Event: after the disclosure of the data of the top ten heavy positions of public funds in 21q4, we made statistics and Analysis on the positions of public funds in household appliances.
21q4 fund's heavy holdings in household appliances improved month on month. In 2021q4, the market value ratio of heavy positions held by funds in the household appliance sector was 1.78%, an increase of 0.2pct compared with 1.58% in 2021q3. On the whole, the willingness of public funds to allocate the household appliance industry is still low, but it has improved. With the marginal weakening of factors restricting the household appliance industry, such as rising prices of raw materials, flat downstream retail and poor shipping, the profitability of household appliance enterprises is expected to improve, The ratio of heavy positions of the fund to home appliance stocks is expected to continue to improve. In 2021q4, the proportion of over allocation in the household appliance industry was 0.03%, lower than the average value since 2010 (2.31%). Through the comparative analysis of the shareholding data of public fund household appliance industry and the closing price change data of Shenwan household appliance industry index, it is found that the correlation between the rise and fall of household appliance industry index and the proportion of fund shareholding and fund over ratio is 14.21% and 12.58% respectively. From the perspective of sub sectors, the fund allocation of public funds is mainly concentrated in the field of white electricity, with a slight increase in the allocation proportion, from 1.08% to 1.19%. Except for the slight decrease of black electricity, other sectors have improved, including the small household appliances and parts sectors, which increased by 0.06 and 0.03pct.
The proportion of the stock market value of household appliances held by the fund in the market value of the industry increased. The share of 2021q4 fund's heavy position in the home appliance stock market in the home appliance sector increased by 0.49pct compared with 21q3. In terms of sectors, 2021q4 public fund holds the highest proportion of the stock market value of white electronics sector and the total circulation market value of household appliance industry, accounting for 4.13%. The remaining sub sectors account for a small proportion of the total circulation market value of the household appliance industry. The proportion of black electricity, kitchen electricity, small household appliances, parts and lighting sub sectors are 0.16%, 0.14%, 1.11%, 0.63% and 0.001% respectively.
Plate position differentiation. In terms of target selection, white power is still the focus of fund allocation. The heavy positions of Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) and Gree Electric Appliances Inc.Of Zhuhai(000651) are 600, 239 and 113 respectively, and the changes compared with Q3 are 63, 70 and - 5 respectively. From the perspective of the market value of heavy positions held by public funds, the top three in the market value of funds are Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) and Beijing Roborock Technology Co.Ltd(688169) respectively, and the market value of heavy positions is 2513564.33, 152657733 and 5345796100 yuan. The concentration of the fund's heavyweight stocks decreased slightly. The market value of the top 3 and top 5 heavyweight stocks in 21q4 accounted for 69.60% and 82.72% of the total market value of the fund's heavyweight household appliance stocks, down 0.91pct and 0.92pct respectively.
Investment suggestion: in the fourth quarter, the proportion of heavy positions of the fund in household appliances improved month on month, but it is still low. In the follow-up, emerging categories are expected to continue the high boom, the pressure of rising raw material prices will improve, and the profitability of traditional categories will also improve month on month. Superimposed on the current valuation level, it has a high margin of safety and outstanding allocation cost performance. It is suggested to pay attention to white power faucets Midea Group Co.Ltd(000333) (000333), Gree Electric Appliances Inc.Of Zhuhai(000651) (000651) and Haier Smart Home Co.Ltd(600690) (600690) whose profitability is expected to improve month on month. The market scale of integrated stoves and clean appliances is expected to maintain a high growth rate, and Ecovacs Robotics Co.Ltd(603486) (603486), Kingclean Electric Co.Ltd(603355) (603355) and Marssenger Kitchenware Co.Ltd(300894) (300894) are recommended.
Risk warning: risk of raw material price change; Risk of decline in real estate sales; Risk of declining prosperity of emerging categories.
