供应链转移：对台湾 ODM、印度电子制造服务及东盟科技业的影响-Supply Chain Relocation_ Implications for Taiwan ODMs, India EMS and ASEAN Tech

J P M O R G A N Asia Pacific Equity Research 27 November 2025 Supply Chain Relocation Implications for Taiwan ODMs, India EMS and ASEAN Tech In this note, we provide an update on the Taiwan ODMs' relocation schedule and the key stock implications. We have seen accelerating production relocation in the past six months across product lines (e.g. NBs/PC components/servers/ smartphones), driven by tariff concerns and the Trump administration's "Made-in- US" policy. In addition, server OEMs/ODMs have aggressive ...