公用事业3Q24基金持仓点评：配置比例回落，主被动基金分化

Investment Rating - The report maintains an "Overweight" rating for the utility sector [2][5]. Core Insights - The report highlights a decrease in fund holdings in the utility sector for Q3 2024, with passive funds surpassing active funds in terms of holdings [3][5]. - There is a notable increase in fund investments in gas companies, while holdings in thermal and nuclear power companies have declined [5][10]. Summary by Sections Fund Holdings - As of the end of Q3 2024, the utility sector's share of total fund equity investment decreased to 2.27%, down by 0.47 percentage points quarter-on-quarter [5]. - The ratio of passive funds to active funds in the utility sector is 1.32% to 0.95%, reflecting a shift towards passive investment strategies [5][9]. Key Company Performance - The top ten companies in the utility sector saw a decrease in the number of funds holding their shares, with a total reduction of 534 funds and a decrease in market value by 3.79 billion CNY [5][10]. - Specific companies such as Changjiang Electric and China Nuclear Power experienced significant changes in fund holdings, with Changjiang Electric's market value increasing by 7.017 billion CNY, while China Nuclear Power saw a decrease of 3.631 billion CNY [10][11]. Investment Recommendations - The report recommends focusing on high-quality hydropower companies like Changjiang Electric and Chuan Investment Energy, as well as gas companies such as New Energy and Fuan Energy, which have shown increased fund interest [5][12]. - For thermal power, it suggests selecting companies with advantageous locations and attractive dividends, recommending Guodian Power and Huaneng International Power [5][12].