机械行业2024Q4基金持仓分析：持仓比例基本持平，板块分化明显

Investment Rating - The report does not explicitly state an investment rating for the mechanical equipment industry, but it suggests a focus on specific sectors and companies for investment opportunities in 2025 [24]. Core Insights - The mechanical sector's fund allocation ratio remained stable, but the total market value of holdings continued to decline, with a 10.64% decrease in the total market value of mechanical industry holdings among active equity funds in Q4 2024 [6][9]. - The report highlights a shift in fund flows towards technology growth sectors, with significant increases in holdings for oil and gas equipment, industrial robots, and lithium battery equipment, while traditional sectors like shipbuilding and forklifts saw substantial declines [12][13]. - The report identifies structural growth opportunities in the mechanical sector, with a notable increase in the number of mechanical stocks held by equity funds, indicating a recovery in interest [17]. Summary by Sections Section 1: Mechanical Sector Overview - The total market value of mechanical sector holdings among active equity funds was 1,067.29 billion yuan, reflecting a 10.64% decline from the previous quarter [6]. - The proportion of mechanical sector holdings in the total fund size was 4.11%, showing a slight increase of 0.07 percentage points, indicating a low allocation status [6]. Section 2: Subsector Analysis - The top five subsectors by market value in Q4 2024 were engineering machinery, other specialized machinery, basic components, shipbuilding, and other general machinery, accounting for 66.18% of the total mechanical sector holdings [12]. - Significant increases in holdings were observed in oil and gas equipment (up 80.85%), industrial robots (up 73.25%), and lithium battery equipment (up 48.97%), while declines were noted in shipbuilding and forklifts [12][13]. Section 3: Heavyweight Stocks - A total of 235 mechanical stocks were heavily held by equity funds, with a decrease in the total market value of the top ten mechanical stocks by 13.93% [17]. - New entrants to the top ten heavyweights included Jerry Holdings and Invek, while China Shipbuilding and China Heavy Industry exited the list [17]. Section 4: Investment Recommendations - The report recommends focusing on sectors benefiting from policy support, such as infrastructure and real estate chains, as well as cyclical general equipment and new technology sectors like humanoid robots and low-altitude economy [24].