Group 1 - A-shares showed resilience despite external pressures from US-China relations, with the market experiencing a low opening but rebounding at times, although trading volume remained subdued, indicating a cautious sentiment among investors [1] - The Shanghai Composite Index demonstrated relative stability, while the ChiNext Index fell nearly 10% over the week, reflecting a significant impact on growth stocks due to trade tensions and valuation adjustments [1] - The average daily trading volume in the A-share market decreased to 2.19 trillion yuan, with market performance characterized by financials outperforming consumer, cyclical, and growth sectors [1] Group 2 - The recent US tariff pressures have led to a cautious recovery in the domestic market, with expectations of a potential recovery in sentiment following Trump's statements on tariffs and meetings with Russia [2] - The domestic economic fundamentals remain stable, and with the backdrop of anticipated Fed rate cuts, there is a positive outlook for capital inflows into the equity market [2] - The upcoming earnings season and the "14th Five-Year Plan" window period are expected to provide some support to the market, despite ongoing challenges such as the US government shutdown and high debt levels [2] Group 3 - The market is undergoing a short-term style rebalancing, with a focus on technology sectors in the medium to long term, despite the limited impact of trade tensions on export data [3] - There is an expectation of intermittent rotation between technology and value styles, with technology sectors like AI and domestic replacements (semiconductors, energy storage, controllable nuclear fusion) remaining key areas of interest [3] - Non-bank sectors such as brokerage, insurance, and financial IT are anticipated to see improvements in both valuation and performance, while consumer sectors may also present opportunities due to valuation shifts [3]