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

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 decline of 2.65%, resulting in a 3.14 percentage point underperformance [4]. - Macroeconomic data shows a continued recovery, 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]. - Raw material prices have experienced significant volatility due to U.S. tariff policies, impacting supply chain management and cost control for companies [4]. - Exports of electrical equipment remain strong, with transformer exports increasing by 26.2% year-on-year in March 2025, and wire and cable exports growing by 32.9% [4][46]. - The demand for electrical equipment is expected to continue rising as domestic grid construction enters a cyclical acceleration phase [4]. Summary by Sections Market Review - The electrical equipment sector's performance in April was weaker than the CSI 300 index, with all four sub-sectors showing declines, led by power electronics and automation at -5.04% [8]. Macroeconomic Overview - In Q1 2025, GDP growth was 5.4%, with industrial production increasing by 7.7% year-on-year in March [15][16]. - The manufacturing PMI for March was 50.5%, indicating a recovery in manufacturing activity [16]. Electrical Equipment Power Operation - In March 2025, total electricity consumption reached 8,282 billion kWh, a year-on-year increase of 4.8% [24]. - The cumulative installed power generation capacity reached 3,430 million kW, a year-on-year increase of 14.6% [26]. Industry Chain - Prices of key raw materials such as silicon steel and copper have slightly decreased, with copper prices at 77,410 yuan/ton, down 3.2% [46]. - In March 2025, transformer exports amounted to $609 million, a 26.2% increase year-on-year [46]. Grid Tendering in April - The State Grid conducted two tenders in April for digital project equipment and UHV project equipment [68].