野村：消费电子行业 - 鉴于美国关税需关注的要点

Investment Rating - The report does not explicitly provide an investment rating for the consumer electronics sector in Japan Core Insights - The potential for a decline in US consumer spending due to tariff costs being passed on to consumers warrants attention, although there are positives for companies investing in the US [1] - Companies with significant production in China are likely to face the largest impacts from tariffs, particularly in the smartphone and PC categories [2] - Companies aggressively investing in US manufacturing may benefit from tariff policies aimed at reviving the US manufacturing sector [3] - The appreciation of the yen could provide benefits that outweigh the negatives from tariffs for certain companies with low sales exposure to the US [4] Summary by Sections Consumer Spending and Tariffs - There is a risk of decline in US consumer spending as tariffs increase costs for consumer electronics, with global smartphone shipments rising 1.5% year-on-year to 304.9 million and PC shipments increasing 4.9% to 63.2 million [1] Impact of Tariffs on Production - A significant portion of smartphones and PCs are produced in China, while large appliances are primarily made in Mexico. The US has imposed additional tariffs of 145% on China and 10% on other countries, with temporary exemptions for smartphones and PCs [2] Opportunities for US Investments - Companies like Panasonic Holdings and Fujifilm Holdings are making substantial investments in US manufacturing, which may provide them with a competitive advantage over rivals lacking a US presence [3] Currency Effects - Companies with low sales exposure to the US may benefit from yen appreciation, potentially improving their cost of goods sold (COGS) ratios and profits despite tariff impacts [4]