路透社引用了相关分析人士的观点指出，若苹果公司决定将关税成本全额转嫁给消费者，那 么其旗舰产品iPhone 16 Pro Max在美国市场的零售价格将从现行的1599美元飙升至2300 美元，折合人民币约为16750元。 这一涨幅无疑将对消费者的购买决策产生重大影响，同时也可能引发市场对苹果手机未来销 量的担忧。 ***************END*************** 4月7日消息，美国总统特朗普宣布实施所谓的"对等关税"方案，此举导致苹果公司股价在两 个连续的交易日内遭受重创。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 据彭博社报道，苹果公司当前有90%的手机产品在中国进行组装生产。这一现实情况使苹果 公司面临着一个艰难的选择：是自行承担关税成本的增加，还是将这些成本转嫁给消费者。 半导体公众号推荐 文章内容整理自网络，如有侵权请联系沟通 投稿 或 商务合作 请 联系 iccountry 有偿新闻爆料 请添加 微信 iccountry 半导体论坛百万微信群 加群步骤： 第一步：扫描下方二维码，关注国芯网微信公众号。 第二步：在 ...

Core Viewpoint - The article discusses the impact of the recent tariffs imposed by the Trump administration on the energy storage industry, highlighting both the potential risks and strategic responses from Chinese companies in the sector. Group 1: Tariff Impact on the Industry - The new tariffs on energy storage products are expected to result in a cumulative tax rate of 64.9%, which could rise to 82.4% by 2026 for storage batteries and systems [4] - The tariffs are seen as a double-edged sword, potentially diluting the cost advantages of Chinese manufacturers while also prompting a strategic shift in the global energy storage market [3][4] Group 2: Company Responses and Strategies - Some companies, like Aters, are exploring various methods to mitigate tariff impacts, including contract clauses to protect against tariff changes and expanding overseas manufacturing capabilities [2] - Companies such as Funeng Technology have a minimal reliance on the U.S. market, focusing instead on European exports, which may buffer them from the tariff impacts [2] Group 3: Market Dynamics and Future Outlook - The U.S. heavily relies on Chinese battery suppliers, with 90% of battery energy storage systems (BESS) projects using Chinese batteries, indicating a significant dependency that complicates supply chain shifts [7] - The article suggests that a rush to install energy storage systems may occur in North America before the tariffs take full effect, potentially providing short-term support for Chinese lithium battery exports [8] Group 4: Competitive Landscape - The tariffs may lead to increased prices for energy storage systems in the U.S., affecting the internal rate of return (IRR) for projects that rely on imported components [9] - Tesla's production of Megapacks in Shanghai and plans for a second U.S. factory highlight the competitive strategies being employed to navigate the tariff landscape [8][10]

Core Viewpoint - The recent announcement by the U.S. to impose "reciprocal tariffs" has led to a decline in Apple’s stock price and affected the A-share consumer electronics sector, with Apple being one of the most impacted importers due to its reliance on Chinese suppliers [1][5]. Group 1: Impact on Supply Chain Companies - Luxshare Precision (立讯精密) stated that it has limited exposure to the new tariffs due to its FOB pricing model, where the importer (customer) bears the tariff costs [1][3]. - Lens Technology (蓝思科技) reported that the tariff changes would have a minimal impact on its overall operations, as 58.63% of its revenue comes from overseas, with most exports routed through bonded zones to avoid tariff fluctuations [2][4]. - Lianyi Intelligent Manufacturing (领益智造) emphasized its global production layout to mitigate international trade uncertainties, stating that its products do not directly export from China to the U.S. [3][4]. - Zhuhai Coslight (珠海冠宇) indicated that its direct exports to the U.S. are minimal, and it is actively working on establishing overseas production bases to further reduce tariff impacts [4]. Group 2: Apple's Strategic Challenges - Apple faces a difficult decision regarding how to handle the increased costs from tariffs, whether to absorb them, pass them on to consumers, or distribute them across the supply chain [5][6]. - Morgan Stanley estimates that the tariffs could increase Apple's annual costs by approximately $8.5 billion, which may lead to price hikes for products like the iPhone [5][6]. - The reliance on Chinese and Indian assembly for iPhones means that Apple may struggle to significantly expand production in other regions in the short term, potentially leading to price increases for the iPhone 17 series [6].

Global Market Performance - Global stock markets experienced a widespread decline, with the largest drop in the U.S. market; the Nasdaq index fell by 11.4%, entering a technical bear market[12] - The MSCI Emerging Markets Index decreased by 2.2%, significantly less than the average decline in developed markets[12] - Major developed markets saw a downward trend in 10-year government bond yields, with U.S. yields falling the most by 19 basis points (bps)[13] Currency and Commodity Trends - In the global currency market, the Japanese yen and euro appreciated by 1.6% and 0.9%, respectively, while the U.S. dollar index fell by 0.8%[19] - Commodity prices generally declined, with COMEX silver dropping by 15.3%, WTI crude oil by 13.6%, and COMEX copper by 12.9%[20] Impact of Tariffs on Stock and Currency - Following the announcement of unexpected tariffs by Trump, risk assets like stocks and currencies showed significant pullbacks; among 38 currency samples, 13 appreciated while 25 depreciated[28] - The average decline in developed economies' currencies was -0.8%, compared to -0.3% in non-developed markets[56] - There appears to be a positive correlation between the level of reciprocal tariff rates and currency performance, with higher tariffs correlating to better currency performance[5] Economic Indicators - U.S. financial conditions index fell below zero, indicating tighter financial conditions, worse than during the previous year's market turmoil[81] - Initial jobless claims in the U.S. were better than expected, with 219,000 claims reported against an expectation of 225,000[75] - The U.S. mortgage rate remained stable at 6.64%, with a slight decrease in mortgage application indices[70]

每经记者 岳楚鹏 每经编辑 高涵 ①【三大期指齐跌】截至发稿，道指期货跌3.85%、标普500指数期货跌4.02%、纳指期货跌4.33%。 ②【大型科技股多数走低】美股大型科技股盘前多数走低。截至发稿，美光科技跌超7%，英伟达跌超 6%，台积电跌超6%，苹果跌约4%。 ③【银行股大跌】美国银行股盘前大跌，截至发稿，高盛跌超7%，美国银行跌超5%，摩根大通跌超 5%。 ⑤【运营和税收成本上升，壳牌下跌7%】近日，壳牌发布了2025年第一季度交易数据，尽管天然气和 石油交易表现强劲，但公司警告税收和运营成本增加。壳牌表示，预计税收成本在24亿至32亿美元之 间，远高于加拿大皇家银行18亿美元的预估。壳牌还警告称，第一季度可能出现高达50亿美元的营运资 金增加。截至发稿，壳牌下跌7%。 ⑥【捷豹路虎停止向美国发货】近日，捷豹路虎汽车公司表示，由于新关税政策，它将暂停向美国发 货。捷豹路虎汽车公司将此举描述为"短期行动"，并表示将花时间制定长期计划以适应新的经济格局。 ⑦【WTI原油期货跌破每桶60美元，创2021年4月以来最低水平】截至发稿，美国WTI原油期货价格下 跌逾3%，至每桶59.61美元。目前，WTI原油 ...

Group 1 - The core issue revolves around a public dispute between Elon Musk and Peter Navarro regarding U.S. tariff policies, with Musk criticizing Navarro's defense of these policies [1][3] - Navarro denies any internal disagreements within the White House on tariff issues, asserting that Musk is acting in his own business interests as a car seller [3] - Following the announcement of new tariffs by President Trump, Tesla's stock price fell over 10%, resulting in Musk losing approximately $31 billion in net worth within two days [3] Group 2 - Musk's suggestion of establishing a "zero tariff zone" between the U.S. and Europe is dismissed by Navarro, who emphasizes that Musk's primary focus is on selling cars [3] - The new tariffs include a 10% "minimum baseline tariff" on trade partners, which has led to significant market declines and losses for wealthy individuals, particularly Musk [3]

Market Overview - The A-share market experienced significant declines, with the Shanghai Composite Index dropping 6.34%, the Shenzhen Component down 8.01%, and the ChiNext Index falling 9.74%, resulting in over 5200 companies declining [2][4] - The Hong Kong market also faced severe losses, with the Hang Seng Index opening down 9.28% and the Hang Seng Tech Index falling 11.15%, as major stocks like WuXi AppTec and Lenovo Group dropped nearly 15% [5] Commodity Market Impact - The commodity market saw widespread declines, with WTI crude oil futures dropping below $60 per barrel, marking the lowest level since April 2021, and gold prices falling by 2.2% to below $3000 per ounce [8] - The Bloomberg Commodity Index experienced a significant drop of 5.8%, representing the worst weekly performance since 2022 [8] Tariff Policy Implications - The U.S. government's implementation of "reciprocal tariffs" has sparked global market turmoil, with the tariffs set at a minimum of 10% on trade partners, leading to widespread criticism and potential disruptions in global supply chains [9][10] - The Chinese government announced a 34% additional tariff on all imports from the U.S. starting April 10, 2025, in response to the U.S. tariffs, which are viewed as unilateral and damaging to international trade norms [10] A-share Market Outlook - Short-term market disturbances are anticipated due to the U.S. tariff increases, particularly affecting export-dependent industries, while long-term trends will depend on the recovery of domestic fundamentals [11] - Analysts suggest that the U.S. tariff policy may increase the risk of stagflation in the U.S. economy, potentially leading to earlier policy responses from China and creating opportunities for core asset allocations [11]

编者荐语： 日本经济新闻社与金融时报2015年11月合并成为同一家媒体集团。同样于19世纪创刊的日本和英国的两 家报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者杨超 FT中文网 . 英国《金融时报》集团旗下唯一的中文商业财经网站，旨在为中国商业菁英和决策者们提供每日不可或 缺的商业财经资讯、深度分析以及评论。 越南的服装出口在增长（资料图，reuters） 在特朗普的第二任期，美国政府在本国经济优先与拉拢越南服务美"印太战略"方面，最 终将会达到一个平衡点。 文丨杨超 特朗普喊了很久的"对等关税"，终究还是要来了。 2月13日下午，特朗普签署备忘录，要求美国商务部、贸易代表办公室和相关部门确定美国 与每个外国贸易伙伴的对等关税（reciprocal tariffs）。特朗普提名的商务部长霍华德•卢特 尼克（Howard Lutnick）说，新税率最快可能在4月2日准备就绪。 特朗普的"对等关税"既是指税率，更是要实现其所谓的"贸易平衡"。根据特朗普签署的备忘 录，美国政府将重点审查 ...

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - During the Tomb-Sweeping Festival holiday, overseas precious metal prices dropped significantly. From 15:00 on April 3 to 7:00 this morning on April 7, the price of the COMEX gold main contract fell 3.75% to $3033.1 per ounce, and the London gold price fell 3.71% to $3011.74 per ounce. The price of the COMEX silver main contract fell 13.7% to $28.8 per ounce, and the London silver price fell 12.87% to $28.93 per ounce [2]. - The decline in precious metal prices was mainly affected by two factors. Firstly, the Trump administration announced the implementation of "reciprocal tariffs", but gold and silver were not on the list, ending the previous market's expected trading on potential US tariffs. Secondly, after Powell's speech on Friday, US stocks and precious metal prices further declined, and the Fed's monetary policy is expected to remain hawkish. In the short term, precious metal prices, especially silver, still have room to fall [3][4]. Group 3: Summary by Related Catalogs Price Changes - COMEX gold main contract price fell 3.75% to $3033.1 per ounce, London gold price fell 3.71% to $3011.74 per ounce. COMEX silver main contract price fell 13.7% to $28.8 per ounce, London silver price fell 12.87% to $28.93 per ounce [2]. - Au(T+D) price rose 0.98% to 738.97 yuan/gram, Ag(T+D) price fell 1.47% to 8263 yuan/kg. London gold price fell 2.04% to $3054.5 per ounce, London silver price fell 3.49% to $31.34 per ounce [5]. Factors Affecting Price Changes - The end of the previous market's expected trading on potential US tariffs due to the "reciprocal tariffs" policy and the subsequent exemption list [3]. - The Fed's hawkish monetary policy stance and the slowdown of tariff trading [4]. Market Expectations - In the short term, precious metal prices, especially silver, still have room to fall. The Shanghai silver main contract is expected to open at the limit - down price today, with a reference opening price of 7535 yuan/kg. The Shanghai gold main contract is expected to operate in the range of 694 - 720 yuan/gram [4].

Core Viewpoint - The article discusses the widespread panic in global financial markets due to "reciprocal tariffs," leading to a significant sell-off across various asset classes, with no clear winners in the market [1]. Market Performance - U.S. stock indices, crude oil futures, cryptocurrencies, and precious metals experienced severe declines, with the Nasdaq futures dropping over 5% and the S&P 500 futures down more than 4% [2]. - Crude oil futures fell by 10% last week and continued to decline, with WTI crude oil futures dropping below $60 per barrel for the first time since April 2021 [3]. - Spot gold and silver also saw declines, with gold down nearly 1.7% and silver dropping 3% in early trading [5]. Cryptocurrency Market - COMEX copper futures fell over 8%, while major cryptocurrencies like Bitcoin and Ethereum dropped more than 6% and 12%, respectively, leading to over 28,000 liquidations totaling $852 million in the past 24 hours [8][10]. Investor Sentiment - The VIX index surged by 40% on April 3 and then by 50% on April 4, reaching its highest level since April 2020, indicating extreme fear in the market [13]. - The S&P 500 index fell by 5.97%, marking its largest single-day drop since March 2020, while the Dow Jones Industrial Average also entered a correction phase [15]. Economic Implications - The article highlights concerns that rising tariffs will increase supply chain costs and weaken profitability, particularly for tech-heavy indices like the Nasdaq [17]. - Investors are selling off assets, including gold, to cover losses in other areas, reflecting a broader trend of panic selling similar to the sell-off during the COVID-19 pandemic [19]. Federal Reserve's Stance - The Federal Reserve's Chairman Jerome Powell indicated that the Fed would not rush to respond to the tariffs or market volatility, suggesting a cautious approach to monetary policy adjustments [24]. - Powell's comments have led to a shift in market expectations regarding interest rate cuts, with projections for four 25 basis point cuts being pushed from October to December [26]. Future Outlook - Some analysts are exploring potential "buying opportunities" in the aftermath of the market crash, while others express skepticism about the sustainability of a bull market given the ongoing trade tensions [28][29]. - The risk of economic recession is increasing, with predictions of a 60% chance of recession in the U.S. if the tariff policies persist [31].