#山寨季何时到来 According to reports from Geneva, Switzerland, on the 10th, the China-U.S. trade negotiations broke down because the U.S. insisted on not reducing the previously imposed tariffs. After the Chinese representatives entered the room and shook hands with the U.S. representatives, they immediately left. The U.S. demands include: terminating non-market subsidies and forced technology transfers; ensuring the security of strategic mineral supply is not subject to sudden restrictions; phased adjustments to tariffs while retaining tariffs as a negotiation tool; strictly controlling the outflow of fentanyl precursors and establishing an accountable mechanism. Currently, this has pressured cash flows in U.S. stocks, and the money from Gao Hua Capital may lean towards high-quality projects, implementation, and execution.