电网2024年1-10月招标总结：内需稳健增长，出口保持高增

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [12]. Core Insights - The electrical equipment sector is experiencing robust domestic demand growth and high export performance, with significant increases in various bidding activities for power grid projects in 2024 [6][10]. - The total investment in power grid infrastructure is projected to exceed 600 billion yuan in 2024, driven by the need for ultra-high voltage projects and digital upgrades [27][28]. Summary by Sections Overall Situation - In the first nine months of 2024, the total electricity consumption reached 74,094 billion kWh, a year-on-year increase of 7.9%. Power grid investment during the same period amounted to 398.2 billion yuan, up 21.1% year-on-year [27][28]. State Grid - The State Grid conducted five batches of ultra-high voltage equipment bidding, with a total of 188.6 billion yuan for ultra-high voltage equipment and 689 billion yuan for transmission and transformation equipment, reflecting a year-on-year growth of 12.2% [6][39]. Ultra-High Voltage - The total value of the Gansu-Zhejiang flexible direct current converter reached 4.35 billion yuan, with ongoing preliminary research for several projects [7][40]. Transmission and Transformation - The bidding for transmission and transformation equipment reached 665.3 billion yuan, with a notable growth rate of 12%. The bidding for transmission materials saw a significant increase of 41%, with iron towers and insulators showing substantial growth [7][8]. Digitalization - The bidding for digital equipment was slower, with a total of 24.92 billion yuan for the first three batches, a decrease of 30.7% year-on-year. However, the fourth batch is expected to show significant growth [8][9]. Southern Power Grid - The Southern Power Grid's main network bidding increased by 12.7% year-on-year, with a total of 27.4 billion yuan for the first batch [9]. Exports - In the first nine months of 2024, major products such as electric meters and transformers saw positive growth, with many categories reaching historical highs in Q3 [10]. Future Outlook - Continued investment in the power grid is expected, with a focus on ultra-high voltage, digitalization, and export opportunities. The report emphasizes the importance of monitoring the Southern Power Grid's investment plans for 2025 [11].