美银：中国投资指南针-2025 年第三季度：保持防御姿态，聚焦自下而上的盈利表现

China Investment Compass - Quarterly 3Q25: stay defensive and focus on bottom- up earnings Equity Strategy Stay defensive and focus on earnings China market outperformed in 1Q25 but traded sideways in 2Q. The Liberation Day tariffs drove a broad-based market sell-off in early April, but major global markets rebounded subsequently and largely recovered the losses. Investors we spoke to recently are less concerned about the geopolitical tensions (believing "the worst is over") and have low expectations on any ...