证券研究报告·行业深度报告·电力设备 电力设备行业深度报告 光伏板块 2025Q1 持仓占总市值比重环比下降至 3.33%，环比-0.80pct ， 2024Q1-2025Q1 持仓比例分别 4.45%、3.88%、4.15%、4.13%、3.33%。硅片、 电池上升，硅料、组件、逆变器持仓下降。1）硅料环节下降 0.68pct；2）硅片 环节上升 0.97pct；3）电池上升 1.27pct；4）一体化组件下降 1.10pct；5）逆变 器环节下降 1.70pct；6）辅材环节：胶膜、玻璃、支架、EPC、设备、金刚线、 银浆、石英坩埚均下降。 风电板块 2025Q1 持仓占总市值比重环比下降至 2.84%（-0.27pct），2024Q1- 2025Q1 分别 2.67%、3.53%、3.79%、3.11%、2.84%。1）整机环节下降 0.77pct； 2）塔筒&海桩环节上升 1.77pct；3）海缆环节下降 0.78pct；4）铸锻件、结构 件环节下降 0.61pct;5）轴承、滚子环比上升 0.24pct；6）叶片及材料环节上升 0.02pct。 核电板块 2025Q1 持仓占总市值比重环比下降至 0 ...

电新行业 2025Q1 基金持仓分析 蛰伏于渊，扶摇待时 2025 年 05 月 06 日 ➢ 电新板块总体持仓占比环比下降。根据基金的披露规则，一季报和三季报 披露前十大重仓股，半年报和年报披露全部持仓，故持仓总市值存在差异，因此 我们主要选取相同的数据口径即前十大重仓股进行趋势分析。从中信一级行业分 类来看，截至 2025Q1 中信电新行业基金持仓比重为 9.20%，环比-1.35Pcts， 同比-0.51Pcts；中信电新行业市值在总市值中的比重为 5.29%，环比+0.18Pcts， 同比-0.27Pcts。 考虑到行业分类的一些误差，我们针对电新行业的 304 只自选股进行统计，结果 显示截至 2025Q1，304 只电新自选股基金持仓占比为 11.87%，环比-0.56Pcts， 同比-0.18Pcts；电新自选股市值在 A 股总市值的比重为 7.78%，环比+0.61Pcts， 同比+0.04Pcts。 ➢ 电新子板块持仓分析：新能源车、电力设备与工控板块基金持仓占比环比 提升，新能源发电板块持仓占比调整较深。新能源车、电力设备与工控板块基金 持仓比例环比提升。总体来看，截至 25Q1 电力设备 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of the end of Q1 2025, the number and scale of active bond - type funds increased slightly, but the number and total issuance scale of newly - issued funds decreased, with the issuance scale of hybrid secondary bond funds rising [4][7][9]. - In Q1 2025, with the upward movement of Treasury bond yields, short - term pure bond funds performed relatively well, while first - tier bond funds rose steadily and second - tier bond funds fluctuated upwards driven by equity assets [4][17][19]. - Different types of active bond funds showed different trends in terms of leverage, duration, and position allocation. For example, closed - end medium - and long - term pure bond funds reduced leverage and increased duration, while open - end ones increased leverage and reduced duration; hybrid secondary bond funds increased their stock positions and holdings in the non - ferrous metals sector [4][23][70]. 3. Summary According to the Directory 3.1 Active Bond - Type Fund Scale and Issuance - **Scale Change**: As of the end of Q1 2025, there were 3263 active bond - type funds (excluding amortized cost method funds), a 0.8% increase from the previous quarter. The fund scale was 7.90 trillion yuan, a 1.0% increase. Among them, medium - and long - term pure bond funds, short - term pure bond funds, hybrid first - tier bond funds, and hybrid second - tier bond funds increased by 0.7%, 1.5%, 0.6%, and 3.8% respectively [7][9]. - **Fund Issuance**: In Q1 2025, 43 active bond - type funds were issued, a 10.4% decrease from the previous quarter. The total issuance scale was 783.7 billion yuan, a 16.7% decrease. The issuance scale of medium - and long - term pure bond funds decreased by 31.5%, while that of hybrid second - tier bond funds increased by 65.1% [13][14]. 3.2 Active Bond - Type Fund Performance - **Treasury Bond Yields Upward, Short - Term Pure Bond Funds Performed Relatively Well**: In Q1 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds increased by 47bp, 44bp, 25bp, 21bp, 21bp, and 18bp respectively. The short - term pure bond fund index had a return of 0.13%, while the medium - and long - term pure bond fund index had a return of - 0.29% [17]. - **First - Tier Bond Funds Rose Steadily, Second - Tier Bond Funds Fluctuated Upwards**: Driven by equity assets, the hybrid first - tier bond fund index had a return of 0.28% with a maximum drawdown of - 0.44%, and the hybrid second - tier bond fund index had a return of 0.56% with a maximum drawdown of - 0.53% [19]. 3.3 Active Bond Fund Position Analysis - **Medium - and Long - Term Pure Bond Funds**: Closed - end bond funds reduced leverage and increased duration, while open - end bond funds increased leverage and reduced duration. In terms of bond type allocation, closed - end funds increased positions in credit bonds and interest - rate bonds, while open - end funds increased interest - rate bonds and reduced credit bonds [23][30]. - **Short - Term Bond Funds**: They reduced leverage and duration, and the position of financial bonds decreased. The median of the portfolio leverage ratio decreased by 3.3%, the median of the bond position decreased, and the weighted duration of the top five heavy - position bonds decreased by 0.07 years [39][46][48]. - **Hybrid First - Tier Bond Funds**: They reduced leverage and duration, and the convertible bond position continued to rise. The median of the leverage ratio and bond position decreased, and the median of the convertible bond position increased by 1.65% [50][54]. - **Hybrid Second - Tier Bond Funds**: The stock position recovered, and they increased holdings in non - ferrous metals. The median of the portfolio leverage ratio decreased, the bond position decreased, and the stock position increased. They increased holdings in sectors such as non - ferrous metals, pharmaceutical biology, and steel, and reduced holdings in sectors such as petroleum and petrochemicals, coal, and banks [59][61][70].