The position of 2021q4 computer of public fund accounts for about 4.2%, close to the multi-year low since 2013. From 2020q2 to 2021q3, the proportion of the computer industry of public funds in the market value of stock investment continued to decline, and there was only a certain marginal slight increase in 2021q4. At present, the proportion of computer public offering positions in 2021q4 is still close to the low point since 2013, and according to the latest statistics of wind, the proportion of 2021q2 computer position market value in the whole industry only ranks 10th. We believe that the position ratio for computers has dropped to a low level, the transaction risk is relatively low, and the medium and long-term logic is more prominent.
The current position of public funds in the computer industry is lower than the industry standard allocation proportion and is in a low allocation state. 1) As of 2021q4, the proportion of standard configuration in the computer industry was 4.70%, up 0.27 percentage points month on month. This standard proportion is roughly the same as the average level since 2015q1, which is slightly higher. 2) In 2021q4, the proportion of over allocation in the computer industry was about – 0.51%, roughly the same as that in the previous quarter. Overall, the computer industry is in a state of low allocation in 2021, and the situation of over allocation is lower than that in 2020.
Preference for heavy position stocks: the head aggregation effect remains the same, and the positions of leaders in innovation directions such as dual carbon it, automotive intelligence and Xinchuang rise. From the changes of 2021q4 and 2021q3, the head aggregation effect of the computer industry remains the same, but at the same time, there is market differentiation in high boom segments. 1) The high prosperity of automobile intelligence makes the representative leader Huizhou Desay Sv Automotive Co.Ltd(002920) enter the top ten list of the total market value of shares, Thunder Software Technology Co.Ltd(300496) ranks higher, and the total market value of shares rises from about 6.1 billion yuan in 2021q3 to 7.2 billion yuan in 2021q4; In addition, digital infrastructure manufacturers Inspur Electronic Information Industry Co.Ltd(000977) and Ninestar Corporation(002180) also entered the list. 2) From the perspective of quarterly position increase, Inspur Electronic Information Industry Co.Ltd(000977) , Navinfo Co.Ltd(002405) , Longshine Technology Group Co.Ltd(300682) , Winning Health Technology Group Co.Ltd(300253) , Topsec Technologies Group Inc(002212) , Neusoft Corporation(600718) , Jinshan software and Saiyi information entered the top ten list of Q4 position increase. These heavy positions came from medical it, automotive intelligence, digital infrastructure, industrial software, network security and other tracks, with different degrees of differentiation in subdivided fields.
The annual report performance forecast of many leading enterprises exceeded expectations, and the industry boom continued to be high. With the release of performance forecast by enterprises in 2021, the leading performance of many computer sub sectors has been realized well, such as Thunder Software Technology Co.Ltd(300496) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Neusoft Corporation(600718) in the field of intelligent automobile software, Glodon Company Limited(002410) in the field of cloud computing, China stock market news, Hundsun Technologies Inc(600570) in the field of financial it, and Zwsoft Co.Ltd(Guangzhou)(688083) in the field of industrial software. These enterprises still perform well under the influence of the epidemic, which proves the company’s high moat and long-term growth stability, and confirms the sustained high prosperity of the industry.
Risk warning: there may be deviation within the allowable range in data statistics; Increased trade friction; Financial expenditure is lower than expected; The economic downturn exceeded expectations.
