高压一二次设备持续增长，多品种出口迭创新高——电网2025年1-7月招标总结

Summary of Conference Call Records Industry Overview - The conference call focuses on the power grid industry, specifically high-voltage equipment and infrastructure investment in China for the first half of 2025. Key Points and Arguments Electricity Consumption and Growth - National electricity consumption increased by 3.7% year-on-year in the first half of 2025, with July surpassing 4%, and an annual growth target of 5% is expected to be achieved [3][2][1]. High-Voltage Equipment and Bidding Performance - In the first half of 2025, the State Grid's bidding for ultra-high voltage equipment reached 10.715 billion yuan, a year-on-year increase of approximately 5%. Bidding for ultra-high voltage materials reached 17.87 billion yuan, with a year-on-year increase of about four times [6][5]. - The bidding for transmission and transformation equipment grew by 25%, while digital equipment saw a growth of 30.5% [1][6]. Infrastructure Investment - The total investment in power grid infrastructure in the first half of 2025 was 291.1 billion yuan, reflecting a year-on-year increase of 14.6%. Although the growth rate exceeded 20% at the beginning of the year, it gradually settled around 10% [2]. Key Projects and Developments - Major projects initiated in the first half of 2025 include direct current ultra-high voltage lines from Inner Mongolia to Jiangxi and from Songliao to North China, as well as several back-to-back direct current projects [10][11]. - The approval and commencement of ultra-high voltage flexible direct current projects are expected in the second half of the year, indicating strong demand for equipment [12]. Market Performance of High-Voltage Equipment - The high-voltage transmission and transformation equipment market showed robust growth, with the bidding capacity for transformers above 220kV increasing by 16.5% year-on-year [13]. - Demand for secondary equipment grew by 37.2%, with significant increases in various categories of equipment [13]. Export Performance - Transformer exports reached 26.958 billion yuan, a year-on-year increase of 37.35%, with liquid transformers growing by 50.71% [27][28]. - The export of low-voltage switchgear increased by 22.2%, while power cable exports grew by nearly 42% [27][32]. Company Performance - Key companies in the bidding process included Shandong Electric, China XD Electric, Pinggao Electric, and TBEA, with Shandong Electric leading in the ultra-high voltage project bids [7][14]. - In the materials sector, Hongsheng Huayuan and Zhongtian Technology excelled in the tower and grounding wire segments, with demand for towers reaching 8.12 billion yuan [8]. Digitalization and AI Integration - The digital equipment sector saw a total bidding amount of 3.314 billion yuan, reflecting a year-on-year growth of 30% [20]. - The integration of AI in the power grid is expected to drive further growth, with upcoming specialized AI bidding announcements from the State Grid [36]. Recommendations for Future Development - The conference highlighted three main investment themes: ultra-high voltage, digitalization, and international expansion, all of which are expected to perform well in the current market environment [36]. Additional Important Information - The penetration rate of amorphous transformers reached 29.8%, indicating increasing adoption of advanced technologies in the power grid [22]. - The joint procurement in the distribution network reached 137.3 billion yuan, accounting for over half of the total bidding amount, with significant contributions from provinces like Shandong and Jiangsu [21][23].