Minsheng Securities·2025-07-22 11:10Investment Rating - The report maintains a "Buy" rating for key companies in the new energy sector, particularly recommending companies like CATL, Zhongke Electric, and Xiamen Tungsten [4]. Core Insights - The overall fund holding ratio in the new energy sector has decreased, with a current holding ratio of 8.39%, down by 0.81 percentage points quarter-on-quarter and 0.66 percentage points year-on-year [1][10]. - The report highlights that the new energy vehicle sector remains strong, with CATL leading the fund holdings at a market value of 1426.57 billion, accounting for 4.63% of total fund holdings [2][24]. - The report emphasizes the impact of policy, technology, and demand on different segments of the new energy industry, suggesting varied performance expectations across sectors [3]. Summary by Sections Overall Sector Analysis - As of Q2 2025, the fund holding ratio for the new energy sector is 10.43%, reflecting a decrease of 1.44 percentage points quarter-on-quarter and 0.96 percentage points year-on-year [2][21]. - The market value of new energy stocks in the A-share market is 7.36%, down by 0.44 percentage points quarter-on-quarter but up by 0.03 percentage points year-on-year [1][10]. Subsector Analysis - The new energy vehicle sector's fund holding ratio is 7.50%, down by 1.14 percentage points quarter-on-quarter but up by 0.27 percentage points year-on-year [2][21]. - The renewable energy generation sector has a fund holding ratio of 1.74%, down by 0.09 percentage points quarter-on-quarter and 1.32 percentage points year-on-year [2][21]. - The power equipment and industrial control sector's fund holding ratio is 1.23%, down by 0.27 percentage points quarter-on-quarter and 0.59 percentage points year-on-year [2][21]. Investment Recommendations - The report recommends focusing on new energy vehicle-related stocks such as CATL, Zhongke Electric, and Xiamen Tungsten, as well as power equipment stocks like Xuchang Electric and Fala Electronics [3]. - For wind and solar storage-related stocks, the report suggests companies like Dongfang Cable, Mingyang Smart Energy, and Sunshine Power [3]. Key Company Forecasts - CATL is projected to have an EPS of 15.19 in 2025, with a PE ratio of 19, maintaining a "Buy" rating [4]. - Zhongke Electric is expected to have an EPS of 0.96 in 2025, with a PE ratio of 18, also rated as "Buy" [4]. - Xiamen Tungsten is forecasted to have an EPS of 1.83 in 2025, with a PE ratio of 27, rated as "Buy" [4].