电力设备行业跟踪报告：电力设备出口：变压器、开关市场表现稳定，电缆出口持续高增长

Investment Rating - The industry is rated as "outperforming the market," indicating a projected increase of over 10% relative to the broader market index in the next six months [38]. Core Insights - In May 2025, the total export value of electrical equipment reached 7.143 billion yuan, showing a month-on-month decrease of 9.51% but a year-on-year increase of 35.17%. Cumulative exports from January to May 2025 amounted to 33.277 billion yuan, reflecting a year-on-year growth of 35.53% [1]. - The transformer export market remains stable with a year-on-year high growth, particularly in the Latin American region, which has shown significant recovery [2][13]. - The electric meter exports have seen a slight decline, with the European market maintaining steady growth despite a year-on-year decrease in exports to Asia and Africa [3][21]. - Switch exports have experienced a month-on-month decline but continue to show high year-on-year growth, with all major regions, including Asia, Africa, Europe, and Latin America, reporting positive year-on-year growth [4][27]. - Cable exports have remained robust, achieving a record high in May, particularly in the Asian market, while maintaining high year-on-year growth across all regions [9][31]. Summary by Category Transformers - In May 2025, transformer exports totaled 3.342 billion yuan, with a month-on-month decrease of 3.80% and a year-on-year increase of 30.25%. Cumulative exports from January to May reached 16.464 billion yuan, up 46.22% year-on-year [2][13]. - Exports to Latin America showed a significant recovery, with a month-on-month increase of 73.75% and a year-on-year increase of 164.24% [14]. Electric Meters - The export value for electric meters in May 2025 was 942 million yuan, reflecting a month-on-month decrease of 4.22% and a year-on-year decrease of 2.36%. Cumulative exports from January to May were 4.404 billion yuan, up 10.50% year-on-year [3][20]. - The European market remains strong, with positive year-on-year growth, while exports to Asia and Africa have declined [21]. Switches - Switch exports in May 2025 amounted to 666 million yuan, with a month-on-month decrease of 9.36% but a year-on-year increase of 18.38%. Cumulative exports from January to May reached 3.360 billion yuan, reflecting a year-on-year growth of 24.85% [4][23]. - The European market has shown stability, with all regions reporting positive year-on-year growth [27]. Cables - Cable exports in May 2025 were 2.193 billion yuan, with a month-on-month decrease of 19.37% but a year-on-year increase of 86.96%. Cumulative exports from January to May reached 9.050 billion yuan, up 36.75% year-on-year [9][28]. - The Asian market achieved record high exports, with significant year-on-year growth across all regions [31].