关键假设表调整与交流精粹_2025年4月_AI产业链突破不止_关税冲击难挡前行-250411-申万宏源_23页_3mb

The report from SWS Research, titled "Al 产链业 突破 不 止 ， 关税 冲击难 挡" based on a 2025 meeting (April 3, 2025), focuses on AI and robotics advancements and domestic demand changes. Key points include:

• AI and Robotics: Optimism grows due to breakthroughs in domestic computing power, particularly in Huawei's chain. Physical AI is emerging as a new direction, addressing data shortages for machine learning in areas like autonomous driving and robotics. The robot industry is in its early stage, with potential for large-scale production by mid-2025.

• Tariff Impact: U.S. tariffs cause market adjustments, but long-term factors like policy support and global opportunities mitigate risks. Tariffs affect exports and supply chains, with China responding through policy and industrial restructuring.

• Other Industries: Manufacturing PMI shows温和回升, construction and financial sectors stabilize, while consumer goods benefit from domestic demand. Material industries emphasize self-reliance, and information technology sees growth in AI and cloud computing.

• Risks: Market pessimism is countered by cautious optimism, with risks including policy delays and global economic uncertainties. The report suggests focusing on high-dividend stocks and emerging tech trends.

In essence, the analysis highlights AI's role in driving innovation and resilience, despite external challenges.