全球市场波动或将加剧，中国资产有望成为避风港

Market Overview - Following the implementation of the "reciprocal tariff" policy on April 2, 2025, global stock market volatility increased significantly, with a rapid decline followed by a quick recovery approximately one week later[7] - As of May 22, 2025, most major markets have returned to and exceeded their levels from April 2, 2025, likely due to short-term economic support from global export surges during the 90-day exemption period[8] Economic Concerns - The increase in global tariff levels and the intensification of de-globalization are expected to hinder global demand in the medium term, despite the recent market performance suggesting otherwise[8] - The uncertainty surrounding President Trump's administration and unresolved risks related to U.S. debt have resurfaced as market focal points, potentially ending the low volatility phase observed since May[8] U.S. Tariff Policy - On May 23, 2025, President Trump proposed a 50% tariff on EU products starting June 1, 2025, raising concerns about a potential escalation in the U.S. tariff war, which led to a collective decline in European and American stock markets[10] - Moody's downgraded the U.S. sovereign credit rating on May 16, 2025, marking the first downgrade in over a decade, which may amplify market negative sentiment in the short term[10] Debt Market Reactions - Following the downgrade, U.S. Treasury yields across all maturities rose, indicating investor concerns about government debt and interest burdens, although market risk appetite remained relatively stable[11] - The downgrade has resulted in a loss of the highest Aaa rating from all three major international credit rating agencies for the U.S., reflecting deteriorating fiscal conditions compared to similarly rated countries[12] Investment Recommendations - The overall A-share market's price-to-earnings ratio stands at 18.96, a decrease of 0.47% from the previous week, indicating a potential shift in valuation trends[6] - The report suggests that Chinese assets may become a safe haven amid increasing global market volatility, positioning them favorably for investors seeking stability[1]