Shanghai-listed Companies Intensively Respond to "Reciprocal Tariffs": Multiple Measures Taken, Overall Impact Limited

With the further escalation of the US "reciprocal tariffs," Shanghai-listed companies have formulated corresponding measures based on their respective situations. By optimizing global layouts, promoting supply chain autonomy, and strengthening technological innovation, they have adopted flexible strategies to address the uncertainties brought by tariff policies, demonstrating strong development resilience.

By industry, China's key foundational sectors, such as petroleum, coal, steel, non-ferrous metals, chemicals, and pharmaceuticals, primarily focus on domestic operations. Their international businesses are mainly located in "Belt and Road" countries or African nations, with relatively small direct trade volumes with the US, resulting in limited overall impact.

Industries such as electronics manufacturing, tires, and logistics, which have significant direct import and export volumes with the US or require raw material imports from China for US-based factories, have been affected to some extent. However, relevant listed companies have taken proactive actions to flexibly respond to US tariff measures.

Energy industry: Tariff policies have not significantly impacted commodity-related industries in the short term. Yongzhen Co., Ltd. (603381.SH) stated that steel, aluminum, and their derivatives, as well as automobiles and parts, which are already subject to Section 232 tariffs, are exempt from "reciprocal tariffs." Therefore, the US reciprocal tariff policy currently has no impact on the company's Vietnam base.

China Railway Group (601390.SH) reported that overseas mines are operating well. The country's export controls on molybdenum and Trump's tariff policies on copper have instead driven up molybdenum and copper prices, increasing the company's profits.

Dingsheng New Energy Materials (603876.SH) stated that the volume of aluminum foil exported to the US is small, and the company does not bear the tariffs, so there is currently no impact. The company will actively respond by adjusting its supply chain and negotiating with customers, leveraging its global industrial layout.

In the pharmaceutical industry, the proportion of sales of active pharmaceutical ingredients (APIs) and medical devices to the US is low. Overall, relevant pharmaceutical companies generally believe that the tariff policies have limited impact on them.

Among them, Aurisco (605116.SH) mainly sells APIs to Europe, South America, and Southeast Asia, with a small proportion of US business, and its pharmaceutical products are exempt from tariffs; East Asia Pharmaceutical (605177.SH) has a wide range of product exports but has not directly sold to the US in recent years, with a self-controlled supply chain, ensuring stability despite tariff hikes; Aokang Medical (688613.SH) sources raw and auxiliary materials and equipment domestically, achieving self-sufficiency in raw materials and remaining unaffected by US tariff risks.

In the chemical industry, on the import side, sub-sectors such as chemical fibers and polyurethane have low dependence on US imports; on the export side, previous adjustments in sales regions and reductions in US export shares have proven effective, resulting in limited overall impact from the tariff hikes.

Zhejiang NHU Co., Ltd. (603867.SH) has a small proportion of products directly sold to the US market, and some products are exclusive, resulting in limited direct impact; Qianjiang Biochemical (600796.SH) sells bio-pesticides globally, with a very low proportion of US export revenue, making the impact of trade policy changes minimal on its operations.

In industries such as electronics manufacturing, tires, and logistics, multiple companies stated that they are actively responding through global layouts, supply chain adjustments, and market diversification. The tariff hikes have had limited impact on them, and they will continue to closely monitor relevant policy changes.

CosMX Battery (688772.SH) stated that there are few direct exports of consumer batteries to the US. If end products equipped with its batteries are subject to tariffs, it will negotiate with end customers. Meanwhile, the company has planned an overseas production site in Malaysia to enhance its global layout and mitigate tariff impacts.

Hitec New Energy (688677.SH) initiated its overseas layout several years ago and completed the construction of US and Thailand factories before the implementation of "reciprocal tariffs." Currently, most products are produced and shipped locally, effectively reducing tariff impacts through the division of labor between domestic and overseas factories.

Sailun Tire (601058.SH) adheres to a global strategy, with production sites in multiple locations in China, Vietnam, and Cambodia, and is building sites in Mexico and Indonesia. Its products are sold in over 180 countries and regions, and the company's controlling shareholder has repeatedly increased holdings, demonstrating confidence; Linglong Tire (601966.SH) has bases in Thailand and Serbia, enhancing competitiveness by flexibly adjusting order flows, optimizing costs and product structures, accelerating international layouts, and driving innovation, while actively communicating with overseas customers to address trade friction risks.

Some economists believe that, given the proactive deployment of China's macro policies, both the central fiscal authorities and the central bank have reserved "ample reserve tools and policy space" to effectively hedge at critical moments, ensuring stable growth of the Chinese economy.