投资要点： 变压器（>16kVA）：市场保持高景气，欧洲地区表现亮眼 8 月出口表现强劲，同比保持高增长。2025 年 8 月，我国变压器出口金 额为 47.18 亿元，环比增长 9.50%，同比增长 57.90%，环比增速加快， 同比延续高增态势。2025 年 1-8 月，我国变压器累计出口金额为 297.11 亿元，同比增长 51.42%，市场表现稳健。 分到达地区来看，欧洲地区表现亮眼，亚非地区延续高增长。2025 年 8 月，我国对亚洲、非洲、欧洲、北美的变压器出口金额分别为 20.27、 4.76、15.09、2.68 亿元，分别同比+65.39%、+28.03%、+138.03%，- 4.35%，我国对北美地区出口金额同环比有所下降，对欧洲出口金额表 现亮眼，同环比均大幅增长，对亚洲、非洲地区变压器出口同环比均保 持较高增速。 电表：出口同比回调，大洋洲地区表现较好 8 月出口同比持续回调。2025 年 8 月，我国电表出口金额为 8.73 亿元， 环比增长 5.36%，同比下降 25.84%。全年来看，2025 年 1-8 月，我国 电表累计出口金额为 70.02 亿元，同比下降 3.50%。 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected relative increase of over 10% in the industry index compared to the broader market within the next six months [40]. Core Insights - The report highlights stable performance in the power equipment export sector, with a total export value of 7.896 billion in June 2025, reflecting a month-on-month increase of 10.55% and a year-on-year increase of 43.01% [2]. - The report anticipates continued growth in exports due to the peak season for installation and upgrading of power equipment [2]. Summary by Sections Transformers - In June 2025, transformer exports reached 4.221 billion, with a month-on-month growth of 26.31% and a year-on-year growth of 63.04% [3][13]. - Cumulative exports for the first half of 2025 totaled 20.685 billion, marking a year-on-year increase of 49.36% [3][14]. - North America showed significant growth, with exports reaching new highs, while exports to Asia, Africa, and Europe also experienced substantial year-on-year increases [3][14]. Electric Meters - Electric meter exports in June 2025 were 896 million, reflecting a month-on-month decline of 4.83% and a year-on-year decline of 22.03% [4][20]. - Cumulative exports for the first half of 2025 were 5.300 billion, with a year-on-year increase of 3.22% [4][20]. - The report notes a recovery in the Latin American market, while exports to Asia, Africa, and Europe saw declines [4][22]. Switches - Switch exports in June 2025 amounted to 682 million, with a month-on-month increase of 2.43% and a year-on-year increase of 30.90% [8][23]. - Cumulative exports for the first half of 2025 reached 4.041 billion, reflecting a year-on-year growth of 25.83% [8][23]. - The Latin American market performed exceptionally well, achieving record export levels [8][27]. Cables - Cable exports in June 2025 were 2.097 billion, with a month-on-month decline of 4.83% but a year-on-year increase of 66.18% [9][28]. - Cumulative exports for the first half of 2025 totaled 11.147 billion, marking a year-on-year increase of 41.46% [9][28]. - The Asian market showed strong performance, while North America experienced significant growth in June [9][31]. Investment Recommendations - The report suggests focusing on leading companies with strong technology and successful overseas market expansion, as they are expected to benefit from the ongoing growth in power equipment exports [10][37].

国家能源局新能源和可再生能源司副司长潘慧敏表示，可再生能源继续保持新增装机的主体地位，接近 全国总装机的六成。今年上半年，全国可再生能源新增装机2.68亿千瓦，同比增长99.3%，约占新增装 机的91.5%。其中，水电新增393万千瓦，风电新增5139万千瓦，太阳能发电新增2.12亿千瓦，生物质发 电新增71万千瓦。截至今年6月底，全国可再生能源装机达到21.59亿千瓦，同比增长30.6%，约占我国 总装机的59.2%，其中，水电装机4.4亿千瓦，风电装机5.73亿千瓦，太阳能发电装机11亿千瓦，生物质 发电装机0.47亿千瓦。(国家能源局) ...

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].

Core Insights - The recent data on solar photovoltaic (PV) and inverter exports indicates a mixed performance, with a notable decline in PV component exports year-on-year, while inverter exports show growth [2][3]. Summary by Category Export Data - In March 2025, the export value of domestic solar PV components and batteries was $2.463 billion, reflecting a year-on-year decrease of 23.5% but a month-on-month increase of 47.8% [2]. - The export volume of PV components and batteries reached approximately 31.80 GW, marking an 8.7% increase year-on-year [2]. - In March 2025, the export value of inverters was $633 million, representing a year-on-year increase of 5.68% and a month-on-month increase of 39.43% [2][3]. Regional Performance - The Asian market showed strong performance with an export value of 1.65 billion yuan, up 12.28% year-on-year and 38.10% month-on-month [3]. - The European market also demonstrated recovery, with an export value of 1.773 billion yuan, reflecting a year-on-year increase of 6.05% and a month-on-month increase of 63.70% [3]. - The African market saw significant growth, with an export value of 363 million yuan, up 83.03% year-on-year and 9.87% month-on-month [3]. Market Outlook - The ongoing global energy transition and domestic policies are expected to drive demand for inverters, particularly in the Asian and African markets, as household storage and large storage needs are anticipated to rise [2][3]. - The stability and adjustment capabilities of the grid are becoming increasingly important due to the rising share of renewable energy installations [3].