电力设备行业跟踪报告：24Q2持仓集中度提升，电网设备板块较多获增持

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [23]. Core Insights - In Q2 2024, the total market value of public funds heavily invested in the SW Electric Equipment industry decreased to 240.83 billion yuan, a decline of 10.27% quarter-on-quarter and 40.74% year-on-year [7][8]. - The allocation ratio of the SW Electric Equipment industry among public funds is 10.00%, ranking fourth among 31 Shenwan first-level industries [8]. - The concentration of holdings in the top 5, 10, and 20 stocks within the industry has increased, with the top 5 stocks accounting for 63.71% of the total market value [10]. Summary by Sections Overall Industry - The total market value of public funds in the SW Electric Equipment industry decreased, with a drop in the overweight ratio to 4.18%, returning to levels seen in Q2 2020 [7][8]. - The concentration of holdings has increased, with the top 5 stocks showing a market value of 153.43 billion yuan, reflecting a quarter-on-quarter increase [10]. Sub-sectors - In Q2 2024, the market values of the battery, photovoltaic equipment, and grid equipment sectors were 139.27 billion yuan, 57.26 billion yuan, and 36.10 billion yuan, respectively, with the grid equipment sector experiencing a significant quarter-on-quarter increase of 25.95% [12][13]. - The battery sector's overweight ratio increased to 20.90%, while the grid equipment sector's underweight ratio narrowed to -11.29% [12][14]. Stock Trends - The top ten heavily held stocks in Q2 2024 included Ningde Times, Sunshine Power, and Yihui Lithium Energy, with the grid equipment stocks generally performing better than those in the photovoltaic and battery sectors [15][16]. - The top ten stocks that saw increased holdings were primarily from the grid equipment sector, benefiting from accelerated power system construction [16][17]. - The top ten stocks that experienced decreased holdings were mainly from the battery and photovoltaic sectors, reflecting a negative market trend [17][18]. Investment Recommendations - The report suggests focusing on leading stocks in the grid equipment sector, particularly in areas such as ultra-high voltage direct current, transformers, and energy storage systems, as the power market reform continues to deepen [21]. - It also highlights the potential for growth in overseas power system construction, recommending stocks with successful overseas business expansion and well-established distribution channels [21].