投资策略研究：关税“黑天鹅”下，规避风险，等待情绪稳定

Core Insights - The report highlights the unexpected severity of the new U.S. tariff policy, which has led to a significant decline in global trade volume and increased market volatility [1][2][3] - It suggests that the market is currently in a state of panic, and any attempts to "buy the dip" should be approached with caution until market sentiment stabilizes [2][3] Market Performance - Prior to the announcement of the tariff policy, the A-share market was relatively calm, with an average daily trading volume of 1.13 trillion yuan. However, following the announcement, the market experienced a downturn, with the Shanghai Composite Index falling by 0.28% and the ChiNext Index dropping by 2.95% [1] - The report notes that sectors closely related to domestic demand, such as food and beverage, real estate, and utilities, have shown resilience and led the market in the wake of the tariff announcement [1][3] Investment Strategy - The report recommends focusing on three key investment lines in the A-share market: 1. Sectors with strong performance and a focus on domestic demand 2. Industries that are experiencing breakthroughs and are less affected by export conditions 3. Dividend-paying sectors that can provide a hedge during periods of uncertainty [3] - It emphasizes the importance of evaluating the quality of earnings reports from A-share companies, especially during the annual report disclosure period in April [3] AI Industry Outlook - The report maintains a positive long-term outlook for the AI industry, despite recent lack of catalysts and increased vulnerability to liquidity shocks, particularly in AI-related sectors represented by the Hang Seng Tech Index [3]