CITIC Securities' research report suggests that the imposition of the Section 232 semiconductor tariffs will have a very limited impact on domestic semiconductor companies (due to their limited exposure to the US), and instead reinforces the need for localized production. Regarding Apple's supply chain and overseas computing power chains, given Trump's pledge to exempt companies manufacturing in the US, and the fact that Apple and Nvidia have already made investment commitments, exemptions for these companies could potentially revive market sentiment.