电力设备行业25Q1基金持仓深度：电新重仓Q1总体下降，电动车、光伏、储能、风电、电网板块均下降，工控板块上升——基于12410支基金2025年一季报的前十大持仓的定量分析

Investment Rating - The report maintains an "Increase" rating for the electric power equipment industry [1] Core Insights - The overall holdings in the new energy sector have decreased, with declines observed in electric vehicles, photovoltaics, energy storage, wind power, and electric grid sectors, while the industrial control sector has seen an increase [1] - The proportion of holdings in the new energy vehicle sector for Q1 2025 is 5.20%, a decrease of 0.09 percentage points from the previous quarter [1] - The photovoltaic sector's holdings have decreased to 3.33%, down 0.80 percentage points from the previous quarter [2] - The wind power sector's holdings have decreased to 2.84%, down 0.27 percentage points from the previous quarter [2] - The nuclear power sector's holdings have decreased to 0.64%, down 0.07 percentage points from the previous quarter [3] - The industrial control and electric power equipment sector's overall holdings have increased to 5.69%, up 0.01 percentage points from the previous quarter, while the electric power equipment sector's holdings have decreased to 1.95%, down 0.18 percentage points [4] - The energy storage sector's overall holdings have decreased to 7.80%, down 0.61 percentage points from the previous quarter [5] Summary by Sections New Energy Vehicles - Overall holdings have decreased, with upstream lithium mining and charging piles declining, while core components, complete vehicles, and new technologies have increased [24] - Upstream lithium mining holdings decreased by 0.56 percentage points to 1.64% [25] - Midstream holdings decreased by 0.98 percentage points to 8.86%, with increases in structural components, positive electrodes, separators, additives, aluminum foil, and copper foil, while battery, negative electrode, and electrolyte holdings decreased [27] - Core components and complete vehicle holdings increased, while charging pile holdings decreased [28] - New technology holdings increased by 0.89 percentage points to 1.68%, with sodium batteries and composite current collectors both rising [29] New Energy - The photovoltaic sector's holdings decreased to 3.33%, down 0.80 percentage points [32] - In the photovoltaic sector, silicon materials and components saw declines, while silicon wafers and batteries increased [35] - The wind power sector's holdings decreased to 2.84%, down 0.27 percentage points, with the turbine assembly segment declining while the tower and sea pile segment increased [36] - The nuclear power sector's holdings decreased to 0.64%, down 0.07 percentage points [38] Industrial Control & Electric Power Equipment - The industrial control and electric power electronics sector's holdings increased to 5.69%, while the electric power equipment sector's holdings decreased to 1.95% [4] Energy Storage - The energy storage sector's overall holdings decreased to 7.80%, with a decline in storage batteries and PCS, while temperature control and fire protection segments increased [5]