电新公用环保行业周报：美国“对等关税”与中国“贸易反制”对电新板块影响-2025-04-06

Investment Ratings - Electric Equipment New Energy: Buy (Maintain) [1] - Public Utilities: Buy (Maintain) [1] - Environmental Protection: Buy (Maintain) [1] Core Insights - The recent announcement by the U.S. to impose "reciprocal tariffs" has led to immediate countermeasures from China, significantly impacting the electric new energy sector. The valuation of this sector has been under pressure due to trade risks, with market expectations already reflecting potential profit reductions from U.S. trade relations. The overall stock prices in this sector are expected to fluctuate with the broader market [3] - Specific impacts include: - Energy storage batteries, inverters, and transformers are likely to face some performance impacts due to direct exports to the U.S., but the market has already priced in some tariff risks [3] - The photovoltaic sector, primarily relying on transshipment trade, has already reflected previous U.S. tariffs on Southeast Asian countries, but the broader tariff scope may affect companies exporting from non-Southeast Asian countries [3] - AIDC power supply and gas turbine blade sectors are influenced by expectations of entering supply chains and price increases, with short-term negative impacts anticipated [3] Summary by Sections Policy Analysis - Stronger domestic demand policies are expected to be implemented, which will support the demand for electric vehicles and equipment, mitigating the impact of tariffs on lithium battery and electric equipment manufacturers. Continued investment in new power systems is anticipated [4] - Enhanced cooperation with the EU and ASEAN countries under the Belt and Road Initiative is likely to counteract the negative effects of U.S. tariff policies [4] Investment Recommendations - Recommended stocks include: - Dividend strategy: Changjiang Electric, Hongcheng Environment, Xingrong Environment [5] - Domestic electric equipment investment: Guodian NARI, Pinggao Electric, XJ Electric, China West Electric [5] - Belt and Road exports: Siyuan Electric, Samsung Medical, Haixing Electric, Deyang Co. [5] - Anticipated price increases for diesel generators: Weichai Heavy Machinery, Keta Power Supply [5]