21世纪经济报道·2025-04-14 06:37Core Viewpoint - The recent exemption of certain electronic products from "reciprocal tariffs" by the U.S. government is expected to benefit the Apple supply chain and related companies in the A-share market, leading to a potential recovery in stock valuations [4][5]. Summary by Sections Market Performance - The A-share Apple supply chain index saw an increase of over 4% in early trading, later settling at a 1.61% gain [2]. - Individual stocks such as ChaoYang Technology surged by 9.99%, while major players like GoerTek, Luxshare Precision, and Lens Technology initially rose but later experienced pullbacks [3]. Tariff Exemption Impact - The U.S. government announced exemptions for smartphones, laptops, and chips from reciprocal tariffs, which includes brands like Apple and Samsung [4]. - Analysts believe that the previous significant declines in Apple supply chain stocks may present a recovery opportunity due to the tariff exemption [5]. Supply Chain Dynamics - Apple has been preparing inventory for the U.S. market since the Lunar New Year, resulting in over two months of stock, which may mitigate the impact of tariffs on sales in Q2 2025 [6]. - The transition period between old and new iPhone models may see a more pronounced decline in shipments due to preemptive stockpiling [6]. - Apple suppliers have indicated that they do not bear the cost of tariffs, and many have shifted production to Southeast Asia, establishing a robust supply chain to meet U.S. export demands [6]. Long-term Outlook - The overall supply chain structure for Apple in China is expected to remain unchanged in the short term, despite the recent tariff developments [7].