China suspends receipt of Boeing aircraft The United States requires Nvidia to obtain a license for exporting chips to China VIX has fallen from 60 to 30, and the panic index has significantly cooled down. Based on historical data, the S&P 500 has shown strong performance in the medium to long term after similar fluctuations After the VIX dropped from>50 to<30 in the past four times, the average annual return of the S&P 500 reached 17.9%, with the highest being 42.95% during the 2020 pandemic rebound period. But within 3 months, the market uncertainty is high, with 75% of cases achieving positive returns in the 1-year dimension and 100% of cases making profits in the 5-year cycle. The panic caused by external shocks is often a time point for medium to long term layout, and there is still a risk of bottoming out in the short term. The trade war is shifting from policy games to substantive impacts, and China has called out to Trump, hoping that he will not act recklessly.