对关税影响的理解：胜人者有力，自胜者强

Group 1: Market Impact of Tariffs - Recent tariff tensions initiated by the Trump administration have raised market concerns, but the impact is expected to be manageable[4] - The previous tariff actions in April led to a significant drop in global risk assets, followed by a rapid rebound within a month[6] - The U.S. government's quick softening of its tariff stance indicates the difficulty of maintaining high tariffs against economic principles[7] Group 2: Domestic Economic Factors - The true influence on Chinese asset performance stems from domestic economic and policy developments rather than external factors[6] - China's supply-side competitiveness remains strong, and demand-side policies are expected to provide further support[6] - The experience gained from previous tariff actions has equipped China with better response strategies, enhancing market confidence[10] Group 3: Future Outlook - The upcoming tariffs set for implementation in early November leave room for negotiations, adding uncertainty to their final execution[8] - Even if new tariffs are imposed, it is likely that the U.S. government will eventually adjust its policies in response to domestic pressures[8] - Current macroeconomic confidence is stronger than during previous tariff episodes, with improved expectations for both supply and demand sides[10]