CITIC Securities Co., Ltd.: The impact of the 232 semiconductor tariff increase on domestic semiconductor companies is extremely limited

CITIC Securities Co., Ltd. research report believes that the increase in the 232 semiconductor tariffs has an extremely limited impact on domestic semiconductor companies (small exposure to the U.S.), but instead reinforces the necessity of localized production. For the Apple supply chain and overseas computing power chain, since Trump has stated that companies manufacturing in the U.S. will receive exemptions, and companies like Apple and NVIDIA have already made investment commitments, if relevant companies receive exemptions, it may bring some market sentiment recovery