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<p>Under the impact of "reciprocal tariffs," the global trade system is facing a century-long change. The characteristics of this round of asset volatility: U.S. assets are weakening, while Chinese assets are showing resilience</p>

- The recent implementation of "reciprocal tariffs" by the U.S. has significantly impacted the global trade system and asset prices, with China facing economic challenges but also possessing favorable conditions compared to previous years.  
- Despite the tariffs, China's stock market shows resilience, supported by changes in geopolitical narratives, technological advancements, and macroeconomic policy space, suggesting that opportunities may outweigh risks in the medium term.  
- Short-term strategies should focus on stability, favoring low-volatility dividend stocks, while the AI sector remains a key growth area, with potential for recovery as domestic demand policies strengthen.

LB Select

Hang Seng Index

Hang Seng TECH Index

Invesco QQQ Trust

SPDR S&P 500

TENCENT

BABA-W

Institutional Interpretation: The Impact of the U.S. "Reciprocal Tariffs" on Chinese Assets