中美西班牙经贸会谈释放了哪些信号？

Group 1 - The core outcome of the recent China-US economic talks in Spain is the establishment of a framework consensus on the TikTok issue, signaling a potential easing of economic relations between the two countries, which is expected to positively impact market sentiment in the short term [2][8]. - The discussions highlighted a pragmatic advancement in China-US economic negotiations, particularly regarding user data, content security, and intellectual property rights, indicating a willingness to seek consensus despite deep-seated differences [9][10]. - The expectation of improved China-US relations is likely to enhance risk appetite among investors, potentially benefiting Chinese stocks, especially in the internet and technology sectors, and stabilizing the offshore RMB [10][11]. Group 2 - The future implementation of the agreements reached during the talks is contingent upon subsequent communications between the leaders of China and the US, which could significantly influence market confidence and the overall investment climate [10][11]. - If the TikTok agreement is successfully implemented and leads to tariff adjustments and a potential state visit by the US president, it could catalyze a new phase of market activity, particularly benefiting technology growth sectors and export-oriented companies [13][14]. - The report suggests focusing on three main investment themes: event-driven rebounds in technology growth sectors, mid-term benefits for export chains and consumer leaders, and the anticipated policy and funding advantages for brokerage firms [13][14].