万联证券：我国电力设备产品海外渗透率有望持续提升 变压器、开关出口7月表现亮眼

Core Viewpoint - The report from Wanlian Securities highlights the rapid growth of global renewable energy installations and stable investment in global grid construction, suggesting strong competitiveness of China's power equipment products in overseas markets [1] Group 1: Transformer Exports - In July 2025, China's transformer export value reached 4.308 billion yuan, with a month-on-month increase of 2.07% and a year-on-year increase of 54.68%, indicating robust market performance [1] - Cumulative transformer exports from January to July 2025 amounted to 24.993 billion yuan, reflecting a year-on-year growth of 50.25% [1] - Exports to Asia and Africa showed significant growth, while exports to Europe and North America experienced a decline [2] Group 2: Electric Meter Exports - In July 2025, China's electric meter exports totaled 829 million yuan, with a month-on-month decrease of 7.52% and a year-on-year decrease of 12.15% [3] - Cumulative electric meter exports from January to July 2025 were 6.129 billion yuan, showing a year-on-year decline of 2.39% [3] - The Oceania region saw a recovery in exports, while Asia, Africa, and Europe experienced declines [3] Group 3: Switch Exports - In July 2025, China's switch exports amounted to 810 million yuan, with a month-on-month increase of 18.74% and a year-on-year increase of 63.88% [4] - Cumulative switch exports from January to July 2025 reached 4.851 billion yuan, reflecting a year-on-year growth of 30.90% [4] - Exports to Asia and Europe showed strong growth, while the Latin American market experienced a pullback [4] Group 4: Cable Exports - In July 2025, China's cable exports were valued at 1.909 billion yuan, with a month-on-month decrease of 8.95% but a year-on-year increase of 13.06% [5] - Cumulative cable exports from January to July 2025 reached 13.056 billion yuan, indicating a year-on-year growth of 36.45% [5] - The Asian market remained stable, while the Latin American market showed significant growth [5]