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<Research>CICC: US-CN Tariff Tensions Escalate Again w/ Impact on A-shrs Milder than Early-Apr
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US-China tariff tensions escalated again, CICC issued a research report saying. Although there are short-term impacts, the medium-term trend of the A-share market remaine stable, and the re-rating of Chinese assets will continue.

Based on a preliminary assessment of current information, the broker expected the impact of this event on the A-share market to be milder than the tariff shocks in early April, considering that the market had already priced in expectations of severe and rapid adjustments in early April, and China's swift and effective response at that time may alleviate investors' concerns about similar future shocks.

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In the short term, this unexpected event may affect risk appetite, thereby amplifying the market adjustment that began in late-August.
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