电力设备行业跟踪报告：逆变器出口：4月出口高增长，亚非欧市场表现稳健

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [43]. Core Insights - In April 2025, China's inverter export amounted to 5.772 billion yuan, showing a month-on-month increase of 27.70% and a year-on-year increase of 17.04%, indicating a strong performance in exports [2][13]. - Cumulative exports from January to April 2025 reached 17.924 billion yuan, reflecting a stable year-on-year growth of 9.37% [2][13]. - The Asian market continues to show stable growth, with April exports reaching 1.895 billion yuan, a month-on-month increase of 14.80% and a year-on-year increase of 18.45% [3][14]. - The European market has shown a significant recovery, with exports in April amounting to 2.646 billion yuan, a month-on-month increase of 49.18% and a year-on-year increase of 25.87% [20]. - The North American market experienced a decline, with exports dropping to 0.147 billion yuan, a month-on-month decrease of 28.64% and a year-on-year decrease of 22.21% [4][26]. - The African market performed well, with exports reaching 0.501 billion yuan, a month-on-month increase of 38.02% and a year-on-year increase of 113.13% [27]. Summary by Sections Global Overview - In April 2025, China's inverter exports reached 5.772 billion yuan, with a month-on-month growth of 27.70% and a year-on-year growth of 17.04% [2][13]. Regional Performance - Asia: Exports to Asia in April were 1.895 billion yuan, with a month-on-month increase of 14.80% and a year-on-year increase of 18.45% [3][14]. - Europe: Exports to Europe were 2.646 billion yuan, with a month-on-month increase of 49.18% and a year-on-year increase of 25.87% [20]. - North America: Exports to North America were 0.147 billion yuan, showing a month-on-month decrease of 28.64% and a year-on-year decrease of 22.21% [4][26]. - Africa: Exports to Africa reached 0.501 billion yuan, with a month-on-month increase of 38.02% and a year-on-year increase of 113.13% [27]. Export by Provinces - In April 2025, the export amounts from Guangdong, Zhejiang, Anhui, and Jiangsu were 2.010 billion, 1.396 billion, 0.874 billion, and 0.694 billion yuan respectively, with significant month-on-month increases [9][35].