海外TMT：多家科技公司被美国国防部列入CMC清单点评-业务层面影响较小，市场短期担忧进一步遭限制可能性

Investment Rating - The report maintains a "Buy" rating for the overseas TMT sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6][22]. Core Insights - The inclusion of several Chinese technology companies, including Tencent and CATL, on the U.S. Department of Defense's CMC list is expected to have a limited impact on their business operations, primarily affecting dealings related to the Department of Defense [2][5]. - The potential for these companies to be further included in the U.S. Treasury's NS-CMIC list poses a risk of investment restrictions, which could affect market sentiment in the short term [3][5]. - Companies listed on the CMC list have the option to pursue legal actions or other means to be removed from the list, as demonstrated by Xiaomi's successful legal challenge in 2021 [4][5]. Summary by Sections Section 1: Impact of CMC List Inclusion - The CMC list primarily affects business operations related to the U.S. Department of Defense, with potential bans on contracts and collaborations [2][3]. - The CMC list is part of a broader strategy to identify and sanction companies involved in China's military-civil fusion efforts [2]. Section 2: Potential for Further Sanctions - Companies on the CMC list may face additional risks of being added to the NS-CMIC list, which would impose further investment restrictions [3][5]. - The overlap between the CMC and NS-CMIC lists indicates that companies like DJI and others may already be facing dual scrutiny [3]. Section 3: Legal Recourse and Company Responses - Companies have the possibility to contest their inclusion on the CMC list through legal channels, as evidenced by Xiaomi's case [4]. - Responses from affected companies, such as Tencent and CATL, assert that their inclusion is erroneous and that they do not engage in military-related activities [4].