Core view:
Event: after the disclosure of the data of the top ten heavy positions of public fund 22q1, we made statistics and Analysis on the position of public fund in household appliances.
22q1 fund’s heavy positions in household appliances decreased month on month. In 2022q1, the market value ratio of fund heavy positions in the household appliance sector was 1.62%, a decrease of 0.16pct compared with 2021q4. Due to the month on month rise of raw material prices in the first quarter and the impact of epidemic outbreaks in some parts of China on the demand for household appliances, the overall prosperity of the household appliance industry is relatively low, and the fund heavy positions are at the bottom of nearly a decade. In 2021q4, the proportion of over allocation in the household appliance industry was 0.06%, which was lower than the average value since 2010 (2.27%). Through the comparative analysis of the shareholding data of public fund household appliance industry and the closing price change data of Shenwan household appliance industry index, it is found that the correlation between the rise and fall of household appliance industry index and the proportion of fund shareholding and fund over ratio is 18.26% and 17.09% respectively. From the perspective of sub sectors, the fund allocation of public funds is mainly concentrated in the field of white electricity, but the allocation proportion decreased slightly, from 1.19% to 1.14%. Except that the proportion of black power allocation has increased, other sectors have decreased, among which the parts sector has decreased significantly.
The proportion of the stock market value of household appliances held by the fund in the market value of the industry decreased. The ratio of 2022q1 fund’s heavy position in the stock market value of household appliances to the free circulation market value of household appliances decreased by 0.09pct to 6.16% compared with 21q4. In terms of sectors, the market value of white electronics stocks held by 2021q4 public funds accounts for 4.33% of the total circulation market value of the household appliance industry. The remaining sub sectors account for a small proportion of the total circulation market value of the household appliance industry. The sub sectors of black electricity, kitchen electricity, small household appliances, parts and lighting account for 0.22%, 0.11%, 1.13%, 0.37% and 0.0003% respectively.
Plate position differentiation. In terms of target selection, the heavy positions of Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) and Gree Electric Appliances Inc.Of Zhuhai(000651) were 510, 251 and 119 respectively, with changes of – 90, – 88 and 1 respectively, and the number of heavy positions increased by 343548, 62291 and 8876800 shares respectively. From the perspective of the market value of heavy positions held by public funds, the top three in the market value of funds are Midea Group Co.Ltd(000333) , Haier Smart Home Co.Ltd(600690) and Beijing Roborock Technology Co.Ltd(688169) , with the market value of heavy positions of 213693014, 119417961 and 4379527 million yuan. The concentration of the fund’s heavyweight stocks rebounded. The market value of the top 3 and top 5 heavyweight stocks in 22q1 accounted for 72.19% and 83.93% of the total market value of the fund’s heavyweight household appliance stocks, an increase of 1.21pct and 2.59pct respectively.
Investment suggestion: the proportion of household appliances heavily held by 2022q1 fund decreased slightly month on month. From the perspective of sub sections, except black power, other sections declined. In the follow-up, the pressure of rising raw material prices is expected to be alleviated marginally, and the marginal relaxation of real estate policy is also expected to be gradually transmitted, resulting in an increase in the demand for household appliances, and the prosperity of the industry will gradually pick up. At present, the valuation of the home appliance sector has a high margin of safety, and the configuration cost performance is outstanding. It is suggested to pay attention to the white power leaders Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ), Gree Electric Appliances Inc.Of Zhuhai(000651) ( Gree Electric Appliances Inc.Of Zhuhai(000651) ) and Haier Smart Home Co.Ltd(600690) ( Haier Smart Home Co.Ltd(600690) ) whose profitability is expected to improve month on month. The market scale of integrated stoves and clean appliances is expected to maintain a high growth rate. It is recommended that Ecovacs Robotics Co.Ltd(603486) ( Ecovacs Robotics Co.Ltd(603486) ), Kingclean Electric Co.Ltd(603355) ( Kingclean Electric Co.Ltd(603355) ) and Marssenger Kitchenware Co.Ltd(300894) ( Marssenger Kitchenware Co.Ltd(300894) ).
Risk warning: risk of raw material price change; Risk of decline in real estate sales; Risk of declining prosperity of emerging categories.
