Sell-side research institutions generally believe that the market volatility caused by the reciprocal tariffs in April this year will not "repeat yesterday," and therefore there is no need to be overly pessimistic about equity assets. A report from Galaxy Securities points out that the A-shares may experience slight fluctuations, but the upward trend remains unchanged, accompanied by a shift in market style. The rise in short-term uncertainty will reduce the market's risk appetite for Chinese assets, and the large amount of previous profits will also lead investors to reassess whether market pricing is reasonable. However, they still remain optimistic about future investment opportunities in the Chinese market. Firstly, the probability of Trump TACO is high, and the resilience of China's industrial and supply chains has limited actual impact on the economic fundamentals; secondly, China's counter-cyclical policies still have considerable room, and incremental reserve policies will be timely introduced according to changing circumstances; thirdly, since the second quarter, China's version of the "stabilization fund" has played a good role in stabilizing the market, and if the stock market fluctuates significantly in the future, the stabilization mechanism will play an important role again. A report from Founder Securities indicates that this round of tariff conflict may bring some disturbances to the market in the short term, but it will not change the bullish characteristics of A-shares in the medium to long term