彭博：中国为应对美国贸易战准备好筹码

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China is preparing a series of new tools to respond to potential trade conflicts with the U.S., particularly targeting companies like Nvidia, as a strategic bargaining chip in negotiations [2][3] - The Chinese government is adopting a cautious approach to retaliation, focusing on symbolic measures that threaten U.S. interests without significantly harming its own economy [5][6] - The Chinese leadership is committed to increasing economic support by 2025, indicating a shift in monetary policy to stabilize the economy amid external pressures [4] Summary by Sections Trade Relations and Responses - China has initiated an investigation into Nvidia and imposed export bans on certain rare materials, reflecting a calculated response to U.S. restrictions on AI chip components [2][3] - The first round of the trade war saw China respond to U.S. tariffs with its own tariffs, but subsequent actions have been more symbolic due to the imbalance in import-export volumes [7][8] Economic Context - The report highlights that China is facing its longest period of deflation and a struggling real estate market, which may influence its approach to trade retaliation [5] - The Chinese government is exploring targeted export controls and legal frameworks to enhance its control over domestic business transactions in response to U.S. actions [5][6] Future Outlook - Analysts suggest that if the U.S. reinstates tariffs, China may retaliate by targeting U.S. agricultural exports and increasing anti-dumping investigations [8] - The report indicates that China is likely to leverage its strengths in manufacturing and supply chains, particularly in sectors like drones and rare earths, to counter U.S. measures [10][11]