电气设备：2024年四季度机构持仓点评：超配比例平稳，个股Alpha凸显

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Insights - The report highlights that the overall allocation ratio for the electric equipment and new energy sector remains stable, with individual stock alpha becoming more pronounced [2][5] - The report analyzes the heavy holdings of public funds in the electric equipment and new energy sector, covering 187 A-share listed companies [14] Summary by Relevant Sections Industry Dimension - The heavy holding market value of the electric new energy sector accounts for 13.05% of the total heavy holdings in A-shares, a decrease of 0.7 percentage points from the previous quarter [6][16] - Excluding index funds, the heavy holding market value of the electric new energy sector is 12.57%, down 0.3 percentage points [6][16] - The free float market value of the electric new energy sector is 7.70%, a decrease of 0.37 percentage points [6][16] - The number of heavy holding stocks in the electric new energy sector has increased to 129, with the top ten stocks accounting for 79.4% of the sector's total heavy holding market value, down 0.5 percentage points [6][20] Sector Dimension - The electric vehicle sector saw a heavy holding market value of approximately 2,444 billion yuan, a decrease of about 10.31% [7][22] - The photovoltaic sector's heavy holding market value is approximately 595 billion yuan, down 23.95% [25][27] - The wind power sector's heavy holding market value is about 82 billion yuan, a decrease of 7% [26][27] - The electric equipment and industrial control sector's heavy holding market value reached 379 billion yuan, down about 11.69% [29] Individual Stock Dimension - The top five stocks by the proportion of total fund holdings to circulating shares are: - Keda Li (28.6%) - Sunshine Power (20.2%) - New Zobang (18.8%) - CATL (16.4%) - Shangneng Electric (15.3%) [8][34] - The top five stocks by total market value of heavy holdings are: - CATL - Sunshine Power - BYD - Huichuan Technology - Yiwei Lithium Energy [8][34] - The stocks with the largest increase in the number of shares held by institutions include: - Yingboer - Maigemi - Shangneng Electric - Dongfang Risheng - Zhenjiang Shares [8][36] Investment Recommendations - The report continues to favor the new energy sector, emphasizing structural opportunities across various segments: 1. Photovoltaic sector: Demand recovery and supply-side discipline expected to drive price increases [9][39] 2. New energy vehicle sector: Recommendations include product upgrades and price increases [9][39] 3. Wind power sector: Anticipated growth in offshore wind and recovery in onshore wind profitability [9][40] 4. Electric equipment and industrial control sector: Focus on ultra-high voltage and digitalization [9][40]