2025年电力、电气设备制造行业分析

Investment Rating - The report maintains a stable outlook for the power and electrical equipment manufacturing industry, projecting continued growth and investment in the sector through 2025 [2][18][23]. Core Insights - The power and electrical equipment manufacturing industry is experiencing steady growth, driven by increased electricity consumption and significant investments in power generation and grid infrastructure [4][18]. - The industry is closely linked to national economic performance and electricity investment demand, with a projected 6.8% year-on-year increase in total electricity consumption in 2024 [4][18]. - The construction of new energy systems and the development of high-voltage transmission lines are expected to create substantial opportunities for the industry [2][18][19]. Industry Overview - The power and electrical equipment manufacturing industry is a crucial part of the national economy, with a favorable external environment and significant investment growth in 2024 [4][8]. - In 2024, total electricity investment is expected to reach 1.78 trillion yuan, a 13.2% increase year-on-year, with major investments in power generation and grid projects [8][10]. - The industry is characterized by a competitive landscape with many small and medium-sized enterprises, and the competition is intensifying due to centralized bidding practices by major state-owned enterprises [11][12]. Policy Support - Recent policies aim to eliminate local protectionism and optimize resource allocation for the renewable energy industry, fostering a more competitive market environment [15][17]. - The government has outlined a series of initiatives to enhance energy infrastructure and promote the development of a new power system, emphasizing the importance of renewable energy integration [16][17]. Future Outlook - The implementation of the "dual carbon" strategy and the anticipated growth in energy demand will support the development of the power equipment manufacturing industry [18][19]. - The construction of ultra-high voltage transmission lines and smart grids is expected to drive significant investment and innovation in the sector [19][21]. - The industry is poised for stability and growth, with substantial investments planned by major grid companies during the 14th Five-Year Plan period [18][23].