关税上调怎么破？麦格理深度解析运动装产业链：本土品牌迎战略机遇期

Group 1 - Macquarie's tariff scenario analysis indicates that Original Equipment Manufacturers (OEMs) with higher profit margins have more room to withstand potential adverse factors, but price adjustment mechanisms, shifts in procurement locations, and weak end-demand may compress OEM profit margins [1] - The analysis shows that the new tariff burden may be shared across the supply chain, significantly impacting OEM earnings due to their already thin profit margins [1][6] - The domestic competition pressure faced by Chinese sports brands is manageable, with Anta Sports being favored due to controllable risks of oversupply in sports shoe production [2][8] Group 2 - The analysis of the impact of tariffs on the footwear value chain reveals that the retail price distribution among upstream and downstream parties is crucial, with a hypothetical increase in tariffs from 15% to 25% leading to price adjustments across the supply chain [13][15] - International brands are actively adjusting their supply chain strategies to mitigate risks from tariff increases, with Adidas and Puma adopting localized sourcing models to reduce reliance on Chinese production for the U.S. market [7][11] - Emerging procurement locations such as India and Indonesia are gaining traction, with lower labor costs compared to Vietnam and China, making them attractive for brands looking to diversify their supply chains [23]