Citi from "The Big Banks": The preferred order for export stocks is Techtronic Industries, Shenzhou International, and STELLA HOLDINGS

Citi released a report stating that U.S. President Trump announced that the U.S. will impose an additional 100% tariff on Chinese imports starting November 1, and will implement export controls on all key U.S. software. The bank is uncertain about the duration of this policy, but related stocks may experience volatility during this period. However, the degree of volatility should be lower than during the retaliatory tariff period in Q2 2025, as the new tariffs only apply to manufacturers exporting directly from China to the U.S.

Citi pointed out that the top five companies with the highest sales proportion (and that produce or source in China) are Zhejiang Dingli (603338.SH) (42%), QuanFeng (02285.HK) (30%), Stanley Black & Decker (SWK.US) (15%), Juxing Technology (002444.SZ) (15%), and Yilian Network (300628.SZ) (12%), which may face significant profit impacts. Among Chinese exporters, Citi's stock preference order is Techtronic Industries (00669.HK) > Shenzhou (02313.HK) > STELLA HOLDINGS (01836.HK), considering the Federal Reserve's interest rate cut cycle and the extremely low proportion of Chinese imports in their U.S. sales. It is recommended to sell Zhejiang Dingli, QuanFeng, Tuobang Co., Ltd. (002139.SZ), and Anhui Heli (600761.SH), while maintaining a "neutral" rating on Yilian Network