电气设备行业月报：关税扰动与需求提振交织，电气设备板块机遇挑战并存-20250425

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [4]. Core Insights - The electrical equipment sector underperformed the CSI 300 index in April, with a decline of 5.79% compared to the index's drop of 2.65%, resulting in a 3.14 percentage point underperformance [4][8]. - Macroeconomic indicators show a positive trend, with China's GDP growing by 5.4% year-on-year in Q1 2025, supported by robust industrial production and a manufacturing PMI returning to the expansion zone at 50.5% [4][15][16]. - The sector faces challenges from volatile raw material prices due to U.S. tariff policies, impacting supply chain management and cost control [4]. - Exports of electrical equipment remain strong, particularly transformers, wires, and cables, with significant year-on-year growth rates in March 2025: transformers up 26.2%, wires and cables up 32.9%, and high/low voltage switches up 48.1% and 18.4% respectively [4][46]. - Long-term growth drivers include the acceleration of domestic grid construction and the burgeoning smart equipment industry, which is expected to sustain demand for electrical equipment [4]. Summary by Sections 1. Market Review - The electrical equipment sector's performance in April was weaker than the CSI 300 index, with all sub-sectors showing declines, particularly distribution equipment which fell by 7.60% [8][12]. 2. Macroeconomic Overview - Q1 2025 GDP growth was 5.4%, with industrial production increasing by 7.7% year-on-year in March [15][16]. - The manufacturing PMI indicates a recovery, with production and new orders both rising [16]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption reached 8,282 billion kWh in March 2025, a year-on-year increase of 4.8% [24]. 3.2. Industry Chain - Raw material prices for key components like silicon steel and copper have seen slight declines, aiding transformer manufacturing costs [46]. 3.3. Grid Tendering in April - The State Grid conducted multiple tenders for digital project equipment and ultra-high voltage project equipment [68][71]. 4. Regional Situation - In Henan, electricity generation in March 2025 was 30.092 billion kWh, a year-on-year increase of 5.23% [74]. 5. Industry Dynamics - Recent policy developments include guidelines for renewable energy green power certificate issuance and market price reforms for electricity [80][83].