电气设备行业月报：宏观经济向好叠加电网建设支撑，关注输变电龙头企业

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment industry [1]. Core Viewpoints - The macroeconomic environment is improving, supported by high-speed investment in the power grid, with a focus on opportunities in the transmission and transformation sector [1]. - The electrical equipment index outperformed the CSI 300 index in October, with a decline of 0.22%, which is 2.98 percentage points better than the CSI 300's decline of 3.20% [4]. - The growth in power grid investment remains robust, with significant increases in both power generation and grid engineering investments [1][21]. Summary by Sections 1. Market Review - In October, the electrical equipment sector saw 97 stocks rise and 78 fall, with notable gainers including Maike Audi (106.64%) and Jingwei Huikai (95.66%) [5][6]. - The sector's performance ranked 18th among major industries, with motor and transmission equipment sectors showing gains while power electronics and distribution equipment sectors declined [4]. 2. Macroeconomic Overview - In the first three quarters of 2024, China's GDP grew by 4.8%, with the industrial value-added growth at 5.8% [6][8]. - Fixed asset investment stabilized, ending a five-month decline, with significant growth in the manufacturing sector [8]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption in the first three quarters reached 7.41 trillion kWh, a year-on-year increase of 7.9% [12]. - The power generation capacity increased, with a total generation of 7.06 trillion kWh, reflecting a 5.4% year-on-year growth [14]. 3.2. Industry Chain Situation - The production of electrical equipment remains strong, with significant increases in the output of high-voltage switchgear and transformers [24]. - The investment in power and grid engineering continues to grow, with power engineering investments reaching 595.9 billion yuan, up 7.2% year-on-year [21]. 3.3. Regional Situation - In Henan province, power generation increased by 10.57% year-on-year, with significant contributions from renewable sources [33]. 3.4. October Bidding Situation - The State Grid Company conducted three major bids in October, focusing on marketing and digital projects [35]. 4. Industry Dynamics - The report highlights the ongoing tight supply of transformers abroad, which supports continued growth in exports [29]. - The export values for transformers, cables, and high-voltage switches showed significant year-on-year increases, indicating strong international demand [29].