Core Insights - The article highlights the failure of the "Made in America" initiative under Trump's tariff policies, showing that American consumers prioritize price over the origin of products when quality is equal [1][25]. Group 1: Consumer Behavior - A test conducted by the owner of the American shower brand Afina revealed that the "Made in China" version of a showerhead sold for $129, while the "Made in America" version was priced at $239, leading to zero sales for the American version [6][8]. - Over 25,650 visitors viewed the products, with only 24 adding the American version to their cart and 584 purchasing the Asian-made version, indicating a strong preference for lower-priced goods [7][11]. - The results of the experiment demonstrated that during economic downturns, consumers are more sensitive to price than to the product's origin [11][27]. Group 2: Economic Context - The underlying issue is the poor economic conditions in the U.S., with rising prices making "Made in America" products unaffordable for many consumers [13][21]. - Trump's tariff policies, intended to protect domestic industries, have inadvertently led to increased costs for small businesses, making it difficult for them to compete with cheaper imports [21][25]. - The article notes that despite the tariffs, a significant portion of Walmart's global procurement still comes from China, highlighting the intertwined nature of U.S.-China trade relations [25][27]. Group 3: Manufacturing Challenges - The owner of Afina expressed challenges in relocating production to the U.S. due to high costs and a lack of skilled labor and large manufacturing facilities [18][20]. - The complexity of producing showerheads in the U.S. includes sourcing materials and assembly, which is currently more efficient in Asia [18][20]. - The article emphasizes that the competitive edge of Chinese manufacturing extends beyond low prices, as it has developed a comprehensive industrial system capable of rapid response to market demands [23][25].

加征关税后，洛杉矶港口来自中国的货轮锐减33%，全美超市货架空置率飙升至30%，沃尔玛等企业库存告急，甚至不得不暂停部分商品的促销活动。 美国消费市场不能承受之重的是，关税成本最终转嫁给了美国消费者。 特朗普的"关税大棒"砸到了美国人自己的脚上。 美国消费者新闻与商业频道(CNBC)报道，当地时间4月21日，沃尔玛、家得宝、塔吉特等美国零售巨头的CEO们集体现身白宫，与特朗普闭门会谈。 本次会议并未被列入总统的公开行程，但知情人士透露，美国零售巨头们私下警告：美政府全面关税政策可能严重扰乱供应链，并在未来数周导致美国超 市的货架空空如也。 尽管没有明确报道特朗普对于零售巨头们的警告有如何反应，但这场会议结束不到一周，沃尔玛便紧急通知中国江浙地区的供应商恢复出货，并承诺"所 有新增关税由美国客户承担"。 从强硬施压中国供应商分担成本，到主动"认怂"自行消化关税，沃尔玛的180度大转弯，折射出的不仅是美国零售巨头的生存危机，更是特朗普贸易政策 的脆弱。 特朗普的关税政策初衷是逼迫制造业回流美国，但现实却是"搬起石头砸自己的脚"。 中国作为全球供应链的核心，为美国零售业提供了超50%的日常商品，从服装、玩具到电子配 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in North America has stabilized, while European operations continue to grow, with Q1 results exceeding expectations [1][5]. - In 2024, the company achieved revenue of 8.45 billion yuan, a year-on-year increase of 5.9%, with a net profit attributable to shareholders of -151 million yuan [5][15]. - The company is expected to see a profit rebound, with projections for net profit in 2025 and 2026 at 307 million yuan and 464 million yuan respectively [15]. Revenue Performance - In Q1 2025, the company reported revenue of 2.04 billion yuan, a year-on-year increase of 12.3%, and a net profit of 58.72 million yuan, up 196.2% [5][7]. - Domestic and overseas sales for 2024 were 1.48 billion yuan and 6.75 billion yuan respectively, with year-on-year growth of 3.5% and 6.7% [6]. - The company's self-owned brand revenue reached 1.13 billion yuan domestically, reflecting a 3.6% increase [6]. Profitability Analysis - The overall gross margin for 2024 was 36.9%, a decrease of 1.5 percentage points year-on-year [10]. - In Q1 2025, the gross margin improved to 39.4%, an increase of 0.8 percentage points year-on-year [12]. - The gross margin for the company's self-owned brand in 2024 was 46.0%, down 0.7 percentage points [10]. Cost Structure - The company's expense ratio for 2024 was 35.0%, an increase of 0.7 percentage points year-on-year [13]. - In Q1 2025, the expense ratio decreased to 34.8%, down 0.7 percentage points year-on-year [13]. Future Outlook - The report anticipates a rebound in profits due to the return of manufacturing to the U.S. and domestic demand stimulation policies [14]. - Revenue forecasts for 2025-2027 are maintained, with 2027 revenue projected at 12.73 billion yuan [15]. - The company is expected to benefit from reduced reliance on major clients, with the top five clients accounting for 16.2% of revenue in 2024, down 5.7 percentage points year-on-year [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in North America has stabilized, while European operations continue to grow, with Q1 results exceeding expectations [1][5] - In 2024, the company achieved revenue of 8.45 billion yuan, a year-on-year increase of 5.9%, with a net profit attributable to shareholders of -151 million yuan [5][15] - The company is expected to see profit recovery, with projections for 2025-2027 indicating a gradual increase in revenue and net profit [15] Revenue Performance - In Q1 2025, the company reported revenue of 2.04 billion yuan, a year-on-year increase of 12.3%, and a net profit of 58.72 million yuan, up 196.2% [5][15] - Domestic and overseas sales for 2024 were 1.48 billion yuan and 6.75 billion yuan, respectively, with year-on-year growth of 3.5% and 6.7% [6] - The company's self-owned brand achieved revenue of 1.13 billion yuan domestically, reflecting a 3.6% increase [6] Profitability Analysis - The overall gross margin for 2024 was 36.9%, a decrease of 1.5 percentage points year-on-year [10] - In Q1 2025, the gross margin improved to 39.4%, an increase of 0.8 percentage points year-on-year [12] - The gross margin for the company's self-owned brand in 2024 was 46.0%, down 0.7 percentage points [10] Cost Structure - The company's expense ratio for 2024 was 35.0%, an increase of 0.7 percentage points year-on-year [13] - In Q1 2025, the expense ratio decreased to 34.8%, down 0.7 percentage points year-on-year [13] Future Outlook - The report highlights the potential for profit elasticity due to the return of manufacturing to the U.S. and domestic demand stimulation [14] - Revenue forecasts for 2025-2027 are maintained, with 2027 revenue projected at 12.73 billion yuan [15] - The company is expected to benefit from reduced reliance on major clients, with the top five clients accounting for 16.2% of revenue in 2024, down 5.7 percentage points year-on-year [14]

台积电首席执行官4月在电话财报会议上曾表示，亚利桑那州第二座工厂的建设已经完成，公司正致力 于加快生产进度。此前台积电曾表示，其在亚利桑那州的第一座工厂已于去年第四季度进入大规模生产 阶段，良率可与台湾地区的工厂相媲美。 魏哲家还补充道，第三座和第四座工厂将采用台积电最先进的N2和A16制程技术，而第五座和第六座工 厂将采用更为先进的技术。 今年3月，台积电首席执行官魏哲家在白宫与特朗普会面，并公布了额外投资1000亿美元用于美国工厂 建设的计划，这将提升台积电在美国本土的芯片产量。这笔投资叠加台积电此前计划在美国投入的650 亿美元，最终将使其在美国拥有六座用于先进晶圆制造的工厂，以及另外几座用于先进封装的工厂。 卢特尼克在周二接受采访时表示，特朗普政府在未承诺任何补贴的情况下，成功促成了这额外的1000亿 美元投资。他指出："你知道特朗普政府为此付出了什么吗?一分钱都没花。是关税吸引了这笔投资。所 以，会有4万名建筑工人参与建设，之后还会有2万名全职员工长期留在这里，因为我们要把半导体产业 带回美国。这就是特朗普关税模式的意义所在。" 智通财经APP获悉，台积电(TSM.US)已开始在美国亚利桑那州建造第 ...

金十数据4月30日讯，在特朗普政府威胁进一步征收关税以刺激美国制造业之际，台积电已开始在亚利 桑那州建设第三座晶圆厂，加大在美国的扩张力度。在美国商务部长卢特尼克参观台积电厂址的同一 天，台积电宣布了其在美国的第三期扩张计划。台积电是苹果和英伟达的主要芯片制造商，也是美国政 府吸引制造业回流的核心。今年3月，台积电董事长兼总裁魏哲家在白宫与特朗普共同宣布了向美国工 厂追加投资1,000亿美元的计划。 台积电美国亚利桑那州第三座晶圆厂开建 跟踪芯片领域动态 +订阅 ...

关于汽车关税减免方面，贝森特并未透露具体细节，但表示该政策目标是"推动汽车制造回归美国本 土"。白宫方面表示，特朗普总统将在周二晚些时候签署相关行政命令。 此外，莱维特表示，国会距离通过特朗普总统所称的"一份伟大而美丽的预算案"已"非常接近"。 与此同时，白宫新闻秘书卡罗琳·莱维特表示，总统特朗普认为亚马逊(AMZN.US)近期将关税影响标注 在产品定价上的行为是"一种敌对且具有政治意味的举动"。 贝森特在发布会上指出，总统特朗普目前采取"战略性不确定性"策略，以争取更有利的贸易协议。"在 谈判中，不确定性未必是坏事。" 贝森特预计，新的关税政策不会对供应链造成冲击。他还补充称，即将公布的税改法案将为企业提 供"明确的投资预期"。"这项税改法案将对国内投资产生强劲推动力，"他说，并透露法案将回溯至今年 1月20日生效，允许企业对建设美国制造产能的支出进行全额抵扣。 智通财经APP获悉，美国财政部长斯科特·贝森特周二表示，特朗普政府在推动贸易政策上，旨在实现 两个目标，即长期关税收益与新的贸易协议。他强调，征收关税将带动美国制造业回流，并为政府带 来"可观的财政收入"。 贝森特指出，亚洲贸易伙伴目前正在积极参与 ...

美国哥伦比亚广播公司4月25日报道称，4月第二周以来，美国电商亚马逊平台上的卖家已经上调了近1000 种商品的价格，平均涨价幅度接近30%。报道援引价格分析软件工具公司负责人的话报道称，除了关税影 响外，没有其他原因可以解释价格上涨。 报道还指出，电商和零售商提高价格表明，他们难以应对当前美国政府的关税政策，而重塑供应链或将生 产转移到其他国家可能需要数年时间，并且花费巨大。 尽管亚马逊方面主张，上述数据无法全面反映客观情况，但确实越来越多依赖中国货源的美国进口商因美 国政府肆意滥用关税手段陷入经营困境。《日经亚洲》25日援引专家分析称，与少数大型零售商不同，中 小卖家承担风险的能力要弱得多。一名美国亚马逊卖家对美媒感叹："关税不能一直这么高下去，太多人 撑不过去的。" 跨境电商从业者： 美国消费者正开始感受到美国政府滥施关税带来的影响，尤其是在网购方面。据多家美国媒体近日报道， 美国电商平台商品已经开始涨价。 生存空间遭直接打击 供应链陷入冻结 跨境电商领域资深从业者迈理倪认为，这场突如其来的关税风暴，正以前所未有的速度冲击着无数电商企 业和消费者。 迈理倪主要从中国和泰国采购商品，销往美国，同时帮助一些跨 ...

Group 1 - The article discusses the strategic misjudgment by the U.S. regarding China, highlighting that the U.S. underestimated China's determination and response to tariffs [1][3] - It mentions that the U.S. has faced significant challenges in its trade war with China, with American retailers warning about the consequences of ongoing tariffs [1][5] - The article indicates that China has successfully shifted its orders from the U.S. to other countries, making it difficult for the U.S. to revert to previous trade conditions even if it softens its stance [7] Group 2 - The article points out that the U.S. is struggling with internal economic pressures, including the Federal Reserve's decision not to lower interest rates amidst a challenging trade environment [5] - It emphasizes that the U.S. has not secured any new trade agreements with other countries, which complicates its position in the ongoing trade conflict [7] - The article suggests that the timeline for significant changes in U.S. trade policy is limited, as the upcoming midterm elections may restrict the administration's ability to enact substantial reforms [5]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 消费电子对等关税豁免短期缓解智能手机供应链、终端品牌公司压力，中长期仍面临较大不确定性： 美国商务部长明确表示，消费电子对等关税豁免措施仅是过渡性安排，后续将推出专项关税，预计具体政 策将在未来1-2个月内出台，带来不确定性。 消费电子专项关税落地前，产业备货需求旺盛。下半年进入库存消化阶段，警惕智能手机、PC出货量表现 转弱风险。 智能手机供应链、终端品牌公司转嫁稀释关税成本的方式主要包括： 1）加快产能从中国大陆向东南亚等关税优惠国家或地区迁移；2）提高价格。相关公司在产能被迫迁移的 早期阶段或将面临当地劳动力素质参差不齐、营商政策等风险，带来额外成本；提高价格则将增加消费者 支出，影响终端销量。 苹果的业务模式具有显著 ...