谈判行动时，您可以查看Jin Qilin分析师的研究报告。这是授权，专业，及时和包容的，可帮助他利用潜在的主题机会。 CICC证券文本研究|黄湿他神 在2025年第二季度，美国的关税政策通常是动荡的，而销售则显着波动。 From the perspective of the market situation, the second quarter was divided into four main stages: the impact of tariffs has led to a rapid adjustment in the market.政策保护，指数稳定。关税期望得到了促进，市场波动继续，行业轮换也加速了。 The uncertainty of geopolitical conflicts has decreased, the indices have increased, the volumes have increased and this year has reached new maximums.从基本的角度来看，财务已得到修复，但国内需求却很弱。国外通货膨胀数据低于EXPECT，就业数据超出了预期，美元指数继续削弱。 评论2025 Q2 第1阶段（4.1-4.7）：关税冲击会导致重要的市场调整。 The market has worried mainly in early April since the Trump administration issued its customs policy on April 2. On April 7, around 3,000 clear to reach daily limits, with the Shanghai compound index approaching the greater decrease in history. 第2阶段（4.8-4.30）：政治保护市场维修和指数，但市场感觉仍然很弱。 After the impact of the tariffs, Huijin and the Central Bank took measures to maintain the stock market and under policy protection, the index was closed continuously positively.但是，市场的总体感觉仍然很弱，交易量正在逐渐减少。在此阶段，市场的关键点主要集中在措施和内部消费中。 阶段3（5.6-6.20）：波动指数范围和市场减少量旋转。填充空隙后，该指数没有上升的冲动，并且在小于3400点的范围内波动。关税战争于5月12日显着促进，但市场的一般冲动却有限。交易量仍处于低水平，并且行业迅速转动。 阶段4（6.23-6。 Through the market trends reviews in 25q2, we cause the following inspiration: 1) Economic investments often present the characteristics of the "surface points". That is, under a technological explosion of the industry or verification of the performance of actionsIndividuals, individual actions will arise from independent market conditions and then boost the entire sector. 2) Under the influence of macro uncertainty alteration factors, the market presents a rotational style of "help suppression growth of help" at a faster rotational pace. 3）从黑天鹅事件之后的中期市场节奏的角度来看E市场表征了短期恐慌和中期波动率稳定后的快速反弹。 While vibration periods have unique characteristics due to different macro environments, policy support can help restore market confidence and are expected to leave the "update" market. （1）地缘政治风险。 Inadequate control of United Chinese relations could strengthen conflicts between China and the United States in the fields of politics, the army,Science and technology and diplomacy. At the same time, geopolitical critical points, such as the Russian-Ukraine conflict and the problem of Middle East, could face the risk of deterioration, and in case of crisis, it could have a negative impact on the market. （2）国外美联储系统的硬化程度超出了预期。 If the US economy continues to be resistant, labor markets can face reasvaluation due to their superior performance in economic data, such as retail trade, and inflation rISK也可能面对篮板。美联储的非滑行路径继续，全球流动性的减少少于预期，内部股票市场的分母将不可避免地承受压力。  （3）内部经济复苏或稳定增长的实施效果远低于预期。如果国家房地产销售，逆转和其他随后的数据很难恢复，那么长期的城市投资债务支付面临发酵和经济回收率最终被伪造，一般的市场趋势将受到压力和过于乐观的影响。价格期望面临更正。 官方NINA Finance帐户 24-最新信息和财务视频的流离失所，以及扫描QR码以关注更多粉丝（Sinafinance）