山西证券研究早观点-20250410

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,186.81, up by 1.31% [2] Industry Commentary Communication Sector - The recent escalation of global tariff disputes has led to increased market volatility, with the U.S. imposing a 10% tariff on all trade partners, and some countries facing tariffs as high as 49%. This has raised concerns about supply chain disruptions and inflation, potentially leading to a recession in the U.S. [5] - In response, the Chinese government announced a 34% tariff on U.S. imports, which may impact the communication equipment manufacturing sector. However, there is optimism regarding a rebound in overseas exports and opportunities in domestic chip replacement [5][6] - The risk exposure from tariffs is considered manageable, as the direct export to the U.S. for certain products is limited. Companies have adjusted their supply chains to mitigate tariff impacts [5] - The focus on domestic demand and supply chain security is emphasized, with operators expected to benefit from AI investments and the restructuring of business value [6] Chemical Raw Materials - The U.S.-China tariff policies present both challenges and opportunities, particularly in the context of domestic material replacement and self-sufficiency [7] - The emphasis is on accelerating the domestic production of high-performance materials to reduce reliance on imports, especially in sectors like semiconductors [10] Company Commentary Xiechuang Data (300857.SZ) - The company reported a revenue of 7.41 billion yuan for 2024, marking a 59.08% year-on-year increase, with a net profit of 692 million yuan, up 140.80% [10][12] - The growth is driven by the company's focus on computing power services, with significant contributions from data storage and AIoT terminal businesses [14] - The company is positioned to benefit from the increasing demand for cloud computing and AI services, with plans to invest up to 3 billion yuan in server procurement to enhance its computing power rental services [14] Investment Recommendations - Key companies to watch include China Mobile, China Unicom, and China Telecom for their roles in the communication sector, as well as semiconductor material companies for their potential in domestic production [8][10] - The report suggests that the domestic tourism retail sector will benefit from the new "immediate refund" tax policy for outbound travelers, which is expected to enhance consumer spending [20][21]