苟余行之不迷，虽颠沛其何伤？

Group 1: Investment Strategy - The report highlights three clear investment themes in response to tariff impacts: consumer sectors driven by domestic demand, technology sectors benefiting from domestic substitution logic, and high-dividend sectors such as banks and utilities that attract long-term capital inflows [10][11] - The report notes a significant V-shaped market reversal, with the ChiNext Index experiencing a historic single-day drop of 12.5% before recovering due to supportive measures from the central bank [10][11] - The average daily trading volume across the A-share market reached 1.6 trillion yuan, with a turnover rate of 4%, indicating strong market confidence [10][11] Group 2: U.S. Market Outlook - The report suggests that the panic phase in the U.S. stock market has passed, with expectations of short-term fluctuations leading to an upward trend due to reduced trade war intensity and potential negotiations [2][3] - It emphasizes that the U.S. stock market faces medium-term challenges from policy uncertainties and capital outflows, requiring clear policy direction and technical breakthroughs for a reversal [3][4] - The report indicates that the recent tariff exemptions on certain products from China, amounting to approximately 100 billion USD, could lead to a short-term rebound in related electronic sectors, although volatility is expected due to ongoing tariff policy uncertainties [10][11]