Recently, various fund companies have successively disclosed the fund annual reports for 21 years. We have counted the heavy position holdings of active open-end funds in the whole market and the holdings of Shanghai and Shenzhen Stock connect. This paper analyzes the fund position of the electronic sector based on the three dimensions of the electronic sector, sub industries and individual stocks.
The proportion of electronic positions ranked first, reaching a record high, surpassing the food and beverage and electric new sectors. Since the third quarter of 2019, the allocation proportion of active open-end funds to the electronic sector has increased significantly, from the bottom of 5.01% in the second quarter of 2019 to 11.62% in the third quarter of 2020. Since the fourth quarter of 2020, affected by the reduction of consumer electronics in the market, the proportion of electronic positions has declined. However, with the rising prosperity of semiconductors in 21q2 and the increase of positions of 21q4 institutions, showing zero groups, PCBs, passive components and consumer electronics, the proportion of electronic positions in the fourth quarter of 2021 reached a new high of 14.41%, ranking first in CS class I industry classification, surpassing the food and beverage sector and Dianxin sector.
21q4 shows that zero group, PCB, passive components and consumer electronics are favored by institutions, and the position of semiconductor equipment and materials decreases. Based on the classification of CS electronics industry, we subdivide electronics into five categories: semiconductor, components, optical optoelectronics, consumer electronics and others. Among them, there are four sub sectors of Semiconductors: integrated circuits, discrete devices, semiconductor materials and semiconductor equipment. Specifically, it shows that zero group, PCB, passive components, consumer electronic equipment and components have been increased by the institutions to a certain extent, with the increased holdings reaching 2.711 billion yuan, 6.642 billion yuan, 8.251 billion yuan and 26.789 billion yuan respectively, and the proportion of positions in the electronic sector increased by 0.71, 1.77, 2.27 and 7.45 percentage points month on month respectively. Meanwhile, affected by the sentiment of the sector, 21q4 security, semiconductor equipment, other electronic components and panels were significantly reduced by institutions, with a net decrease of 27.364 billion yuan, 9.068 billion yuan, 6.059 billion yuan and 5.558 billion yuan respectively.
The concentration of the top ten heavy positions decreased slightly, and semiconductors were the “main force” of electronics. We counted the top ten companies with the market value of 21q4 institutional positions, namely Luxshare Precision Industry Co.Ltd(002475) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Will Semiconductor Co.Ltd.Shanghai(603501) , Goertek Inc(002241) , Sanan Optoelectronics Co.Ltd(600703) , Naura Technology Group Co.Ltd(002371) , Sg Micro Corp(300661) , Gigadevice Semiconductor (Beijing) Inc(603986) , Sunwoda Electronic Co.Ltd(300207) , of which 6 are semiconductor companies. The total market value of the positions of the top ten companies was 220.421 billion yuan, accounting for 54.62% of the total market value of the electronic sector. The total market value of the top ten positions decreased by 8.681 billion yuan, and the concentration of heavy positions continued to decline compared with Q3. Compared with Q3, Maxscend Microelectronics Company Limited(300782) fell out of the top ten and Sunwoda Electronic Co.Ltd(300207) rushed into the top ten, except that the ranking of the top ten positions changed. At the same time, we also counted the top ten companies in the 21q4 electronic sector (sorted by the added value of institutional positions in the proportion of circulating shares). The top companies were Verisilicon Microelectronics (Shanghai) Co.Ltd(688521) -u, Ninestar Corporation(002180) , Shenzhen Sunnypol Optoelectronics Co.Ltd(002876) , Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) , Hangzhou Chang Chuan Technology Co.Ltd(300604) , Rockchip Electronics Co.Ltd(603893) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Xi’An Sinofuse Electric Co.Ltd(301031) , Wuhu Token Sciences Co.Ltd(300088) , Konfoong Materials International Co.Ltd(300666) , which showed that the diversity in institutional allocation began to be reflected.
There was a slight outflow of funds from Shanghai and Shenzhen Stock connect, and 21q4 Chaozhou Three-Circle(Group) Co.Ltd(300408) entered the top 10 of the market value of positions held by Shanghai and Shenzhen Stock connect. In 2021, the total market value of Q4 Shanghai and Shenzhen Stock communication electronics sector was 204.566 billion yuan, an increase of 8.185 billion yuan month on month. The top ten companies with market value of positions are Luxshare Precision Industry Co.Ltd(002475) , Will Semiconductor Co.Ltd.Shanghai(603501) , Goertek Inc(002241) , Han’S Laser Technology Industry Group Co.Ltd(002008) , Gigadevice Semiconductor (Beijing) Inc(603986) , Naura Technology Group Co.Ltd(002371) , Boe Technology Group Co.Ltd(000725) , Maxscend Microelectronics Company Limited(300782) , Sg Micro Corp(300661) , Chaozhou Three-Circle(Group) Co.Ltd(300408) respectively. The total market value of positions is 120.623 billion yuan, a decrease of 6.758 billion yuan month on month. Compared with Q3 in 2021: Chaozhou Three-Circle(Group) Co.Ltd(300408) listed and Zhejiang Dahua Technology Co.Ltd(002236) listed.
Investment suggestion: over the past few years, as the mainstay of hard technology, the electronic sector has increased quarter by quarter in the proportion of institutional investors, and ranked first in the sector on 21q4. Looking forward to the future, we believe that localization, automobile electrification and automobile intellectualization are the three main lines driving the long-term growth of the electronic sector. There is a comprehensive breakthrough in the design of domestic semiconductor equipment and materials. The “track” of automobile electronics has a long slope and thick snow. We are optimistic about the investment value of the electronic sector for a long time.
Risk tip: Sino US trade disputes, declining prosperity of semiconductors and less than expected technology penetration.
