电力设备行业周报（20250401-20250406）：对美基本无风险敞口，关注内需电网配置机会-2025-04-08

Investment Rating - The report maintains a "Recommendation" rating for the power equipment industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [7][62]. Core Viewpoints - The power equipment sector has minimal exposure to risks from the US market, with a focus on domestic grid configuration opportunities. The sector's investment growth is historically negatively correlated with GDP growth, and the ongoing energy transition is expected to drive continued investment in the grid [9][14]. - In Q1 2025, grid investment increased by 27.7%, marking a strong start to the year, with expectations for total grid investment to reach between 690 billion to 700 billion yuan for the year [14]. - The report highlights the performance of various sub-sectors within the power equipment industry, noting a 1.39% decline in the new energy sector, which underperformed compared to the CSI 300 index [16][19]. Summary by Sections 1. Industry Overview - The power equipment industry consists of 74 listed companies with a total market capitalization of 635.35 billion yuan and a circulating market capitalization of 558.96 billion yuan [3]. - The sector's performance over the past month shows an absolute decline of 10.7%, a 6-month decline of 14.3%, and a 12-month decline of 5.5% [4]. 2. Market Performance - The new energy sector ranked 24th among 30 industry sectors, with a decline of 1.39% compared to a 0.66% decline in the CSI 300 index [16]. - The report identifies the top-performing stocks in the grid sector, with notable gains from companies like Mingxing Power and Caneng Power, while companies like Shima Power and Liangxin Co. saw significant declines [19]. 3. Investment Tracking - As of February 2025, cumulative investment in power source projects reached 75.3 billion yuan, showing a year-on-year decrease of 1.1%, while grid project investment reached 43.6 billion yuan, with a year-on-year increase of 33.3% [38]. - In February 2025, transformer exports amounted to 563.4 million USD, reflecting a year-on-year growth of 41.49% [39]. 4. Company Announcements - Key announcements from listed companies include significant revenue growth reported by Hangzhou Kelin and Shima Power, with respective increases of 168.23% and 40.22% in their annual reports [46]. 5. Industry Dynamics - The National Development and Reform Commission has called for improvements in the comprehensive carrying capacity and flexible intelligent control capabilities of the distribution network to meet the growing electricity demand from heat pumps [48].