On April 9th, the shock wave of US tariff policies continued to sweep through global capital markets. UBS, Goldman Sachs, Morgan Stanley and other foreign institutions have successively released their latest views. On April 8th, Meng Lei, a China stock strategy analyst at UBS Securities, released a report on China’s stock strategy, stating that based on historical experience, the recent trend of the A-share market may have roughly priced out potential negative impacts. At present, the A-share market is at a relatively low valuation level, which provides protection against downside risks. Goldman Sachs’ Chief Strategist for China Stocks, Liu Jinjin, stated that US tariffs have an impact on the fair value of the Chinese stock market through multiple variables, and strategic allocation opportunities for A-shares are better than H-shares. Therefore, in terms of industry allocation, the focus should continue to be on the consumer sector. Laura Wang, Chief Equity Strategist at Morgan Stanley China, believes that market volatility will remain at a high level in the short term, and the A-share market is more resilient, which can be seen as an allocation option for hedging or risk diversification.
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