电力设备行业研究周报：2024Q3电力设备行业基金持仓环比回升

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [4]. Core Insights - In Q3 2024, the fund holdings in the electric power equipment industry increased, with the industry's market capitalization at approximately 5.58 trillion, accounting for about 5.76% of the total A-share market capitalization of approximately 96.87 trillion [8][9]. - The proportion of the electric power equipment industry in total fund holdings rose to 11.1%, an increase of 2.1 percentage points, while the overweight ratio for the industry increased to 5.3%, up by 1.6 percentage points [8][9]. - Ningde Times remains a key investment target, leading in both the number of funds holding its shares (1,813) and the market value of fund holdings (161.6 billion) [9][10]. - The report highlights significant increases in fund holdings for Ningde Times, with a market value increase of 51 billion and a 0.68% rise in the proportion of shares held [10][11]. - Conversely, Jinpan Technology saw the largest decrease in fund holdings, with a reduction of approximately 4.1 billion [10][11]. Summary by Sections Fund Holdings Analysis - The electric power equipment industry saw a rebound in fund holdings in Q3 2024, with a stable market capitalization and increased fund allocation [8][9]. - Ningde Times, Sunshine Power, and Yiwei Lithium Energy are the top three companies in terms of fund holdings, both in number of funds and market value [9][10]. Market Performance Review - The electric power equipment industry experienced a weekly decline of 2.82%, ranking 27th among 31 primary industries [14][16]. - The industry underperformed compared to the CSI 300 index, which saw a decline of 1.68% [14][16]. - Within sub-sectors, electric motors and other power equipment showed positive performance, while battery and grid equipment faced declines [14][16]. Investment Strategy - The report suggests focusing on companies with technological leadership and strong market influence within the power battery supply chain, such as Ningde Times [12][13]. - It also recommends selecting second-tier companies with clear cost advantages and potential for volume growth, like Keda Li [12][13]. - In the photovoltaic sector, it emphasizes the importance of technology leaders, particularly in BC battery technology, such as Aishuo [12][13].