高盛：中国消费者追踪-中国消费者对美国品牌的态度

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Chinese consumer sentiment towards US brands appears to be relatively stable despite geopolitical tensions and tariff hikes, with a notable lack of significant consumer-initiated boycott activity [1][8][21] - The analysis indicates that brand momentum and product cycles are more influential on market share shifts than tariff policies [1][21][33] - Most Chinese consumers prioritize quality-for-money products over brand origin, suggesting a pragmatic approach to spending [1][21] Summary by Sections Boycott-Related News and Consumer Sentiment - Current boycott-related news volume is significantly lower than during previous geopolitical tensions, indicating limited consumer-driven boycott intentions towards US brands in China [8][19] - Analysis of social media comments shows that only about 14% of comments express a negative stance towards US brands, while the majority remain neutral or supportive [21][23] Sales Performance and Market Share Dynamics - In the sportswear category, Nike's sales growth has not shown a noticeable decline compared to domestic brands, even after recent tariff announcements [24][25] - Apple's market share in the mobile phone sector has been consistently declining, attributed to increasing competition from domestic brands [26][27] - Tesla's market share in China has seen a decline, but the extent of this decline has not worsened significantly in recent months [28][29] Overview of Leading US Companies in China - The net favorability of US brands in China has not deteriorated year-to-date, suggesting that consumer perceptions remain relatively stable [31][32] - Factors such as supply chain profits generated in China and the shareholder structure of US brands are important considerations for Chinese consumers [33][36]