According to the first quarterly report of public funds in 2022, we sorted out the change data of military industrial stocks among the top ten heavy positions for investors' reference. According to the statistics of 155 major military industrial targets of a shares, excluding passive index funds, the military industrial stock market in the top ten heavy positions of public funds 2022q1 is worth 119601 billion yuan, accounting for 4.54%, down 0.49 percentage points month on month.
As of 2022q1, among the total market value of A-Shares of 86.71 trillion yuan, 155 military stock markets were worth 2.56 trillion yuan, accounting for 2.96%, a decrease of 0.49 percentage points compared with 2021q4. Compared with the proportion of military stocks in the total market value of a shares, the proportion of military stocks in the top ten heavy positions of active public funds has shown an overall downward trend since 2016q2, from the over allocation of 2.57% in 2016q2 to the low allocation of 1.63% in 2020q1; Driven by the military industry market starting from 2020q3, the allocation proportion of 2020q3 and Q4 increased significantly to 0.04% of over allocation, and decreased to 0.19% of low allocation in 2021q1, and then rebounded. 2021q4 was 1.59% of over allocation, with a month on month increase of 0.82 percentage points; 2022q1 is 1.59% over allocation, maintaining month on month.
As of 2022q1, 155 military industrial stocks accounted for 3.60% of the total circulation market value of a shares, down 0.45 percentage points month on month. Compared with the proportion of military stocks in the total circulation market value of a shares, the proportion of military stocks in the top ten heavy positions of active public funds has increased by 0.75 percentage points in 2021q4 and decreased by 0.04 percentage points in 2022q1 since 2021q3 returned to the over allocation state, realizing the over allocation of 0.94%.
Among the military stocks heavily held by active public funds, the proportion of state-owned military stocks continued to increase from 66.33% in 2021q1 to 76.89% in 2022q1.
Among the heavy positions of 2022q1 active public offering funds, those with the largest market value are: Avic Heavy Machinery Co.Ltd(600765) (1.748 billion yuan), Sinofibers Technology Co.Ltd(300777) (809 million yuan), Western Superconducting Technologies Co.Ltd(688122) (727 million yuan), Piesat Information Technology Co.Ltd(688066) (668 million yuan), North Industries Group Red Arrow Co.Ltd(000519) (572 million yuan); The largest market value of position reduction is: Fushun Special Steel Co.Ltd(600399) (RMB 6.690 billion), Avic Electromechanical Systems Co.Ltd(002013) (RMB 3.552 billion), Avic Aviation High-Technology Co.Ltd(600862) (RMB 3.032 billion), Aecc Aviation Power Co Ltd(600893) (RMB 2.643 billion), Avic Jonhon Optronic Technology Co.Ltd(002179) (RMB 2.254 billion); The largest number of funds held in heavy positions are: Unigroup Guoxin Microelectronics Co.Ltd(002049) (394), China Zhenhua (Group) Science & Technology Co.Ltd(000733) (191), Avic Jonhon Optronic Technology Co.Ltd(002179) (184), Avic Heavy Machinery Co.Ltd(600765) (124), Aecc Aviation Power Co Ltd(600893) (95); The highest proportion of market value held is: China Zhenhua (Group) Science & Technology Co.Ltd(000733) (26.43%), Unigroup Guoxin Microelectronics Co.Ltd(002049) (20.89%), Hubei Feilihua Quartz Glass Co.Ltd(300395) (17.95%), Beijing Relpow Technology Co.Ltd(300593) (14.35%), Chengdu Ald Aviation Manufacturing Corporation(300696) (13.99%).
From 2016 to 2017, the total market value of military stocks held by active public funds was top 10, and the market value accounted for 45% - 50%. The market value of the heavily held military stocks in 2017q4 gradually increased from 2017q4 to 2018q4, accounting for 53% of the total market value of 2018q4. From 2019 to now, the market value of the top 10 positions has remained in the range of 55% - 66%, and that of 2022q1 is 64.75%.
Risk tips: 1) equipment price pressure affects the release of performance of some enterprises; 2) Policy adjustment affects market sentiment and suppresses the valuation of the sector in stages; 3) The upward price of upstream resource products pushes up the cost pressure of some raw material enterprises with poor price transmission.
