中美经贸摩擦缓和，上行空间打开但并非一蹴而就

Core Insights - The easing of China-US trade tensions has exceeded market expectations, with significant reductions in tariffs and a more favorable trade environment [3][4] - The market is expected to show positive momentum, but recovery will not be immediate, necessitating attention to fundamental improvements [4] Summary by Sections Market Commentary - On May 12, a joint statement was released following the China-US economic talks in Geneva, indicating progress in addressing trade concerns [2] - The US will maintain a 10% tariff rate while suspending additional tariffs that were set to be implemented in early April, leading to a substantial reduction in the overall tariff burden on Chinese exports [3] Trade Policy Changes - The US's previous 145% tariff on Chinese exports has been significantly reduced, with 91% of retaliatory tariffs being lifted and 24% of the "reciprocal tariffs" suspended [3] - The remaining tariffs are now more aligned with those imposed on other developed countries, indicating a more balanced trade policy [3] Market Reactions - Following the announcement, the FTSE China A50 futures index rose over 1%, and the Nasdaq 100 futures increased by more than 1.5%, reflecting improved market sentiment [4] - The Shanghai Composite Index closed at 3369 points, above the pre-tariff announcement level of 3350 points, suggesting a positive market response [4]