电气设备行业月报：增量政策提振信心，国际需求稳定增长，关注输变电行业龙头

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [3][47]. Core Insights - The electrical equipment sector has shown a relative underperformance compared to the CSI 300 index, with a monthly increase of 0.37% as of November 29, 2024, lagging behind the CSI 300's 0.66% increase by 0.29 percentage points [11][3]. - A series of incremental policies have boosted market confidence, leading to a manufacturing Purchasing Managers' Index (PMI) of 50.1%, marking a return to expansion after five months [22][24]. - The total electricity consumption in China from January to October 2024 reached 81,836 billion kWh, reflecting a year-on-year growth of 7.6% [28][21]. - Investment in power and grid engineering has maintained high growth, with power engineering investments reaching 718.1 billion yuan, up 8.3% year-on-year, and grid engineering investments at 450.2 billion yuan, up 20.7% year-on-year [47][21]. Summary by Sections 1. Market Review - The electrical equipment index underperformed the CSI 300 index in November, ranking 18th among major sectors [11][3]. - Among the four sub-sectors, electric motors led with a 10.52% increase, while the power electronics and automation sector rose by 2.22%, and distribution equipment by 2.09%. The transmission and transformation equipment sector saw a decline of 2.99% [11][3]. 2. Macroeconomic Overview - The industrial added value for large-scale enterprises grew by 5.8% year-on-year from January to October 2024, with a 5.3% increase in October alone [21][22]. - Fixed asset investment remained stable, totaling 423.22 billion yuan, with a year-on-year growth of 3.4% [21][22]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption for the first ten months of 2024 was 81,836 billion kWh, with the first industry consuming 106 billion kWh (up 5.1%), the second industry 5,337 billion kWh (up 2.7%), and the third industry 1,367 billion kWh (up 8.4%) [28][21]. 3.2. Industry Chain Situation - The cost of key raw materials for transformer manufacturing has slightly decreased, with copper prices down by 3.7% and aluminum prices down by 1.5% as of November 29, 2024 [54][53]. 3.3. Investment Trends - The report highlights a robust investment trend in power and grid engineering, with significant year-on-year growth in both sectors [47][21]. 4. Industry Dynamics - The report emphasizes the strong demand for electrical equipment driven by domestic grid construction and international expansion needs, particularly in Europe and the United States [3][47].