电新行业2024Q1基金持仓分析：乌云遮日终散去

目录电新板块整体持仓情况环比改善 3电新子板块持仓分析：新能源汽车、电力设备与工控持仓市值环比提升，新能源发电调整幅度较深 6投资建议 10新能源汽车 10新能源发电 10电力设备与工控 11风险提示 13插图目录 14表格目录 14电新板块整体持仓情况环比改善2024Q1-2.25Pcts；中信电新行业市值在总市值中的比重为5.56%，环比-0.09Pcts，同比-1.06Pcts。考虑到行业分类的一些误差，我们针对电新行业的309只自选股进行统计，结果显示截至2024Q1，309只电新自选股基金持仓占比为12.06%，环比+0.35Pcts，同比-4.05Pcts；电新自选股市值在A股总市值的比重为7.74%，环比-0.26Pcts，同比-1.73Pcts。图1：23Q1-24Q1中信电新行业板块持仓占比情况图2：23Q1-24Q1电新自选股持仓占比情况

中信电新行业基金持仓市值占比中信电新行业市值占比11.96%11.96%11.76%9.52%9.71%8.57%6.62% 6.60%5.96%5.65% 5.56%23Q1 23Q2 23Q3 23Q4 24Q1

电新股基金持仓占比 电新股市值占比16.11% 16.11% 16.30%12.98%11.71%12.06%9.46% 9.36%8.43%8.00%7.74%23Q1 23Q2 23Q3 23Q4 24Q1资料来源：wind， 资料来源：wind，持仓公司集中度提升。2024Q13297.752-565.65%，6.01Pct。代码名称代码名称持有基金数持股总量(万股)季报持仓变动(万股)持股占流通股比24Q1基金持股总市值(亿元)23Q4基金持股总市值(亿元)持股总市值变动比例持仓市值在电新自选股持仓总市值中占比300750.SZ宁德时代152758288.048315.9914.97%1108.41815.3335.94%33.70%300274.SZ阳光电源50327073.392115.8623.75%281.02218.6028.55%8.54%300124.SZ汇川技术26726106.15-1052.0011.17%159.82171.48-6.80%4.86%300014.SZ亿纬锂能18531886.74758.2217.13%124.87131.36-4.94%3.80%002594.SZ比亚迪3116144.1299.865.28%124.76119.844.11%3.79%002050.SZ三花智控21236890.03-15476.5510.00%87.54153.96-43.14%2.66%688599.SH天合光能7034349.77-1339.4115.76%81.75101.82-19.71%2.49%002028.SZ思源电气14811688.051293.1619.40%69.7254.0928.88%2.12%000625.SZ长安汽车22540165.13-4101.754.89%67.4874.49-9.42%2.05%002459.SZ晶澳科技6234175.02-461.4010.34%59.7071.77-16.81%1.82%002850.SZ科达利535972.741022.6931.07%48.9941.7117.45%1.49%601567.SH三星医疗11916639.00-208.3111.93%47.4234.5437.31%1.44%002466.SZ天齐锂业1069607.70-1285.396.51%46.0960.77-24.16%1.40%600438.SH通威股份8817819.94-148.743.96%44.3244.98-1.46%1.35%603799.SH华友钴业8516101.94-2815.479.55%43.6762.30-29.90%1.33%601012.SH隆基绿能12221482.39-5732.872.83%41.9162.32-32.75%1.27%688223.SH晶科能源4450256.83970.6016.17%41.6143.67-4.70%1.27%603806.SH福斯特9113377.155971.317.18%38.0017.97111.44%1.16%603659.SH璞泰来2718774.781369.049.32%36.1636.39-0.62%1.10%002709.SZ天赐材料6115233.67-3941.6311.00%33.8648.09-29.58%1.03%资料来源：wind，293.07/62.4220.03亿元。减仓方面，三花智控、新宙邦和恩捷股份减仓市值相对较大，减仓市值分别为66.42/32.00/21.12代码名称代码名称持有基金数持股总量(万股)季报持仓变动(万股)持股占流通股比24Q1基金持股总市值(亿元)23Q4基金持股总市值(亿元)变动金额（亿元）持股总市值变动比例300750.SZ宁德时代152758288.048315.9914.97%1108.41815.33293.0735.94%300274.SZ阳光电源50327073.392115.8623.75%281.02218.6062.4228.55%603806.SH福斯特9113377.155971.317.18%38.0017.9720.03111.44%600066.SH宇通客车12113840.245087.706.25%27.5011.6015.90137.13%002028.SZ思源电气14811688.051293.1619.40%69.7254.0915.6228.88%601567.SH三星医疗11916639.00-208.3111.93%47.4234.5412.8837.31%605117.SH德业股份993258.30903.7722.28%29.3319.759.5848.48%002340.SZ格林美3620491.9713148.894.03%12.874.018.86220.98%002850.SZ科达利535972.741022.6931.07%48.9941.717.2817.45%300450.SZ先导智能455392.442540.263.71%13.037.305.7378.50%资料来源：wind，代码名称代码名称持有基金数持股总量(万股)季报持仓变动(万股)持股占流通股比24Q1基金持股总市值(亿元)23Q4基金持股总市值(亿元)变动金额（亿元）持股总市值变动比例002050.SZ三花智控21236890.03-15476.5510.00%87.54153.96-66.42-43.14%300037.SZ新宙邦607735.74-4655.0314.26%26.6158.61-32.00-54.60%002812.SZ恩捷股份264073.29-2622.364.91%16.9238.04-21.12-55.51%688390.SH固德威9101.44-1556.460.59%1.0221.65-20.63-95.29%601012.SH隆基绿能12221482.39-5732.872.83%41.9162.32-20.41-32.75%688599.SH天合光能7034349.77-1339.4115.76%81.75101.82-20.07-19.71%603799.SH华友钴业8516101.94-2815.479.55%43.6762.30-18.63-29.90%300568.SZ星源材质34354.71-8597.933.59%4.8319.97-15.15-75.84%002466.SZ天齐锂业1069607.70-1285.396.51%46.0960.77-14.68-24.16%002709.SZ天赐材料6115233.67-3941.6311.00%33.8648.09-14.23-29.58%资料来源：wind，控持仓市值环比提升，新能源发电调整幅度较深分板块来看，新能源汽车、电力设备与工控持仓市值环比提升，新能源发电调整幅度较深。23Q41.76%24Q11.82%，环比+0.06Pcts23Q46.7324Q17.23%，环比23Q123Q18.02%下降24Q13.06%。图3：23Q1-24Q1电新行业基金持仓变化

新能源汽车 新能源发电 电力设备与工控 电力设备与新能源2023Q1 2023Q2 2023Q3 2023Q4 2024Q1资料来源：wind，1108.414.07%；124.87/124.762-3汽车板块的基金持仓集中度环比提升，前十名的基金持仓占新能源汽车板块基金总持仓的87.45%，环比+2.68Pcts6.32%，环比+0.62Pcts。代码名称代码名称持股总市值(亿元)占新能源车持仓比重占基金总持仓比重300750.SZ宁德时代1108.4156.30%4.07%300014.SZ亿纬锂能124.876.34%0.46%002594.SZ比亚迪124.766.34%0.46%002050.SZ三花智控87.544.45%0.32%000625.SZ长安汽车67.483.43%0.25%002850.SZ科达利48.992.49%0.18%002466.SZ天齐锂业46.092.34%0.17%603799.SH华友钴业43.672.22%0.16%603659.SH璞泰来36.161.84%0.13%002709.SZ天赐材料33.861.72%0.12%合计1721.8387.45%6.32%资料来源：wind，2.47%，环比+0.11Pcts，前十名的基金持仓占新能源发电板块基金总持仓的80.95%，环比+8.49Pcts。从持仓市值具体排名来看，阳光218.601.03%；一体化组件企业持仓排名仍较为靠前，天合光能、晶澳科技、通威股份、2-6代码名称代码名称持股总市值(亿元)占新能源发电持仓比重占基金总持仓比重300274.SZ阳光电源281.0233.75%1.03%688599.SH天合光能81.759.82%0.30%002459.SZ晶澳科技59.707.17%0.22%600438.SH通威股份44.325.32%0.16%601012.SH隆基绿能41.915.03%0.15%688223.SH晶科能源41.615.00%0.15%603806.SH福斯特38.004.56%0.14%603606.SH东方电缆30.153.62%0.11%605117.SH德业股份29.333.52%0.11%601865.SH福莱特26.243.15%0.10%合计674.0580.95%2.47%资料来源：wind，电力设备与工控：2024Q1电力设备与工控持仓市值TOP10标的中，汇川技术持仓市值达到159.82亿元，占总持仓市值的0.59%，稳居电力设备与工控环节第一；思源电气持仓市值为69.7234.544-582.68%，环比+3.11Pcts。代码名称代码名称持股总市值(亿元)占电力设备与工控比重占基金总持仓比重300124.SZ汇川技术159.8232.18%0.59%002028.SZ思源电气69.7214.04%0.26%601567.SH三星医疗47.429.55%0.17%600406.SH国电南瑞30.896.22%0.11%600089.SH特变电工28.795.80%0.11%603195.SH公牛集团18.793.78%0.07%603728.SH鸣志电器17.383.50%0.06%603100.SH川仪股份16.393.30%0.06%600131.SH国网信通11.092.23%0.04%000400.SZ许继电气10.262.07%0.04%合计410.5782.68%1.51%资料来源：wind，投资建议CTB、、薄膜电容建议关注【中熔电气】等。4680210Wh/kg，91270Wh/kg，和其他结构件标的；高镍正极的【长远锂科】、【华友钴业】、【振华新材】、【中伟股份】、【格林美】；布局LiFSI的【天赐材料】、【新宙邦】和碳纳米管领域的相关标的。；钠离子电池【等光伏主线一0BB【同享科技】等、设备企业【奥特维】【迈为股份】等。主线二NN辅材产业链标的面向终端业主，不受主链供给问题影响且受益于产业链价格下行带来的需求增长的支架环节等，逆变器【福斯特等。主线三：光伏主链中，建议关注N【通威股份】【东方日升】【爱旭股份】【钧达股份】【仕净科技】等。风电看好海风&修复的环节：（关注等（关注等；关注大兆瓦关键零部件（）等，以及深远海/漂浮式相关（亚星锚链等；（桩（大金重工、天顺风能、海缆（东方电缆）等；明阳