高盛：中国思考-投资者关于特朗普新国家安全总统备忘录的常见问题解答》

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved Core Insights - The National Security Presidential Memorandum (NSPM) signed by US President Trump on February 21, 2025, aims to promote foreign investment while safeguarding national security interests, particularly concerning China [8][9] - The NSPM does not impose new restrictions on the investability of Chinese securities for US investors but highlights areas of potential policy uncertainty and increased portfolio flow restrictions [7][9] - US-China tensions are expected to resurface, especially as investor concerns regarding US tariffs have moderated recently [7][20] - The report emphasizes the importance of implementing strong macro policy stimulus to support domestic growth and drive sustainable equity gains [7][20] Summary by Sections What's Happened - The NSPM outlines measures to facilitate investments from allied nations while countering evolving threats associated with foreign investment [8] - The memorandum directs government agencies to work on regulatory processes related to foreign investments [8] What's New & What to Watch - The NSPM builds on previous actions taken by President Trump to protect American innovation [9] - It highlights potential areas for increased restrictions on US outbound investments into China, particularly in sectors like semiconductors and artificial intelligence [9][10] Investment Implications - The report indicates that while immediate legal consequences from the NSPM may not arise, it underscores the potential for rising US-China tensions, which could negatively impact Chinese equity performance [20] - The Chinese A-share market is expected to react more favorably to domestic policy stimulus compared to external policy risks [20][21] - The report forecasts that A shares may outperform H shares in the coming months, driven by domestic policy support and less sensitivity to external factors [21][34]