电气设备行业月报：机器人技术迭代叠加电网建设周期加速，电气设备板块估值有望持续修复-2025-03-31

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [4]. Core Viewpoints - The electrical equipment sector outperformed the CSI 300 index in March, with an increase of 0.86% compared to the CSI 300's 0.65% [4][8]. - The manufacturing PMI returned to a growth zone at 50.2% in February 2025, indicating a significant recovery in manufacturing sentiment [4][19]. - The sector's valuation is expected to continue recovering, with the PE (TTM) at 35.27 times and PB (LF) at 2.82 times, both near historical medians [4][52]. - The demand for electrical equipment is anticipated to rise due to the acceleration of domestic grid construction and the growth in electricity consumption driven by AI, big data, cloud computing, and 5G [4][19]. Summary by Sections 1. Market Review - The electrical equipment index ranked 18th among CITIC's primary industries in terms of performance, with notable increases in the transmission and distribution equipment sectors [8][15]. 2. Macroeconomic Overview - In January-February 2025, fixed asset investment reached 52,619 billion yuan, a year-on-year increase of 4.1% [19][20]. - The manufacturing PMI rose by 1.1 percentage points from the previous month, indicating improved market demand [19][20]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, a year-on-year increase of 1.3% [31]. - The installed capacity of power generation reached 3,400 million kW, a year-on-year increase of 14.5% [32]. 3.2. Industry Chain - As of March 28, 2025, the price of cold-rolled oriented silicon steel remained stable at 15,950 yuan/ton, while copper and silver prices saw significant increases [52][53]. - The export value of transformers in January-February 2025 was 1.207 billion USD, a year-on-year increase of 45.6% [53]. 3.3. Grid Tendering Situation - In March 2025, the State Grid Company conducted two tenders for distribution network materials and transformers [72][75]. 4. Regional Situation - In February 2025, Henan province's electricity generation was 30.063 billion kWh, a year-on-year increase of 4.11% [77]. 5. Industry Dynamics - The National Energy Administration released guidelines for energy industry standards in 2025, focusing on supporting high-quality energy development [80].