出品 | 妙投APP 那么，这一轮关税风暴对A股各板块究竟意味着什么？哪些行业会首当其冲，哪些板块又可能相对稳 健？ 分化的智造业 关税的核心是抬高"中国制造"的成本。 这次100%的关税意味着，一部在中国组装的手机，进入美国市场的成本将直接翻倍。最终的结果，要 么美国厂商寻求豁免关税，要么美国厂商寻找替代的供应商。 2025年4月、8月，英伟达、苹果均获得了125%对等关税豁免、100%半导体关税豁免的资格。 作者 | 妙投团队 头图 | 视觉中国 2025年10月10日，特朗普在其社交媒体（Truth Social）上宣布，从11月1日起（或更早，视中国是否有 反应），美国将对中国商品再加征100%关税，即在现有关税基础上再加码一倍。 与此同时，他还提出对"所有关键软件"进口实施出口管制，以此作为对中国最近在稀土出口管制等举措 的反击。他表示，如果中国采取激烈反制，美国随时可以调整实施时间。 目前，这一威胁仍停留在社交媒体声明阶段，能否真正落地，还取决于中美双方接下来的博弈。但这一 消息迅速引发市场恐慌。当晚美股大幅下挫，道指下跌约878点，标普500收跌2.7%，纳指下跌3.6%， 芯片与新能源板块跌幅 ...

Core Insights - Hong Kong Customs recently seized nearly 25 tons of antimony ingots hidden in a container labeled for export, highlighting the effectiveness of China's export control measures on critical metals [1][3] - China, as the largest producer of antimony, accounts for half of the global supply, and its export restrictions are expected to significantly impact U.S. military manufacturing [3][5] - The U.S. faces challenges in sourcing rare metals, including gallium and germanium, due to China's stringent export controls, which have raised concerns in various industries, including automotive [5][7] Group 1 - The recent seizure of antimony by Hong Kong Customs indicates strict enforcement of China's export controls, which are aimed at preventing external entities from circumventing regulations [1][3] - China's export restrictions on antimony and other critical materials are likely to have a profound impact on U.S. military capabilities, as these materials are essential for various military applications [3][5] - The U.S. is exploring two main options to address the supply chain issues: importing from allies or increasing domestic production, both of which face significant challenges [5][7] Group 2 - The automotive industry in Europe and Japan is also affected by China's export controls, with concerns over supply shortages and production halts due to limited inventory [5] - The U.S. has been slow to develop its own rare earth mining and processing capabilities, leading to a heavy reliance on Chinese imports, which poses a strategic risk [5][7] - The U.S. acknowledges the difficulty in finding alternative sources for rare earth elements, as China remains the only country capable of heavy rare earth separation [7]