Summary of Conference Call on Lens Technology & Lianyi Intelligent Manufacturing Industry and Company Involved - The conference call primarily discusses the impact of U.S. tariff policies on the Apple supply chain, particularly focusing on companies like Lens Technology and Lianyi Intelligent Manufacturing within the TMT (Technology, Media, and Telecommunications) sector [3][4][12]. Core Points and Arguments - **Impact of Tariff Policies**: The implementation of Trump's tariff policies has significantly affected Apple's supply chain, leading to substantial stock price declines for related companies like Luxshare Precision and Dongshan Precision, with the U.S. stock market dropping over 9% [3][4]. - **Cost Structure of iPhone 16 Pro Max**: Approximately one-third of the iPhone 16 Pro Max's value comes from the U.S., another third from China, and the remaining from other regions. The tariffs mainly target countries in trade conflict with the U.S., making the overall cost impact manageable for Apple [4][6]. - **Tariff Exemptions**: Certain components can qualify for tariff exemptions if they undergo substantial transformation in the U.S. This includes Apple’s A18 processor, which is designed in the U.S. and thus can avoid additional tariffs [5][7]. - **Apple's Response to Cost Increases**: Apple can absorb tariff costs through price adjustments or by taking on the costs directly. The overall impact on sales prices is estimated to be less than 5%, given that the U.S. market accounts for 32% of Apple's global sales [9][10]. - **Long-term Industry Outlook**: While short-term impacts may be mitigated by a 90-day exemption period, long-term effects could lead to valuation declines in domestic industries. Companies need to adjust expectations and seek new growth opportunities [13]. - **Globalization Strategies for Domestic Companies**: Domestic companies are encouraged to pursue globalization strategies, including deliveries through bonded zones to mitigate tariff impacts. Key suppliers in Apple's supply chain can benefit from these strategies [15]. - **iPhone 17 Expectations**: The upcoming iPhone 17 is expected to drive sales growth, particularly with enhancements like increased memory to support AI applications. This could lead to a significant increase in sales volume [16]. - **Investment Opportunities**: The bottom of the supply chain has been established, and investors are advised to focus on upstream suppliers that are less exposed to tariff risks. The performance of these companies is crucial for future investment decisions [17]. - **Performance of Consumer Electronics and Precision Manufacturing**: The first quarter showed strong performance in the domestic consumer electronics and precision manufacturing sectors, with companies like Lens Technology leading in areas such as robotics and AI glasses [18]. Other Important but Possibly Overlooked Content - **Market Sentiment**: The market's emotional response to tariff announcements has led to excessive stock price declines for supply chain companies, indicating a need for a more rational assessment of the actual impacts [8][12]. - **Potential for Future Tariff Exemptions**: Apple's previous negotiations for tariff exemptions may continue to provide relief for its supply chain, especially if a more favorable bilateral agreement with China is reached [14].

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses the impact of the recent U.S. tariff exemptions on the consumer electronics industry, particularly focusing on Lingyi Zhizao (领益智造) and its operations in various international markets [2][3][4]. Core Insights and Arguments - **U.S. Tariff Exemptions**: The U.S. Customs issued a new tariff exemption list affecting approximately 20 tariff codes, mainly in consumer electronics, which allows products from China to be exported to the U.S. with a 20% tariff, significantly benefiting Lingyi Zhizao's export business [2][3]. - **Global Supply Chain Restructuring**: Lingyi Zhizao is well-positioned due to its overseas production bases in Vietnam, India, Brazil, and Turkey, which help mitigate tariff risks and enhance international delivery capabilities [2][3]. - **Minimal Impact from Tariffs**: The company reported that only a small fraction of its materials (less than 0.1%) are sourced from the U.S., and alternative sources are available, resulting in negligible impact from U.S.-China tariffs [3][4]. - **India as a Key Market**: India is emerging as a crucial market for Lingyi Zhizao, with plans for significant production increases, particularly in collaboration with Foxconn, which aims to double its output in India [4][5]. - **Apple's Bond with Suppliers**: Apple’s use of bonded warehouse policies helps protect its supply chain from trade friction, enhancing the stability and continuity of Lingyi Zhizao's operations as a primary supplier [5][6]. - **Innovation in Product Development**: Lingyi Zhizao is actively involved in the development of key components for foldable screens, with a projected unit value of $90, significantly higher than the current average, which is expected to boost business [7][8]. - **Competitive Advantages**: The company maintains a competitive edge through its global supply chain, overseas production capacity (approximately 35%), and strong R&D capabilities in mainland China [8][9]. Additional Important Insights - **Future Projects**: Upcoming innovations include advancements in thermal management technology and the introduction of foldable screen components, which are anticipated to contribute significantly to revenue and profit in the coming years [9][10]. - **Market Share Dynamics**: Lingyi Zhizao holds a substantial market share in the supply of non-in-box versions of laptops, iPads, and smartphones, with expectations of becoming a sole supplier for certain products in the near future [13][14]. - **Challenges for Competitors**: Competitors lacking overseas production capabilities may face significant challenges due to tariff pressures, particularly in the context of the recent tariff exemptions [10][11]. This summary encapsulates the critical points discussed in the conference call, highlighting the strategic positioning of Lingyi Zhizao within the evolving landscape of the consumer electronics industry amidst changing tariff policies.

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent update from U.S. Customs on April 11, 2025, announced a reduction in tariffs for certain products, which is expected to benefit companies like Nvidia and Apple [2] - The tariff impact is now at a low level, presenting a recovery opportunity for the fruit supply chain and computing power chain [2] - Companies in the Apple supply chain have been diversifying their global production capacities, which has shown strategic value following the tariff exemption policy [2] - The Nvidia supply chain is less affected by tariffs due to the production of high-end AI products being largely outside mainland China [2] - Despite uncertainties regarding future tariff changes, the high-value technology products primarily generate profits for U.S. companies like Apple, Nvidia, and Qualcomm, making it counterproductive for the U.S. to sever ties with Chinese suppliers [2] - The current valuation levels of related stocks have significantly deviated from their fundamentals, indicating a potential recovery opportunity [2] Summary by Sections Tariff Impact - The U.S. has updated its exemption list, reducing tariffs on certain products, effective from April 5, 2025 [2] - Relevant product categories include smartphones, data processing devices, integrated circuits, and related components [2] Supply Chain Analysis - The Apple supply chain has established production capacities in countries like Vietnam, Thailand, India, and Mexico, enhancing resilience against geopolitical risks [2] - Nvidia's GB200 series products are expected to enter mass production, with previous restrictions potentially being lifted [2] Recommended Stocks - Suggested stocks in the fruit supply chain include Lens Technology, Lianyi Intelligent Manufacturing, Dongshan Precision, Sunny Optical, and Fuliwang [2] - Suggested stocks in the computing power chain include Industrial Fulian, Shenzhen South Circuit, Huadian Technology, Jingwang Electronics, Shenghong Technology, and Shengyi Technology [2]

（原标题：机构去哪儿|"智能制造"势头正盛！473家公司接受调研） 中国基金报 魏仲哲 年初至今，A股市场走出先抑后扬的行情，使得机构的调研热度仍在攀升。进入4月，全球市场带来了几天的过山车行情，但市场迅速调整后走回 正轨。优质上市公司仍然吸引着机构投资者前去调研的意愿。 根据万得数据统计，在3月26日至4月8日期间，有473家上市公司迎来机构投资者调研。这其中，涉及出口的制造业企业成为了机构关注的重要方 向。具体到细分行业上，工业机械、电子元件和食品消费相关企业调研的数量位居前三。 本期【机构去哪儿】，基金君将为大家介绍以上最受公募机构关注的十大公司中的前两家：三花智控、领益智造。通过机构调研的方向和视角， 让我们得以对相关标的的动态和行业的发展能够获得一定了解。 被调研代表股——三花智控 归母净利同比小增，正在布局海外基地 公开资讯显示，三花智控位于浙江绍兴新昌县，是知名制冷控制元器件和汽车空调及热管理系统控制部件制造商，同时在空调电子膨胀阀、四通 换向阀、电磁阀、微通道换热器、车用电子膨胀阀、新能源车热管理集成组件、Omega泵等产品市场占有率全球第一。 根据目前已经披露的2025年一季报（截至4月11 ...

Market Overview - A-shares and Hong Kong stocks experienced a significant rebound on April 10, with over 5,100 stocks in A-shares rising and the Hang Seng Technology Index increasing by over 6% [1][2] - The Shanghai Composite Index rose by 1.51%, the Shenzhen Component Index by 3.34%, and the ChiNext Index by 4.15% [1] - The trading volume in both markets exceeded 740 billion yuan, indicating strong market activity [1] Key Stock Performances - Notable stocks included Xiaomi Group, Xpeng Motors, and Li Auto, all rising over 7%, while Sunny Optical, BYD Electronics, and Lenovo Group surged over 10% [3][4] - The top gainers in the Hong Kong market included Sunny Optical Technology, BYD Electronics, and Lenovo Group, with increases of 15.85%, 13.75%, and 11.47% respectively [4] Capital Inflows - Southbound capital recorded a historic net inflow of over 35.5 billion HKD, the highest single-day net purchase since the launch of the Hong Kong Stock Connect [4] - Cumulative net inflows from southbound capital into Hong Kong stocks exceeded 573.6 billion HKD since the beginning of the year, marking the highest for the same period historically [4] Market Sentiment and Valuation - Analysts suggest that the recent adjustments have brought Hong Kong's valuation levels back to low points, enhancing the cost-effectiveness of investments [5] - The market's earnings structure is considered favorable, making it sensitive to potential corporate earnings recovery and policy signals [5] Apple-Related Stocks - Apple stocks surged over 15%, positively impacting related stocks in both A-shares and Hong Kong markets, with companies like Huanxu Electronics and Industrial Fulian hitting their daily limits [6][7] - The potential tariff exemptions for Apple, as mentioned by Trump, may further boost investor sentiment [8] Shipping Sector Performance - The shipping sector saw significant gains, with domestic shipping indices rising sharply and several stocks hitting their daily limits [9][10] - In the Hong Kong market, stocks like DTX Shipping and COSCO Shipping Holdings also experienced substantial increases [10] Trade and Tariff Implications - Morgan Stanley highlighted that increased tariffs pose a significant barrier to global trade, adversely affecting the demand fundamentals of the shipping industry [11] - Container shipping companies are particularly vulnerable due to their asset-intensive business models and the direct impact of freight rate fluctuations on their operational leverage [11]

中美关税博弈再升级。4月9日晚间，国务院关税税则委员会发布公告，自2025年4月10日12时01分起，调整对原产于美国的进口商品加征关税措施，由 34%提高至84%。 消息一出，苹果手机相关词条迅速登上热搜，引发了网民对苹果手机定价的热议。 同时，近期A股消费电子板块出现波动，多家"果链"公司纷纷作出回应。 "果链"公司紧急回应 4月6日晚间，立讯精密方面便已紧急回应称，公司已通过全球产能布局等控制风险，受"对等关税"影响有限。 立讯精密表示，全球经济复杂多变，公司始终将风险控制前置到战略决策当中，通过多元化客户结构、全球产能布局和核心技术自主创新，降低单一市场 波动和地缘不确定性（对公司）的影响。目前，具体税率、关税豁免的申报和裁决等情况还不太明确，但可以确定的是，在电子制造业供应链企业中，通 常与客户商定采用FOB模式，供应链企业不需要承担关税，关税由进口商（客户）承担。 另一"果链"企业蓝思科技也表示，公司在全球拥有9个研发和生产基地，包括位于越南、泰国、墨西哥的生产基地及多个国际办公驻点。关税不是海外布 局的唯一考量因素，这种贴近市场、分散风险的布局逻辑，不仅降低物流与人力成本，更使公司深度嵌入客户的 ...

A股苹果概念股持续走低，东山精密连续4个交易日跌停，歌尔股份、工业富联、领益智造、鹏鼎控 股、立讯精密等跟跌。 ...

《科创板日报》4月8日讯，今日，国家发展改革委主任郑栅洁主持召开座谈会，邀请江苏天合光能、浙 江中基宁波、广东领益智造、北京滴滴出行、山东歌尔股份等5家民营企业与会。《科创板日报》记者 从天合光能方面获悉，会上，天合光能董事长高纪凡表示，2024年中国光伏行业国内外贸易呈现"量增 价跌"与"市场重构"并存的复杂局面，海外的贸易保护进一步加剧给中国光伏产业带来更大挑战，建议 国家全力支持光伏行业健康发展；鼓励多种技术路线齐头并进；深化供给侧结构性改革，打开国内需求 侧新空间，坚持供需两侧协同发力，促进行业向好发展。（记者 曾乐） 天合光能高纪凡：建议国家全力支持光伏行业健康发展 鼓励多种技术路线齐头并进 ...

Group 1 - The Tonghuashun Fruit Index concept has declined by 5.68%, ranking among the top declines in concept sectors, with stocks like Dongshan Precision, Lingyi Technology, and Saiteng Co., Ltd. hitting the daily limit down [1] - Major stocks in the Tonghuashun Fruit Index that experienced significant declines include Lixun Precision (-9.03%), Industrial Fulian (-9.97%), and Lingyi Technology (-10.00%) [2] - The net outflow of main funds from the Tonghuashun Fruit Index concept reached 3.433 billion yuan, with Lixun Precision leading the outflow at 1.118 billion yuan [2] Group 2 - The top-performing concept sectors today include corn (+11.74%), genetically modified (+11.27%), and grain concepts (+9.70%), while the Tonghuashun Fruit Index is among the worst performers [2] - The trading volume for Lixun Precision was 3.90%, with a significant net outflow of 1.1178611 million yuan [2] - The A50 ETF, which tracks the MSCI China A50 Connect Index, has seen a decline of 6.90% over the past five days, with a net inflow of 8.15 million yuan [4]

国家发展改革委主任郑栅洁主持召开座谈会，听取民营企业对当前宏观经济形势的意见建议。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 国家发展改革委副秘书长、综合司司长袁达，副秘书长、办公厅主任吴亚峰，民营局主要负责同志参会。 来源：国家发展改革委网站 责编：万健祎 校对： 吕久彪 为深入贯彻习近平总书记在民营企业座谈会上的重要讲话精神，全面落实党中央、国务院决策部署，2025年4 月8日早晨，国家发展改革委主任郑栅洁主持召开座谈会，邀请江苏天合光能、浙江中基宁波、广东领益智 造、北京滴滴出行、山东歌尔股份等5家民营企业与会，听取宏观政策在微观主体的落实情况及建议，听取应 对美加征关税的举措及建议，听取稳外贸、稳就业的意见及建议。国家发展改革委副主任郑备出席会议。 会上，5位企业负责人结合本企业发展实际和所在行业发展现状，介绍了对国家有关政策举措落实的实际感受 以及企业加快转型升级、应对外部风险挑战等情况，并提出了相关政策建议。与会企业负责人均认为，对美国 加征关税已有准备，正在积极采取应对措施，同时国内发展环境稳定、市场空间广阔，企 ...