Industry core view:
From the allocation of fund positions in 2021q4, the allocation of the computer industry has been low, and the allocation proportion is at a historically low level. In 2021, the Q4 Shenwan computer industry index and trading volume were in an upward trend, and the industry valuation was digested.
Key investment points:
Fund positions in the computer industry are at a historical low: the proportion of fund positions in the computer industry has entered a downward channel since Q2 in 2020, and the current allocation level is at a historical low in nearly 10 years. The proportion of fund positions in Q4 computer industry in 2021 was 4.18%, a year-on-year decrease of 1.29pct compared with Q4 in 2020, a month on month decrease of 0.42pct compared with 2021q3 and a low allocation of 0.02pct.
The composition of the top ten heavyweight stocks in the computer industry is relatively stable: among them, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Hundsun Technologies Inc(600570) , Glodon Company Limited(002410) , Beijing Kingsoft Office Software Inc(688111) , Sangfor Technologies Inc(300454) , Thunder Software Technology Co.Ltd(300496) ranked among the top ten heavyweight stocks for four consecutive quarters Inspur Electronic Information Industry Co.Ltd(000977) and Winning Health Technology Group Co.Ltd(300253) entered the top ten heavyweight stocks for the first time in nearly four quarters. Although the ranking of the top ten heavyweight stocks has changed, the composition is basically the same. They are all high-quality enterprises with high degree of productization and good business model in each subdivided industry. Looking at the change in the market value of the stockholding, from the change in the change in the market capitalization, the top ten stocks that will be added to Q44 in 2021 year from the top of the q4plus warehouse in the quarter quarter of the year of 2021, as seen from the change in the change in the market capitalization, the top ten stocks in the quarter of the year of 2021, as seen from the change in the change in the market capitalization, the top ten stocks that will be added to the q4quarter of the quarter of the quarter of the quarter of the year of the year of 2021 in the year of 2021, as seen from the change in the change in the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the year of the Winning Health Technology Group Co.Ltd(300253) , Westone Information Industry Inc(002268) . The top ten stocks of the fund are mainly distributed in the fields of smart cars, financial technology, digital economy infrastructure and medical it.
The degree of funds holding positions in the computer industry has eased: in 2021, the top 5, 10 and 20 stock market values of Q4 computer industry funds held positions accounted for 57.71%, 73.00% and 89.82% of the market value of the overall computer industry funds respectively, which changed by -2.21pct, – 1.22pct and 2.48pct respectively compared with 2021q3, indicating that the concentration of industry allocation decreased slightly, Funds gradually began to seek diversified allocation.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q4, the configuration of the computer industry has been low, the configuration proportion is at a historical low, and the valuation is also at a low level after continuous digestion. From the target of Q4 fund’s position increase in 2021, the fields of smart cars, financial technology, digital economy infrastructure and medical it are the important directions of capital attention at present. We believe that the computer industry has highlighted a strong valuation and cost performance. With the accelerated construction of the digital economy, the industry is expected to usher in a sustained recovery in capital. The main line of high-quality industrial performance, intelligent driving and Internet safety are highly recommended by investors.
Risk factors: global geopolitical risk; Technology advancement fails to meet expectations; Industry it capital expenditure was lower than expected.
