Market overview of last week (4 / 18-4 / 22):
Last week (4 / 18-4 / 22), the semiconductor market fell synchronously with the main indexes. The Shenwan semiconductor industry index fell 5.16%, the gem index fell 6.66%, the Shanghai Composite Index fell 3.87%, the Shenzhen composite index fell 5.12%, the small and medium-sized board index fell 3.64%, and wandequan a fell 4.76%. The semiconductor industry index fell simultaneously with the major indexes.
The overall performance of semiconductor segments is weak. Among the semiconductor sub sectors, the semiconductor manufacturing sector fell 3.1%, the discrete device sector fell 3.5%, the packaging and testing sector fell 4.2%, the semiconductor equipment sector fell 4.4%, the semiconductor material sector fell 4.8%, and the IC design sector fell 5.6%.
We are firmly optimistic about the structural market of semiconductors throughout the year. Previously, in our report “the structural market continues, and the six major segments deserve attention” on March 1, 2022, we proposed that “under the background of the continuous shortage of production capacity, we continue to be optimistic about the structural market of the whole year, and the opportunities of the six major segments deserve attention, such as automotive electronics, server chips, special ICs, materials and equipment, wafer factories and IOT chips”. At the current time, we have entered the disclosure window of the annual report, The performance of related companies exceeds expectations or brings short-term stock price response.
1q22 semiconductor institutions’ positions accounted for a steady increase in the proportion of the total market value, and IC Design continued to be favored by institutions.
According to wind data, the market value of semiconductor stocks held by 1q22 fund accounts for about 8.1% of the total market value of the semiconductor industry, which is further improved compared with 3q21, reflecting the organization’s optimistic about the medium and long-term development of the sector.
Among the top 50 samples of institutional positions in the circulation market, design companies account for the largest proportion in terms of quantity and market value of positions. By quantity, there are 19 IC design companies, 11 discrete device companies, 8 semiconductor material companies, 8 semiconductor equipment companies, 3 semiconductor manufacturing companies and 1 EDA / IP company. According to the market value of positions, the market value of institutional positions of IC design companies accounts for 47%, discrete devices 21%, semiconductor equipment 13%, semiconductor manufacturing 11% and semiconductor materials 8%. Institutions have an increasing preference for IC design companies. Asset light design companies often accompany product life cycle and new product iteration, which can reflect strong growth.
In terms of stocks, according to the wind data, 1q22 institutional positions in 1q22 are the top 10 stocks that are: the Beijing Inhand Networks Technology Co.Ltd(688080) 99 (21%), Montage Technology Co.Ltd(688008) (17%), Hangzhou Chang Chuan Technology Co.Ltd(300604) (17%), Kingsemi Co.Ltd(688037) (16%). Consistent with our previous focus on the “six segments”, we believe that without fear of the disturbance of the short-term epidemic, we continue to be optimistic about the opportunities of semiconductor segments.
It is recommended to pay attention to:
1) semiconductor material and equipment: ofthe material and equipment for the semiconductor material: ofthe \ / Hubei Dinglong Co.Ltd(300054) / tuojing technology / shengmei Shanghai;
\u3000\u30002）IDM: Wingtech Technology Co.Ltd(600745) Sanan Optoelectronics Co.Ltd(600703) Zhuzhou Crrc Times Electric Co.Ltd(688187) Hangzhou Silan Microelectronics Co.Ltd(600460) Yangzhou Yangjie Electronic Technology Co.Ltd(300373) ；
3) wafer foundry: Huahong semiconductor / Semiconductor Manufacturing International Corporation(688981) ;
4) semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: semiconductor design: the sea light information / Montage Technology Co.Ltd(688008) \ \/ Shanghai Awinic Technology Co.Ltd(688798) / Longxin Zhongke / Dongwei semi conducting / nano core micro;
Risk warning: macro uncertainty, the epidemic situation continues to deteriorate; The impact of trade war; The demand is less than expected
