Weekly report of food and beverage industry (week 17, 2022): analysis of fund positions in the first quarter: the proportion of industry allocation decreased slightly, the proportion of shareholding differentiated, and the proportion of defensive segments increased

Core view

The allocation proportion of food and beverage sector decreased slightly to 11.20%, which is still relatively high compared with the historical level.

According to the data at the end of 2021, the allocation market value of food and beverage sector accounted for 11.20% of the market value of public fund stock investment, a year-on-year decrease of 2.83 PCTs compared with 14.03% in 20 years, but it still exceeded the allocation proportion of standard industry by 2.25 PCTs. The sector ranking dropped from the first (2021h1) to the fourth. Compared with the historical allocation level, the allocation proportion of food and beverage sector is at a relatively high level.

The heavy position shareholding ratio of Q1 fund ranks first in the food and beverage industry, and the trend of heavy position shareholding ratio of subdivided sectors is differentiated. According to the proportion of the top ten heavy positions of Q1 fund in 22 years, the food and beverage industry (Shenwan classification) ranked first Kweichow Moutai Co.Ltd(600519) Fu Jian Anjoy Foods Co.Ltd(603345) and Henan Shuanghui Investment & Development Co.Ltd(000895) benefited from the improvement of household consumption, their performance showed stronger toughness, replacing Anhui Jinhe Industrial Co.Ltd(002597) and Juewei Food Co.Ltd(603517) newly entering the top 20 heavy positions in the food and beverage sector.

The proportion of positions held by Baijiu decreased, and the proportion of positions held by leading industries in the public food segment with more rigid demand under the epidemic increased. From the perspective of market value of institutional positions, in the Baijiu sector, except for a small number of companies led by Kweichow Moutai Co.Ltd(600519) . The proportion of beer positions in public food also decreased month on month; Leaders in segments whose demand is less affected by the epidemic, such as Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Fu Jian Anjoy Foods Co.Ltd(603345) , Chacha Food Company Limited(002557) and so on, showed a month on month increase in the proportion of positions. From the ranking of the number of shares increased in the first quarter, COFCO Jiakang, Wanzhou International, Shanghai Maling Aquarius Co.Ltd(600073) , Zhejiang Huatong Meat Products Co.Ltd(002840) ranked top and ranked top five in the meat products industry.

Investment suggestion: bargain hunting layout of long-term high-quality targets, and pay attention to the improved investment opportunities brought by the improvement of the epidemic situation. Baijiu sector Kweichow Moutai Co.Ltd(600519) . The decline of the food sector is a good time to lay out the long-term leader. At the same time, the subdivided defense attributes such as dairy products, quick-frozen, pickled mustard and so on are highlighted during the epidemic; After the impact of the epidemic weakened, the segmentation of beer, condiments and brine products deserves attention.

Risk tip: the macro-economy does not meet expectations, the epidemic continues and repeats, and food safety problems.