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

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [4]. Core Insights - The electrical equipment sector outperformed the CSI 300 index in March, with an increase of 0.86% compared to the index's 0.65% [4]. - 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]. - The demand for electrical equipment is anticipated to rise due to the acceleration of domestic power grid construction and the growth in electricity consumption driven by AI, big data, and cloud computing [4]. Summary by Sections Market Review - The electrical equipment index rose 0.86% in March, outperforming the CSI 300 index by 0.21 percentage points [8]. - Among the sub-sectors, the transmission and distribution equipment and distribution equipment showed strong performance, while the motor and power electronics sectors experienced declines [8]. Macroeconomic Overview - In January-February 2025, the industrial added value increased by 5.9% year-on-year, with fixed asset investment growing by 4.1% [19]. - The manufacturing PMI increased by 1.1 percentage points to 50.2%, indicating improved market demand [20]. Electrical Equipment Sector Power Operation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, a year-on-year increase of 1.3% [31]. - The total installed capacity of power generation reached 3,400 million kW, a year-on-year increase of 14.5% [32]. 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 increased by 4.70% and 8.39%, respectively [52]. - The export value of transformers in January-February 2025 was $1.207 billion, a year-on-year increase of 45.60% [53]. Power Grid Tendering - In March 2025, the State Grid Company conducted two tenders for distribution network materials and 10kV transformer equipment [72].