汇丰研究的报告指，相信拥有直接向美国运输产品且高度依赖美国进口作为原材料的公司正面临关税政策带来的压力。因此，该行将苹果(APPL.US) 的供应链、光学收发器和半导体封装测试(OSAT)列为其覆盖范围内最脆弱的子行业。
该行亦提到，在广泛的科技市场动荡中，认为半导体设备行业是一线希望。该行业目前是防御性最强的板块，因为其大部分收入来自中国，对出口的依赖有限，推荐北方华创(002371.SZ) 和华峰测控(688200.SH) 。至于消费者科技，小米(01810.HK) 受美国关税政策的影响小于苹果的供应商，因为其对美国市场的依赖极低，而且其产品定位对于不确定的经济前景更具防御性。然而，公司仍需关注新兴市场的需求和货币波动风险。该行予小米目标价为70.4元，评级“买入”。(vc/u)
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