变压器行业深度报告：下游应用需求持续增长，看好行业内优质公司

投资要点 ➢ ➢ 一、变压器是广泛应用于发-输-变-配-用电系统中的基础设备.......................................................41.变压器是电力系统中的重要设备.................................................................................................................42.变压器可以在发电、输配电、用电三个环节广泛应用.................................................................................5二、电力系统各环节快速发展，变压器未来空间广阔...................................................................81.发电环节：风光需求高增............................................................................................................................82.输配电环节：特高压建设持续推进............................................................................................................123.用电环节：工业企业高效节能需求日益增长，轨道交通规模逐年扩大.....................................................13三、投资建议.............................................................................................................................151.金盘科技....................................................................................................................................................152.华明装备....................................................................................................................................................153.特变电工....................................................................................................................................................16四、风险提示.............................................................................................................................17 ................................................................................................................................4...........................................................................................................................................5...............................................................................................................................................6...........................................................................................................6..................................................................................................................7..............................................................................................................7...........................................................................................................8...................................................................................................8...................................................................................................11.......................................................................................................13.......................................................................13......................................................................................14..................................................................................................15......................................................................................................15..................................................................................................16......................................................................................................16..................................................................................................16......................................................................................................16 .........................................................................................................................5...............................................................................................................................8 ..................................................................................................................................10..................................................................................................................................11 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫