策略专题分析报告：特朗普 2.0 关税对出海行业的比较影响分析

Group 1 - The introduction of Trump's 2.0 tariff policy indicates a broader and stronger range of tariffs, affecting not only China but also other countries, particularly those with significant trade deficits with the U.S. [1][10][11] - The sectors most impacted by the tariffs include automotive parts, textile manufacturing, photovoltaic equipment, and household goods, with a notable concentration of overseas capacity in ASEAN and North America [1][36][47] - The report highlights that companies with high overseas revenue ratios have shown improved ROE and profitability, indicating that overseas expansion has been beneficial in the past [1][26][28] Group 2 - The analysis of "high external demand exposure" sectors reveals that these industries are more sensitive to trade risks, with significant stock price declines observed during previous trade tensions [2][56][57] - Companies with high exposure to the U.S. market but with production capacity located outside North America face greater tariff impacts, particularly in textiles, household goods, and consumer electronics [2][3] - Conversely, sectors with lower exposure to the U.S. market, such as rubber and engineering machinery, may present structural opportunities after short-term risk releases [3][3] Group 3 - The report categorizes industries based on their overseas asset ratios, identifying those with high ratios such as white goods, textile manufacturing, and automotive parts, which are actively expanding overseas [36][48] - Economic assessments indicate that overseas business expansion has led to revenue and profit improvements, with overseas gross margins consistently higher than domestic margins [49][51] - The report emphasizes the importance of understanding the dynamics of overseas versus domestic gross margins to evaluate the profitability of companies in different sectors [52][53]