Comprehensive anti-dumping of home appliances is a small probability event: According to the US government announcement, the United States recently proposed to impose high tariffs on imported steel and aluminum, causing market concerns about more export industries. We believe that home appliances are daily necessities, and in some home appliance categories, the United States lacks the corresponding industrial chain foundation. Once the import of home appliances is greatly restricted, it will quickly affect the daily lives of Americans. Therefore, comprehensive anti-dumping on home appliances is more harmful than irrational in the United States. In addition to the measures already taken by the washing machine industry, the spread of trade protection by the United States to other home electronics industries is a small probability event. Since 2012, the United States has repeatedly adopted anti-dumping measures against large-scale domestic washing machines (LRW) of Korean companies Samsung and LG, but it has not achieved the effect of boosting the US domestic industry. After anti-dumping against Korea, the import volume of US washing machines continued to grow. The domestic washing machine manufacturer Whirlpool and the GEA market share before 2016 did not increase. On the contrary, Whirlpool's market share declined slightly, and in 2017, it fell by 1pct (compared with 2012). Euromonitor data). Samsung and LG have evaded policies through capacity transfer. To this end, the US government has to increase anti-dumping efforts and scope again and again. The battle of washing machines has little impact on China's home appliance industry: Samsung and LG once transferred their production capacity to China, and they were transferred from China after being "hunted", resulting in a change in China's exports to the US, but Chinese local enterprises are almost unaffected. influences. In 2017, the export volume of China's automatic washing machine to the United States was YoY-82.8%, and the export value of washing machine was YoY-85.2%; but the East did not shine in the West, due to China's increased exports to other countries, 2017 China's overall automatic washing machine The export value of the whole machine was YoY-8.7%, and the export volume also achieved a growth of 2.8% (China Customs data). In addition, compared with 2011 (before Samsung and LG's production capacity moved to China), the total amount of China's exports of washing machines to the US increased by 61% in 2017 (Trade Data Online data). Assuming that irrational policies are introduced, the impact is minimal: the probability of anti-dumping in various household appliances is very low. If you compare several small probabilities, then: Refrigerator>Air Conditioning>TV, there are many types of small household appliances, which need to be analyzed separately, but the whole In terms of the United States, the consumption of small household appliances is still mainly dependent on imports. Taking white electricity as an example, suppose the most pessimistic scenario, that is, the US anti-dumping against the air-washing industry. From February 2018, China’s washing machine exports to the US fell to 0; from July 2018, China’s refrigerators and air conditioners began. Exports to the US fell to zero. In this scenario, we have estimated that the impact on the growth of the 2018 performance of the US/Gree/Haier/Little Swan is not as high as 1pct. In addition, affected by the anti-dumping policy, Samsung, LG and Electrolux of Europe have announced the establishment of production bases in the United States. From this trend, Chinese companies may increasingly invest in the United States in the future. Continue to be optimistic about the home appliance sector: do not worry too much about the export environment of home appliances. We continue to be optimistic about the home appliance sector. We currently emphasize the logic of the third and fourth-tier markets, and combine the valuations to recommend the Midea Group, Gree Electric Appliances, Zhejiang Midland and Vantage Shares. In the long run, the boss's electrical equipment has outstanding competitiveness and can still maintain its leading position in the industry. In addition, the price of TV panels is down, and Hisense Electric is recommended. MMCX Cable Mount Connectors,MMCX Bulkhead Mount Connectors,MMCX Flange Mount Connectors,MMCX PCB Mount Connectors Xi'an KNT Scien-tech Co., Ltd , https://www.honorconnector.com