This week’s topic
The fourth quarter report of the fund in 2021 has been disclosed successively. This week, we made a statistical analysis on the heavy positions of 2021q4 funds in the public environmental protection industry based on the common stock and partial stock hybrid funds in wind open-end and closed-end classified funds.
Core view
Horizontal and vertical comparison: the proportion of heavy positions rebounded, and the proportion of low allocation was 3%
The market value of the public utility sector is 22.74 billion, accounting for 22.74% of the total market value. In horizontal comparison, in addition to Hong Kong stocks, the proportion of heavy positions in the public utility sector ranked 21 in the shenwanyi industry, up 1 place compared with 2021q3. Vertically, the proportion of heavy positions in the sector has continued to rise since the second quarter of 2021. In the fourth quarter, the proportion of heavy positions increased by 0.17 percentage points to 0.82% month on month, and the industry maintained a low allocation ratio of about 3%.
Sub segment analysis: the proportion of heavy warehouses of electric power and gas has increased
The proportion of heavy positions of power, environmental protection, gas and water 2021q4 funds was 0.64%, 0.13%, 0.04% and 0.01% respectively. Reflected in the internal structure of positions held by the utility sector, the power sector accounts for the highest proportion, and the weight continues to rise from 2020q4 to 2021q3, while 2021q4 remains relatively stable. In 2021q4, electricity and environmental protection account for 78% and 18% respectively, and the positions of gas and water sectors are low. In terms of low power distribution, the proportion of low power distribution decreased by 0.42 percentage points to 2.25% month on month, and the proportion of low environmental protection distribution decreased by 0.02 percentage points to 0.39% month on month. From the perspective of power segments, the proportion of hydropower positions has always been the largest since 2018, falling to 44% month on month in 2021q4; The position proportion of new energy power generation decreased to 29% month on month in 2021q4. According to the specific data, in 2021q4, the shareholding ratio of hydropower heavy warehouse slightly increased to 0.28%, that of new energy power generation slightly decreased to 0.18%, and that of thermal power increased by 0.13 percentage points to 0.17%. In terms of low distribution ratio, thermal power and hydropower narrowed by about 0.22/0.20 percentage points to 0.72/1.01% month on month respectively, and there was no obvious change in thermal power and new energy power generation.
Stock analysis: the top ten heavyweight stocks focus on environmental protection and power
The top ten heavyweight stocks in the 2021q4 utility sector are concentrated in the environmental protection and power sectors. Among the top ten heavyweight stocks in the 2021q4 public utilities sector, four companies belong to the environmental protection sector, namely Zhejiang Weiming Environment Protection Co.Ltd(603568) , Beijing Originwater Technology Co.Ltd(300070) , Focused Photonics (Hangzhou) Inc(300203) , Beijing Geoenviron Engineering & Technology Inc(603588) ; New energy power generation accounts for two seats, namely China Three Gorges Renewables (Group) Co.Ltd(600905) , China National Nuclear Power Co.Ltd(601985) ; Thermal power accounts for two seats, namely Huaneng Power International Inc(600011) , Wintime Energy Co.Ltd(600157) . The top five warehousing targets of 2021q4 sector include environmental protection, power and gas targets. From the specific stock position increase data, among the top five positions increase targets, environmental protection targets account for two seats, including Zhejiang Weiming Environment Protection Co.Ltd(603568) , Longhua Technology Group(Luoyang)Co.Ltd(300263) ; Power targets include Wintime Energy Co.Ltd(600157) , Jiangsu New Energy Development Co.Ltd(603693) ; Gas targets include Enn Natural Gas Co.Ltd(600803) . In terms of position reduction in 2021q4, the targets include Jiangsu Jiuwu Hi-Tech Co.Ltd(300631) , Cecep Solar Energy Co.Ltd(000591) , etc.
Investment suggestions:
In the power sector, during the 14th Five Year Plan period, the installed capacity of wind and solar energy is expected to increase rapidly. With the catalysis of green power policy, the trading volume of green power is expected to continue to grow. At the same time, the power supply and demand will remain tight, and the electricity price is easy to rise but difficult to fall. Therefore, new energy operators are high-quality targets with stable volume and price, and the valuation is expected to rise rapidly. In terms of specific targets, the proposal of thermal power transformation to new energy targets focuses on [ Huaneng Power International Inc(600011) (a + H)] [China Resources Power] [ Huadian Power International Corporation Limited(600027) (a + H)]; New energy operators suggest paying attention to [Longyuan Power] [ Nyocor Co.Ltd(600821) ] [ Jilin Electric Power Co.Ltd(000875) ] [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] [ Fujian Funeng Co.Ltd(600483) ]; Suggestions on promoting distributed photovoltaic standard in the whole county, focusing on [ Jinko Power Technology Co.Ltd(601778) ] [Shuifa Xingye energy], etc. In the gas sector, the growth rate may increase significantly in the next decade under the two carbon target. For specific subject matter, please pay attention to [ Xinjiang Xintai Natural Gas Co.Ltd(603393) ] [ Jiangxi Jovo Energy Co.Ltd(605090) ] [ Enn Natural Gas Co.Ltd(600803) ].
Risk tips: the recovery of electricity and gas demand is less than expected, electricity and gas prices fluctuate more than expected, and the implementation of environmental protection support policies is less than expected
