According to a CITIC Securities research report, the trade war currently finds itself at an impasse, making it challenging to attain both unexpectedly robust stimulus measures and compromise-based trade agreements. At this juncture, the economic resilience of both nations is under scrutiny, with China possessing more policy alternatives, broader maneuvering room, and more sustainable energy consumption capabilities. For the United States, the impending large-scale maturity of Treasury bonds before July could serve as the initial trigger for potential shifts in Trump's tariff policy. A-shares play a pivotal role in bolstering confidence amidst the trade war, underscoring the need to trust the country's commitment to maintaining capital market stability. While Hong Kong stocks may appear as a vulnerable link at this stage, mainland funds remain underweight in Hong Kong equities on the whole. In terms of asset allocation, to mitigate uncertainty, sectors focused on independent technology, those benefiting from the expansion of European capital expenditure (Capex), pure domestic consumption necessities, stable dividend stocks, and themes that are not reliant on short-term performance will offer greater advantages.