Wanlian Securities·2025-08-19 09:04Investment Rating - The industry is rated as "outperforming the market" with an expected relative increase of over 10% in the next six months [38]. Core Insights - The SW power equipment sector's overweight ratio continues to decline, with a total market value of 129.79 billion yuan in Q2 2025, down 11.62% quarter-on-quarter and 22.50% year-on-year [13][14]. - The sector's market value accounts for 9.91% of the total A-share market value held by public funds, ranking third among 31 Shenwan primary industries [14]. - The concentration of holdings in the top 5, 10, and 20 stocks has increased, with respective market values of 73.96 billion, 84.77 billion, and 100.40 billion yuan, indicating a recovery in overall concentration [18]. Summary by Sections Overall Industry - The overweight ratio for the SW power equipment sector has decreased, with a current ratio of 3.98%, down 0.85 percentage points from the previous quarter [13][14]. - The total market value held by public funds in the sector is 129.79 billion yuan, reflecting a significant decline [13]. Sub-sectors - The wind power equipment sector has shown significant improvement, with a total market value of 8.16 billion yuan, up 50.84% quarter-on-quarter, while other power equipment sectors have seen declines [22][19]. - The battery, photovoltaic equipment, and grid equipment sectors have experienced a decrease in market value, with respective values of 79.27 billion, 23.05 billion, and 12.47 billion yuan, down 4.83%, 26.00%, and 21.57% [19]. Stock Trends - The top ten stocks in the SW power equipment sector include Ningde Times, Sunshine Power, and Yiwei Lithium Energy, with mixed performance; some stocks like Mingyang Smart Energy and New Era Electric have seen significant increases [29][28]. - The top ten stocks that saw the most significant increases in holdings include Aisheng Technology and JinkoSolar, primarily in the wind and photovoltaic sectors [34][31]. Investment Recommendations - The report suggests focusing on lithium battery materials due to stable growth in new energy vehicle sales, which is expected to improve the supply-demand balance [36]. - It also recommends paying attention to leading stocks in the wind power equipment sector, supported by government initiatives for large-scale wind and solar projects [36].