电气设备行业月报：电网投资与出口增长双重驱动，关注输变电输板块机遇

Investment Rating - The report maintains a "Market Perform" investment rating for the electrical equipment sector [4][5]. Core Insights - The electrical equipment sector's performance in August was weaker than the CSI 300 index, with a decline of 6.22% compared to the index's drop of 4.78% [5][9]. - The manufacturing PMI for July was at 49.40%, indicating a slight contraction in the manufacturing sector, with production index slightly above the threshold at 50.1% [15][16]. - The demand for electrical equipment is expected to improve due to ongoing domestic grid investments and stable overseas demand for power infrastructure upgrades [4][5]. Summary by Sections Market Review - The electrical equipment index underperformed the CSI 300 index in August, with a decline of 6.22% [5][9]. - The sector's four sub-industries all experienced declines, with the smallest drop in distribution equipment [9]. Macroeconomic Overview - The manufacturing PMI for July was 49.40%, indicating a slight decrease from the previous month [15]. - The overall industrial production maintained stability, with a year-on-year growth of 5.9% in the first seven months of 2024 [12]. Electrical Equipment - Total electricity consumption from January to July 2024 reached 5.60 trillion kWh, a year-on-year increase of 7.7% [19]. - Power generation from January to July was 5.32 trillion kWh, up 4.8% year-on-year, with a decrease in the share of thermal power [19][20]. - Investment in power generation and grid projects showed growth, with power generation investment at 415.8 billion yuan (up 2.6%) and grid investment at 294.7 billion yuan (up 19.2%) [27][28]. Industry Dynamics - Exports of electrical equipment remained strong, with transformers, wires and cables, and high-voltage switches showing year-on-year growth rates of 28.3%, 18.5%, and 26.9% respectively [32]. - The report highlights the ongoing demand for electrical equipment driven by infrastructure upgrades both domestically and internationally [4][32]. Investment Rating - The report reiterates the "Market Perform" rating, suggesting that the sector's valuation is at a historically low level and may recover as market sentiment improves [4][5].