W105市场观察：关税扰动下，各行业和主要指数的对美暴露率分析

Overall Exposure and Revenue Dependence - As of 2023, the overall overseas revenue of A-share companies is 11.94%, with exposure to the U.S. at only 0.44%[5][15] - The number of companies with U.S. revenue exposure has decreased significantly from 265 in 2018 to just 84 in 2023[15][20] - Most A-share companies (59.83%) have no overseas revenue exposure, indicating a low reliance on foreign markets[15] Industry-Specific Insights - The highest U.S. revenue exposure is found in the textile and apparel, and home decoration industries, both exceeding 3%[5][17] - The largest absolute U.S. revenue figures come from the electronics, transportation, and new energy sectors, each exceeding 50 billion CNY[5][17] - The electronics sector has seen a significant decline in overseas revenue exposure from 53.87% in 2018 to 38.30% in 2023[22] Index Performance and Market Trends - Major indices like the Sci-Tech 50 and ChiNext have higher overseas revenue exposure, while the CSI Dividend Index has the lowest[6][29] - During the recent tariff disturbances, sectors with lower U.S. exposure, such as agriculture and consumer goods, performed better than the overall market[24] - The market has shown improved risk appetite compared to 2018, with a rapid rebound following the release of risk-averse sentiments[24] Investment Recommendations - Short-term focus on agriculture and consumer sectors benefiting from price increases and policy support[25] - Long-term investment in sectors like computing and electronics that are likely to benefit from domestic substitution trends[25] - Consideration of stable sectors like insurance and telecommunications to mitigate portfolio volatility[25]