[matters]
The position of electronic funds has increased, and the industry is in the stage of over allocation. After the disclosure of the fund's four seasons report, we counted the position of the industry. Taking Shenwan industry classification as the standard, the fund position of 2021q4 electronic industry accounted for 11.0%, ranking third, and the position proportion increased by 1.5 percentage points month on month. As of December 31, 2021, the electronics industry accounted for 8.5% of the market value of a shares, compared with 2.4pct over allocation of fund positions.
[comment]
The market value of more than half of the top ten heavyweight stocks increased month on month. Among the top 10 stocks heavily held by funds in the electronics industry in 2021q4, the market value of seven heavily held stocks increased month on month compared with 2021q3, Luxshare Precision Industry Co.Ltd(002475) , Goertek Inc(002241) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Xiamen Faratronic Co.Ltd(600563) , Will Semiconductor Co.Ltd.Shanghai(603501) , Sunwoda Electronic Co.Ltd(300207) , Wingtech Technology Co.Ltd(600745) and increased to RMB 7.05, 25.9, 25.8, 24.6, 21.9, 21.5 and 1.62 billion respectively, with a month on month increase of 130.5%, 57.5%, 35.0%, 75.5%, 58.5%, 7.7% and 89.7%; The market value of other heavy positions of stocks decreased month on month to varying degrees.
Among the top 10 stocks in the number of holding funds, the number of holding funds increased month on month. Among the top 10 stocks of 2021q3 stock holding funds, Luxshare Precision Industry Co.Ltd(002475) , Goertek Inc(002241) , Will Semiconductor Co.Ltd.Shanghai(603501) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Ningbo Shanshan Co.Ltd(600884) , Wingtech Technology Co.Ltd(600745) , Sunwoda Electronic Co.Ltd(300207) stock holding funds were 62, 39, 34, 31, 17, 16 and 15 respectively, which increased by 38, 14, 16, 4, 1, 12 and 2 respectively compared with 2021q3, and the number of other stock holding funds decreased.
Among the top 10 stocks held by heavy positions, 60% increased month on month. Among the top ten stocks with heavy positions held by 2021q4 electronic fund accounting for the proportion of circulating shares, Xiamen Faratronic Co.Ltd(600563) , Shenzhen Sunnypol Optoelectronics Co.Ltd(002876) , Hunan Aihua Group Co.Ltd(603989) , Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) , Raytron Technology Co.Ltd(688002) , Luxshare Precision Industry Co.Ltd(002475) increased month on month.
There is room for growth in the power semiconductor industry. It is recommended to pay attention to high-quality companies. According to the data of heavy positions in the fourth quarter report of the fund in 2021, we judge that 1) the fund company continues to overweight high-quality electronic leading stocks, and the head concentration has improved; 2) The number of electronic stocks heavily held by 2021q4 fund is 98 and that in 2021q3 is only 88. We believe that there is also tail dispersion in the heavily held stocks. Under the trend of localization of electronic semiconductors, automotive electrification and intellectualization, we suggest paying attention to listed companies that layout automotive electronics in advance, including Luxshare Precision Industry Co.Ltd(002475) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Gigadevice Semiconductor (Beijing) Inc(603986) , Will Semiconductor Co.Ltd.Shanghai(603501) .
[risk tips]
Weak electronic consumption, excess supply of semiconductor capacity and resurgence of Sino US trade.
