【电新】2025年6月电力设备、组件、电池出口数据分析——碳中和领域动态追踪（一百六十）（殷中枢/郝骞/和霖/邓怡亮）

Core Viewpoint - The report highlights the performance of China's electrical equipment exports in June 2025, indicating mixed results across different categories, with some experiencing growth while others faced declines [3]. Inverter Exports - In June 2025, inverter export value reached $920 million, remaining flat year-on-year but increasing by 10% month-on-month [4]. - By region, exports to Europe were $340 million (down 2% YoY, up 2% MoM), Asia was $370 million (up 8% YoY, up 18% MoM), and Oceania was $30 million (up 19% YoY, up 80% MoM) [4]. Transformer Exports - For the first half of 2025, total transformer exports amounted to 26.96 billion yuan, a 37% increase YoY, with June exports at 5.41 billion yuan (up 48% YoY, up 21% MoM) [5]. - The breakdown for the first half shows large, medium, and small transformers exported 10.38 billion, 10.31 billion, and 6.27 billion yuan respectively, with growth rates of 44%, 55%, and 9% [5]. - Large and medium transformers (grid-level) totaled 20.68 billion yuan in exports for the first half, up 49% YoY, with June exports at 4.22 billion yuan (up 63% YoY, up 26% MoM) [5]. Electric Meter Exports - Total electric meter exports for the first half of 2025 were 5.4 billion yuan, a 3% increase YoY, but June exports fell to 910 million yuan (down 22% YoY, down 4% MoM) [6]. - By region, exports to Asia, Africa, Europe, North America, South America, and Oceania were 1.89 billion, 1.29 billion, 1.73 billion, 70 thousand, 340 million, and 130 million yuan respectively, with growth rates of -1%, -10%, 11%, -49%, 26%, and 95% [6]. High Voltage Switch Exports - Total high voltage switch exports for the first half of 2025 reached 18.16 billion yuan, a 32% increase YoY, with June exports at 3.08 billion yuan (up 31% YoY, up 10% MoM) [7]. - Exports by region included 10.95 billion to Asia, 2.15 billion to Africa, 1.94 billion to Europe, 410 million to North America, 2.08 billion to South America, and 630 million to Oceania, with growth rates of 29%, 38%, 36%, -1%, 72%, and 6% respectively [8]. Component and Battery Exports - In June 2025, the export value of components and batteries was $2.2 billion, down 24% YoY and down 9% MoM [9]. - By region, exports to Europe were $830 million (down 29% YoY, down 8% MoM), Asia was $950 million (down 17% YoY, down 13% MoM), and Africa was $160 million (up 9% YoY, up 6% MoM) [9].