德意志银行：中国电力设备行业研究报告（英文 144页）

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China Power Equipment Industry

 

Table Of Contents

Executive summary ..... 3

Total grid investment: c.Rmb2.8trn in 2016-20 ...... 3

UHV investment – c.Rmb500bn market (2016-20) ..... 3

Distribution network investment: c.Rmb1.4trn (2016-20) ... 4

OBOR regions: Rmb2.6trn investment (2016-20) .... 5

Key beneficiaries of UHV/distribution grid/exports ..... 5

Power T&D investment overview .... 9

Key points ... 9

Industry value chain...... 10

UHV and distribution network to lead grid investment ..... 10

Rmb500bn UHV investment (2016-20) ..... 13

Key points ..... 13

Rationale behind UHV ...... 13

UHV approval/construction gathering pace ...... 14

UHV equipment – Rmb200bn market potential (2015-18E) ...... 21

Competitive landscape of UHV equipment market ... 25

Rmb1.4trn power distribution investment (2016-20) .... 27

Key points ..... 27

Distribution investment – key to realizing the smart grid plan ...... 27

Rmb1.4trn distribution investment expected in 2016-20 ...... 29

Two focuses of distribution investment .... 30

Distribution investment likely to rebound in late 2015 ..... 31

Competitive landscape of distribution equipment market .... 32

Rmb2.6trn grid investment in OBOR countries (2016-20) . 34

Key points ..... 34

Great export potential for Chinese T&D equipment makers ..... 34

SGCC’s overseas expansion provide strong support .... 35

UHV – the next high-end export after High-Speed Rail and Nuclear Power ..... 36

Appendix ... 38

Terminologies of Power T&D equipment ...... 38

Picture of key T&D equipment ...... 39

Introduction of SGCC and CSG ..... 40

XJ Electric ...... 41

NARI Tech ..... 66

Pinggao Electric ..... 89

China XD...... 112