The US-China trade negotiations in London may release positive signals in the short term, but substantial breakthroughs are limited. Trump's optimistic statements may inject short-term confidence into the market, but differences remain difficult to resolve on core issues such as technology controls and tariffs. If the negotiations yield partial results (such as slight tariff reductions), it may boost global stock markets, particularly in the technology and new energy sectors; if they fall into a deadlock, it will increase market volatility. In the medium to long term, the strategic competition between the US and China remains unchanged, and the risk of technological decoupling still exists. Investors need to be wary of the risk of the US side saying one thing and doing another after the negotiations. It is advisable to pay attention to policy trends in sensitive areas such as rare earths and semiconductors.