Food and beverage holistic storage continued to decline, Baijiu holdings declined, Food Holdings are now split. The allocation proportion of food and beverage sector (A shares) of 22q1 fund was 7.01%, down 0.53pct from Q4. The fund’s food and beverage positions in 21q1-22q1 were 9.81%, 9.21%, 8.12%, 7.54% and 7.01% respectively, showing a gradual downward trend since 21q1. Baijiu stock holdings declined, the increase in the scope of the super matching. 22Q1 Baijiu (A shares) ratio of 5.98%, Baijiu market value of A shares (excluding bank petroleum and petrochemical) market share of 5.30%, the over allocation range of 0.68pct.. The overshoot amplitude increases (the overshoot amplitude of 21q4 is 0.65pct). Positions in food stocks are now divided. 22q1 dairy products, food synthesis, seasoning fermented products and meat products held 0.54%, 0.16%, 0.07% and 0.05%, with month on month changes of 0.03pct, -0.02pct, -0.01pct and 0.03pct. According to the fund’s share of the proportion of food and beverage in heavy warehouse stocks, the proportion of 22Q1 Baijiu holding total market capitalization to the total value of the fund’s heavy warehouse stock is 11.25%, a decrease of 1.12pct compared with that of the fund. The total market value of food and beverage holdings accounted for 13.45% of the total market value of the fund’s heavy warehouse stocks, down 1.32 PCT month on month. Although the proportion of heavy positions decreased, the proportion of heavy positions in food and beverage continued to remain the first in the sector
A total of 5 fund food and beverage heavy warehouse stocks were targeted, and Fenjiu and Yili ranked higher. By the end of March 2022, there were 5 food and beverage stocks in the top 20 with the highest proportion of fund positions, namely Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) and Inner Mongolia Yili Industrial Group Co.Ltd(600887) . Baijiu shares increased, Kweichow Moutai Co.Ltd(600519) shares rose, Fenjiu ranked higher. Kweichow Moutai Co.Ltd(600519) the position of the whole market remained the first, and the proportion of heavy fund positions in 22q1 was 2.67%, up 0.10pct month on month Wuliangye Yibin Co.Ltd(000858) the position of the whole market decreased by 3 places to No. 6, and the position proportion of 22q1 was 0.90%, down 0.31pct month on month Luzhou Laojiao Co.Ltd(000568) position ranking decreased by 2 places to No. 7, 22q1 position proportion decreased by 0.86%, mom decreased by 0.15pct, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) position ranking increased by 2 places to No. 10, 22q1 position proportion decreased by 0.01pct to 0.64%. In terms of food stocks, the position of Inner Mongolia Yili Industrial Group Co.Ltd(600887) fund rose to the 13th, and the position proportion of 22q1 was 0.51%, up 0.04pct month on month, mainly due to the slowdown in the rise of raw milk price, the prominent elasticity of the company’s profit side and the improvement of position ranking.
Analysis of stocks held by the Fund: the top 10 of Baijiu accounted for 7 seats, and Tsingtao beer and some food products increased. Baijiu sector, 22Q1 holds the number of funds ranked the top 10, Baijiu shares accounted for 7 seats, namely Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Shede Spirits Co.Ltd(600702) , Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) . In terms of the number of shares held, Guizhou, Laojiao, Fenjiu, Yanghe, shede and Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) respectively increased their holdings by 6.5%, 0.2%, 3.7%, 6.8%, 35.1% and 27.0% month on month, and Wuliangye Yibin Co.Ltd(000858) reduced their holdings by 8.4%. The food sector is the food sector, where the number of shares held by some food companies has increased, including the number of shares held by some food companies, including those that are part of the food sector, where the number of shares held by some food companies has increased, including that of the Inner Mongolia Yili Industrial Group Co.Ltd(600887) of the yes. In the beer sector, green beer increased month on month, while heavy beer and China Resources decreased month on month. In 2022q1, the number of Tsingtao Brewery Company Limited(600600) shares increased by 0.9% month on month, the number of Chongqing Brewery Co.Ltd(600132) shares decreased by 20.5% month on month, and the number of China Resources beer shares decreased by 30.3% month on month.
Investment strategy: with the improvement of the epidemic situation and the improvement of economic expectations, it is still the stage of deep correction and recovery. Such targets are subject to more callback in market adjustment due to their own special reasons, such as (1) event driven, such as slow implementation of Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) incentive and unclear adjustment of Wuliangye Yibin Co.Ltd(000858) sales; (2) During the fluctuation, the market is worried about the change of prosperity. For example, the beer scene is greatly damaged, but the prosperity is not affected. The secondary high-end has a strong beta effect, and the market is worried about its expansion logic; (3) The upward cost pressure worries about the long-term competitive advantage. In case of panic, it is more necessary to look forward to the long-term space and focus on finding the subject of deep correction of valuation with strong performance certainty in the general decline. Focus on recommending Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) , Xinjiang Yilite Industry Co.Ltd(600197) , Wuliangye Yibin Co.Ltd(000858) , Tsingtao Brewery Company Limited(600600) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Juewei Food Co.Ltd(603517) , Chongqing Fuling Zhacai Group Co.Ltd(002507) , Zhengzhou Qianweiyangchu Food Co.Ltd(001215) , and other core targets.
Risk warning: the impact of the epidemic may be repeated; Demand recovery is not strong enough; Food safety issues; The scenario recovery did not meet expectations, resulting in more performance adjustment of the sector, and the increase of Maotai supply led to low expectations of wholesale prices.
