野村：营销要点 关于关税的所有信息

Investment Rating - The report maintains a "Buy" rating for several companies including Bizlink, Airtac, Eclat, and Makalot, indicating a positive outlook for their performance in the market [10][12][15][25]. Core Insights - Investors are concerned about potential sales and earnings cuts due to global tariffs, leading them to focus on segments and individual stocks that are less impacted [2]. - The report highlights that any reductions in US reciprocal tariffs would be beneficial, especially for companies with diversified capacity locations like Taiwan suppliers [2]. - The demand for AI server components is expected to grow significantly, benefiting companies like Bizlink, which specializes in active electrical cables [3]. - In the consumer discretionary sector, the impact of tariffs on retail prices is expected to be minimal, with only a mid-single-digit percentage increase anticipated even if tariffs are enforced [4]. - The automotive and industrial automation sectors are facing uncertainty due to pending tariff confirmations, but government stimulus policies are expected to support growth in companies like Airtac [5]. Summary by Segment AI Component - Bizlink is expected to see stronger growth in AI server demand due to low global penetration rates and increasing demand for inference algorithms [3]. Consumer Discretionary - Concerns exist regarding textile OEMs in Southeast Asia due to high reciprocal tariffs, but retail price increases are expected to be limited, suggesting a lower-than-expected impact on companies like Makalot and Eclat [4]. Automotive / Industrial Automation and IoT - The automotive sector is awaiting tariff confirmations, with potential negative impacts on demand. However, government stimulus is expected to drive growth for Airtac [5]. - E INK faces challenges in eReader demand but is expected to benefit from its ESL project in the US, which will continue to be manufactured in Mexico [5].