证券研究报告 苹果(Apple) (AAPL US) 在美投资获取关税优惠政策 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 11 日│美国 | 消费电子 | 目标价(美元): | 273.00 | 苹果 CEO 库克与美总统特朗普达成协议，将追加 1000 亿美元，在未来四 年内总计向美国投资 6000 亿美元，致力于将更多的苹果产业链和现金制造 业务引入美国，以争取关税减免，具体关税细则尚未公布。我们认为公司关 税风险已初步落地，建议关注 1）其他友商品牌获取豁免进展，2）在美生 产对公司成本结构的改变，3）后续关税细节条款。维持"买入"。 拟建立"端到端"硅供应链，加大产品在美生产金额比例 苹果目标建立一条美国本土的、"端到端"的硅供应链。其中，三星将与苹 果在奥斯汀工厂合作，开发创新芯片制造技术，根据 FT 等媒体推测可能是 图像传感器产品；康宁预计将在肯塔基州扩产盖板玻璃，未来所有 iPhone 和 Apple Watch 的玻璃将由康宁在美国生产；格芯在纽约制造 ...

Group 1: Jiangsu Manufacturing and Export Growth - Jiangsu Tengpo Leisure Products Co., Ltd. exports various garden umbrellas to over 50 countries, with an export value of nearly 800 million yuan, representing a year-on-year growth of over 50% [1] - The company integrates smart technology into traditional production processes, developing high-end products with adjustable angles and lighting functions, which are popular in overseas markets [1] - Kunshan Sanli Optical Co., Ltd. reported an export value of 30 million yuan for sunglasses and metal frames, with sales growing at a rate of approximately 12% this year [1] Group 2: Air Conditioning and Cooling Appliances Demand - Nantong Installation Group Co., Ltd. has exported home appliances, including air conditioners and accessories, worth 47.47 million yuan in the first quarter [2] - Suzhou Guangxian Electronics Co., Ltd. anticipates exporting 12,000 electric fans this summer, indicating strong demand for smaller cooling appliances [2] - The integration of Suzhou's China-Europe Railway Express with local manufacturing has facilitated the rapid delivery of high-value cooling products to global markets [2] Group 3: Ice Cream Export Surge - The Yangzhou region exported ice cream and frozen desserts worth 28 million yuan from January to May, a 192% increase compared to the same period last year [3] - The China-ASEAN Free Trade Area certificate allows products exported to Thailand to enjoy a 30% tariff reduction, resulting in a total tariff benefit of 6.7 million yuan this year [3] - Yangzhou Customs has established a "green channel" for inspections and customs clearance to minimize operational time and reduce the risk of product damage during export [3]

Core Viewpoint - Indonesia aims to secure more favorable tariffs compared to Vietnam in trade negotiations [1] Group 1 - The Indonesian government is actively pursuing better tariff conditions to enhance its competitive edge in international trade [1] - This initiative reflects Indonesia's strategy to attract foreign investment and boost its export capabilities [1]