券商中国·2025-04-07 08:01Core Viewpoint - BYD's market value has surpassed CATL for the first time in nearly seven years, reclaiming the title of the highest market value stock in the Shenzhen market, attracting more investment funds [1][3][4]. Group 1: Market Position and Fund Allocation - As of the latest data, BYD's market value stands at 1.07 trillion yuan, slightly ahead of CATL, which is significantly higher than the third and fourth ranked companies, Midea Group and Wuliangye, with market values of 558 billion yuan and 512 billion yuan respectively [4]. - In the recently disclosed public fund annual reports, CATL has become the top holding stock, surpassing Kweichow Moutai, while BYD's fund holdings are only half of CATL's, with a total market value of less than a quarter of CATL's [2][5]. - A total of 2,861 funds have allocated positions in CATL, with a combined holding market value of 178.575 billion yuan, accounting for 17.2% of CATL's circulating shares, while BYD's market value held by public funds ranks only 17th, at 43.084 billion yuan [5][6]. Group 2: Investment Preferences and Trends - Public fund managers prefer CATL due to its leading position in the power battery sector and stable annual performance, while BYD's performance is more affected by competition in the vehicle market and policy fluctuations [7][8]. - The growth of ETFs has significantly influenced the pricing power of CATL and BYD, with CATL benefiting from its high weight in broad-based indices, attracting more passive fund investments [8][9]. - CATL is the second-largest weighted stock in the CSI 300 index, with a weight of approximately 3.22%, while BYD is the seventh with a weight of about 1.62% [9]. Group 3: Changing Investment Aesthetics - Public funds have faced criticism for their traditional reliance on financial metrics like P/E and P/B ratios, favoring companies with stable profits and predictable cash flows, which makes it difficult for high-growth companies like BYD to fit into traditional screening models [10][12]. - The investment aesthetic is shifting towards industry leaders, moving away from traditional metrics of low valuation and high growth, indicating a potential for greater consensus on industry leaders in the market [12].