策略观点：当DeepSeek遇上关税，中国市场将如何演绎？

Core Insights - The report indicates that the U.S. has imposed a 10% tariff on imports from China, with China retaliating by imposing tariffs of 10%-15% on certain U.S. goods, which aligns with market expectations. This is not expected to cause significant market fluctuations in the short term, but the uncertainty surrounding future tariff policies suggests a structural market trend [2][5][26] - The release of DeepSeek is anticipated to narrow the valuation gap in the AI industry between China and the U.S., prompting investors to focus on stocks within the AI supply chain [2][5][26] Tariff Impact Analysis - The report highlights that the sectors most affected by the new tariffs include electronics, machinery, toys, and textiles, which are heavily reliant on imports from China. Conversely, sectors with lower dependency, such as fuel and minerals, will experience less impact [12][16] - The report also notes that the short-term market sentiment is likely to be cautious, with investors advised to avoid sectors negatively impacted by the tariffs and currency fluctuations [5][7][19] AI Industry Insights - DeepSeek's introduction is expected to accelerate the development of AI technologies by shifting the focus from merely increasing computational power to optimizing algorithms. This change is projected to foster the emergence of more efficient and cost-effective AI models [23][24] - The report suggests that the AI industry in China is likely to benefit from increased domestic production capabilities in response to U.S. restrictions on advanced technologies, which may enhance the growth of the AI supply chain in China [25][26] Market Sentiment and Investment Strategy - The report anticipates that the market will exhibit structural trends rather than significant volatility in the short term, with a recommendation for investors to be cautious and to focus on sectors that are less sensitive to currency fluctuations, such as information technology and healthcare [5][19][26] - It is suggested that the AI sector, particularly companies involved in AI chips, cloud computing, and core technologies, will attract investment interest due to the narrowing valuation gap between Chinese and U.S. AI companies [24][26]