2022q1 building materials industry fund positions continue to exceed allocation
The proportion of 2022q1 fund's heavy positions in the building materials industry was 1.82%, an increase of 0.06 PCT over 2021q4; The over allocation ratio is 0.16%. The total market value of 2022q1 fund's heavy holdings in the building materials industry was 40.852 billion yuan, a decrease of 5.433 billion yuan month on month, a year-on-year decrease of 11.74%. The proportion of 2022q1 fund's heavy positions in the building materials industry continues the over allocation state of 2021q4. We believe that the main reasons for supporting the super matching building materials industry of institutions are as follows: 1) under the background of the continuous development of the "steady growth" policy and the expansion of infrastructure investment, cement, water reducing agent, pipe and other building materials with high correlation with the infrastructure industry chain have been increased. 2) In 2022q1, the loose signals at the end of real estate policies such as "implementing policies due to the city" and relaxing the down payment ratio in many places are frequent, the demand for the valuation and performance of consumer building materials in the real estate industry chain is strengthened, and the configuration cost performance of the main consumer building materials leaders is high after early adjustment, which has obtained institutional holdings.
Cement and water reducing agent: the attention of institutions has increased significantly
The total market value of 2022q1 cement and water reducing agent sector funds was 3.836 billion yuan, a year-on-year increase of 41.71%; The proportion of fund allocation was 0.17%, an increase of 0.07 PCT month on month. In terms of the absolute number of cement / water reducing agent stocks increased by the fund, Anhui Conch Cement Company Limited(600585) (+ 22890000 shares), Gansu Shangfeng Cement Co.Ltd(000672) (+ 5640000 shares), Huaxin Cement Co.Ltd(600801) (+ 4270000 shares), Ningxia Building Materials Group Co.Ltd(600449) (+ 400000 shares), Jinyuan Ep Co.Ltd(000546) (+ 3910000 shares) gained more institutional holdings. From the perspective of shareholding market value, the two leading enterprises of cement and water reducing agent in East China, central / Southwest China and North China in 2022q1 ranked among the top five in the market value of positions in the sector, namely Anhui Conch Cement Company Limited(600585) (2.357 billion yuan), Sobute New Materials Co.Ltd(603916) (329 million yuan), Lets Holdings Group Co.Ltd(002398) (319 million yuan), Huaxin Cement Co.Ltd(600801) (286 million yuan), Tangshan Jidong Cement Co.Ltd(000401) (253 million yuan).
Glass and glass fiber: the proportion of sector configuration decreased, and the increase or decrease and differentiation intensified
On the whole, the market value of 2022q1 glass and glass fiber sector holdings was 9.065 billion yuan, down 29.61% month on month compared with 2021q4, and the proportion of sector allocation was 0.40%, down 0.09 PCT month on month. In the glass sector, in terms of the change in the number of fund holdings, Zhuzhou Kibing Group Co.Ltd(601636) (+ 36.76 million shares) and Flat Glass Group Co.Ltd(601865) (+ 10.43 million shares) gained the most institutional holdings; CSG a (- 19.85 million shares) and Luoyang Glass Company Limited(600876) (- 7.27 million shares) were largely reduced by institutions. In the glass fiber sector, 2022q1 glass fiber first-line leaders China Jushi Co.Ltd(600176) (- 47.24 million shares) and Sinoma Science & Technology Co.Ltd(002080) (- 34.95 million shares) were greatly reduced by institutions, and second-line leaders Jiangsu Changhai Composite Materials Co.Ltd(300196) (+ 7.88 million shares) and Shandong Fiberglass Group Co.Ltd(605006) (+ 130000 shares) were increased.
Holdings of building materials, coatings and gypsum board were reduced, and consumption of waterproof materials and gypsum board was increased
The market value of 2022q1 consumer building materials sector fund holdings totaled 18.918 billion yuan, down 6.02% from 2021q4; The fund allocation ratio was 0.84%, increased by 0.08 PCT month on month, and the over allocation ratio was 0.40%. In terms of the proportion of the fund's shareholding in the circulating shares, the stocks that have been increased by institutions in the consumer building materials sector in 2022q1 are Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) (+ 79.7 million shares), Monalisa Group Co.Ltd(002918) (+ 9.13 million shares), Zhejiang Weixing New Building Materials Co.Ltd(002372) (+ 6.96 million shares), Keshun Waterproof Technologies Co.Ltd(300737) (+ 5.54 million shares), Dare Power Dekor Home Co.Ltd(000910) (+ 4.67 million shares), and Gongyuan shares (+ 1.46 million shares); The stocks with large reduction range are Skshu Paint Co.Ltd(603737) (- 3140000 shares), Dehua Tb New Decoration Material Co.Ltd(002043) (- 3550000 shares), Guangdong Kinlong Hardware Products Co.Ltd(002791) (- 7200000 shares), Beijing New Building Materials Public Limited Company(000786) (- 9 Shanghai Pudong Development Bank Co.Ltd(600000) shares).
Other building materials: concrete, refractory and quartz materials were increased
The market value of other building materials sector funds in 2022q1 totaled 9.033 billion yuan, down 14.53% month on month from 2021q4; The fund allocation ratio is 0.40%, and the over allocation ratio is 0.12%. In terms of the stock market value held by the fund, the segments with the largest fund positions are quartz materials ( Hubei Feilihua Quartz Glass Co.Ltd(300395) 3.313 billion yuan, Jiangsu Pacific Quartz Co.Ltd(603688) 2.359 billion yuan), building vibration reduction and isolation ( Quakesafe Technologies Co.Ltd(300767) 1.198 billion yuan) and refractory materials ( Luyang Energy-Saving Materials Co.Ltd(002088) 744 million yuan).
Shanghai and Shenzhen Stock connect: increased consensus with China's public fund investment
From the perspective of northbound funds represented by Shanghai and Shenzhen Stock connect, in 2022q1, Shanghai and Shenzhen Stock connect increased its positions in cement stocks in the stable growth chain with undervalued value and high safety margin, and strengthened the consensus with the concerns of China's public funds; In addition, Shanghai and Shenzhen Stock connect also favors the leading consumer building materials with excellent business quality. As of March 31, 2022, as of March 31, 2022, as of March 31, 2022, the top ten stocks in the market capitalization of the top ten shares of the market capitalization of the building materials industry stock held by the Shanghai and Shenzhen stock. The top ten shares of the market capitalization are . 60058 Anhui Conch Cement Company Limited(600585) 080 (RMB 2.663 billion), Huaxin Cement Co.Ltd(600801) (RMB 1.227 billion), Fangda Carbon New Material Co.Ltd(600516) (RMB 1.160 billion) Zhuzhou Kibing Group Co.Ltd(601636) (1.013 billion yuan).
Investment advice
1) cement and water reducing agent: recommended Anhui Conch Cement Company Limited(600585) , Sobute New Materials Co.Ltd(603916) ;
2) glass and glass fiber: recommended China Jushi Co.Ltd(600176) ;
3) consumer building materials: recommended Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Zhejiang Weixing New Building Materials Co.Ltd(002372) , Monalisa Group Co.Ltd(002918) .
Risk tips
The growth rate of infrastructure and real estate investment has decreased significantly, which is at risk; The prices of raw materials and fuels continued to rise, exceeding expectations; Industry competition intensified and market concentration improved less than expected.
