齐鲁晚报.齐鲁壹点客户端李孟霏通讯员梁蓓蓓 在日月新半导体(威海)有限公司(以下简称"日月新")的万级无尘车间内，自动化设备高速运转，一个个 半导体元件随着流水线源源不断生产。 近年来，新能源汽车的爆发式增长为半导体元件行业带来了新机遇，日月新及时把握风口，布局新能源 领域，在国内国际市场上不断突破。但出口业务涉及政策复杂，要想赢得市场信任、持续提升竞争优 势，必须要把握好税务合规这一关键要素。 "政策享受不规范不仅会增加涉税风险，还增加税费成本。"日月新的财务人员表示，"税务部门的辅导 让我们对政策有了更清晰的认识，我们还惊喜地发现，准确适用政策后，每年还可减少相关税费成本近 350万。" 据悉，对于日月新在加工生产过程中产生的边角余料及废聚乙烯包装盒，企业需要按海关2025年最新政 策要求将保税货物转为内销货物出区销售。然而，由于公司贸易方式主要为来料、进料加工，所有料件 均为进口、货物及余料全部出口，且属于综合保税区特殊区域内企业，也未申请保税区一般纳税人试 点，无法享受"免、抵、退"税政策。对于内销边角料件业务，税收政策该如何适用？企业犯了难。与此 同时，企业仓库还积压了满满废料亟待销售，解决政策疑难 ...

Group 1 - The report highlights the formation of a new global trade framework in the "post-tariff" era, emphasizing the reduction of trade deficits and the return of manufacturing to the U.S. as key objectives of the Trump administration [4][6][25] - The average rate of the new "reciprocal tariffs" is approximately 20%, down from 29% in April, indicating a narrowing of differences among various economies [7][14] - The report constructs a quantitative assessment framework based on three dimensions: price elasticity, share resilience, and capacity elasticity, to analyze the competitive advantages and challenges faced by Chinese manufacturing [4][8] Group 2 - Chinese manufacturing maintains a price advantage, with most products showing a price advantage concentrated in the 0%-75% range, suggesting that even under extreme assumptions of tariff costs, many products still hold competitive pricing [8][10] - The resilience of market share is crucial, as certain products like small appliances and air conditioners exhibit both price advantages and strong market shares, indicating higher demand resilience [8][10] - The report notes that while tariff risks cannot be completely eliminated, the globalization of supply chains is mitigating some of these risks, particularly in key manufacturing sectors [9][10] Group 3 - Certain core products from Chinese manufacturing are expected to maintain strong export competitiveness despite current tariff conditions, with specific categories like electronics and home appliances showing notable resilience [10][22] - The report emphasizes that U.S. importers may find it less cost-effective to switch suppliers in the short term, as the overall impact of tariffs on exports is lower than anticipated [10][22] - The analysis suggests that the ongoing trade negotiations and tariff adjustments will continue to shape the competitive landscape for Chinese manufacturing in the global market [25]

Group 1: Trade Policy Changes - The new "reciprocal tariff" average is approximately 20%, down from 29% in April, indicating a reduction in tariff burdens across various economies[17] - The standard deviation of the new tariff rates is 9%, lower than the previous 11%, suggesting a narrowing of tariff differences among trading partners[17] - The effective tariff rate for the U.S. has increased by 18.3%, significantly impacting imports valued over $2 trillion[43] Group 2: Impact on Chinese Manufacturing - Chinese products maintain a price advantage, with most goods showing a price advantage concentrated in the 0%-75% range, even under extreme assumptions of tariff costs[18] - Key industries such as electronics, home appliances, and textiles exhibit resilience, with certain products holding over 50% of global market share despite tariff pressures[18] - The export competitiveness of core products like small appliances and air conditioners remains strong, supported by both price advantages and market share resilience[19] Group 3: Risks and Considerations - Potential risks include unexpected changes in U.S. tariff policies, escalating geopolitical tensions, and slower-than-expected U.S. economic growth[19] - The ongoing trade negotiations and the uncertainty surrounding tariffs may lead U.S. importers to reassess their supply chains, focusing on cost-effectiveness and price stability[30]

Core Insights - China's foreign trade has shown remarkable resilience, with a total import and export value of 10.3 trillion yuan in Q1 2025, including exports of 6.13 trillion yuan, despite a 6% decline in imports [1][4][21] - The trade surplus reached 237.6 billion USD, highlighting the irreplaceable role of Chinese manufacturing in the global market [1][4] - The easing of U.S. tax policies has led to an influx of foreign trade orders, benefiting Chinese exporters [3][4] Trade Performance - In Q1 2025, China's total trade volume increased year-on-year, marking the second consecutive year of surpassing 10 trillion yuan in a single quarter [4][21] - Exports to ASEAN and the EU have been growing, with figures exceeding 146 billion USD and 122.08 billion USD respectively [6][21] - The share of trade with countries involved in the Belt and Road Initiative has also increased, particularly with ASEAN, which saw a 7.1% growth in trade share compared to the previous year [7][21] Export Categories - The top three export categories in Q1 2025 were electromechanical products, integrated circuits, and automobiles, with electromechanical products accounting for over 60% of exports [10][11] - The rise of technical products such as industrial machinery, semiconductor components, and transportation equipment showcases China's strong manufacturing capabilities [11][14] Import Trends - The slowdown in import growth is attributed to fluctuations in international commodity prices, particularly for energy and agricultural products [12][14] - China is undergoing a significant energy structure transformation, optimizing the import of coal and iron resources while promoting green economic development [14][25] Emerging Products - New categories of exports, referred to as the "new three samples," include wind power generators, integrated circuits, and lithium batteries, which have seen significant growth [15][20] - Wind power generator exports increased by 71.9% last year, with a further 43% growth in Q1 2025 [17] - Integrated circuits are projected to reach a trade total of nearly 160 billion USD in 2024, with a year-on-year increase of 18% [18] - Lithium battery exports to the U.S. reached over 15.3 billion USD in 2023, with a 7.7% increase in Q1 2025 despite tariff sanctions [20] Market Diversification - China's GDP is increasingly reliant on the domestic market, with over 60% of GDP coming from domestic consumption [24][25] - Chinese companies are actively reducing dependence on the U.S. market by exploring diverse export channels and developing non-U.S. market strategies [25][26] - The cross-border e-commerce sector has played a crucial role in expanding foreign markets, supported by the establishment of over 165 cross-border e-commerce pilot zones [26][28]

Core Viewpoint - The revitalization of American manufacturing and innovation in semiconductor design and materials science is crucial for enhancing economic competitiveness and national security [2][3]. Group 1: Importance of Manufacturing - Rebuilding the capability for advanced technology manufacturing in the U.S. is a national strategic goal that can create jobs, stimulate economic growth, and reduce reliance on foreign suppliers [2][3]. - The disconnect between innovation and production in the U.S. has led to vulnerabilities, as many foundational technologies are developed in the U.S. but produced elsewhere, resulting in lost economic returns and knowledge [3]. Group 2: Legislative Support - The CHIPS and Science Act, passed in 2022, aims to bring advanced semiconductor manufacturing back to the U.S. and has established federal incentives to expand domestic semiconductor manufacturing [4][5]. - Approximately 95% of the incentives from the CHIPS Act are focused on supporting semiconductor manufacturing, which includes various stages of the semiconductor value chain [5]. Group 3: Challenges in the Semiconductor Industry - The semiconductor industry faces significant challenges, particularly in workforce development, infrastructure, and regulatory processes [6][7]. - By 2030, 58% of necessary manufacturing and design positions in the semiconductor industry may remain unfilled due to a mismatch between industry demand and the current education and training system [6]. Group 4: Infrastructure and Regulatory Needs - Upgrading infrastructure, including reliable power, transportation, and water systems, is essential for the efficient operation of new semiconductor fabs [7]. - Outdated regulatory processes can delay critical projects, with environmental impact reports taking an average of 4.5 years to complete, hindering the competitiveness of the U.S. manufacturing sector [7]. Group 5: Tariff Strategy and Global Competition - High tariffs are being used as negotiation tools in trade discussions, but relying solely on tariffs is insufficient to rebuild industrial capacity in the U.S. [8][9]. - The U.S. must invest in a domestic ecosystem that supports semiconductor manufacturing, as global competitors like China are rapidly advancing in chip design and production [8][9]. Group 6: Long-term Strategy and Support - A singular tariff strategy cannot address the multifaceted needs for revitalizing U.S. manufacturing, which includes investment in workforce development, infrastructure, and regulatory reform [9]. - Continuous public support and investment in semiconductor research and public-private partnerships are essential for maintaining U.S. leadership in chip design and materials science [9].

Core Viewpoint - The recent news surrounding Wolfspeed indicates a potential bankruptcy filing due to significant debt issues, which has raised concerns within the industry [2][3][5]. Group 1: Wolfspeed's Financial Situation - Wolfspeed is reportedly preparing to file for bankruptcy protection due to difficulties in resolving approximately $6.5 billion (about 47 billion RMB) in debt [9]. - The company has indicated that challenges in addressing upcoming debt obligations may hinder its ability to secure government funding [7]. - As of March 31, Wolfspeed held $1.3 billion (about 9.38 billion RMB) in cash, but it faces a $575 million (about 4.15 billion RMB) payment due in May 2026 [9]. Group 2: Debt Restructuring Efforts - Wolfspeed is working on a Chapter 11 plan to gain support from the majority of its creditors, allowing it to continue operations while restructuring its debts [6]. - The company has rejected previous proposals from creditors to convert some of its outstanding convertible bonds into equity [11]. - Negotiations are ongoing with major stakeholders, including Renesas Electronics, regarding potential financial arrangements [11][12]. Group 3: Market Reaction and Future Projections - Following the bankruptcy news, Wolfspeed's stock price has dropped significantly, with a decline of over 70% in the past six months [13]. - Analysts have lowered revenue expectations for Wolfspeed, projecting $850 million (about 6.14 billion RMB) for 2026, below previous estimates [13]. - The company is also expected to benefit from the 2022 CHIPS Act, which could provide up to $750 million (about 5.4 billion RMB) in taxpayer support, contingent on successful refinancing of its convertible notes [10].