摩根士丹利：多行业- 哪些美国制造业垂直领域与中国关联最紧密：机遇大于风险

Investment Rating - The industry view is rated as Attractive [6] Core Insights - The report highlights that U.S. manufacturing sectors most tied to China imports present more opportunities than risks, particularly in the context of ongoing tariff negotiations and inflation concerns [3][8] - Companies that can push prices are better positioned to avoid negative revisions, with specific sectors like Electrical Equipment, Industrial Machinery, and HVACR showing positive potential for companies such as Eaton Corporation (ETN), Rockwell Automation (ROK), and Trane Technologies (TT) [3][8] - The report emphasizes that macroeconomic elasticity is shared across sectors, favoring companies that can increase prices despite potential volume losses [3][9] Summary by Sections U.S. Manufacturing Categories Tied to China - The report provides a detailed analysis of U.S. manufacturing categories and their reliance on China imports, indicating that consumer-facing sectors face headwinds due to high tariff exposure [3][8] Pricing Power and Competitive Positioning - Companies with significant tariff exposure can maintain operating profits even with volume losses, as demonstrated through comparative analysis of companies in the building products sector [9][10] - The report suggests that the ability to push prices is crucial for maintaining profitability in a challenging macroeconomic environment [3][9] Specific Company Ratings - Eaton Corporation (ETN) is rated Overweight, indicating strong potential for growth [63] - Acuity Brands Inc. (AYI) is also rated Overweight, reflecting positive outlooks for these companies in the current market [63] - Other companies such as Rockwell Automation (ROK) and Trane Technologies (TT) are similarly rated Overweight, showcasing their competitive advantages in the industry [63]