Citic Securities: The imposition of additional tariffs on 232 semiconductors has an extremely limited impact on domestic semiconductor companies.

According to the research report of Citic Securities, the impact of the imposition of additional tariffs on semiconductor products by the US (232 Semiconductor Tariff) is extremely limited for domestic semiconductor companies, but instead strengthens the necessity of localization in production. As for the Apple supply chain and overseas computing power chain, President Trump has promised that companies manufacturing in the US will be exempt from the tariff. Companies like Apple and NVIDIA have already made investment commitments. If these companies are exempt, it may bring about some market sentiment repair.