消费行业：消费产业国际化趋势下美国关税的鲶鱼效应

Investment Rating - The report maintains a positive outlook on the international competitiveness of Chinese consumer leaders, suggesting a broad future for overseas business opportunities [8]. Core Insights - The Chinese consumer industry has leveraged its production cost advantages since joining the WTO in 2001, leading to significant growth in overseas orders and rapid development of OEM businesses [2]. - The internationalization of the consumer industry has shown strong growth trends, particularly in response to high tariffs imposed by the U.S. since 2018, prompting Chinese companies to explore overseas markets and enhance their global supply chain layouts [2][3]. - The U.S. tariff policies have been inconsistent, but they have created a "cobweb effect" for Chinese companies looking to expand overseas, as frequent changes in tariffs can lead to short-term supply chain imbalances [4]. Summary by Sections 1. Review of U.S. Tariffs on China Since 2018 - The U.S. has imposed multiple rounds of tariffs on Chinese goods, significantly affecting various consumer sectors, particularly in home appliances and light industry [11][12]. 2. Anti-Dumping Cases and Manufacturing Return to the U.S. - Companies like Haier have successfully navigated anti-dumping investigations by acquiring local brands and establishing production bases in the U.S., thus gaining market share [21][28]. 3. Enhanced Global Supply Chain Layout Capabilities - Many companies have established international supply chains in Southeast Asia and Mexico, maintaining market share without losing to competitors from other countries [3][38]. - The report highlights that companies with efficient supply chains, such as Haier and TCL, have successfully adapted to changing market conditions and tariff impacts [3][39]. 4. Investment Recommendations - The report suggests focusing on leading companies in various sectors, including home appliances (Haier, Hisense), light industry (Jiangxin Home, Jiyi Co.), agriculture (Guobao Pet, Zhongchong Co.), and textiles (Huali Group, Shenzhou International) [8].