Core Viewpoint - Export stocks are generally underperforming due to the announcement of additional tariffs on Chinese goods by the U.S. starting November 1, which may lead to stock volatility in the affected companies [1] Group 1: Stock Performance - Companies such as Techtronic Industries (00669) saw a decline of 3.64%, trading at HKD 91.3; Haier Smart Home (06690) dropped 3.38% to HKD 24.56; Shenzhou International (02313) fell 1.71% to HKD 63.15; and QuanFeng Holdings (02285) decreased by 1.04% to HKD 20.84 [1] Group 2: Policy Impact - On October 10, former President Trump announced that the U.S. would impose an additional 100% tariff on Chinese goods starting November 1, along with export controls on key software [1] - Citigroup's report indicates uncertainty regarding the duration of this policy, but suggests that stock volatility during this period may be lower than during the retaliatory tariffs implemented in Q2 2025, as the new tariffs will only apply to manufacturers exporting directly from China to the U.S. [1] Group 3: Stock Preferences - Citigroup's preference order among Chinese exporters is Techtronic Industries > Shenzhou International > JiuXing, considering the Federal Reserve's interest rate cut cycle and the low proportion of Chinese imports in their U.S. sales [1]