电力及公用事业行业专题报告：Q3基金持仓比例回落，水电持仓占比持续提高

Investment Rating - The investment rating for the electricity and public utilities sector is "Outperform" [1]. Core Insights - The report highlights a recovery in fund holdings for hydropower, which increased from 42.73% to 61.67% year-on-year, while thermal power saw a significant reduction in holdings [1][21]. - The overall performance of the public utilities sector has lagged behind major indices, with a year-to-date increase of 10.1%, trailing the Shanghai Composite Index by 1.15 percentage points [6][11]. - The report indicates that the hydropower sub-sector has shown the highest growth, with a 17.90% increase, while photovoltaic power has declined by 10.86% [6][11]. Summary by Sections 1. Public Utilities Market Performance in Q3 2024 - The public utilities index increased by 10.1% from January 2, 2024, to November 4, 2024, ranking 10th among 31 primary industries [6]. - The sub-sector performance showed hydropower at +17.90%, electric power services at +14.31%, and thermal power at +12.41% [6][11]. - In the period from June 28, 2024, to November 4, 2024, the public utilities index rose by 0.5%, ranking 29th among primary industries [7]. 2. Fund Holdings in Public Utilities in Q3 2024 - The fund holding ratio for the public utilities sector was 2.35%, with a total market value of 893.26 billion yuan, reflecting a year-on-year increase of 0.94 percentage points [21]. - The report notes that the actual holding ratio is below the benchmark of 4.06%, but historically, it is at a relatively high level [21][22]. - The report indicates that hydropower holdings have increased significantly, while thermal power holdings have decreased [21].