中美关税博弈持续，关注跨境支付投资机遇

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The ongoing US-China tariff dispute has led to an increase in tariffs on Chinese goods to 125%, which is expected to impact the existing cross-border payment systems in China [2][5] - The report suggests focusing on investment opportunities within the Chinese cross-border payment industry, particularly on cross-border payment platform entities [2][11] Summary by Sections Event Description - On April 10, 2025, the US government announced an increase in tariffs on Chinese goods to 125% [5] - Following this, on April 11, 2025, the State Council approved an adjustment to the tariff rates on US imports from 84% to 125% effective April 12, 2025 [5] Event Commentary - In the short term, the "reciprocal tariff" policy may disrupt China's existing cross-border payment systems, leading to increased prices for US-bound products and potentially reducing import reliance [11] - In the medium to long term, the fragmentation of global trade may accelerate the transition from globalization to regionalization in cross-border payments, fostering the development of new payment systems [11] - The report anticipates that the tariff policy could weaken the dominance of the US dollar in international payments, promoting regional cooperation among countries outside the US [11] - The report emphasizes the potential for the Chinese cross-border payment industry to benefit from the increasing market share of the Renminbi in international trade settlements and the establishment of new cross-border payment systems [11]