For a long time, electronics has been an important institutional configuration sector. In the early stage, the electronics sector was dominated by consumer electronics, and apple chain company bloomed. Then, under the background of Huawei incident and shortage tide, semiconductor companies started domestic substitution and relay consumer electronics to become the main investment line. Although the electronic fluctuation is large, it is still a long bull sector.
In Q2 of 19, affected by trade disputes and Huawei incident, institutional positions accounted for only 5.01%; In Q4 of 21, the proportion of institutional electronic positions increased to 14.41%, ranking first in all sectors.
The top ten companies in the market value of institutional positions in the fourth quarter of 2021 were Luxshare Precision Industry Co.Ltd(002475) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Will Semiconductor Co.Ltd.Shanghai(603501) , Goertek Inc(002241) , Sanan Optoelectronics Co.Ltd(600703) , Naura Technology Group Co.Ltd(002371) , Sg Micro Corp(300661) , Gigadevice Semiconductor (Beijing) Inc(603986) , Sunwoda Electronic Co.Ltd(300207) , of which semiconductors accounted for 6. Compared with the top ten in the previous quarter, Maxscend Microelectronics Company Limited(300782) is listed and Sunwoda Electronic Co.Ltd(300207) is listed. The total market value of the positions of the top ten companies is 220.421 billion yuan, accounting for 54.61% of the electronics sector.
Looking forward to the future industrial trend and investment main line, we believe that: 1) there is still considerable room for domestic substitution of semiconductors. At present, China’s semiconductors have made zero breakthroughs in different products and fields, and the trend of domestic comprehensive breakthrough has taken shape. 2) Focus on the investment main line driven by new products and new markets. At present, smart machines have entered the stock market, and traditional consumer electronics companies have opened one after another
According to the statistics of Gartner, the global semiconductor market space reached $474.1 billion in 2021. Mobile phones and PCs are still important downstream markets, but the growth rate slows down.
In terms of growth, the growth rate of automobile is the fastest, up to 25.3%; Followed by IOT, with a growth rate of 18.7%.
In addition, AR / VR is also maturing step by step; Looking forward to 22 years, the server demand will also accelerate after the introduction of ddr5. Many new products and new markets will drive the long-term growth of the electronic sector.
