电力设备行业跟踪报告：行业超配比例回升，光伏设备板块较多获增持

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry [4]. Core Insights - The total market value of public funds heavily invested in the SW power equipment industry increased significantly in Q3 2024, with a 42.22% quarter-on-quarter growth, reaching 342.5 billion yuan. The overweight ratio also showed a notable recovery to 4.65% [1][13]. - The battery and photovoltaic equipment sectors saw substantial increases in fund holdings, with respective market values of 203.69 billion yuan and 92.35 billion yuan, reflecting quarter-on-quarter growth rates of 46.25% and 61.28% [2][19]. - The concentration of holdings among the top stocks in the industry has increased, with the combined market value of the top 5, 10, and 20 stocks reaching 237.11 billion yuan, 264.83 billion yuan, and 296.46 billion yuan, respectively [2][17]. Summary by Sections Industry Overview - The total market value of public funds in the SW power equipment industry reached 342.5 billion yuan in Q3 2024, marking a 42.22% increase from the previous quarter and a 15.48% increase year-on-year. The overweight ratio improved to 4.65% [1][13]. Subsector Analysis - The battery and photovoltaic equipment sectors are the most favored, with significant increases in fund holdings. The market values for these sectors are 203.69 billion yuan and 92.35 billion yuan, respectively, with growth rates of 46.25% and 61.28% [2][19]. - The grid equipment sector remained stable, with a slight decrease of 1.94% in market value [2]. Stock Trends - The top ten stocks in the SW power equipment industry saw positive performance, with all ten stocks experiencing price increases in Q3 2024. The top stocks include Ningde Times, Sunshine Power, and JinkoSolar, with significant increases in holdings [3][26]. - The report highlights that the top ten stocks for increased holdings were primarily in the photovoltaic and battery sectors, indicating strong investor interest in these areas [3][29]. Investment Recommendations - The report suggests focusing on leading stocks in the grid equipment sector, particularly in high-voltage direct current, transformers, and energy storage systems, as the power market reform continues to deepen [32]. - It also recommends monitoring companies with successful overseas business expansions as global energy transitions accelerate [32].