国联民生证券策略研究点评报告：供应链维度，寻找‘’完全”内需行业

Group 1 - During the 2018 China-US trade friction, domestic demand-oriented companies outperformed export-oriented companies in both fundamentals and stock prices. The gap in revenue and net profit growth between these two types of companies was relatively controllable despite the tariffs imposed by the US [8][14][29] - The performance of companies with high exposure to the US market did not significantly differ from those with high exposure to the EU and emerging markets. This indicates that the market is more focused on the companies' domestic demand replacement capabilities and the resilience of global supply chain restructuring rather than their geographical export distribution [14][45] - A detailed analysis using the FactSet supply chain database revealed that companies with no revenue from the US market in their downstream operations performed better in terms of net profit growth, revenue growth, gross margin, and net margin compared to other combinations of companies [15][56] Group 2 - The report identifies industries with low revenue exposure to the US market, including coal, building materials, social services, food and beverage, telecommunications, and public utilities, which can be considered as domestic demand-oriented industries from a supply chain perspective [15][56] - The analysis suggests that companies with low exposure to the US market in their downstream operations are likely to have better net value performance, as evidenced by their slower decline in net profit growth during challenging market conditions [60][63] - The report emphasizes that the overall market sentiment is shifting towards value-oriented investments, with a gradual stabilization observed in the market [20][22]