CATL(SZ:300750) Shanghai Aijian Securities·2026-01-28 10:08Investment Rating - The report rates the electric power equipment industry as "Outperforming the Market" [3] Core Insights - In Q4 2025, the electric power equipment industry saw a decrease in the proportion of shares held by active management funds, declining by 0.36 percentage points. This contrasts with 15 other industries that experienced an increase in shareholding [6][18] - The top five industries with increased shareholding were transportation, non-ferrous metals, basic chemicals, oil and petrochemicals, and non-bank financials, while the industries with decreased shareholding included media, real estate, computers, defense, and telecommunications [6] - Notable increases in holdings were observed in companies such as Tianhua New Energy, Tianci Materials, and Sany Heavy Energy, while significant reductions were seen in companies like Yiwei Lithium Energy, Goldwind Technology, and Longi Green Energy [10][13] Summary by Sections 1. Overall Industry Situation - The electric power equipment industry, which includes 398 stocks, experienced a decrease in the proportion of shares held by active management funds in Q4 2025, with a decline of 0.36 percentage points [6][7] 2. Individual Stocks - Tianhua New Energy saw the largest increase in holdings, with a staggering 34,198.66% increase in market value and a 15,595.36% increase in the number of shares held [11] - Other companies with significant increases included Tianci Materials (87.72% increase in market value) and Sany Heavy Energy (946.94% increase in market value) [11] 3. Institutional Holding Changes - Major fund companies such as GF Fund and Huatai-PineBridge significantly reduced their holdings in the electric power equipment sector, with GF Fund's holdings decreasing by 37.51% [15][16] - The top five fund companies by market value in the electric power equipment sector were GF Fund, Huatai Fund, HSBC Jintrust, Huitianfu Fund, and China Europe Fund, with respective holdings of 128.07 billion, 121.79 billion, 88.12 billion, 84.72 billion, and 82.48 billion [15] 4. Active Management Fund Holdings in Electric Power Equipment - The total number of shares held by the top 20 public funds in the electric power equipment sector decreased by 12.89% to 1.516 billion shares, with a corresponding market value of 989.10 billion [18][19]