Changjiang Securities·2025-05-21 08:15Investment 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][4] - The report analyzes the heavy holdings of public funds in the electric equipment and new energy sector, focusing on 237 A-share listed companies [4][17] Industry Dimension Summary - The heavy holding market value of the electric new energy sector accounts for 13.91% of the total heavy holding market value of A-shares, a decrease of 0.02 percentage points from the previous quarter [5][18] - Excluding index funds, the heavy holding market value of the electric new energy sector is 12.97%, down 0.9 percentage points [5][18] - The number of heavy holding stocks in the electric new energy sector has increased to 167, with the top ten stocks accounting for 77.6% of the sector's total heavy holding market value, an increase of 3.2 percentage points [5][27] Sector Dimension Summary - The electric vehicle sector saw an increase in heavy holdings, with a market value of approximately 257.5 billion yuan, up 3.19% [6][31] - The photovoltaic sector experienced a decrease in heavy holdings, with a market value of 470 million yuan, down 26% [34][36] - The wind power sector's heavy holdings remained stable, with a market value of 85 million yuan [34][36] Individual Stock Dimension Summary - The top five stocks by the proportion of heavy holdings to circulating shares are: Keda Li (23.2%), Sunshine Power (16.9%), Zhejiang Rongtai (16.9%), Shenghong Co. (15.2%), and CATL (14.9%) [7][45] - The top five stocks by total market value of heavy holdings are: CATL, BYD, Sunshine Power, Huichuan Technology, and EVE Energy [7][45] - The stocks with the largest increase in heavy holdings as a proportion of circulating shares include Zhejiang Rongtai, Shenghong Co., and Zhenyu Technology [7][48] Investment Recommendations - The report maintains a positive outlook on the new energy sector, emphasizing structural opportunities across various segments [8][51] - Specific recommendations include focusing on new technologies in the photovoltaic sector, the upward trend in energy storage, and the potential for recovery in the wind power sector [8][51][52] - For the electric equipment and industrial control sector, attention is drawn to domestic demand and potential export opportunities in non-US markets [8][52]