电力设备出口：变压器、开关表现亮眼，电表、电缆环比回调

Core Viewpoint - In July 2025, China's power equipment exports showed stability with a total export value of 7.856 billion yuan, a month-on-month decrease of 0.50% but a year-on-year increase of 32.89%. Cumulative exports from January to July reached 49.029 billion yuan, reflecting a year-on-year growth of 36.24% [2][8]. Export Performance Summary - Transformers: In July 2025, transformer exports amounted to 4.308 billion yuan, with a month-on-month increase of 2.07% and a year-on-year increase of 54.68%. Cumulative exports from January to July reached 24.993 billion yuan, up 50.25% year-on-year. Notably, exports to Asia and Africa showed significant growth [3]. - Electric Meters: Exports in July 2025 were 829 million yuan, down 7.52% month-on-month and 12.15% year-on-year. Cumulative exports from January to July totaled 6.129 billion yuan, a decrease of 2.39% year-on-year. The Oceania region saw a recovery, while Asia, Africa, and Europe experienced declines [4][5]. - Switches: Exports in July 2025 reached 810 million yuan, with a month-on-month increase of 18.74% and a year-on-year increase of 63.88%. Cumulative exports from January to July were 4.851 billion yuan, reflecting a year-on-year growth of 30.90% [6]. - Cables: In July 2025, cable exports were 1.909 billion yuan, down 8.95% month-on-month but up 13.06% year-on-year. Cumulative exports from January to July reached 13.056 billion yuan, a year-on-year increase of 36.45% [7]. Investment Insights - The global renewable energy installation is rapidly increasing, coupled with stable growth in global grid investment. China's power equipment products possess technological and cost advantages, with expected continued growth in overseas market penetration. Key products such as transformers, electric meters, switches, and cables are likely to benefit from this trend [8].