Since Trump’s second term, China and the United States have articulated their updated respective strategic perceptions of the bilateral relationship in different forms. Rather than serving merely as retrospective statements, these strategic perceptions have functioned as a critical foundation for the overall stability observed in Sino-U.S. relations during this period. Since the beginning of Trump’s second term, Sino-U.S. relations have maintained overall stability under the strategic guidance of head-of-state diplomacy and through sustained high-level consultations. Such stability has manifested itself in three dimensions: continued decoupling in areas involving core national competitiveness, a pattern of competitive engagement combined with sustained consultation in areas concerning concrete and practical interests, and the maintenance of limited spillover in areas where both sides seek to avoid being drawn into open conflict. Such stability has been jointly shaped by adjustments in both countries’ perceptions of themselves, of each other, and of the bilateral relationship, together with corresponding policy adaptations. Whether Sino-U.S. relations can sustain stability in the future will depend on the evolution of bilateral strategic perceptions, the ways in which they shape policy choices, and the continuity of stabilizing factors provided by both sides.