China's power equipment exports have increased steadily, and the demand opportunities in the European market are optimistic. From January to July 2024, the export value of China's major power equipment increased by 17.2% year-on-year, maintaining steady growth. Among them, the growth rate of exports to the European market was particularly impressive, up 23.9% year-on-year. We believe that under the background of energy transformation, cross-border interconnection, and old renovation, Europe is one of the regions with relatively strong demand for power equipment in recent years. As the largest importer of transformers in the EU, China has a certain performance and brand foundation, and is expected to further open up the European market with its technical strength and cost-effective advantages.
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