国君图说|家电:关税如何影响产能布局?

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The trade war has prompted all export enterprises to consider whether to relocate production capacity and where to transfer it, balancing cost and demand [2]. - Tariffs have impacted the global supply chain for certain product categories, with a trend towards production capacity moving overseas, even for Chinese manufacturers who have previously held strong production advantages [2]. - The speed of transferring products that have not developed domestic demand to overseas markets is notably rapid [2]. Summary by Sections - Impact of Trade War: The trade war has catalyzed a reevaluation of production strategies among export companies, leading to potential shifts in production locations [2]. - Tariff Effects: Tariffs have influenced the global supply landscape, with a gradual adaptation of overseas production capacity reducing the likelihood of returning production to China [2]. - Domestic Demand and Production Transfer: Products lacking domestic demand are being transferred to overseas markets at a fast pace, indicating a significant shift in production strategies [2].