汇丰：中国股票策略2Q25：具有韧性，但关税将损害收益

14 April 2025 Equity Research Report China Equity Strategy Equity Strategy 2Q25: Resilient, but tariffs will take a toll on earnings More earnings pain. A lot has changed since our last report on 7 April. Given the ratcheting up of US-China tariffs and trade tensions, in an updated sensitivity analysis we now estimate the escalation of tariffs on China imports will drag down CSI300 earnings by 5-7%, vs our previous forecast of 3-4%. However, the situation remains fluid and could change rapidly. As a result ...