Macro Strategy - The meeting between Chinese President Xi Jinping and US President Trump on October 30 resulted in a series of agreements aimed at easing trade tensions, which is expected to boost short-term market sentiment [2][3]. - Key outcomes include the cancellation of the 10% "fentanyl tariff" by the US and a one-year suspension of the 24% "reciprocal tariff" on Chinese goods, with corresponding adjustments from China [2][3]. - The US will also pause the implementation of its export control rules for one year, while China will suspend its related measures, indicating a temporary easing of restrictions [2][3]. - The meeting lasted approximately 1 hour and 40 minutes, shorter than the market's expectation of 3-4 hours, which may indicate ongoing uncertainties in the trade relationship [3][5]. Market Impact Analysis - The agreements are expected to enhance market risk appetite and attract global capital to reallocate into Chinese assets, particularly benefiting sectors with high export ratios to the US, such as consumer electronics, home appliances, and textiles [6]. - The technology sector, especially semiconductors and AI, may see valuation recovery due to the suspension of export controls, while the shipping and shipbuilding sectors will benefit from the pause in the US's 301 investigations [6]. - The overall improvement in the economic environment is likely to boost confidence in US-listed Chinese companies, particularly in relation to the TikTok issue [6][7]. Key Areas of Focus - Tariff adjustments are expected to directly benefit export industries, leading to reduced costs and improved profit margins for companies with significant US export business [7]. - The suspension of export controls will positively impact high-tech industries, reducing uncertainties in the global semiconductor and electric vehicle supply chains [7]. - The pause in the 301 investigations will alleviate pressure on China's shipping, port machinery, and logistics companies, stabilizing global shipping prices and supply chains [7].

Group 1 - Trump's recent political and economic challenges highlight a series of setbacks, including failed attempts to dismiss Federal Reserve Chairman Jerome Powell and confrontations with Elon Musk over government contracts [4][13][19] - The imposition of tariffs on Brazil faced immediate backlash, with Brazilian President Lula publicly criticizing Trump's understanding of international trade [10][25] - Trump's approach to governance reflects a business mindset that oversimplifies complex political and economic issues, leading to significant miscalculations [7][33] Group 2 - The Federal Reserve's independence is legally protected, making Trump's attempts to influence monetary policy problematic, as he faced opposition even from within his party [15][35] - Trump's threats to cancel SpaceX's government contracts were countered by the critical role SpaceX plays in national security and space operations, forcing a reconsideration of his stance [21][24] - The ongoing tariff policies have resulted in delays and pushback from domestic stakeholders, including farmers and manufacturers, indicating a disconnect between Trump's policies and their economic impact [12][27] Group 3 - The technology regulation landscape has become increasingly complicated, with Trump's attempts to roll back restrictions facing resistance from both domestic and international entities [28][32] - The response from allies, particularly the EU, to Trump's unilateral trade actions demonstrates the potential for significant geopolitical repercussions [32][35] - Trump's reliance on a confrontational style has led to a series of policy reversals and delays, suggesting a need for a more nuanced approach to governance [36]