“对等关税”对科技行业影响深远，我们的思考

Investment Rating - The report assigns a "Buy" rating to companies such as Nvidia, AMD, Weir Shares, and Huahong Semiconductor, while SMIC and Zhaoshengwei are rated as "Neutral" [2][6]. Core Insights - The report emphasizes that the "reciprocal tariffs" have a profound impact on the technology industry, particularly affecting the supply chain and demand for end products in the U.S. market [4][5]. - It highlights that China is responsible for producing a significant portion of global technology products, including 81% of personal computers and 75% of smartphones, making it vulnerable to U.S. tariff policies [4]. - The report suggests that the demand for consumer electronics may weaken due to rising prices from tariffs, which could lead to increased inventory levels and reduced profitability for tech companies [4][5]. Summary by Sections Industry Overview - The technology industry is characterized by a clear global division of labor, with most consumer products manufactured in China and Asia, which are affected by U.S. tariff policies [4]. - The report anticipates that tariffs will lead to a decrease in demand for end products in the U.S., impacting the global technology supply chain [4]. Semiconductor Industry - The semiconductor supply chain is expected to experience a direct impact from reduced downstream demand, which may lead to a decline in chip demand [5]. - The report notes that while chip products currently enjoy tariff exemptions, there is a risk of future tariffs being imposed [5]. Investment Recommendations - Investors are advised to be cautious in allocating technology stocks until there are clear signals regarding tariffs and trade policies [5]. - The report recommends focusing on technology companies with strong balance sheets and good bargaining power within the supply chain [5].