策略周报：特朗普2.0、国内政策应对和市场影响

Group 1 - The report discusses the potential implications of Trump's second term on U.S.-China trade relations, indicating a likelihood of increased tariffs and stricter trade measures compared to his first term [10][14][19] - It highlights that the average tariff on Chinese imports may rise from 20% in 2019 to as high as 60% under Trump's second term, with a focus on technology and investment restrictions [14][19] - The report notes that the domestic policy response during the 2018-2019 trade tensions included measures to stabilize exports and currency depreciation, which helped mitigate the impact of U.S. tariffs [31][33] Group 2 - The analysis of major asset performance during the 2018-2019 trade conflict suggests that U.S. equities outperformed other asset classes, with the Nasdaq and S&P 500 showing significant gains [47][50] - A-shares lagged behind due to trade tensions, but sectors such as consumer staples and technology showed resilience, benefiting from foreign capital inflows [48][49] - The report identifies themes such as "self-sufficiency" and "rare earths" as having structural opportunities in the current market environment, reflecting the ongoing geopolitical dynamics [49][51]