中美关税互降延续：机制化沟通为长期博弈定调

Core Insights - The continuation of mutual tariff reductions between China and the US is aimed at establishing a mechanism for long-term strategic communication, as highlighted in the joint statement from the Stockholm trade talks [2][10][15] - The agreement includes a 90-day "cooling-off period" during which a 24% tariff will be suspended, while a 10% baseline tariff will remain in place, allowing for adjustments in supply chains and market expectations [2][13][15] - The trade negotiation mechanism has shifted from crisis management to institutional dialogue, focusing on phased compromises and dynamic adjustments to alleviate short-term trade frictions and address deeper issues [2][14][15] Industry and Company Focus - High export exposure industries, such as home appliances and consumer electronics, are expected to benefit from the reduction in tariffs, enhancing their profit elasticity [2][18] - The drive for technological self-sufficiency, particularly in sectors like semiconductors and high-end manufacturing, is supported by domestic substitution and policy incentives [2][18] - High-growth sectors, including domestic computing power (GPU/servers/optical modules), industrial mother machines, and defense industries, are recommended for attention due to their potential for significant development [2][18]