[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 24 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大股指低开高走，上证指数上涨 0.65%，报 3381.58 点； 深证成指上涨 0.43%，报 10,048.39 点；创业板指上涨 0.39%，报 2017.63 点。A 股两市全天成交额 1.12 万亿元人民币，南向资金净买 入 78.95 亿港元。A 股两市个股普遍上涨，超 4200 只个股上涨。申 万行业方面，计算机、国防军工及煤炭行业领涨，食品饮料及家用电 器行业跌幅居前；概念板块方面，兵装重组概念及电子身份证概念指 数涨幅居前，同花顺出海 50、超级品牌概念指数跌幅居前。恒生指数 上涨 0.67%，恒生科技指数上涨 1.05%；美国三大股指集体收涨，道 指上涨 0.89%，报 42,581.78 点，标普 500 指数上涨 0.96%，报 6025.17 点，纳指上涨 0.94%，报 19,630.97 点。欧洲股市及亚太主要股指普 遍下跌。 【重要新闻】 【政协第十四届全国委员会常务委员会第十二 ...

证券研究报告|电力设备 [Table_Title] 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 [Table_ReportType] ——电力设备行业跟踪报告[Table_ReportDate] 5 月出口同比保持高增长，环比有所回落。2025 年 5 月，我国变压器出 口金额为 33.42 亿元，环比下降 3.80%，同比增长 30.25%，环比小幅回 调，同比保持高增长。2025年1-5月，我国变压器累计出口金额为164.64 亿元，同比增长 46.22%，市场表现稳健。 分到达地区来看，非洲地区同环比回落，拉美地区同环比回升。2025 年 5 月，我国对亚洲、非洲、欧洲、北美的变压器出口金额分别为 13.02、 3.00、8.55、2.15 亿元，分别同比+28.84%、-29.68%、+24.83%，+4.71%， 我国对亚洲、欧洲、北美地区变压器出口同比正增长，对非洲地区出口 同环比明显下滑。另外，我国对拉美地区出口实现同环比回升，环比增 长 73.75%，同比增长 164.24%。 电表：出口有所回调，欧洲市场保持稳健 5 月出口有所回调。2025 年 5 月，我国电表出口金额为 ...

Investment Rating - The industry investment rating is "outperform the market," indicating a projected increase of over 10% relative to the market index in the next six months [42]. Core Viewpoints - The report highlights that the overall export performance of the power equipment industry is robust, with April 2025 exports amounting to 7.893 billion yuan, reflecting a month-on-month increase of 27.44% and a year-on-year increase of 52.84% [1][9]. - The report anticipates continued growth in exports as the market enters a peak season, driven by increasing overseas demand [1]. Summary by Category Transformers - In April 2025, transformer exports reached 3.474 billion yuan, with a month-on-month growth of 12.22% and a year-on-year growth of 41.94%. Cumulative exports from January to April 2025 totaled 13.122 billion yuan, marking a year-on-year increase of 50.93% [2][14]. - The African market showed significant growth, with April exports reaching a record high, and overall exports to Africa increased by 143.73% year-on-year [2][15]. Electric Meters - Electric meter exports in April 2025 amounted to 0.965 billion yuan, with a month-on-month increase of 28.83% and a year-on-year increase of 34.39%. Cumulative exports for the first four months of 2025 reached 3.462 billion yuan, reflecting a year-on-year growth of 15.32% [3][21]. - The Asian and European markets exhibited strong growth, with year-on-year increases of 33.59% and 58.67%, respectively [3][22]. Switches - In April 2025, switch exports totaled 0.734 billion yuan, showing a month-on-month decline of 8.82% but a year-on-year increase of 24.71%. Cumulative exports from January to April 2025 reached 2.694 billion yuan, with a year-on-year growth of 26.56% [4][24]. - Exports to Asia, Europe, and Latin America performed well, while the African market showed a month-on-month recovery but continued to decline year-on-year [4][30]. Cables - Cable exports in April 2025 reached 2.720 billion yuan, with a month-on-month increase of 76.21% and a year-on-year increase of 92.88%. Cumulative exports for the first four months of 2025 were 6.857 billion yuan, reflecting a year-on-year growth of 25.93% [9][32]. - The European market saw exceptional performance, with exports increasing by 1012.31% year-on-year [9][34]. Investment Recommendations - The report suggests that the power equipment sector is well-positioned to benefit from the global shift towards renewable energy and ongoing upgrades in grid infrastructure. It recommends focusing on leading companies with strong overseas market expansion and technological advantages [9][40].