板块掀涨停潮 电力行业有望迎来盈利改善和价值重估

Core Viewpoint - The power sector is experiencing a strong market performance, with over 20 stocks hitting the daily limit up, driven by multiple favorable factors including policy support and market growth [1][2]. Market Performance - On November 5, the power equipment index rose by 3.40%, with significant gains in stocks such as Shuangjie Electric, Arctech, and Jinguang Electric, all reaching the 20% limit up [2]. - The cumulative electricity market transaction volume from January to September 2025 reached 49,239 billion kilowatt-hours, a year-on-year increase of 7.2%, accounting for 63.4% of total electricity consumption [2]. Investment Trends - The State Grid's fixed asset investment exceeded 420 billion yuan from January to September, marking an 8.1% year-on-year increase, with a focus on high-voltage and inter-regional transmission projects [3]. - The procurement for core transmission and transformation equipment is ongoing, with a recent procurement amounting to over 3 billion yuan [3]. Future Opportunities - The power sector is expected to see profit improvements and value reassessment due to rapid growth in new energy installations and ongoing energy policies emphasizing supply security [4]. - The integration of coal and electricity enterprises is anticipated to enhance profitability, supported by stable coal supply agreements [4]. Wind Power Sector - The domestic and international demand for wind power is expected to drive growth in both onshore and offshore installations, benefiting component manufacturers [5]. - The outlook for the electricity market in 2025 includes a potential reduction in long-term contract prices, while coal-fired capacity prices are expected to rise [5].