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[Shanghai Composite Index Hits Nearly a Ten-Month High in Early Trading, US-China Trade Negotiations Send Stable Signals] 1. China's stock market continued its upward trend in early trading on Wednesday, with the Shanghai Composite Index hitting a near ten-month high. Market analysts indicate that the results of the latest round of US-China trade negotiations were generally in line with expectations, injecting cautious optimism into the market. By the morning close, the Shanghai Composite Index rose 0.5% to 3628.53 points, reaching an intraday high of 3635.42, a new high since October 2024. The CSI 300 Index also closed up 0.5%. However, technology stocks showed mixed performance, with the ChiNext Index falling 0.7% and the STAR Market 50 Index down 0.2%. 2. China and the United States concluded two days of trade talks in Stockholm on Tuesday. While no breakthrough agreement was reached, they agreed to negotiate an extension of the 90-day tariff truce. Analysts noted that the talks did not address sensitive issues such as fentanyl, indicating that both sides are still seeking consensus. The chief economist of a brokerage firm said: "The current pace of negotiations has slowed down. The United States has not yet formed a unified position on issues such as drug control. The market has fully anticipated the interim results." Affected by this, the financial sector performed actively, the insurance index rose by 1.8%, and China Life Insurance 601628.SS closed up 0.9%. 3. According to the announcement, the current tariff truce will expire on August 12, and the final decision on extension lies with US President Trump. Traders generally believe that if the truce is extended, it may further boost market risk appetite. Currently, funds are rotating from high-valuation technology sectors to low-valuation areas such as finance, reflecting investors' bets on policy stability.