电力设备行业深度报告：25Q3基金持仓深度电新重仓Q3总体上升电动车、光伏、储能、工控、电网、风电板块均上升-基于12986支基金2025年三季报的前十大持仓的定量分析

内容目录前言 4电新整体持仓分析：电新重仓市值在基金全部重仓市值的比例环比上升2.74ct至14.94% 4电新子行业持仓分析：电动车、光伏、储能、工控、电网、风电板块均上升 5新能源汽车：总体持仓上升，上游锂矿&中游&核心零部件&新技术上升，整车&充电桩持仓下降 73.1.1.上游锂矿2025Q3整体持仓上升1.24pct至2.86% 7中游持仓整体提升0.69pct至8.92%，结构件、正极、负极、隔膜、六氟磷酸锂及电解液、添加剂、铜箔持仓上升，电池、铝箔持仓下降 核心零部件2025Q3持仓上升，整车、充电桩持仓下降 8新技术板块2025Q3上升0.29pct至2.00%，钠电池、复合集流体上涨 8新能源：光伏、风电上升，核电下降 9光伏板块总体2025Q3持仓占总市值比重环比提升至4.18%，环比+1.43pct 9风电板块2025Q3持仓占总市值比重环比上升至3.46%（+0.14pct） 10核电板块2025Q3持仓占总市值比重环比下降至0.73%（-0.05pct） 10工控&电力设备：电力设备&工控板块持仓上升 工控&2025Q36.21%1.06pct....................................................................................................................................................电力设备板块总体2025Q3持仓占总市值比重为1.81%，环比上升0.33pct 储能：总体持仓上升，温控/消防、集成/EPS、新型储能上升，PCS下降 123.4.1.2025Q32.04pct7.97%，PCS2025Q3整体下降0.03pct至8.27% 123.4.2.温控/消防2025Q3上升2.27pct至5.13% 133.4.3.集成/EPC/运营2025Q3上升1.34pct至1.98% 133.4.4.新型储能2025Q3上升0.35pct至0.92%，便携式储能上升1.48pct至1.56% 13电新个股的基金持仓环比增速前十持股占总市值分析 142025Q3基金持仓环比增速前十 142025Q3基金持仓市值前十 142025Q3基金持仓降幅前十 152025Q3基金持仓市值占总市值比例前十 15电新各板块海外持仓分析 16风险提示 18图表目录图1：基金前十大重仓的持股比例情况 5图2：基金前十大重仓的持股比例 5图3：电新子行业拆分框架 6图4：各板块前十大重仓的持股比例 7图5：新能源汽车板块前十大重仓占股票总市值趋势 8图6：新能源汽车板块中，锂电池中游子板块前十大重仓占股票总市值趋势 9图7：新能源板块前十大重仓占股票总市值趋势 图8：电力设备及工控板块前十大重仓占股票总市值趋势 12图9：储能板块前十大重仓占股票总市值趋势 14图10：电新重点个股持仓分析（前十基金持仓比例） 16图电新板块海外持仓占自由流通股市值趋势 17图12：电动车/光伏板块、电新个股前十基金持仓市值（累加值） 17图13：沪港通持仓占自由流通股比重（季度末） 18前言129862025Q3454（363）（301）环比上升2.74ct14.94%下面两张图从三个角度表达了公募基金持仓的变化，其中基金持仓占总市值比例最能反映市场上公募投资者对于电新板块的配置情况，2019Q2环比略有上升，2020Q1环比上升0.09个百分点，2020Q2开始出现大幅提升趋势，2020Q4升至5.57%，2021Q1回落至5.24%，但2021Q2大幅提升至6.72%，2021Q3持续提升至7.36%，经历2021Q4下滑至7.01%，2022Q1重新提升至7.73%，2022Q2继续提升至7.45%，2022Q3下降至6.68%，2022Q4回落至5.88%，2023Q1下滑至5.19%，2023Q2继续下降至5.01%，2023Q34.64%，2023Q44.03%，2024Q14.34%，2024Q24.25%，2024Q34.39%，2024Q44.33%，2025Q14.14%，2025Q2下3.44%，2025Q34.48%占比14.94%，环比上升2.74pct占比，环比上升1.04pct。图1：基金前十大重仓的持股比例情况2019Q1-2025Q3量（亿股）2019Q1-2025Q3量（亿股）基金持股数流通股数量（亿股）平均价格基金持股市流（元/股）值（亿元）净值（亿股票重仓市值股票投资市值持股市值持股市值占基持股市值占基元）（亿元）通市值比例（亿元）元）（亿元）（亿元）占基金净金重仓股票市金股票投资2019/3/312019/6/302019/9/302019/12/312020/3/312020/6/302020/9/302020/12/312021/3/312021/6/302021/9/302021/12/312022/3/312022/6/302022/9/302022/12/312023/3/312023/6/302023/9/302023/12/312024/3/312024/6/302024/9/302024/12/312025/3/312025/6/32313130363950655961711019213511115212112012112511411511111798268927602795283628912941299930803088322432683287347135894084415044624640463149474986506058.77.77.88.58.09.512.717.015.921.625.226.622.025.122.421.521.219.517.816.215.5275075317187321,3112,5543,7023,2545,6287,1827,2337,0988,0887,6126,4305,8945,4574,48923,44321,31021,71324,18823,24727,89538,19352,25549,11769,68582,52587,32476,51390,11191,31789,09294,456930,20326,65427,00230,61329,73436,72348,70966,46362,08083,71897,617103,13591,876108,569113,971109,31.7%1.9%2.0%2.3%2.5%3.6%5.2%5.6%5.2%6.7%7.4%7.0%7.7%7.4%2.2%2.4%2.4%3.0%3.1%4.7%6.7%7.1%6.6%8.1%8.7%8.3%9.145,260140,750140,858153,164178,091178,610184,513212,172229,720246,608255,134,822131,049132,254141,117162,271164,188170,704194,137211,9,83310,51011,36612,91513,77717,46222,420,26520,94922,20425,57626,8值比例0.4%0.4%0.4%值比例5.4%4值图2：基金前十大重仓的持股比例电板块均上升129862025Q3454图3：电新子行业拆分框架分板块看，2025Q3新能源汽车板块基金持股占总市值比例环比上升1.13pct至5.28%（0.87pct至6.21.4pct至4.10.14pct3.46%，工控1.06pct6.21%，电力0.33pct1.81%1.65pct7.25%。2.10pct，10.50%2.13%0.98%7.84%，2.84pct、0.17pct、0.37pct、3.7pct0.66%、0.71%，0.7pct、0.08pct（。图4：各板块前十大重仓的持股比例新能源汽车：总体持仓上升，上游锂矿中游&核心零部件&升，整车充电桩持仓下降6414142233新能20535.8113pc2024320253持仓比例分别为5.25%、5.29%、5.20%、4.15%、5.28%。上游锂矿2025Q3整体持仓上升1.24pct至2.86%1.0（+.68pc3.69（1.4pc194（1.2pc。中游持仓整体提升0.69pct至1电池下降0.2pct至07817.63+505pc1.29（11pc4.6+138pc）结构件上升13pct至正极提升3.40pct至13.25%（+.78pc.7+5.1pc9.17（5.66c1.4%（+.89pc05（0.5pc.01（.14pc负极上升0.7t至3395.50.03pc尚太科技5.2+5.4pc隔膜上升048pct至41其中星源材质2.0+1.9pc4.5（.44pc；）170pct至435，3.4（536pc.88（6.67c；）添加剂提升095pct至.35，41（0.6pc；）铝箔下降0.2ct至0.8，0.57%（0.68c；）铜箔上升1.86pct至1.9，1.6+1.1pc。核心零部件2025Q3具体数值来看，整车环比下降0.50pct至1.30%，其中比亚迪持仓占比0.77%（-0.97pc0.4pct至6076.5+0.6pc284%（1.87c007pct至0.8。新技术板块2025Q3上升0.29pct至2.00%，钠电池、复合集流体上涨2024Q3-2025Q31.02%0.79%1.68%1.71%2.00%。1）0.4pt至1.750.0+0.1pc000（0.00.0pct至2.1，298（5.7pc460（0.0pc0.00（290pc。图5：新能源汽车板块前十大重仓占股票总市值趋势图6：新能源汽车板块中，锂电池中游子板块前十大重仓占股票总市值趋势新能源：光伏、风电上升，核电下降我们将新能源板块拆分为光伏、风电、核电，分别统计81、46、9只股票。 光伏板块总体2025Q34.18%，环比+1.43pct2024Q3-2025Q34.15%4.13%3.33%2.75%4.18%硅料环节上升0.72611.31623.83639（2.70c+31pc0.0（0.02c硅片环节上升0.5pc22202Q3分别1252.723.63.423.8481+026pcCL中环2.9+0.0pc265（2.5c电池上升0.2pc02Q3202Q3分别0392.3353.2.74167（+.17c0.0（0.4pc698+0.2pc一体化组件上升063pc22Q3-202Q3分别3.70.14052903.3245+.89pc5.3（01c.69（1.2c3.65（248pc481+0.6pc5逆变器环节上升.02c22Q320Q32.00、10.77%9.06%8.54%8.56%3.36%（-1.91pct）,12.07%（-0.66pc4.5（290pc0.0持平.63（073pc003（P0.32c1.4（049pc0.00.07pc3.6（+183pc0.2pc302+0.6pcEC102pc0.6+063c276（+.76c2.4pc1.2+0.3pc084%（2.17c5.2+4.9pc5.7+5.0pc0.22pc，1.59（0.76c038（0.0pc230pc683+426pc001（.65pc0.012.0pc278（+.55pc000（0.2pc。风电板块2025Q33.46%（+0.14pct）风电板块2024Q3-2025Q3分别3.79%2.84%3.32%3.46%整机环节上升1.05pct，2024Q3-2025Q32.42%1.65%2.29%（.97pc0.2+0.2pc4.9+3.3pc2.13+2.0pc0.0（+.05c2海桩环节上升.24c22Q3-202Q3分别1.93、1.、3.4、423、4.47607（.89pc376（1.4pc19（1.0pc.60+306pc064+058pc0.003海缆环节上升068pc202Q3-202Q39.2625.465.235.11.0+.20pc6.4（.70pc3.33（0.8c0.00（0.4pc0.8+048pc；）.38c，20402Q3分别为1011.2060.0.78350（+.86c0.2（0.9pc076+005pc0000.26+007pc0.0（0.2pc.49c02Q3-202Q3分别0.91、1.、2.0、226、1.77469（.48pc037（0.37c0000.0（001p）叶片及材料环节下降.6c02Q322Q3分别.70.60.4306.37，025（0.5pc577（0.7pc0.00（001pc。 核电板块2025Q30.73%（-0.05pct）2024Q3-2025Q30.93%、0.71%、0.64%、0.78%、0.73%。图7：新能源板块前十大重仓占股票总市值趋势工控&电力设备：电力设备&工控板块持仓上升/)、工控&2121131825、17、41工控2025Q36.21%，环比上升1.06pct2024Q3-2025Q34.60%5.67%5.59%5.14%6.21%984+014pc02Q322Q35.79.89569.70、9.8420Q3.84（1.7pc178%（+.21pc3.5（1.8pc380+3.4pc6.64%（+.48pc20（0.5pc）10.2+130pc。电力设备板块总体2025Q31.81%，环比上升0.33pct电力设备板块2024Q3-2025Q3持仓比例分别为2.70%、2.12%、1.95%、1.48%、1.81%。1）低压板块2025Q3持仓环比下降0.16pct，2024Q3-2025Q32.38%、2.04163.781.12.91（144pc2.1%（+0.0pc。）特高压板块0253持仓环比上升.22c，02Q322Q3分别为3.162.612.51.52.71.01+101pc0.3%（0.04c69（+2070.7（0.2pc0253持仓环比上升0.83%0.33%0.31%0.35%0.76%，17（+220pc智能用电20253持仓环比下降.73c，2024Q3-2025Q34.84%3.62%3.01%1.56%1.10%比1.04ct、海兴电力139%（+.52pc、三星医疗1.5（2.3pct。5）中压板块2025Q3持仓环比上升2.29%1.62%1.50%、1.745.2（+393pc3.5（0.7pc1.8%（+.80pc02532持仓环比上升.13c204320531.68、1.220.60.700831.1+0.9pc.81（-1.74pc0.71（0.14c，02Q322Q30.4、.36、0.82、0.86%、0.71%。图8：电力设备及工控板块前十大重仓占股票总市值趋势 、储能：总体持仓上升，温控/消防、集成/EPS、新型储能上升，PCS降PCS/EPC/能共48只股票。储能板块总体持仓占总市值比重为5.60%，环比-2.20pct。2024Q2-2025Q2持仓比例分别为7.92%、8.61%、8.42%、7.80%、5.60%。储能电池2025Q3整体持仓环比上升2.04pct至7.97%，PCS2025Q3整体下降0.03pct至8.27%储能电池2025Q3整体持仓环比上升2.04pct至7.97%。其中亿纬锂能占比17.63%（+.05pc129（1.pc3.303.30pc206（1.2pc1.21.24pc。PS20253整体下降0.0t至827其中阳光电源持仓占比1207（066c360（0.3pc33（1.9pc8.2%（+.28pc0.0%（.pc475（2.9pc。3.4.2.温控/消防2025Q3上升2.27pct至5.13%温控消防20253上升2.7pct至5.38.0+2.9c1.0（+.25pc0.66（0.66c0.00%（持平。3.4.3.集成/EPC/运营2025Q3上升1.34pct至1.98%集成/EPC/运营2025Q3上升1.34pct至1.98%。其中金盘科技持仓占比5.20%（+.93pc365+1.8pc0.4+034pc003（+.03pc。3.4.4.新型储能2025Q3上升0.35pct至0.92%，便携式储能上升1.48pct至1.56%新型储能2025Q3上升0.35pct至1.48pct至1.56%其中.42（0.27c.08%（+.57pc102（+.02pc0.1（005c000（0.01c148pct至156156（+.48pc。图9：储能板块前十大重仓占股票总市值趋势 、电新个股的基金持仓环比增速前十持股占总市值分析2025Q3基金持仓环比增速前十1）中控技术：2025Q3提升7.21pct至11.78%，基金持股市值约51.33亿元。2）华友钴业：2025Q3提升6.78pct至13.25%，基金持股市值约165.79亿元。3）中矿资源：2025Q3提升6.71pct至10.22%，基金持股市值约36.50亿元。4）天赐材料：2025Q3提升6.67pct至8.88%，基金持股市值约64.86亿元。5）欣旺达：2025Q3提升6.38pct至10.29%，基金持股市值约64.21亿元。科大智能：2025Q35.78pct5.78%6.10湖南裕能：2025Q35.66pct9.17%42.15尚太科技：2025Q35.44pct5.82%12.70当升科技：2025Q35.31pct5.47%19.78捷佳伟创：2025Q35.30pct5.37%18.812025Q3基金持仓市值前十宁德时代：2071.0411.29%-1.11pct。阳光电源：405.3512.07%-0.66pct。亿纬锂能：328.1217.63%+5.05pct。汇川技术：222.749.84%+0.14pct。华友钴业：165.7913.25%+6.78pct。东山精密：155.5211.88%+3.31pct。三花智控：127.476.25%+0.96pct。科达利：77.2414.43%，环比-1.15pct。比亚迪：76.530.77%-0.97pct。隆基绿能：65.584.81%+0.26pct。2025Q3基金持仓降幅前十（602pc（574pc.36pc507pc科泰电源（4.23c（389pc3.3pc3.68pc（2.90c2.90c。2025Q3基金持仓市值占总市值比例前十（7.63（14.33.2512.0东山精密（1.88（1781.0.4112910.2。图10：电新重点个股持仓分析（前十基金持仓比例）代码公司截止25Q3流通市值（亿元）截止25Q3总市值（亿元）截止25Q3股市值（亿元）前十基金持股占总市值比例2025/9/302025/6/302025/3/312024/12/312024/9/302024/6/302024/3/312023/12/312023/9/302023/6/30300014.SZ亿纬锂能1693.921861.61328.1217.63%12.57%13.06%13.52%16.43%18.51%15.59%15.11%15.86%17.07%002850.SZ科达利385.73535.2577.2414.43%15.59%16.84%20.47%23.56%23.00%22.14%18.36%14.85%17.94%603799.SH华友钴业1241.611251.62165.7913.25%6.47%9.28%5.10%9.30%6.20%12.22%11.06%13.81%13.54%300274.SZ阳光40.74%13.00%15.59%16.25%17.76%18.99%16.30%15.66%19.43%300750.SZ宁德207.40%13.17%14.58%14.55%12.88%13.25%11.23%11.52%11.66%300124.SZ汇川技术1987.622262.89222.749.84%9.70%9.56%9.38%5.73%9.33%10.61%10.14%10.48%8.99%002709.SZ天赐材料528.62730.7164.868.88%2.20%1.89%5.20%4.97%7.51%7.92%9.95%8.13%12.82%002028.SZ思源电气664.44848.6258.996.95%4.88%6.50%9.26%11.04%11.86%15.12%13.46%15.65%15.65%600438.SH通威股份1003.491003.4964.126.39%3.69%3.90%5.20%1.65%2.46%3.96%4.03%5.35%4.41%603659.SH璞泰来660.57660.5736.575.54%5.51%5.14%4.10%4.41%8.33%8.78%8.14%10.10%11.87%002459.SZ晶澳科技434.38434.8923.635.43%5.54%7.80%9.51%7.13%6.44%10.30%10.45%11.21%16.00%601012.SH隆基股份1364.051364.0565.584.81%4.55%4.90%3.53%1.49%2.83%2.83%3.59%5.30%5.80%688390.SH固德威157.05157.057.464.75%7.65%3.68%0.28%3.09%7.47%0.59%9.62%8.91%7.58%002812.SZ恩捷股份377.58452.1318.774.15%4.60%4.84%5.18%3.91%3.54%4.17%6.86%7.14%9.50%688116.SH天奈科技237.39252.3110.374.11%4.27%4.70%3.91%2.31%2.11%4.90%4.65%3.76%1.48%300763.SZ锦浪科技297.62368.5313.283.60%4.33%0.37%7.44%12.09%7.34%9.05%8.92%8.60%9.15%300037.SZ新宙邦288.39399.1613.733.44%8.80%6.65%14.20%15.13%8.63%10.26%16.53%16.45%16.23%600885.SH宏发股份384.79384.7910.912.84%4.71%6.62%5.13%5.86%5.26%2.97%3.68%5.12%4.24%002865.SZ钧达股份122.32124.142.081.67%0.50%7.25%6.57%0.50%0.03%2.50%0.76%7.02%5.78%603806.SH福斯特409.57409.576.071.48%1.98%2.44%3.21%2.31%4.41%7.18%3.97%4.34%6.81%688005.SH容百科技228.54228.573.241.42%0.52%0.92%0.93%0.07%0.08%1.24%2.79%5.51%2.14%600406.SH国电南瑞1835.961844.1713.120.71%0.86%0.82%1.36%0.94%1.40%1.58%1.50%1.60%1.52%300919.SZ中伟股份452.97468.082.580.55%0.70%0.80%0.80%0.77%1.12%1.10%1.08%1.71%1.99%300769.SZ德方纳米116.59129.760.010.01%0.15%0.04%0.12%0.22%0.00%0.23%1.57%3.26%3.27%300207.SZ欣旺达577.96624.2664.2110.29%3.91%5.72%5.65%6.52%4.76%3.35%2.97%5.92%4.37%600732.SH爱旭股份262.05349.9824.426.98%6.96%2.80%0.59%0.14%0.00%0.00%1.11%1.96%5.38%002050.SZ三花智控2015.102038.38127.476.25%5.29%7.06%8.62%8.48%7.71%9.88%14.03%13.61%12.94%300073.SZ当升科技335.91361.3619.785.47%0.17%0.02%0.11%0.17%3.23%5.76%5.76%10.04%8.01%002202.SZ金风科技618.09632.4931.374.96%1.62%0.56%2.03%1.21%0.45%0.84%1.33%1.42%1.63%002979.SZ雷赛智能104.35148.346.324.26%1.02%1.96%0.20%0.23%0.15%0.00%0.21%2.19%8.66%002460.SZ赣锋锂业1005.391252.4246.203.69%2.23%2.40%2.67%2.14%3.47%3.11%3.41%3.77%5.33%601865.SH福莱特404.12404.1514.573.61%1.78%2.06%3.55%3.33%2.71%3.92%3.63%4.49%5.34%688408.SH中信博103.90103.903.133.02%2.38%3.76%13.88%14.35%6.84%8.04%11.03%11.37%9.57%002407.SZ多氟多221.51244.046.572.69%0.25%0.27%0.27%0.01%2.60%0.18%0.00%0.00%0.00%688599.SH天合光能378.56378.569.292.45%0.57%1.47%7.11%6.73%6.88%15.76%16.42%15.51%14.61%300568.SZ星源材质177.10195.783.932.01%0.11%0.00%0.02%0.03%0.12%9.13%9.63%11.25%10.58%002466.SZ天齐锂业780.13780.7314.831.90%1.22%1.74%2.46%2.47%3.67%5.85%6.64%5.38%7.29%002192.SZ融捷股份101.91102.121.811.77%0.48%0.77%0.80%0.88%0.87%0.85%1.15%5.31%5.43%688388.SH嘉元科技159.93159.922.661.66%0.25%0.03%0.29%0.02%0.11%1.67%3.69%3.61%5.55%002594.SZ比亚迪7831.069956.8976.530.77%1.74%4.67%2.62%3.20%3.98%2.11%2.08%3.02%3.60%002756.SZ永兴材料149.51208.961.180.57%1.65%0.46%4.97%5.84%4.92%6.98%6.99%7.15%10.42%300035.SZ中科电气132.60155.800.650.42%0.49%1.06%0.71%0.16%0.00%0.10%0.00%0.00%0.16%688680.SH海优新材43.2443.240.120.27%2.79%1.97%1.90%0.10%0.40%0.82%0.28%0.00%0.61%603218.SH日月股份151.02151.370.350.23%0.82%0.96%0.25%0.54%0.51%0.87%0.55%3.30%4.51%600110.SH诺德股份116.43116.430.000.00%0.01%0.93%0.00%0.00%0.00%0.00%0.00%1.5、电新各板块海外持仓分析二次设备板块1.09（3.4pc4761.28pc4.6+0.4pc8.74+0.5pc3.7+06pc、智能用电3.2+0.9pc2.12（+.4pc9.96（+.37pc129+036pc4.7+0.pc0.4+0.6pc电池930+014pc2.9（0.01pc6.1（0.03pc光伏442（.03pc5.7（0.5pc392（.07pc2.5（0.1pc5.0（0.4pc339（112pc766%（1.49c009（354pc图11：电新板块海外持仓占自由流通股市值趋势、图12：电动车/光伏板块、电新个股前十基金持仓市值（累加值）、图13：沪港通持仓占自由流通股比重（季度末）2025/9/302025/6/302025/3/312024/12/312024/9/302024/6/302024/3/312023/12/312023/9/30国电南瑞22.52%31.80%32.60%34.10%34.37%34.36%39.22%39.91%41.48%宏发股份29.56%27.97%29.94%29.05%27.74%30.98%31.72%30.96%32.99%汇川技术25.42%24.84%26.91%27.44%30.74%31.81%31.10%32.30%32.29%恩捷股份5.29%5.45%4.32%4.63%6.11%8.36%8.26%8.84%11.06%宁德时代26.64%24.50%22.40%21.86%20.35%19.58%18.51%17.50%17.69%捷佳伟创3.20%3.32%1.18%1.72%2.14%3.93%4.13%6.73%5.79%正泰电器12.22%13.06%11.45%9.23%7.95%8.69%9.28%6.98%6.59%三花智控8.04%8.66%9.52%12.13%16.49%21.85%28.01%29.12%30.08%璞泰来6.81%9.27%9.28%10.20%8.25%7.02%14.41%18.48%17.61%隆基绿能6.01%7.66%7.77%6.23%6.77%6.50%7.33%9.23