A-share market morning express | The three major stock indexes collectively opened lower: the Shanghai Composite Index fell 1.13%, with the agricultural sector showing active performance.

The three major A-share stock indexes collectively opened lower, with the Shanghai Composite Index falling 1.13% and the ChiNext Index falling 1.89%. In terms of the market, the agricultural sector showed strong performance, with controllable nuclear fusion, consumer electronics, Apple concepts, and humanoid Siasun Robot & Automation leading the decline. Institutional Views on the Future Market Industrial: The reassessment of Chinese assets is far from over, the technology wave is the key, focusing on technology and new consumption Industrial pointed out that the global stock market facing Trump's tariff war is like encountering a summer thunderstorm, fierce and uncomfortable, but not continuous, it's a paper tiger. It is a systemic risk, but ultimately, the impact of the trade war on the global economy and the impact on the existing economic and trade order need to be considered. The sustainability of the technology wave will be the key to A-shares and Hong Kong stocks continuing to reach new highs in the second half of this year and next year. In the medium term, we firmly believe in the bullish outlook for Chinese assets. The reassessment of Chinese assets has not yet been completed, especially the reassessment of technology and new consumption has just begun. Huaxi: Short-term volatility in A-shares may be lower than overseas markets, expanding domestic demand will be the main focus of future policies Huaxi stated that the US tariff policy has triggered global risk aversion sentiment. The current VIX panic index is second only to the period of the yen carry trade closing in August 2024 and the liquidity shock period caused by the global pandemic in March 2020, indicating that risk assets are entering a period of high volatility. Looking ahead, the US tariff negotiations still have high uncertainty. As US stagflation pressures become apparent, resistance to Trump's tariff policy will increase, while domestic policies focusing on "expanding domestic demand" still have room for significant expansion. From a valuation perspective, A-shares and Hong Kong stocks are currently in a "valuation loophole" among global equity assets. Their short-term volatility may be lower than overseas markets, making them a "safe haven" for risk assets. Orient: There may still be a test below 3100 points in the future, oversold rebound is the main short-term strategy Orient stated that looking ahead, the market tested the area above 3000 points of the Shanghai Composite Index on Monday in extremely unfavorable conditions, showing strong support at that level. There may still be a test of the possibility below 3100 points in the future, but there are initial signs of stabilization, and investors can strive for a rebound. This article is from Tencent self-selected stocks, edited by GMTEight: Liu Xuan.