Main points:
The proportion of computer positions is at a historically low level. Seize the investment opportunity of computer undervalued value, select the active partial share public offering fund as the research object as of December 31, 2021, and take Shenwan computer classification as the benchmark. In terms of position ratio, the average position ratio of computers in recent five years is 6.13%, and that of 2021q4 computers is 4.39%, with a year-on-year decrease of 0.89pct and a month on month decrease of 0.5pct. In terms of over allocation proportion, the average over allocation proportion of computers in recent five years was 2.93%, the market value of 2021q4 computer positions accounted for 3.98%, the over allocation proportion of active partial share public funds was 0.41%, and the over allocation proportion decreased by 1.39pct month on month and 1.47pct year-on-year. In terms of valuation, in the past two years, the PE center of computer Shenwan index was 64x, and the current valuation was 49x, which was at a low valuation. On the whole, the computer position and over allocation ratio are at a low level, and the corresponding valuation level of the computer industry is also at a low level. The two phases confirm that it is a good opportunity to allocate additional computer sectors at this stage.
The concentration of positions continues to decline, and diversification brings “small and beautiful” investment opportunities
In 2021q4, 104 computer industry targets were allocated by active partial share public offering funds, accounting for 36.9% of the total number of computer industry targets, with a year-on-year increase of 7.5pct and a month on month increase of 6.6pct. The market value of institutional positions in the computer industry CR10 and Cr20 were 71.5% and 88.2% respectively, down 5.78pct and 3.47pct month on month. From the proportion of the number of objects held by institutions and the shareholding concentration of top 10 and 20, the concentration of institutional positions is further dispersed, and the investment style tends to be diversified. We believe that the diversification and diversification of investment means that more computer enterprises will be concerned, the focus of investment will no longer focus on the leaders, and more “small and beautiful” enterprises with core technical barriers and high growth in the future are expected to be concerned by the market.
Heavyweight stocks are dominated by high boom track leaders, and the attention of digital economy related sectors has increased
From the perspective of shareholding, the top ten heavy positions of 2021q4 active partial share public offering fund are Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Hundsun Technologies Inc(600570) , Glodon Company Limited(002410) , Thunder Software Technology Co.Ltd(300496) , Sangfor Technologies Inc(300454) , Zhejiang Dahua Technology Co.Ltd(002236) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Inspur Electronic Information Industry Co.Ltd(000977) , Winning Health Technology Group Co.Ltd(300253) , Hithink Royalflush Information Network Co.Ltd(300033) , of which Huizhou Desay Sv Automotive Co.Ltd(002920) , Inspur Electronic Information Industry Co.Ltd(000977) and Hithink Royalflush Information Network Co.Ltd(300033) are new companies in 2021. Attention is mainly focused on AI + scene landing, smart cars, network security, industry informatization and other high boom tracks. From the perspective of shareholding changes, the target attention of many sectors such as infrastructure, industry informatization and network security around the digital economy has increased. For example, Inspur Electronic Information Industry Co.Ltd(000977) : domestic server leader, the core beneficiary of digital economy infrastructure; Longshine Technology Group Co.Ltd(300682) : leading telecom information for sale; Westone Information Industry Inc(002268) : the national team of network security are new enterprises with positions in the top 20 of 2021q4 computer industry. We believe that digital economy planning is still the main line of future industrial development. We suggest paying attention to the core benefit sectors such as AI, aerospace informatization, digital finance and power informatization.
Suggested concern
Fintech and Xinchuang: Grg Banking Equipment Co.Ltd(002152) , Yusys Technologies Co.Ltd(300674) , Hundsun Technologies Inc(600570) , Inspur Electronic Information Industry Co.Ltd(000977) .
Industrial software: Zhejiang Heda Technology Co.Ltd(688296) , dingyang technology, Shanghai Baosight Software Co.Ltd(600845) , Runa Smart Equipment Co.Ltd(301129) .
AI: Pci Technology Group Co.Ltd(600728) , Iflytek Co.Ltd(002230) , Zhejiang Dahua Technology Co.Ltd(002236) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Opt Machine Vision Tech Co.Ltd(688686) .
Smart car: Thunder Software Technology Co.Ltd(300496) , Arcsoft Corporation Limited(688088) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Autel Intelligent Technology Corp.Ltd(688208) , China Transinfo Technology Co.Ltd(002373) .
Risk tips
1) the epidemic situation intensifies and reduces the expenditure of enterprise informatization; 2) Fiscal and monetary policies are lower than expected; 3) The fluctuation of supply chain increases, which affects the development of science and technology industry.
