家电行业周报：周专题：关税政策再度调整，美国宣布将对冰箱洗衣机等钢制家电加征关税-20250615

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The U.S. Department of Commerce announced a 50% tariff on household appliances containing steel components, effective from June 23, which includes dishwashers, washing machines, refrigerators, ovens, and freezers [1][9] - The new tariff policy expands the range of products subject to tariffs and includes eight categories of household appliances as "steel derivative products" [1][9] - An exception clause allows products made with steel sourced from U.S. foundries to be exempt from tariffs, even if processed overseas [1][9] Summary by Sections 1. Weekly Topic: Tariff Policy Adjustment - The U.S. will impose a 50% tariff on household appliances with steel components starting June 23, affecting various products [1][9] - Eight categories of appliances are newly classified as "steel derivative products" [1][9] 2. Company Key Announcements - TCL Smart Home announced adjustments to its Southeast Asia production base, planning to invest up to 0.08 billion RMB for a new freezer production line in Thailand, with an expected capacity of 300,000 units per year [3][13] - A second phase will involve purchasing land for a new refrigerator production line with an investment budget of up to 0.6 billion RMB, aiming for an additional capacity of 1.4 million units per year [3][13] 3. Data Tracking - Exports of washing machines and dryers from China to the U.S. showed significant recovery in 2023, with continued growth expected in 2024, although growth rates may slow in early 2025 [2][10] - The share of washing machines exported to the U.S. is relatively low at 3.9%, while dishwashers have a higher share at 13.7% [2][10] - The tariff changes may temporarily suppress export growth for dryers and dishwashers, but overall, China's washing machine exports are not heavily reliant on the U.S. market [2][10] 4. Raw Material Data - As of June 13, 2025, LME copper prices decreased by 1.4%, while aluminum prices increased by 2.2% [16] - The DCE plastic settlement price rose by 2.0%, and the comprehensive steel price index increased by 0.2% [16] 5. Shipping Rates and Exchange Rates - The CCFI composite index for shipping rates increased by 7.63% as of June 13, 2025 [18] - The USD to RMB exchange rate saw a slight increase of 0.003% [18] 6. Real Estate Data - In the first four months of 2025, the sales area of commercial housing in China decreased by 3%, with housing starts down by 24% [22]