Soochow interprets Q3 fund holdings in the electrical equipment and new energy sector: industrial control rose, while the electric vehicle, photovoltaic, wind power, power equipment, and energy storage segments all declined.

Soochow released a research report stating that, using the ratio of the market value of heavily held stocks in the electrical equipment and new energy sector to the market value of funds' heavily held stocks as an indicator, the ratio was 8.93% in 2026Q3, down 1.33 pct QoQ; using the ratio of the market value of heavily held stocks in the electrical equipment and new energy sector to the market value of funds' stock investments as an indicator, the ratio was 4.31% in 2026Q3, down 0.89 pct QoQ; using the ratio of the market value of fund holdings in electrical equipment and new energy stocks to the total market value of electrical equipment and new energy stocks as an indicator, the ratio was 2.86% in 2026Q3, down 0.21 pct QoQ. The industrial control segment rose, while the electric vehicle, photovoltaic, wind power, power equipment, and energy storage segments declined. Soochow's main views are as follows: New energy vehicles: Overall holdings declined; midstream & complete vehicles & core components & charging piles rose, while upstream lithium mines and new technology segments declined. The overall holdings of the new energy vehicle segment as a proportion of total market value in 2026Q3 were 3.42%, down 0.15 pct QoQ. From 2025Q3 to 2026Q3, the holding ratios were 5.28%, 4.57%, 4.39%, 3.57%, and 3.42%, respectively. 1) Overall holdings in upstream lithium mines fell 1.02 pct to 3.27% in 2026Q3. 2) Holdings in the midstream segment overall rose 0.12 pct to 4.93%; holdings in batteries, cathodes, separators, and additives rose, while holdings in structural components, anodes, lithium hexafluorophosphate and electrolytes, aluminum foil, and copper foil declined. 3) Holdings in complete vehicles, core components, and charging piles rose in 2026Q3. 4) Holdings in the new technology segment fell 0.82 pct to 2.73% in 2026Q3, with holdings in sodium-ion batteries, composite current collectors, and solid-state batteries declining. New energy: Photovoltaic and wind power declined, while nuclear power rose. The photovoltaic segment's holdings as a proportion of total market value fell QoQ to 2.23% in 2026Q3 (-0.57 pct). From 2025Q3 to 2026Q3, the holding ratios were 4.18%, 3.64%, 3.51%, 2.80%, and 2.23%, respectively. Holdings in polysilicon, wafers, cells, modules, and inverters declined. 1) The polysilicon segment fell 0.02 pct; 2) the wafer segment fell 0.26 pct; 3) cells fell 0.51 pct; 4) integrated modules fell 0.11 pct; 5) the inverter segment fell 1.81 pct; 6) auxiliary materials: holdings in brackets, EPC, diamond wire, and quartz crucibles rose, while holdings in encapsulant films, glass, equipment, and silver paste declined. The wind power segment's holdings as a proportion of total market value fell QoQ to 2.86% in 2026Q3 (-1.37 pct). From 2025Q3 to 2026Q3, the ratios were 3.46%, 2.36%, 5.08%, 4.23%, and 2.86%, respectively. 1) The complete turbine segment rose 0.12 pct; 2) the tower, offshore pile, and anchor chain segment fell 0.30 pct; 3) the submarine cable segment fell 2.81 pct; 4) the castings/forgings and structural components segment rose 0.13 pct; 5) the bearing and roller segment was basically flat; 6) the blade and materials segment rose 1.00 pct. The nuclear power segment's holdings as a proportion of total market value rose QoQ to 1.32% in 2026Q3 (+0.05 pct). From 2025Q3 to 2026Q3, the holding ratios were 0.73%, 0.91%, 2.14%, 1.27%, and 1.32%, respectively. Industrial control & power equipment: Holdings in industrial control and humanoid Siasun Robot&Automation segments rose, while power equipment and AIDC declined. The industrial control & power electronics segment's holdings as a proportion of total market value were 4.58% in 2026Q3, up 0.69 pct QoQ. From 2025Q3 to 2026Q3, the holding ratios were 6.21%, 4.63%, 4.56%, 3.90%, and 4.58%, respectively. The power equipment segment's overall holdings as a proportion of total market value were 2.97% in 2026Q3, down 0.20 pct QoQ. From 2025Q3 to 2026Q3, the holding ratios were 4.15%, 4.15%, 4.20%, 3.16%, and 2.97%, respectively. Energy storage: Overall holdings declined; batteries and EPC rose, while PCS, large-scale storage integration, and household/commercial & industrial storage declined. The energy storage segment's overall holdings as a proportion of total market value were 3.98% in 2026Q3, down 0.43 pct QoQ. From 2025Q3 to 2026Q3, the holding ratios were 7.26%, 6.65%, 5.45%, 4.41%, and 3.98%, respectively. 1) Energy storage batteries' holdings as a proportion of total market value were 6.15% in 2026Q3; 2) the PCS segment's holdings as a proportion of total market value were 3.84% in 2026Q3; 3) large-scale storage integration's holdings as a proportion of total market value were 1.96% in 2026Q3; 4) household storage & commercial and industrial storage's holdings as a proportion of total market value were 2.87% in 2026Q3; 5) the EPC segment's holdings as a proportion of total market value were 0.22% in 2026Q3. Risk warning: Stock market volatility risk, macroeconomic fluctuation risk, and policy change risk. This report only provides objective data analysis and commentary on funds' third-quarter reports; the stocks and industries involved do not constitute investment advice. Note: Unless otherwise specified, increases and decreases in this article are QoQ data.