Summary of positions: Q1 building materials allocation proportion rose slightly month on month. The market value of 2022q1 fund's heavily held building materials industry was 39.61 billion yuan, a decrease of 7.2% month on month (2021q4), accounting for 1.77% of the market value of fund's heavily held a shares, an increase of 0.14pp month on month (2021q4) compared with 1.62% in 2021q4, and an over allocation ratio of 0.03% compared with 1.73% of the standard allocation ratio of 2022q1 building materials industry (free circulation market value of building materials industry / free circulation market value of Wande quana).
Position analysis: position concentration has increased, and steady growth + undervalued value has become the focus of the market. From the perspective of individual stocks, the stock market value of the top 10 heavy positions of 2022q1 fund in building materials industry totaled 33.97 billion yuan, a decrease of 0.3% month on month (2021q4), accounting for 85.75% of the market value of the fund's heavy positions in building materials industry in the same period, and an increase of 5.9pp month on month (2022q1), indicating that the concentration of individual stocks in 2022q1 public fund's heavy positions in building materials industry has increased, and the overall institutional position scale of the head enterprises recognized by the market is relatively stable.
From the increase and decrease of positions, both public funds and land stock connect prefer stable growth and undervalued related targets:
From the position of public funds, steady growth is still an important concern of the market. Combined with the current macro and market background, undervaluation has become the first choice of institutions. In addition, some high-quality enterprises of new materials are still favored by the market. From the changes of holdings in the main sub sectors: 1) the cement sector has significantly increased its holdings in Q1 due to its undervalued value, high dividend yield and good stability; 2) The position differentiation trend of the glass sector continues, and the fields of architectural glass and photovoltaic glass have obtained a certain proportion of shareholding increase, but the position preference is more inclined to the head enterprises with large market value and undervalued value; 3) Due to the impact of the month on month fluctuation of Q1 industry and the market's concern about the future prosperity direction, the positions of head enterprises and institutions decreased significantly; 4) With the continuous marginal improvement of real estate policies, the construction materials related to the real estate industry chain have been increased by institutions with high safety, the waterproof and plastic pipe industries have received high attention, and other new materials such as carbon fiber and quartz continue to be increased.
From the position change of land stock connect (accounting for the month on month change of circulating a shares), the top 5 targets of 2022q1 holdings are Sobute New Materials Co.Ltd(603916) , Beijing New Building Materials Public Limited Company(000786) , Gansu Shangfeng Cement Co.Ltd(000672) , Anhui Conch Cement Company Limited(600585) , Luyang Energy-Saving Materials Co.Ltd(002088) ; The top 5 targets of share reduction are Flat Glass Group Co.Ltd(601865) , Keshun Waterproof Technologies Co.Ltd(300737) , Chongqing Zaisheng Technology Co.Ltd(603601) , Weihai Guangwei Composites Co.Ltd(300699) , Asia Cuanon Technology (Shanghai) Co.Ltd(603378) . On the whole, northbound funds also favor high-quality enterprises with stable growth and undervalued value. Among them, the cement sector has become the focus of increasing holdings. At the same time, the requirements for the continuity of the boom in the future segments have been improved, and the sub sectors with downside risks have been reduced to varying degrees.
Risk warning: the landing of the project is lower than expected; Supply increased more than expected; Higher than expected cost increase
Investment suggestion: "steady growth" is still advancing, and attention is paid to the high-quality leaders with undervalued value. At present, the demand of the industry is still in the recovery stage, but the latest data show that the overall recovery pace is slow, which will strengthen the game expectation that the worse the demand, the more the policy needs to be further overweight; In addition, recently, the central bank and the national development and Reform Commission have continuously issued relevant measures to accelerate the "steady growth", and local governments have also continuously relaxed the real estate regulation policies to stabilize the operation of the real estate market. It is suggested to pay attention to the relevant varieties with capital construction and real estate demand and high safety margin of valuation, grasp the window investment opportunities of cement and real estate chain building materials in the short term, and recommend Anhui Conch Cement Company Limited(600585) , Gansu Shangfeng Cement Co.Ltd(000672) , Jiangxi Wannianqing Cement Co.Ltd(000789) , Huaxin Cement Co.Ltd(600801) Guangdong Tapai Group Co.Ltd(002233) ； Zhuzhou Kibing Group Co.Ltd(601636) Csg Holding Co.Ltd(000012) China Jushi Co.Ltd(600176) Sinoma Science & Technology Co.Ltd(002080) ； At the same time, other building materials with great growth potential in the medium and long term can be appropriately considered. Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Ocean'S King Lighting Science & Technology Co.Ltd(002724) , Guangdong Kinlong Hardware Products Co.Ltd(002791) , Keshun Waterproof Technologies Co.Ltd(300737) , Dehua Tb New Decoration Material Co.Ltd(002043) .
