Chinese equities surged upon reopening from the Lunar New Year break, with the CSI 300 climbing 1.28% and the SSEC rising 1.10%. The gains were fueled by optimism over U.S. trade tariffs after the Supreme Court ruled most of President Donald Trump's levies illegal, set for revocation. Although new tariffs were announced under a different framework, they are substantially lower, offering near-term relief for exporters.

Supporting the rally, government data revealed robust consumer activity during the extended holiday. Foot traffic and sales revenue in major shopping areas grew nearly 5% year-on-year. Domestic travel hit a record 5.08 billion trips since early February, while outbound trips, especially to Southeast Asia, rose sharply. The nine-day holiday, longer than usual, saw increased subsidies to stimulate demand.

Export-oriented firms led gains, but companies focused on the domestic market stand to benefit most from sustained consumer spending. The market's positive reaction hinges on both the temporary tariff reprieve and the strength of holiday consumption. Concrete economic data for February and March will now determine how significantly the festive period boosted overall growth and corporate earnings.