The high-level China-US economic and trade talks have made substantial progress, significantly reducing the bilateral tariff levels. The US has canceled a total of 91% of the additional tariffs, and China has correspondingly canceled 91% of the counter-tariffs; the US has suspended the implementation of a 24% 'reciprocal tariff', and China has also correspondingly suspended the implementation of a 24% counter-tariff. After much ado, it turns out that only the investors in the stock market and cryptocurrency have been hurt; after the good news is exhausted, there was a general decline, and we will continue to observe the follow-up.