消费行业：产业链全球化可应对美国关税力度升级

Investment Rating - The report maintains a positive outlook on the international competitiveness of leading Chinese consumer companies, suggesting a focus on the home appliance sector, specifically Haier Smart Home, Hisense Home Appliances, and Hisense Visual [1] Core Insights - The recent announcement by the US to impose a 10% tariff on imports from China and a 25% tariff on products from Canada and Mexico has created short-term uncertainties, but the report suggests that the likelihood of further tariff increases in the near term is low [1] - Historical data indicates that leading consumer export companies have not significantly lost market share during previous trade tensions, instead leveraging overseas capacity to grow [1] - Most consumer export leaders have completed their overseas capacity layouts, which may face short-term tariff impacts but are expected to gradually dissipate, with their cost advantages supporting further customer acquisition [1] - Companies with production capacities in Mexico have shown a muted market reaction to tariff increases, indicating confidence in their global supply chain capabilities [1] - Since joining the WTO in 2001, the Chinese consumer industry has leveraged production cost advantages to secure overseas orders, with leading companies enhancing their international competitiveness through long-term investments in efficiency, R&D, and digitalization [1] Summary by Sections - Tariff Impact: The US has announced tariffs that may affect consumer exports, but the report suggests limited long-term impact due to established overseas production [1] - Market Response: Companies like TCL Electronics have shown a calm market response, reflecting confidence in their ability to adapt to changing trade policies [1] - Long-term Competitiveness: The report emphasizes the sustained international competitiveness of Chinese consumer companies, particularly in the home appliance sector, despite tariff challenges [1]