电气设备行业月报：内需驱动持续，行业发展动能充足

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 index underperformed the CSI 300 index in May, with a monthly increase of 1.79%, lagging behind the CSI 300's 2.34% by 0.55 percentage points. Among the four sub-sectors, transmission and distribution equipment and distribution equipment saw gains, while power electronics and automation, as well as motors, experienced declines [4][8]. - The PMI index in April fell by 1.5 percentage points to 49.0%, indicating a decline in manufacturing activity, primarily due to external tariff policies affecting trade [4][20]. - Despite short-term tariff impacts, exports of electrical equipment continued to grow significantly, with transformer exports reaching USD 665 million, up 32.5% year-on-year, and wire and cable exports at USD 2.948 billion, up 36.7% year-on-year [4][53]. - The report anticipates a stabilization in macroeconomic conditions in May, with domestic demand for electrical equipment remaining strong due to accelerated grid construction and ongoing development in AI and computing power sectors [4]. Summary by Sections 1. Market Review - The electrical equipment sector's performance in May was weaker than the CSI 300 index, ranking 24th among major industry indices [4][8]. 2. Macroeconomic Overview - In April, the industrial added value grew by 6.1% year-on-year, with fixed asset investment increasing by 4.0% year-on-year [19][20]. 3. Electrical Equipment 3.1. Power Operation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7% [29]. 3.2. Industry Chain - The cost of silicon steel slightly decreased, while prices for copper, silver, and aluminum saw minor increases [53]. 3.3. Grid Tendering in May - The State Grid conducted multiple tenders for various equipment, indicating ongoing investment in grid infrastructure [73][76]. 4. Regional Situation - In April, Henan province's electricity generation was 28.438 billion kWh, a year-on-year increase of 7.54% [79]. 5. Industry Dynamics - Recent government initiatives focus on enhancing safety management in electrochemical energy storage and promoting high-quality development in the energy sector [83]. 6. Key Company Announcements - Several companies in the sector announced share buybacks and dividend distributions, reflecting positive corporate governance and shareholder returns [88].