中美关税再交锋，A股“倒车接人”？

Group 1 - The recent trade tensions between China and the U.S. have escalated, with China implementing export controls on key materials and the U.S. proposing a 100% additional tariff on Chinese goods [1] - The market's reaction to the new tariffs is expected to be less severe compared to previous trade disputes, as investors have adjusted their expectations based on past experiences [2][3] - The potential for a meeting between the leaders of China and the U.S. during the APEC summit may reduce the likelihood of the additional tariffs being enacted [2] Group 2 - The current market valuation has increased significantly since April, with the CSI 300 index rising from 11.66 times earnings to 14.23 times, indicating a higher sensitivity to market disruptions [3] - Despite the potential short-term impacts of the tariffs, the underlying themes driving the market, such as technological advancement and capital market stability, remain intact [3] - The recent tariff developments may create opportunities for sector rotation, with high-dividend stocks becoming more attractive in a volatile market [4]