20251110-中邮证券-电力设备_碳达峰碳中和的中国行动_白皮书发布_中国是能源转型的坚定行动派_3页_570kb

Power Equipment Industry Analysis Summary

Investment Rating and Key Event

The report maintains a "Stronger than Market" investment rating. It highlights the release of China's white paper on carbon peak and carbon neutral actions, emphasizing China's role as a committed actor in energy transition.

Industry Overview

Energy transformation is central, with a focus on building a new energy system. New energy sources like wind and solar power have seen rapid growth: installations surpassed 16.9 billion kW by August 2025, a threefold increase from 2020, and their combined generation share rose by an average of 2.2 percentage points annually. Increased reliance on renewable energy raises system costs and instability risks, necessitating upgrades for energy security.

Investment Recommendations

The report advocates prioritizing power system safety and investing in advanced technologies such as automation, digitization, and intelligence in equipment. This could boost spending on secondary devices, with specific recommendations to monitor companies like State Grid NARI Group and State Grid Nanjing Institute.

Risk Assessment

Potential risks include delays or insufficient progress in implementing the new power system, which could undermine energy transformation goals and affect investment returns.