Analysis of heavy positions in the public sector: the data of heavy positions of funds in the fourth quarter of 2021 was disclosed. At the end of the fourth quarter of 2021, the data of heavy positions of funds in the public sector continued the previous growth trend as a whole. As the opening year of the 14th five year plan, the green power sector performed well. During the 14th Five Year Plan period, the new energy operation aims to have a large installed capacity and sufficient development power. The new energy installed capacity will achieve large-scale growth in 2021. In the fourth quarter of 2021, pure new energy operation enterprises and thermal power transformation new energy enterprises accounted for a relatively high proportion of heavy holdings of the fund. We estimate according to the data of heavy positions of funds. On the whole, the total market value of heavy positions of public sector funds in the fourth quarter of 2021 was 35.072 billion yuan, accounting for 0.50% of the total market value of funds' investment stocks. There was a significant increase both month on month and year-on-year. The ring increased by 0.1 percentage points compared with the third quarter of 2021 and 0.43 percentage points compared with the fourth quarter of 2020. At the same time, in the fourth quarter of 2021, the number of public sector enterprises was 40, among which the leading enterprises with strong performance certainty China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) , China Three Gorges Renewables (Group) Co.Ltd(600905) were favored by the market. At the same time, benefiting from asset restructuring, the gas target Enn Natural Gas Co.Ltd(600803) that opens up the upstream, middle and downstream industrial chain has many positions.
Analysis of heavy holdings in the environmental protection sector: we estimate according to the data of heavy holdings in the fund. At the end of the fourth quarter of 2021, the total market value of heavy holdings in the fund was 8.339 billion yuan, accounting for 0.12% of the total fund holdings. Compared with the end of the third quarter of 2021, it decreased by 0.03 percentage points, and increased by 0.06 percentage points compared with the end of the fourth quarter of 2020. In terms of absolute indicators, the number of environmental protection enterprises in the fund's heavy holdings in the fourth quarter of 2021 was 35, down 5 from the third quarter of 2021. Among the 35 environmental protection companies with heavy fund positions, from the perspective of the market value of fund positions, the number of heavy fund positions, the increase and decrease of institutional positions, and the proportion of institutional holdings in circulating shares, companies such as Zhejiang Weiming Environment Protection Co.Ltd(603568) and Beijing Geoenviron Engineering & Technology Inc(603588) for solid waste operation are favored by the market, while the proportion of other sectors has also increased to a large extent, laying out Keda Industrial Group Co.Ltd(600499) for lithium extraction from salt lake The amount of heavy holdings of environmental monitoring targets Focused Photonics (Hangzhou) Inc(300203) and air purification targets Chongqing Zaisheng Technology Co.Ltd(603601) has increased to a certain extent.
Investment suggestion: in the fourth quarter of 2021, the amount of heavy positions in the public sector of the fund increased significantly, the top ten enterprises with heavy positions in market value changed little, and the positions of green power operation enterprises and thermal power transformation new energy enterprises increased significantly. The proportion of heavy positions in the environmental protection sector changed slightly, the fund positions were scattered, and the proportion of solid waste treatment sector decreased slightly. The public sector mainly recommends nuclear power + new energy two wheel drive. Both business sectors have room for both volume and price to rise [ China National Nuclear Power Co.Ltd(601985) ], and projects under construction are high. Offshore wind power projects under construction account for a large proportion in 2021, and the target [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] [ Huaneng Power International Inc(600011) ] [ Shanghai Electric Power Co.Ltd(600021) ] [ Cecep Wind-Power Corporation(601016) ] with both short-term performance growth and certainty; The environmental protection sector mainly recommends environmental protection + targets, and actively arranges [ Wangneng Environment Co.Ltd(002034) ] in the lithium battery recycling business sector and [ Road Environment Technology Co.Ltd(688156) ] in the rapid expansion of distiller's grains recycling capacity.
Risk tip: the policy promotion is not as expected, the project promotion is not as expected, the coal price continues to operate at a high level, the risk of electricity price reduction, and the risk of water shortage is not as expected
