by President Trump regarding a potential 100% tariff on Chinese goods and export controls on "all critical software" has led to significant market reactions, with U.S. stocks dropping 1.9% and A-shares showing resilience with only a 0.19% decline [1] - The A-share market demonstrated a strong recovery after initial panic, indicating improved risk tolerance and market confidence, as evidenced by the index's ability to rebound from a low opening [2] - The current macroeconomic environment in China, characterized by steady recovery, resilient foreign trade, and structural optimization, has contributed to the A-share market's ability to withstand external shocks [2] Group 2 - The A-share market benefits from a more robust buffer compared to the past, including a complete industrial chain, diversified export markets, ample policy tools, and a significant domestic demand market, which collectively mitigate external risks [2] - The valuation resilience of A-shares provides a higher safety margin, with ongoing reforms in the capital market enhancing its attractiveness, inclusivity, and competitiveness, leading to a re-evaluation of Chinese assets [2] - Continuous inflow of medium to long-term capital, share buybacks by listed companies, and major shareholder increases have bolstered market confidence and improved the quality and investment value of listed companies [3]