中美贸易摩擦升级.docxVIP

Cement and Construction Materials 水泥建材 Based on China Customs data in 2018, the US was the second largest importer of Chinese cement, only second to Hong Kong. The export volume of cement is expected to drop after the tariff raise. However, in 2018, the export volume of cement only accounted for less than 0.1% of total cement output in China, so the overall impact would be minor. On the other hand, if the Chinese government intends to offset the impact of tariff increases on economic growth by stimulating investment, the construction materials sector may benefit from increased demand from infrastructure construction. 据 2018 年中国海关总署的数据，美国是中国水泥的第二大出口国家/地区， 仅次于香港。预计美国加征关税后水泥出口量将有所下降。然而，2018 年全国水泥出口量占总产量的比例不足千分之一，因此整体影响不大。另一方 面，倘若中国政府有意通过进一步刺激投资来对冲关税对于经济增长的冲 14 May 2019击，则建材行业或将受惠于基建建设需求的增长。 14 May 2019 Consumer -- Apparel 消费--服装 Among Chinas exports of textiles and textile products, the US contributed about 1/3. The amount of textiles and textile products affected by the tariff raise only accounts for 9.6% of US imports, which is equivalent to 3.1% of Chinas total exports. Shoes and footwear products are not in the list of tariff raise. Therefore, the overall impact will be relatively small. 中国纺织原料及纺织制品出口额中，美国占 1/3 左右，而其中加税的部分仅占美国进口额的 9.6%，也就相当于占中国该品类总出口额的 3.1%。鞋靴类产品则并没有被加税。因此整体来说影响比较小。 Consumer -- Foods Beverage 消费--食品饮料 Chinas increased tariffs on US imported goods will raise raw material costs for the food and beverage industry. 中国提高美国货物的进口关税将抬高 Market Strategy 市场策略 Market Strategy 市场策略 Consumer -- Retailing 消费--零售 No significant impact on domestic retail sales, but may negatively affect luxury consumption indirectly. Electric Equipment 电力设备 The total tariffed items from the electric equipment sector exceeds US$ 50 bn in value, including nuclear reactors, boilers, machinery and mechanical appliances, electrical machinery and equipment and parts. We believe that the new tariffs imposed may lead to decline in US exports among major Chinese power equipment produc