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]

新能源发电板块在基金总持仓中的占比为1.74%，环比-0.09%，同比-1.32%，主要持仓个股为阳光电源 （基金总持仓占比为0.58%）。电力设备与工控板块在基金总持仓中的占比为1.23%，环比-0.27Pcts，同 比-0.59Pcts，主要持仓个股为汇川技术（基金总持仓占比为0.55%）。 投资建议： 民生证券具体观点如下： 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，因此民生证券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，民生证券针对电新行业的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 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the new energy sector, particularly recommending companies like CATL, Zhongke Electric, and Xiamen Tungsten [4]. Core Insights - The overall fund holding ratio in the new energy sector has decreased, with a current holding ratio of 8.39%, down by 0.81 percentage points quarter-on-quarter and 0.66 percentage points year-on-year [1][10]. - The report highlights that the new energy vehicle sector remains strong, with CATL leading the fund holdings at a market value of 1426.57 billion, accounting for 4.63% of total fund holdings [2][24]. - The report emphasizes the impact of policy, technology, and demand on different segments of the new energy industry, suggesting varied performance expectations across sectors [3]. Summary by Sections Overall Sector Analysis - As of Q2 2025, the fund holding ratio for the new energy sector is 10.43%, reflecting a decrease of 1.44 percentage points quarter-on-quarter and 0.96 percentage points year-on-year [2][21]. - The market value of new energy stocks in the A-share market is 7.36%, down by 0.44 percentage points quarter-on-quarter but up by 0.03 percentage points year-on-year [1][10]. Subsector Analysis - The new energy vehicle sector's fund holding ratio is 7.50%, down by 1.14 percentage points quarter-on-quarter but up by 0.27 percentage points year-on-year [2][21]. - The renewable energy generation sector has a fund holding ratio of 1.74%, down by 0.09 percentage points quarter-on-quarter and 1.32 percentage points year-on-year [2][21]. - The power equipment and industrial control sector's fund holding ratio is 1.23%, down by 0.27 percentage points quarter-on-quarter and 0.59 percentage points year-on-year [2][21]. Investment Recommendations - The report recommends focusing on new energy vehicle-related stocks such as CATL, Zhongke Electric, and Xiamen Tungsten, as well as power equipment stocks like Xuchang Electric and Fala Electronics [3]. - For wind and solar storage-related stocks, the report suggests companies like Dongfang Cable, Mingyang Smart Energy, and Sunshine Power [3]. Key Company Forecasts - CATL is projected to have an EPS of 15.19 in 2025, with a PE ratio of 19, maintaining a "Buy" rating [4]. - Zhongke Electric is expected to have an EPS of 0.96 in 2025, with a PE ratio of 18, also rated as "Buy" [4]. - Xiamen Tungsten is forecasted to have an EPS of 1.83 in 2025, with a PE ratio of 27, rated as "Buy" [4].

Investment Rating - The report maintains a "Buy" recommendation for key companies in the electric new energy sector, including 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) among others [3][24]. Core Insights - The overall fund holding ratio in the electric new energy sector has decreased, with a fund holding ratio of 9.20% as of Q1 2025, down by 1.35 percentage points quarter-on-quarter [1][7]. - The electric new energy sector's market capitalization accounted for 5.29% of the total market capitalization, reflecting a slight increase of 0.18 percentage points quarter-on-quarter [1][7]. - The report highlights a shift in fund holdings towards the electric vehicle and power equipment sectors, while the renewable energy generation sector has seen a deeper adjustment [2][14]. Summary by Sections Overall Sector Analysis - As of Q1 2025, the fund holding ratio for the electric new energy sector is 11.87%, down by 0.56 percentage points quarter-on-quarter [1][7]. - The market capitalization of electric new energy stocks in the A-share market is 7.78%, up by 0.61 percentage points quarter-on-quarter [1][7]. Subsector Analysis - The fund holding ratio for the electric vehicle sector is 8.65%, up by 0.11 percentage points quarter-on-quarter, while the renewable energy generation sector's holding ratio is 1.82%, down by 0.67 percentage points [2][14]. - The power equipment and industrial control sector has a fund holding ratio of 1.50%, up by 0.06 percentage points quarter-on-quarter [2][14]. Investment Recommendations - Recommended stocks in the electric vehicle sector include 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) [2][24]. - For the power equipment and industrial control sector, recommended stocks include 许继电气 (XJ Electric), 平高电气 (Pinggao Electric), and 思源电气 (Siyuan Electric) [2][24]. - In the renewable energy sector, recommended stocks include 东方电缆 (Oriental Cable), 海力风电 (Haili Wind Power), and 阳光电源 (Sungrow Power) [2][24]. Key Company Forecasts - 宁德时代 (CATL) is projected to have an EPS of 11.58 yuan in 2024, with a PE ratio of 20, and is rated as a "Buy" [3][24]. - 科达利 (Kodali) is expected to have an EPS of 5.44 yuan in 2024, with a PE ratio of 24, and is also rated as a "Buy" [3][24]. - 中科电气 (Zhongke Electric) is forecasted to have an EPS of 0.44 yuan in 2024, with a PE ratio of 34, and is rated as a "Buy" [3][24].