Core Viewpoint - The report from Wanlian Securities indicates that China's power equipment exports are performing steadily, with significant growth in various segments, driven by global renewable energy expansion and grid upgrades [1][2]. Export Performance Summary - In June 2025, the total export value of power equipment reached 7.896 billion yuan, with a month-on-month increase of 10.55% and a year-on-year increase of 43.01%. The cumulative export value from January to June 2025 was 41.173 billion yuan, reflecting a year-on-year growth of 36.90% [1]. Transformer Exports - The export value of transformers in June 2025 was 4.221 billion yuan, showing a month-on-month increase of 26.31% and a year-on-year increase of 63.04%. The cumulative export value for the first half of 2025 was 20.685 billion yuan, with a year-on-year growth of 49.36% [1][2]. Regional Export Breakdown for Transformers - In June 2025, transformer exports to North America reached a record high, with values of 5.89 billion yuan, while exports to Asia, Africa, and Europe were 1.660 billion, 0.341 billion, and 1.040 billion yuan respectively, showing year-on-year growth rates of 40.78%, 77.26%, 112.54%, and 110.64% [2]. Electric Meter Exports - The export value of electric meters in June 2025 was 896 million yuan, with a month-on-month decrease of 4.83% and a year-on-year decrease of 22.03%. The cumulative export value for the first half of 2025 was 5.300 billion yuan, reflecting a year-on-year growth of 3.22% [3]. Regional Export Breakdown for Electric Meters - In June 2025, electric meter exports to Latin America showed significant recovery, while exports to Asia, Africa, and Europe declined. The export values were 0.245 billion, 0.272 billion, and 0.281 billion yuan respectively, with year-on-year changes of -18.71%, -41.48%, and -8.03% [3]. Switch Exports - The export value of switches in June 2025 was 682 million yuan, with a month-on-month increase of 2.43% and a year-on-year increase of 30.90%. The cumulative export value for the first half of 2025 was 4.041 billion yuan, reflecting a year-on-year growth of 25.83% [4]. Regional Export Breakdown for Switches - In June 2025, switch exports to Latin America reached a record high, while exports to Asia and Europe saw declines. The export values were 0.422 billion, 0.029 billion, 0.081 billion, and 0.110 billion yuan respectively, with year-on-year changes of +20.79%, -4.60%, +26.23%, and +119.73% [4]. Cable Exports - The export value of cables in June 2025 was 2.097 billion yuan, with a month-on-month decrease of 4.83% but a year-on-year increase of 66.18%. The cumulative export value for the first half of 2025 was 11.147 billion yuan, reflecting a year-on-year growth of 41.46% [5]. Regional Export Breakdown for Cables - In June 2025, cable exports to Asia were 1.114 billion yuan, showing a year-on-year increase of 124.00%. Exports to North America reached 226 million yuan, with a month-on-month increase of 106.04% and a year-on-year increase of 10.99% [5][6].
万联证券：开关、电缆市场表现稳定 变压器出口持续高增长
智通财经网·2025-07-31 09:01