Investment Rating - The investment rating for the electrical equipment industry is "Positive" and maintained [10] Core Insights - The report highlights a divergence in holdings among public funds in Q2 2025, with increased allocations in wind energy, storage, and new technologies [2][4] - The overall heavy holdings in the electrical equipment and new energy sector decreased, with a notable decline in the proportion of electric vehicles, power grids, and photovoltaics [5][6] - Key stocks favored by funds include CATL and Sungrow, while Jinlang Technology and Aisuo shares saw significant increases in allocation [7][8] Industry Dimension Summary - In Q2 2025, the heavy holdings in the new energy sector accounted for approximately 12.31% of the total heavy holdings in A-shares, a decrease of 1.6 percentage points from the previous quarter [5][18] - The total market value of heavy holdings in the new energy sector was about 318.6 billion yuan, reflecting an 11.1% decrease [18] - The number of stocks held by institutions in the new energy sector increased to 176, while the total market value of the top ten heavy holdings decreased by 12.16% to 244.2 billion yuan [26] Sector Dimension Summary - The electric vehicle sector saw a 10.2% decrease in heavy holdings, with significant reductions in battery, vehicle, and robotics segments [6][30] - The wind energy sector experienced a 0.15 percentage point increase in heavy holdings, attributed to accelerated construction in Q2 [6][35] - The photovoltaic sector faced a decline due to the end of domestic rush installations and unclear demand and policy expectations for the second half of the year [6][35] Stock Dimension Summary - The top five stocks by fund heavy holdings as a percentage of total shares were Keda Li (21.6%), Zhejiang Rongtai (19.2%), Sungrow (16.6%), CATL (14.5%), and Yiwei Lithium Energy (13.8%) [7][47] - The top five stocks by total market value of heavy holdings were CATL, BYD, Sungrow, Huichuan Technology, and Yiwei Lithium Energy [7][47] - Stocks with increased institutional holdings included Jinlang Technology, Aisuo, and others, primarily driven by the positive outlook in storage, wind energy, and photovoltaic technologies [7][47] Investment Recommendations - The report recommends focusing on storage performance exceeding expectations, photovoltaic sector recovery, and ongoing large-scale engineering projects [8][52] - In the photovoltaic sector, it suggests benefiting from the anti-involution trend, particularly in polysilicon and BC battery segments [8][52] - For the wind energy sector, it emphasizes the importance of accelerated offshore wind construction and price recovery in wind turbines [8][54] - The electrical equipment sector is advised to focus on high-voltage approvals and large-scale projects, while also considering opportunities in AI and virtual power plants [8][54]