Taking the " China-US Trade Friction in 2018" as the demarcation point, the risk spillover networks between industries of China's stock market before and after the trade friction are respectively constructed. Through factor analysis, multiple out-centrality(in-centrality) indicators of the directed networks are used to construct comprehensive indicators that reflect the risk contagion and risk tolerance of various industries. We analyzed the impact of the China-US trade friction on China’s stock market from various perspectives, including the risk spillover effect between industries, the overall stability of the stock market, and the changing characteristics of the network structure, explored the factors that affect the risk contagion intensity and risk tolerance intensity of each industry, and identified the main factors affecting the network changes in the context of the China-Us trade friction. The results indicate that the network is robust to random attacks and vulnerable to deliberate attacks. The China-US trade friction has led to an increase in the overall systemic risk and a decline in stability of China’s stock market, and reduced the robustness of the network. From a short-term perspective, the China-US trade friction has a decisive impact on the stability of the network; From a medium- to long-term perspective, the impact of the China-US trade friction on the network stability gradually weakens, and economic policies such as macroeconomic indicators, exchange rates, and monetary policies will gradually dominate the changes in network stability. After the trade friction, the risk spillover effects of various industries have changed to varying degrees, and the main influencing factors are also different. The greater the clustering coefficient of a node in the network, the smaller the risk tolerance intensity and the greater the risk contagion intensity of its corresponding industry in the stock market; The greater the node strength of a node in the network, the greater the risk tolerance intensity and the risk contagion intensity of its corresponding industry in the stock market; The greater the industry’s value at risk ( VaR), the greater its risk tolerance intensity in the stock market; The greater the industry’s systemic risk contribution (△CoVaR) , he greater its risk contagion intensity in the stock market. The research conclusions can provide some references for China’s financial regulatory authorities to conduct macro-prudential management, control systemic risks, and maintain financial market’s stability.