中信证券：加大非美市场开拓实现转型 或将成光伏供应链对冲关税战风险的关键

Core Viewpoint - CITIC Securities reports that the U.S. "reciprocal tariffs" are aggressive but may not have a lasting impact, as China's photovoltaic (PV) exports to the U.S. have become desensitized to tariffs through indirect exports via Southeast Asia [1] Group 1: Market Dynamics - The "tariff war" has led to increased overseas production costs for Chinese PV manufacturers, which further squeezes profitability, yet they still maintain a relative advantage over U.S. manufacturing costs [1] - The process of U.S. PV manufacturing returning is filled with uncertainty, and in the medium term, the reliance on imported PV products is unlikely to change [1] Group 2: Strategic Recommendations - To mitigate risks and enhance profitability, companies should focus on expanding into non-U.S. markets, promoting technological upgrades, and building brand recognition [1] - Achieving market diversification, localizing operations, and transitioning towards solution service providers are deemed crucial strategies for countering risks and driving profit recovery [1]