如何应对当前市场情绪和风格变化？

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the U.S.-China relations and its impact on various industries, particularly focusing on technology, banking, steel, and agriculture sectors. Core Points and Arguments 1. U.S.-China Relations Dynamics - The current U.S.-China relationship is characterized by tactical maneuvering rather than strategic deterioration, with both sides leaving room for future negotiations [1][5][7] - Recent U.S. policies, including technology export controls, have escalated tensions, with significant additions to the entity list affecting numerous Chinese companies [2][3] 2. China's Response to U.S. Actions - China has implemented countermeasures such as antitrust investigations against Qualcomm and tariffs on U.S. vessels, aiming to disrupt U.S. policy inertia and compel a reassessment of strategies [4][6] 3. Market Sentiment and Recovery - Despite ongoing tensions, the establishment of high-frequency communication channels between U.S. and Chinese officials has reduced market concerns compared to earlier in the year [7] - The market has shown a tendency to recover quickly after significant events since May 2019, although liquidity risks in the A-share market remain a concern [7][8] 4. Long-term Market Outlook - A bullish outlook on the current bull market is maintained, driven by factors such as a weak dollar, global liquidity easing, and emerging sector growth [8][10] - Short-term market pressures are anticipated around the 3,900 to 4,000 points range, with potential style shifts due to U.S.-China relations [8][9] 5. Key Sectors to Watch - Focus on sectors such as non-ferrous metals (especially precious metals and rare earths), banking, steel, domestic software, and agriculture [9][11] - Long-term growth potential is highlighted in technology and gold sectors, particularly in batteries, chips, robotics, and innovative pharmaceuticals [10][11] Other Important but Possibly Overlooked Content 1. Internal U.S. Policy Conflicts - The inconsistency in U.S. policies towards China reflects internal conflicts within the Trump administration, with different factions pushing for various measures without unified direction [3] 2. Future Negotiation Prospects - The potential for a deal between the U.S. and China hinges on concessions from both sides, with China likely to make moves that allow Trump to showcase his negotiation skills [6] 3. Investment Strategy Recommendations - Investors are advised to remain cautious of liquidity risks and consider market dips as potential buying opportunities, especially in light of upcoming APEC meetings and trade talks [7][8]