中美关税政策对电子行业影响点评：国产替代或迎产业机遇期，苹果供应链影响可控

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Viewpoints - The report highlights that the ongoing US-China trade tensions may provide opportunities for domestic manufacturers in the semiconductor sector, as the dependence of Chinese semiconductors on the US is at a controllable level. Domestic manufacturers are expected to leverage price competitiveness to upgrade high-end products during this tariff conflict [5][6]. - The report emphasizes that the impact of tariffs on the consumer electronics supply chain is manageable, particularly for Apple, which has a significant presence in China. Apple's investment plans in the US may help mitigate tariff impacts [5][6]. Summary by Sections Industry Overview - The report discusses the implications of the US-China trade war on the electronics industry, noting that the dependence of Chinese semiconductor imports on the US is approximately 5.9%, with specific categories like semiconductor equipment at 9.6% and integrated circuits at 3.1% for 2024 [5][6]. Investment Recommendations - The report suggests focusing on several companies, including Northern Huachuang, Zhongwei Company, and others, as potential investment opportunities within the semiconductor and electronics sectors [3]. Trade Policy Impact - The report outlines that the US has imposed a 34% tariff on all imports from China, which may lead to a prolonged period of trade tension. However, it also notes that this situation could create a favorable environment for domestic manufacturers to enhance their product offerings [5][6].