Investment advice
22q1 fund sticks to food and beverage and runs the cycle of agriculture, forestry, animal husbandry and fishery. The market value of the large consumer sector with 22q1 public fund positions was 672.8 billion yuan, down 46.3% month on month (MOM) from 21q4, but the allocation proportion increased by 2.13pct to 21.69%. Food and beverage (13.79%), agriculture, forestry, animal husbandry and fishery (2.04%) and household appliances (1.71%) rank first. The allocation proportion of the food and beverage industry with strong performance certainty still ranks first, and the agriculture, forestry, animal husbandry and fishery with reversed cycle have been supplemented by funds.
The overall position reduction of the fund was obvious, and the proportion of shareholding in the market value of the industry decreased. The proportion of shares held by the large consumption sector of 22q1 public funds in the total market value of the industry decreased by 2.7pct to 4.9%, and all primary industries fell, with obvious position reduction. Social services (5.4%), food and beverage (5.4%) and agriculture, forestry, animal husbandry and fishery (4.5%) have a high proportion of fund holdings. Key positions in individual stocks are relatively stable, and institutions favor leading companies.
Consensus at the bottom of the market, patiently waiting for the return of value. Combing the views of 10 billion fund managers with heavy positions and large consumption, we can see: 1) the bottom range is reconfirmed. Factors including the narrowing of the interest rate gap between China and the United States and the repeated epidemic in China have been gradually reflected in prices. It is difficult to judge the inflection point of recovery in the short term, but there is little room for further exploration. 2) The value of high-quality targets is highlighted. With the joint influence of emotion and fundamentals, most high-quality targets enter the cost performance range. In terms of fund asset allocation, it is less likely to continue to reduce positions, more for structural adjustment, collect high-quality corporate chips and wait for the return of value.
Market Review
Rise and fall: the primary industry of large consumption was high before last week and low after last week, and generally fell on Thursday. Media (- 5.4%), social services (- 4.5%) and light manufacturing (- 4.4%) led the decline, with only textile and clothing rising.
Turnover: the overall average daily turnover of the large consumer industry was 153.92 billion yuan, down 3.9% on a weekly basis, accounting for 19.3% of the overall daily turnover of a shares.
Capital flow
A share liquidity tracking: capital outflow narrowed. Equity financing – 81.28 billion yuan; Shareholder reduction of -3.29 billion yuan; New Development Fund + 3 billion yuan; Financing fund – 11.78 billion yuan; The capital of land port link was -1.38 billion yuan.
Main capital flows: most industries are in a net outflow state, and the net outflow amount of main capital in agriculture, forestry, animal husbandry and fishery, food and beverage and media industries is large Muyuan Foods Co.Ltd(002714) (agriculture, forestry, animal husbandry and fishery), Shandong Yisheng Livestock & Poultry Breeding Co.Ltd(002458) (agriculture, forestry, animal husbandry and fishery), Rumere Co.Ltd(301088) (textile and clothing) ranked first in the net inflow of main funds.
Northward capital flow: the northward capital flow of all industries returns to the net inflow state, and the northward net capital flow of food and beverage, beauty care and commercial retail industries ranks first in Proya Cosmetics Co.Ltd(603605) (beauty care), Henan Shuanghui Investment & Development Co.Ltd(000895) (food and beverage) and betani (beauty care).
Southward capital flow: last week, the media, leisure services, textile and garment industries ranked first in the net inflow of southward capital. Meituan-w (social services), Li Ning (textile and apparel), and Shenzhou International (textile and apparel) ranked first in the amount of southward net capital inflow.
Transaction dynamics
Market sentiment: financing transactions accounted for 6.23% (6.46% last week); Seller’s recommendation index 287.0, comment season; The turnover rate of Shanghai stock market was 0.8% (0.9% last week), and that of Shenzhen stock market was 1.9% (2.1% last week).
Hot topics: white household appliances, chicken industry, food processing, beverage making, baijiu.
Risk tips
The risk of continuous recurrence of the epidemic, the risk of external shocks and the risk of market fluctuations.
