Core Viewpoint - The current rise in the US stock market is primarily driven by corporate fundamentals, with improved US-China relations expected to significantly reduce potential disruptions from additional risk factors [1] Group 1: US Stock Market - The US stock market still possesses significant allocation value under the backdrop of relatively eased US-China relations and overall ample liquidity in the US [1] - Recommended sectors for investment in the US market include technology, manufacturing benefiting from re-industrialization and policy support, midstream and upstream resource products, and the nuclear power industry [1] Group 2: Hong Kong Stock Market - The risk appetite in the Hong Kong stock market may increase, with a focus on raw materials, sectors benefiting from exports to the US, and industries that may gain from the appreciation of the Renminbi, such as aviation and paper manufacturing [1]

Group 1 - The core viewpoint of the article highlights that the majority of companies are affected by trade tensions, with manufacturers and exporters to the U.S. being the most impacted [1] Group 2 - The European Central Bank's survey indicates that trade tensions have a significant negative impact on business operations [1] - The manufacturing sector is particularly vulnerable to these trade tensions, facing the greatest challenges [1] - Exporters to the U.S. are experiencing heightened difficulties due to the ongoing trade disputes [1]