Group 1: Export Chain Recovery - The "reciprocal tariffs" imposed by Trump caused significant declines in A-shares, with the deepest drop in industry and individual stock indices reaching 12.19% and 13.60% respectively[1] - Since the imposition of these tariffs, the cumulative change in industry and individual stock indices has been -1.18% and 3.48%, with recovery rates of 90.31% and 125.61% respectively, indicating a near full recovery from the initial shock[1] - The recent US-China trade talks resulted in a joint statement agreeing to significantly lower bilateral tariff levels, suggesting limited further recovery potential for the export chain[1][14] Group 2: Sector and Stock Opportunities - Industries that have not fully recovered from the tariff impact and show positive revenue growth for Q1 2025 include components, consumer electronics, film and television, gaming, and diversified finance, with a focus on electronic manufacturing[14] - Among the top 50 stocks with significant US revenue exposure, candidates that meet the recovery criteria include Huayi Group, Pegatron, Shifeng Culture, Guoguang Electric, and Jialian Technology, primarily in the light industry and electronic manufacturing sectors[2][14] Group 3: Market Performance and Strategy - A-shares experienced a slight pullback after an initial rise following the tariff easing, with overall trading volume shrinking, indicating a cautious market sentiment[6][20] - The A-share market has fully recovered from the April 7 tariff shock, but the weak performance in credit and social financing in April has raised concerns about the underlying economic confidence[20] - The recommendation is to maintain a balanced portfolio to navigate uncertainties, focusing on sectors that reflect demand growth and have not fully recovered from tariff impacts[19]