The scale of public funds continues to expand and the proportion of money market funds remains high: in recent years, the scale of public funds has increased steadily. By the end of the first quarter of 2022, the net asset value of all funds was 25708117 billion yuan, of which money market funds accounted for 36.77%.
In 2021, various types of public funds rose more or fell less, with an average annualized rate of return of 6.61%. According to the annual report data, hybrid funds, lof and equity funds performed best, with increases of 8.65%, 8.04% and 7.78% respectively in 2021. In 2021, except for commodity funds (- 3.11%), all other types of funds achieved positive returns.
The average fund position remained at a high point, and the fund allocation scale of most industries increased: from the perspective of fund position, the average fund position by the end of 2021 was about 85.50%, higher than the peak of the previous round of A-share bull market and at a high level in recent two years. In terms of industries, public utilities, environmental protection, building decoration and communication industries received a large increase in fund allocation, and the market value of fund positions increased by 153.74%, 83.92%, 81.04% and 68.01% respectively; Affected by the epidemic and the tightening of industrial regulatory policies, beauty care, commercial retail, petroleum and petrochemical industries were reduced by the fund, and the market value of fund positions fell by 33.77%, 29.19% and 18.93% respectively.
The fund continues to over allocate high-end manufacturing fields and hard technology industries: from the perspective of fund allocation, the 2021 annual report shows that the public funds exceed the standard industries by 8.20% and 1.38% respectively, especially the high-end manufacturing fields and hard technology industries. The financial industry, mining industry and power, heat, gas and water production and supply industry were cold, with low distribution of 7.65%, 2.77% and 2.02% respectively.
The top 20 heavyweight stocks of the fund are mainly concentrated in food and beverage, power equipment, electronics and other industries: according to the annual report data disclosed by the public fund, we screened out the top 20 stocks with the most heavyweight positions of the fund. The top 20 heavyweight stocks are mainly concentrated in food and beverage, power equipment, electronics and other industries, of which Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuliangye Yibin Co.Ltd(000858) rank in the top three, and the rest are value blue chips in various segments. In 2021, the top 20 heavyweight stocks of the fund rose more or fell less, of which 70% of the stocks obtained positive returns and performed relatively steadily.
In 2021, the lithium battery and photovoltaic sectors performed better: according to the annual report data of 2021, we selected the top 20 stocks that won the most fund positions. The top 20 stocks were mainly concentrated in power equipment, electronics and medical students, ranking in the top three. In terms of style, they focused on the growth of science and technology. In 2021, 80% of the top 20 fund overweight stocks obtained positive returns, which was better than the heavy position stocks. Among them, Trina Solar Co.Ltd(688599) , Tianqi Lithium Corporation(002466) , Shede Spirits Co.Ltd(600702) rose the most, rising 243.49%, 172.47% and 166.82% respectively.
Investment suggestion: on the whole, the prosperity of the pharmaceutical sector will remain high in 2021 due to the continuous impact of the epidemic. The surge in demand for vaccines, testing reagents, diagnosis and treatment equipment and drugs has driven the industry to perform well, and the fund has maintained the trend of increasing positions. Secondly, the continuous promotion of the “carbon neutrality” policy has promoted the rapid rise of downstream installed capacity in the new energy industry, the profit expectation of enterprises related to the power equipment industry chain has warmed up, and photovoltaic, wind power, hydrogen energy and other sectors have been favored by funds. In the electronics sector, due to the rising demand for downstream consumer goods such as electronic products and automobiles in 2021, the rise in chip prices also improved the performance of relevant industrial chain companies and attracted the attention of more funds under the condition of falling chip inventory and increasing supply gap.
As of April 14, from the perspective of consistent expectation of earnings per share, food and beverage, household appliances, coal, building materials, power equipment and other industries have higher earnings per share, all of which are more than 1.5 yuan / share. Industries with consistent expectation of earnings per share are generally well oriented and have high prosperity, which deserves special attention.
Risk factors: statistical errors; The economic performance is less than expected; Regulatory policy tightened.
