中美日内瓦经贸会谈取得实质性进展，果链创新周期继续

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around Apple Inc. and the consumer electronics industry. Key Points and Arguments Trade Relations and Supply Chain Impact - The recent easing of US-China trade tensions has limited short-term impacts on Apple's supply chain, with current tariffs around 30%. Most Apple products are either exempt from tariffs or face only 10% tariffs on exports from Vietnam. Future tariff reductions are anticipated, but outcomes of negotiations post the 90-day exemption period should be monitored closely [1][2][3] - The US market accounts for approximately 30% of Apple's global sales, with AirPods and iWatch primarily exported from Vietnam. Production in mainland China serves non-US markets. India's production capacity is limited, but iPhones have received tariff exemptions [4] Consumer Electronics Sector Valuation - The consumer electronics sector is currently undervalued compared to the Shanghai Composite Index. While export chain stocks have shown recovery, there remains a significant gap in the supply chain, particularly for leading companies like Luxshare Precision [5] Innovation Cycle and Product Launches - Apple is in a major product iteration cycle, with expected launches of innovative products such as foldable devices, AirPods with cameras, budget MacBooks, and AI glasses by 2026. These innovations are projected to have a stronger impact on the supply chain than previous products [6][8] - Upcoming products like the Apple Vision Pro are anticipated to launch in Fall 2025, further accelerating the innovation cycle [6] Supply Chain Benefits from Innovation - Apple's product innovations are expected to significantly benefit its supply chain companies. For instance, the introduction of a foldable iPad and a smartwatch with blood sugar monitoring capabilities is projected for 2027, which will enhance revenues for companies involved in structural components, assembly, and equipment [9][10] Second Quarter Performance Expectations - For the second quarter, Luxshare Precision has provided positive performance forecasts, indicating good visibility in domestic markets. Despite the ongoing trade tensions, Apple’s preemptive inventory strategies have mitigated impacts on US sales, leading to expectations of stable growth across the sector [11] Upcoming Events and Industry Catalysts - The WWDC in June is expected to be a significant event, potentially unveiling major AI-related plans that could boost stock prices of related companies. The introduction of new products in the second half of the year will also be crucial for market dynamics [12] - The consumer electronics industry is currently experiencing a technological innovation cycle driven by AI advancements, with several companies planning product launches in the coming months [13][14] Future Outlook for Semiconductor Sector - Although the semiconductor sector may appear weak in the short term, there is a trend towards accelerating the validation of domestic materials in response to geopolitical pressures. Companies with unique production capabilities are expected to benefit in the medium term [15]