本轮关税对A股市场影响解析：A股新高再遇关税变盘，施压还是谈判？

Group 1 - The report indicates that the recent tariff actions by the Trump administration are more likely aimed at setting the stage for future negotiations rather than purely exerting pressure, with the market's response expected to be more rational this time around [2][5][18] - Compared to April, the A-share market has seen significant increases in valuation and leverage, particularly in sectors such as TMT and non-ferrous metals, suggesting a strong upward trend despite short-term volatility [2][6][8] - The report emphasizes that the core logic driving the "slow bull" market in A-shares remains unchanged, with technology sectors identified as the long-term focus for investment [2][8][36] Group 2 - The report highlights that the response strategies from China have become more precise and targeted, with specific measures taken against U.S. industries, indicating a shift towards a more nuanced approach in trade relations [5][18] - It notes that the market's reaction to the recent tariff threats is expected to be more resilient, as investors have adjusted their expectations based on previous experiences and the targeted nature of China's countermeasures [5][18] - The report outlines that sectors heavily reliant on exports, such as electronics and automotive parts, may face short-term challenges, while defensive sectors like banking and agriculture could benefit from increased risk aversion [8][36]