Group 1 - The announcement of new tariffs by President Trump has led to a significant decline in the US stock market, with the Dow dropping 400 points and the VIX index rising nearly 6% [1] - The recent employment data showed an increase of 147,000 jobs in June, which was better than expected, and the unemployment rate fell to 4.1%, impacting the Federal Reserve's interest rate decisions [1] - The market anticipates that the impact of tariffs on prices will gradually become evident, potentially delaying interest rate cuts by the Federal Reserve until the fourth quarter [2] Group 2 - The A-share market has shown resilience, with the Shanghai Composite Index approaching the 3,500-point mark, indicating a recovery in investor sentiment despite the US tariff situation [2] - Economic growth policies are expected to be further strengthened in the second half of the year, which may enhance market optimism and attract more capital into the A-share and Hong Kong markets [3] - The shift of household savings towards capital markets is anticipated as investment opportunities in real estate diminish, leading to a potential bull market in the capital markets over the next decade [4]