電新行業(yè)2023Q4基金持倉(cāng)分析：萬(wàn)紫千紅待春臨

目錄電新板塊整體持倉(cāng)環(huán)比下降 3電新子板塊持倉(cāng)分析：新能源汽車(chē)環(huán)比降幅較大，新能源發(fā)電同比調(diào)整幅度最深 6投資建議 9新能源汽車(chē) 9新能源發(fā)電 9電力設(shè)備與工控 10風(fēng)險(xiǎn)提示 12插圖目錄 13表格目錄 13電新板塊整體持倉(cāng)環(huán)比下降重倉(cāng)股進(jìn)行趨勢(shì)分析。從中信一級(jí)行業(yè)分類(lèi)來(lái)看，截至2023Q4中信電新行業(yè)基金持倉(cāng)比重為-2.24Pcts，同比A比-0.64Pcts，同比-1.75Pcts?？紤]到行業(yè)分類(lèi)的一些誤差，我們針對(duì)電新行業(yè)的304只自選股進(jìn)行統(tǒng)計(jì)，結(jié)果顯示截至A7.87%，環(huán)比-0.90Pcts，同比-2.54Pcts。圖1：22Q4-23Q4中信電新行業(yè)板塊持倉(cāng)占比情況圖2：22Q4-23Q4電新股持倉(cāng)占比情況

中信電新行業(yè)基金持倉(cāng)市值占比13.69%11.96% 11.76%9.52%13.69%11.96% 11.76%9.52%8.57%7.40%6.62%6.60%5.96%5.65%22Q4 23Q1 23Q2 23Q3 23Q4

電新股基金持倉(cāng)占比18.17%16.05% 16.21%12.91%18.17%16.05% 16.21%12.91%11.73%10.06%9.35%9.19%8.29%7.87%22Q4 23Q1 23Q2 23Q3 23Q4資料來(lái)源：wind， 資料來(lái)源：wind，持倉(cāng)公司集中度下降。2023Q43220.61億元，環(huán)比-15.83%。2-5，2023Q4TOP1059.65%，環(huán)比-1.12Pct。代碼名稱(chēng)代碼名稱(chēng)持有基金數(shù)持股總量(萬(wàn)股)季報(bào)持倉(cāng)變動(dòng)(萬(wàn)股)持股占流通股比23Q4基金持股總市值(億元)23Q3基金持股總市值(億元)持股總市值變動(dòng)比例持倉(cāng)總市值集中度300750.SZ寧德時(shí)代120449940.87-700.911282.23%815.331028.24-20.71%25.32%300274.SZ陽(yáng)光電源39924957.521196.072216.01%218.60212.692.78%6.79%300124.SZ匯川技術(shù)28327158.15-785.531165.38%171.48185.80-7.71%5.32%002050.SZ三花智控38852366.581595.201419.11%153.96151.301.76%4.78%300014.SZ億緯鋰能18631128.52-1503.261672.17%131.36147.23-10.78%4.08%002594.SZ比亞迪2376052.44-2732.26519.63%119.84207.95-42.37%3.72%688599.SH天合光能8635689.171967.631641.97%101.82103.09-1.23%3.16%000625.SZ長(zhǎng)安汽車(chē)18244261.797765.88542.20%74.4949.0551.87%2.31%002459.SZ晶澳科技7434636.43-2501.551048.14%71.7794.92-24.40%2.23%601012.SH隆基綠能15127215.26-12956.56359.13%62.32109.59-43.13%1.94%603799.SH華友鈷業(yè)9618917.41-3600.241121.81%62.3084.46-26.25%1.93%002466.SZ天齊鋰業(yè)13810893.092061.43738.62%60.7748.5125.27%1.89%300037.SZ新宙邦15312390.7759.082284.19%58.6154.048.46%1.82%002028.SZ思源電氣13910394.88-1667.081729.53%54.0962.34-13.22%1.68%002709.SZ天賜材料7919175.303489.831384.61%48.0942.4013.43%1.49%600438.SH通威股份10517968.69-3538.88399.13%44.9869.39-35.19%1.40%688223.SH晶科能源4949286.2317385.421606.12%43.6732.2235.52%1.36%002850.SZ科達(dá)利354950.05949.503124.05%41.7138.308.89%1.30%002812.SZ恩捷股份566695.65-275.11806.38%38.0441.70-8.76%1.18%603659.SH璞泰來(lái)2617405.74-2963.08864.75%36.3959.66-39.01%1.13%資料來(lái)源：wind，從加倉(cāng)情況來(lái)看，長(zhǎng)安汽車(chē)、天齊鋰業(yè)和三星醫(yī)療加倉(cāng)市值分別為25.44/12.26/12.26億4-5代碼名稱(chēng)代碼名稱(chēng)持有基金數(shù)持股總量(萬(wàn)股)季報(bào)持倉(cāng)變動(dòng)(萬(wàn)股)持股占流通股比23Q4基金持股總市值(億元)23Q3基金持股總市值(億元)變動(dòng)金額（億元）持股總市值變動(dòng)比例000625.SZ長(zhǎng)安汽車(chē)18244261.797765.88542.20%74.4949.0525.4451.87%002466.SZ天齊鋰業(yè)13810893.092061.43738.62%60.7748.5112.2625.27%601567.SH三星醫(yī)療8316847.324555.551207.77%34.5422.2812.2655.02%688223.SH晶科能源4949286.2317385.421606.12%43.6732.2211.4535.52%601877.SH正泰電器424159.233752.10193.55%8.950.958.00843.52%300751.SZ邁為股份541717.69584.83902.08%22.2514.347.9055.09%300568.SZ星源材質(zhì)2012952.642783.241067.88%19.9713.296.6850.27%300274.SZ陽(yáng)光電源39924957.521196.072216.01%218.60212.695.912.78%002709.SZ天賜材料7919175.303489.831384.61%48.0942.405.6913.43%000400.SZ許繼電氣582491.322265.00247.08%5.470.445.031146.68%資料來(lái)源：wind，代碼名稱(chēng)代碼名稱(chēng)持有基金數(shù)持股總量(萬(wàn)股)季報(bào)持倉(cāng)變動(dòng)(萬(wàn)股)持股占流通股比23Q4基金持股總市值(億元)23Q3基金持股總市值(億元)變動(dòng)金額（億元）持股總市值變動(dòng)比例300750.SZ寧德時(shí)代120449940.87-700.911282.23%815.331028.24-212.91-20.71%002594.SZ比亞迪2376052.44-2732.26519.63%119.84207.95-88.11-42.37%688303.SH大全能源441.39-12313.937.96%0.1249.95-49.83-99.76%601012.SH隆基綠能15127215.26-12956.56359.13%62.32109.59-47.27-43.13%002129.SZTCL中環(huán)8716047.85-9993.18397.25%25.1060.89-35.79-58.78%600438.SH通威股份10517968.69-3538.88399.13%44.9869.39-24.42-35.19%603659.SH璞泰來(lái)2617405.74-2963.08864.75%36.3959.66-23.27-39.01%002459.SZ晶澳科技7434636.43-2501.551048.14%71.7794.92-23.16-24.40%603799.SH華友鈷業(yè)9618917.41-3600.241121.81%62.3084.46-22.17-26.25%300014.SZ億緯鋰能18631128.52-1503.261672.17%131.36147.23-15.87-10.78%資料來(lái)源：wind，新能源發(fā)電同比調(diào)整幅度最深電新各子板塊的基23Q31.7323Q41.76%，環(huán)比+0.03Pcts；23Q33.71%23Q43.20%，環(huán)比-1.24Pcts；新能源汽車(chē)持23Q37.44%23Q46.73%，環(huán)比-0.71Pcts22Q47.4023Q43.20%。圖3：22Q4-23Q4電新行業(yè)基金持倉(cāng)變化

新能源汽車(chē) 新能源發(fā)電 電力設(shè)備與工控 電力設(shè)備與新能源2022Q4 2023Q1 2023Q2 2023Q3 2023Q4資料來(lái)源：wind，815.33A2.97%；153.96/131.362-3源汽車(chē)板塊的基金持倉(cāng)集中度基本持平，前十名的基金持倉(cāng)占新能源汽車(chē)板塊基金總持倉(cāng)的84.77%，環(huán)比-0.11PctsA5.71%，環(huán)比-0.61Pcts。代碼名稱(chēng)代碼名稱(chēng)持股總市值(億元)占新能源車(chē)持倉(cāng)比重占A股持倉(cāng)比重300750.SZ寧德時(shí)代815.3344.12%2.97%002050.SZ三花智控153.968.33%0.56%300014.SZ億緯鋰能131.367.11%0.48%002594.SZ比亞迪119.846.49%0.44%000625.SZ長(zhǎng)安汽車(chē)74.494.03%0.27%603799.SH華友鈷業(yè)62.303.37%0.23%002466.SZ天齊鋰業(yè)60.773.29%0.22%300037.SZ新宙邦58.613.17%0.21%002709.SZ天賜材料48.092.60%0.18%002850.SZ科達(dá)利41.712.26%0.15%合計(jì)1566.4684.77%5.71%資料來(lái)源：wind，代碼名稱(chēng)代碼名稱(chēng)持股總市值(億元)占新能源車(chē)持倉(cāng)比重占A股持倉(cāng)比重300750.SZ寧德時(shí)代1028.2446.60%3.47%002594.SZ比亞迪207.959.42%0.70%601633.SH三花智控151.306.86%0.51%000625.SZ億緯鋰能147.236.67%0.50%002050.SZ華友鈷業(yè)84.463.83%0.28%300014.SZ璞泰來(lái)59.662.70%0.20%002466.SZ新宙邦54.042.45%0.18%002460.SZ長(zhǎng)安汽車(chē)49.052.22%0.17%603799.SH天齊鋰業(yè)48.512.20%0.16%603659.SH天賜材料42.401.92%0.14%合計(jì)1872.8484.88%6.32%資料來(lái)源：wind，代碼名稱(chēng)持股總市值(億元)占新能源發(fā)電持倉(cāng)比重占A股持倉(cāng)比重新能源發(fā)電：A2.36%，環(huán)比-0.33Pcts，前十名的基金持倉(cāng)占新能源發(fā)電板塊基金總持倉(cāng)的73.71%，環(huán)比+1.12Pcts。從持倉(cāng)市值具體排名來(lái)看，218.60A101.82/71.77/62.32代碼名稱(chēng)持股總市值(億元)占新能源發(fā)電持倉(cāng)比重占A股持倉(cāng)比重300274.SZ陽(yáng)光電源218.6024.85%0.80%688599.SH天合光能101.8211.57%0.37%002459.SZ晶澳科技71.778.16%0.26%601012.SH隆基綠能62.327.08%0.23%600438.SH通威股份44.985.11%0.16%688223.SH晶科能源43.674.96%0.16%603606.SH東方電纜29.863.39%0.11%300316.SZ晶盛機(jī)電25.412.89%0.09%002129.SZTCL中環(huán)25.102.85%0.09%300763.SZ錦浪科技25.002.84%0.09%合計(jì)648.5373.71%2.36%資料來(lái)源：wind，代碼名稱(chēng)代碼名稱(chēng)持股總市值(億元)占新能源發(fā)電持倉(cāng)比重占A股持倉(cāng)比重300750.SZ 陽(yáng)光電源 212.69 19.36% 0.72%002594.SZ隆基綠能109.599.97%0.37%601633.SH天合光能103.099.38%0.35%000625.SZ晶澳科技94.928.64%0.32%002050.SZ通威股份69.396.32%0.23%300014.SZTCL中環(huán)60.895.54%0.21%002466.SZ大全能源49.954.55%0.17%002460.SZ晶盛機(jī)電35.063.19%0.12%603799.SH晶科能源32.222.93%0.11%603659.SH福萊特29.772.71%0.10%合計(jì)797.5772.59%2.69%資料來(lái)源：wind，TOP10171.48億元，占A股總持倉(cāng)的0.58%，穩(wěn)居電力設(shè)備與工控環(huán)節(jié)第一；思源電氣在A股總0.18%34.54A0.124-579.57%，環(huán)比-0.79Pcts。代碼名稱(chēng)代碼名稱(chēng)持股總市值(億元)占電力設(shè)備與工控比重占A股持倉(cāng)比重300124.SZ匯川技術(shù)171.4835.43%0.58%002028.SZ思源電氣54.0911.18%0.18%601567.SH三星醫(yī)療34.547.14%0.12%600406.SH國(guó)電南瑞26.655.51%0.09%600089.SH特變電工26.145.40%0.09%603728.SH鳴志電器19.794.09%0.07%603100.SH川儀股份18.513.82%0.06%603195.SH公牛集團(tuán)13.382.77%0.05%600131.SH國(guó)網(wǎng)信通10.472.16%0.04%600885.SH宏發(fā)股份10.102.09%0.03%合計(jì)385.1679.57%1.30%資料來(lái)源：wind，代碼名稱(chēng)代碼名稱(chēng)持股總市值(億元)占電力設(shè)備與工控比重占A股持倉(cāng)比重300750.SZ匯川技術(shù)185.8036.28%0.63%002594.SZ思源電氣62.3412.17%0.21%601633.SH特變電工29.065.68%0.10%000625.SZ國(guó)電南瑞28.575.58%0.10%002050.SZ三星醫(yī)療22.284.35%0.08%300014.SZ川儀股份21.524.20%0.07%002466.SZ鳴志電器18.793.67%0.06%002460.SZ宏發(fā)股份17.923.50%0.06%603799.SH公牛集團(tuán)14.562.84%0.05%603659.SH國(guó)網(wǎng)信通10.722.09%0.04%合計(jì)411.5680.37%1.39%資料來(lái)源：wind，投資建議CTB、、薄膜電容建議關(guān)注【中熔電氣】等。4680210Wh/kg，91270Wh/kg，和其他結(jié)構(gòu)件標(biāo)的；高鎳正極的【長(zhǎng)遠(yuǎn)鋰科】、【華友鈷業(yè)】、【振華新材】、【中偉股份】、【格林美】；布局LiFSI的【天賜材料】、【新宙邦】和碳納米管領(lǐng)域的相關(guān)標(biāo)的。；鈉離子電池【等光伏【通潤(rùn)裝備。接面向終端業(yè)主，不受主鏈供給問(wèn)題影響且受益于產(chǎn)業(yè)鏈價(jià)格下行帶來(lái)的需求增NNN等。主線三：光伏主鏈中，建議關(guān)注N【通威股份】【東方日升】【愛(ài)旭股份】【鈞達(dá)股份】等。風(fēng)電看好海風(fēng)&修復(fù)的環(huán)節(jié)：（關(guān)注等（關(guān)注等；關(guān)注大兆瓦關(guān)鍵零部件（）等，以及深遠(yuǎn)海