Soochow Securities·2025-11-12 08:26Investment Rating - The report maintains an "Increase" rating for the electric equipment industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The overall holding in the new energy sector has increased, with significant rises in electric vehicles, photovoltaics, energy storage, industrial control, power grids, and wind power sectors [1][2]. - The proportion of holdings in the new energy vehicle sector rose to 5.28%, an increase of 1.13 percentage points compared to the previous quarter [1][19]. - The photovoltaic sector saw its holding proportion rise to 4.18%, up 1.43 percentage points, while the wind power sector increased to 3.46%, a rise of 0.14 percentage points [2][33]. - The energy storage sector's overall holding decreased to 5.60%, down 2.20 percentage points, with specific segments like temperature control and new energy storage showing increases [5][19]. Summary by Sections Overall New Energy Holdings Analysis - The proportion of new energy heavy holdings in total fund heavy holdings increased by 2.74 percentage points to 14.94% [14]. - The new energy sector's overall holding value accounted for 14.9% of total fund heavy holdings, indicating an overweight of 2.10 percentage points [19]. New Energy Vehicle Sector - The new energy vehicle sector's holding proportion rose to 5.28%, with upstream lithium mining and midstream components increasing, while complete vehicles and charging stations saw a decline [1][19]. - Upstream lithium mining holdings increased by 1.24 percentage points to 2.86% [24]. - Midstream holdings rose by 0.69 percentage points to 8.92%, with significant increases in structural components and lithium hexafluorophosphate [25]. Photovoltaic and Wind Power Sectors - The photovoltaic sector's holding proportion increased to 4.18%, with notable rises in silicon materials and battery holdings [33]. - The wind power sector's holding proportion rose to 3.46%, with increases across various components including complete machines and tower structures [2][19]. Industrial Control and Power Equipment - The industrial control and power electronics sector's overall holding increased to 6.21%, up 1.06 percentage points [4]. - The power equipment sector's holding rose to 1.81%, an increase of 0.33 percentage points [4]. Energy Storage Sector - The energy storage sector's overall holding decreased to 5.60%, with specific segments like temperature control and new energy storage increasing, while PCS holdings declined [5][19]. - Energy storage battery holdings increased by 2.04 percentage points to 7.97% [5].