CITIC Securities Investment released a research report stating that the proportion of institutional holdings of new energy stocks in Q2 has slightly decreased, from 9.5% in Q1 2024 to 8.8% in Q2. The sectors that saw a significant decrease in holdings include photovoltaic components, Ningde Times lithium batteries, and photovoltaic auxiliary materials; while the sectors that saw a significant increase include power equipment, other lithium batteries, and offshore wind. The market value proportion of new energy companies has remained stable, with heavy positions still concentrated in leading companies such as Ningde Times (300750.SZ) and SunPower (300274.SZ). However, there is a trend of transferring holdings from Ningde Times and photovoltaics to power equipment. Key points from CITIC Securities Investment are as follows: The proportion of institutional holdings of new energy stocks in Q2 has slightly decreased, from 9.5% in Q1 2024 to 8.8% in Q2. Sectors with significant decreases include photovoltaic components 0.61% (-0.29pct), Ningde Times lithium batteries 3.85% (-0.22pct), and photovoltaic auxiliary materials 0.17% (-0.18pct); while sectors with significant increases include power equipment 1.11% (+0.21pct), other lithium batteries 0.67% (+0.13pct), and offshore wind 0.19% (+0.06pct). The proportion of heavy positions in the power equipment sector has continued to increase since 23 years ago. On one hand, the investment in the 24 power grid has exceeded expectations, maintaining a high scale of ultra-high voltage construction, driving growth in top main grid companies with strong growth certainty. On the other hand, the global power equipment has entered an upward cycle, especially with strong demand for primary equipment overseas, opening up market space for going abroad. The sector has strong defensive properties but is still significantly under-allocated, mainly due to low market attention and cognitive differences, although there has been an improvement in Q2. The photovoltaic and electric vehicle sectors have gradually decreased in allocations since 2023, mainly due to the rapid expansion of production capacity, intensifying market competition, and pressure on unit profits. The offshore wind sector benefits from high growth potential, is over-allocated in the industry, but due to the high proportion of landwind business in related components and main engines, the growth potential is weak, so it is under-allocated. The hydrogen energy industry is still in the stage of industry introduction, with small revenue volume and some targets still in the primary market. The sector has limited capacity for capital, so it is currently under-allocated.