Group 1: US-China Relations - The meeting between the US and Chinese leaders on October 30, 2025, in Busan focused on enhancing economic cooperation and addressing trade issues [2] - Both sides agreed to expedite the implementation of previously reached consensus and maintain effective communication to reduce uncertainties in bilateral relations [2][3] Group 2: Trade Agreements - The US will cancel the 10% "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariffs will remain suspended for another year, with corresponding adjustments from China [3] - The US will pause the implementation of its 50% export control rules for a year, while China will also suspend its related measures for the same duration [3] - Both parties agreed to extend certain tariff exclusions and confirmed cooperation on fentanyl control and agricultural trade [3] Group 3: US Stock Market Outlook - The core driver of the recent rise in the US stock market has returned to corporate fundamentals, with significant gains in the S&P 500 and Nasdaq indices since October 10, 2025 [4] - The earnings growth expectations for major tech companies have been revised upwards, contributing to the positive market sentiment [4] - The successful meeting between the US and Chinese leaders is expected to further alleviate geopolitical risks, enhancing the investment appeal of the US stock market, particularly in the tech sector [4] Group 4: Hong Kong Stock Market Outlook - The Hong Kong stock market is expected to see an upward shift in risk appetite, with a focus on raw materials, sectors benefiting from exports to the US, and industries that may gain from RMB appreciation [5][6] - The recent negotiations have led to a recovery in the Hong Kong market, which had previously suffered from concerns over export controls and potential tariffs [5][6] - Historical trends suggest that a stabilization in US-China relations could lead to a rebound in the RMB, positively impacting sectors like aviation and paper manufacturing [6]

中信证券研报称，我们认为当前美股上涨的核心驱动力已回归至企业基本面，而中美关系的缓和有望显 著降低额外风险因素带来的潜在扰动，在中美关系相对缓和，且美国整体流动性依旧较为充裕的背景 下，美股仍具备显著配置价值，我们建议关注美股市场中估值与业绩更为匹配的科技行业、受益于再工 业化进程和政策利好的制造业、中上游资源品以及核电行业。我们认为港股市场风偏或上行，建议关注 原材料、对美出口板块，以及或受益于人民币升值的航空与造纸等板块。 ...

格隆汇10月31日｜中信证券研报称，我们认为当前美股上涨的核心驱动力已回归至企业基本面，而中美 关系的缓和有望显著降低额外风险因素带来的潜在扰动，在中美关系相对缓和，且美国整体流动性依旧 较为充裕的背景下，美股仍具备显著配置价值，我们建议关注美股市场中估值与业绩更为匹配的科技行 业、受益于再工业化进程和政策利好的制造业、中上游资源品以及核电行业。我们认为港股市场风偏或 上行，建议关注原材料、对美出口板块，以及或受益于人民币升值的航空与造纸等板块。 ...