电气设备行业月报：电网投资增速不减，关注输变电板块机遇

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the electrical equipment sector [5]. Core Insights - The electrical equipment sector underperformed compared to the CSI 300 index in September, with the sector index rising by 10.80%, lagging behind the CSI 300 index's increase of 11.51% by 0.71 percentage points [5][10]. - Industrial production showed stable growth, with a year-on-year increase of 5.8% in industrial added value from January to August 2024, and fixed asset investment reaching 329,385 billion yuan, up 3.4% [5][13]. - Electricity consumption continued to rise steadily, with total electricity consumption reaching 6.56 trillion kWh from January to August 2024, a year-on-year increase of 7.9% [5][19]. - Investment in power generation and grid projects maintained growth, with power generation investment at 497.6 billion yuan (up 5.1% year-on-year) and grid investment at 333 billion yuan (up 23.1% year-on-year) [5][29]. - Exports of electrical equipment remained high, with transformers, wires and cables, and high-voltage switches seeing year-on-year export growth of 38.4%, 16.8%, and 26.9%, respectively [5][33]. - The overall demand for electrical equipment is expected to improve in the future, supported by ongoing upgrades in global power infrastructure and sustained domestic grid investment [5][16]. Summary by Sections 1. Market Review - The electrical equipment sector's performance in September was weaker than the CSI 300 index, ranking 20th among the CITIC first-level industries [10][12]. 2. Macroeconomic Overview - The manufacturing PMI for August 2024 was 49.1%, indicating a slight decline in manufacturing activity, with all five sub-indices below the critical point [16][17]. 3. Electrical Equipment - The total installed power generation capacity reached approximately 3.13 billion kW, with a year-on-year growth of 14.0% [19][21]. - The average utilization hours for power generation equipment decreased by 103 hours compared to the previous year [21]. 4. Industry Dynamics - The report highlights the increasing number of tenders in the power grid sector, with significant procurement activities from State Grid and Southern Power Grid [38][41].