中美上市公司怎么看关税？（国金宏观厉梦颖）

Core Viewpoint - Chinese companies have gained experience from the first round of trade friction and are now taking a more proactive approach to mitigate the impacts of new tariff policies [1][33]. Group 1: Tariff Mention in Financial Reports - As of May 5, 2025, 5,516 A-share listed companies in China released their Q1 reports, with 41 companies mentioning "tariff" [4]. - In contrast, 276 out of 1,185 U.S. listed companies mentioned "tariff" in their Q1 reports, and 710 companies did so during earnings calls [5][6]. - The higher frequency of tariff mentions in U.S. companies indicates a greater concern regarding tariffs compared to Chinese companies [6]. Group 2: Attitudes Towards Tariffs - Chinese A-share companies show a clear industry differentiation in their attitudes towards tariffs, with 24 companies having a negative stance and 13 a positive one [16]. - Companies with a positive outlook on tariffs are primarily in the power equipment and electronics sectors, while those with a negative outlook are mainly in machinery and automotive sectors [16]. - U.S. companies exhibit a predominantly negative attitude towards tariffs, with 171 companies expressing concerns, while only 10 companies held a positive view [22]. Group 3: Strategies to Mitigate Tariff Impacts - Chinese companies are actively improving their global supply chain systems to alleviate tariff risks, with companies like CIMC Vehicles focusing on enhancing local procurement and establishing backup supply mechanisms in ASEAN countries [21]. - Some Chinese companies have diversified their production bases overseas, such as Tianzhen Co., which has invested in production facilities in Vietnam, Thailand, and the U.S. [19]. - U.S. companies are also adapting by raising prices to pass on tariff costs to consumers, as seen with companies like Newell Brands and Howmet Aerospace [26]. Group 4: Market Reactions and Financial Performance - The trade tensions have led to significant concerns among U.S. companies, with many citing the uncertainty of tariffs affecting their business planning and operational costs [32]. - The S&P 500 index experienced a maximum decline of 12.1% compared to a 7.6% decline in the CSI 300 and Shanghai Composite Index, indicating a more severe market reaction in the U.S. [34].