碳中和领域动态追踪（一百五十六）：2025年3月电力设备、组件、电池出口数据分析

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [7]. Core Insights - The report highlights a significant increase in exports of electric power equipment, with specific categories such as inverters, transformers, and high-voltage switches showing positive growth trends. However, components and batteries experienced a decline in year-over-year exports [6][2][3][5]. Summary by Category Inverters - In March 2025, inverter exports amounted to $630 million, reflecting a year-over-year increase of 5% and a month-over-month increase of 39%. Notably, exports to Africa surged by 81% year-over-year [2]. Transformers - From January to March 2025, total transformer exports reached 12.5 billion yuan, marking a year-over-year increase of 40%. In March alone, exports were 4.18 billion yuan, up 27% year-over-year [3]. Electric Meters - Total electric meter exports for the first three months of 2025 were 2.55 billion yuan, with a year-over-year increase of 9%. March exports were 770 million yuan, reflecting a 7% increase year-over-year [4]. High-Voltage Switches - High-voltage switch exports totaled 8.49 billion yuan from January to March 2025, showing a year-over-year increase of 30%. March exports were 3.27 billion yuan, up 50% year-over-year [5]. Components and Batteries - In March 2025, exports of components and batteries totaled $2.5 billion, representing a year-over-year decline of 24%, although there was a month-over-month increase of 48% [6].