华利安：2025年第二季度全球成长型投资者调研报告（英文版）

The U.S.administration's announcement of tariffs andelated uncertainty have reversed macroeconomicsentiment, which had been improving.

Prior to tariffs, eight in 10 investors expectednacroeconomic conditions to remain stable or improvehrough 2025.Post-tariffs, seven in 10 investors expectnacroeconomic conditions to weaken.Pre-tariffs, two-thirds ofinvestors expected the lPOwindow to reopen in 2025.Public market volatilitywill delay the broad reopening of the lPO window Pre-tariffs,