Main points:
The proportion of 2021q4 fund positions in the building materials industry rose to over allocation
The proportion of 2021q4 fund’s heavy positions in the building materials industry was 1.74%, an increase of 0.43pct over 2021q3; The over allocation ratio is 0.17%. The total market value of 2021q4 fund’s heavy holdings in the building materials industry was 45.760 billion yuan, an increase of 40.64% month on month. The proportion of 2021q4 fund’s heavy positions in the building materials industry has returned to over allocation after two consecutive quarters of low allocation in 2021q2 / 2021q3, and the allocation proportion has reached a high point in recent two years. We believe that it is mainly due to 1) the 2021q4 consumer building materials sector benefited from the improvement of the margin of downstream real estate policy, the correction of the high price of main raw materials and fuels, the easing of the pressure on the cost side, and the expected repair of the valuation of some consumer building materials subject to more early adjustment, so as to obtain funds for purchase; 2) Under the expectation of “steady growth” and “moderately ahead of infrastructure investment” in 2021q4 policy, the holdings of cement, water reducing agent, pipe and other building materials with high relevance to the infrastructure industry chain were increased.
Superplasticizer was increased, and the increase and decrease of cement were slightly differentiated
The proportion of 2021q4 cement and water reducer sector is 0.10%, with a month on month increase of 0.02 PCT; The whole sector is still in the state of low allocation, and the proportion of low allocation is 0.34%. Among them, the water reducing agent sector was significantly increased. In terms of the absolute number of changes in the number of fund holdings, Sobute New Materials Co.Ltd(603916) (+ 1786 million shares) and Lets Holdings Group Co.Ltd(002398) (+ 258 million shares) obtained more institutional holdings. The increase and decrease of 2021q4 institutions’ holdings in the cement sector are slightly differentiated. In terms of subregions, the cement leaders in East and North China are increased by institutions, Anhui Conch Cement Company Limited(600585) (+ 16.99 million shares), Tangshan Jidong Cement Co.Ltd(000401) (+ 6.09 million shares); The cement leaders in Central China and Northwest China were greatly reduced by institutions, Huaxin Cement Co.Ltd(600801) (- 2015 million shares), Xinjiang Tianshan Cement Co.Ltd(000877) (- 209 million shares), Gansu Shangfeng Cement Co.Ltd(000672) (- 360000 shares). The 2022q1 cement and water reducing agent sector benefited from the steady growth expectation, the continuous warming, the early commencement of major infrastructure projects, and the boom continued to rise; At the same time, the valuation of the sector is still at a low level, the safety margin of allocation is high, and the proportion of sector allocation is expected to continue to rise.
Glass is favored by capital, and the glass fiber leader is reduced
2021q4 glass sector is favored by funds, and the overall holdings are significantly increased. Based on the proportion of the fund’s holdings in the circulating shares, five enterprises were increased, namely Luoyang Glass Company Limited(600876) (+ 9.92 PCT), Flat Glass Group Co.Ltd(601865) (+ 6.49 PCT), Zhuzhou Kibing Group Co.Ltd(601636) (+ 2.66 PCT), Guangdong Golden Glass Technologies Limited(300093) (+ 1.44 PCT) and CSG a (+ 1.32 PCT). The China Jushi Co.Ltd(600176) (- 1.10 PCT) and Jiangsu Changhai Composite Materials Co.Ltd(300196) (- 1.17 PCT) of glass fiber sector were greatly reduced.
The first-line leader of consumer building materials segment track is the first choice for capital, and there is a large increase in holdings of non-metallic new materials
In the 2021q4 consumer building materials sector, the stocks with more institutional holdings are concentrated in the front-line leaders of consumer building materials segments such as waterproof, hardware and coatings. In terms of the proportion of the fund’s holdings in the circulating shares, the individual shares that have been increased by institutions in the 2021q4 consumer building materials sector are Zhejiang Weixing New Building Materials Co.Ltd(002372) (+ 1.70pct), Skshu Paint Co.Ltd(603737) (+ 0.69 PCT), Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) (+ 0.45 PCT), Guangdong Kinlong Hardware Products Co.Ltd(002791) (+ 0.37pct) and Dare Power Dekor Home Co.Ltd(000910) (+ 0.50 PCT); Guangdong Dongpeng Holdings Co.Ltd(003012) (- 3.06 PCT), Beijing New Building Materials Public Limited Company(000786) (- 2.10 PCT), Dehua Tb New Decoration Material Co.Ltd(002043) (- 1.93 PCT), Monalisa Group Co.Ltd(002918) (- 0.76 PCT), Guangdong Xiongsu Technology Group Co.Ltd(300599) (- 0.46 PCT) are greatly reduced by institutions.
