投资策略专题：关税影响下的配置思路

Group 1 - The report highlights the impact of the "tariff storm" on the market, suggesting an initial focus on dividend gold, followed by investment opportunities in "technology + consumption" as the situation stabilizes [3][12][30] - A significant observation is that stocks with higher overseas business exposure performed worse, indicating a market consensus on macro trading logic during extreme events [3][13][19] - The report emphasizes that Chinese companies are likely to gain market share through domestic substitution due to high tariffs, particularly in sectors previously dominated by U.S. firms [3][17][24] Group 2 - The report outlines four dynamic perspectives on the ongoing tariff impacts, including the potential for improved trade relations between China and other countries, particularly Europe [4][20][24] - It notes that the long-term technological innovations in China, represented by "AI+" and "embodied intelligence," will enhance China's global manufacturing position [4][24][25] - The report suggests that the current high tariff levels may not be sustainable, predicting that negotiations could lead to changes in the tariff landscape [4][25][26] Group 3 - Future investment recommendations include focusing on "self-controllable" technology and military industries, "internal circulation" consumption, and dividend gold, with specific sectors identified for investment [5][31][29] - The report identifies four key industry directions: technology growth with a focus on domestic substitution, consumption recovery driven by policy, cost improvement sectors, and structural opportunities in overseas markets [5][31][29] - It emphasizes the importance of maintaining a long-term core position in dividend and gold stocks to enhance returns amid market volatility [5][31][30]