电力设备行业跟踪报告：电力设备出口：变压器出口高景气，电表电缆有所回调

Investment Rating - The industry investment rating is "Outperform the Market" [4][41]. Core Viewpoints - In August 2025, China's power equipment exports remained stable, with a total export value of 7.92 billion yuan, a month-on-month increase of 0.81% and a year-on-year increase of 25.23%. Cumulative exports from January to August reached 56.949 billion yuan, up 34.60% year-on-year. The transformer exports continued to show high prosperity, particularly in the European market, while the meter and cable exports experienced a pullback [1][8]. Summary by Sections Transformers - The transformer market remains highly prosperous, with exports in August 2025 amounting to 4.718 billion yuan, reflecting a month-on-month increase of 9.50% and a year-on-year increase of 57.90%. Cumulative exports from January to August reached 29.711 billion yuan, up 51.42% year-on-year. The European market showed remarkable performance, with exports to Europe increasing by 138.03% year-on-year [2][12][13]. Electric Meters - Electric meter exports saw a year-on-year decline, with August 2025 exports valued at 873 million yuan, a month-on-month increase of 5.36% but a year-on-year decrease of 25.84%. Cumulative exports from January to August totaled 7.002 billion yuan, down 3.50% year-on-year. The Oceania market performed well, with a year-on-year increase of 150.72% [3][19][21]. Switches - Switch exports remained stable, with August 2025 exports amounting to 688 million yuan, a month-on-month decrease of 15.04% but a year-on-year increase of 37.55%. Cumulative exports from January to August reached 5.539 billion yuan, up 31.69% year-on-year. The African market showed strong performance, with significant year-on-year growth [24][27]. Cables - Cable exports experienced a month-on-month decline and a slight year-on-year decrease, with August 2025 exports valued at 1.642 billion yuan, down 14.02% month-on-month and 1.06% year-on-year. Cumulative exports from January to August reached 14.698 billion yuan, up 30.91% year-on-year. The African and Latin American markets showed high growth, with exports to Africa increasing by 87.40% year-on-year and to Latin America by 91.60% [8][31][32]. Investment Recommendations - In the context of energy transition, global renewable energy installations are rapidly increasing, coupled with stable growth in global grid investment. China's power equipment products possess technological and cost advantages, with expected continuous improvement in overseas market penetration. It is recommended to focus on leading companies with successful overseas market expansion and advanced technology [39].