Key investment points:
Affected by multiple shocks, partial stock public funds have significantly reduced the allocation of automobile sector. As of 22q1, the allocation proportion of automobile sector was 2.15%, with a month on month decrease of 0.61pct, falling back to the level of 21q2. Among them, passenger cars and auto parts are the main configuration direction, and the configuration proportion is 1.04% and 1.00% respectively, with a reduction of 0.32 PCT and 0.18 PCT respectively.
Since 2019, the automobile sector has been in a low configuration state. The free circulation market value of 22q1 automobile sector accounts for 3.07%, which is higher than the allocation proportion of automobile sector, with a low allocation of 0.92pct. In terms of sub segments, passenger cars, auto parts, commercial vehicles, automobile sales and service, motorcycles and others are equipped with 0.10pct, 0.38pct, 0.30pct, 0.10pct and 0.04pct respectively.
Analysis of the top 20 heavyweight stocks: ① as of 22q1, Byd Company Limited(002594) (RMB 13.6 billion), Fuyao Glass Industry Group Co.Ltd(600660) (RMB 3.6 billion) and Huizhou Desay Sv Automotive Co.Ltd(002920) (RMB 3.5 billion) are the top three companies in the market value of public fund positions; ② The market value of Beiqi Foton Motor Co.Ltd(600166) , Ningbo Tuopu Group Co.Ltd(601689) , Saic Motor Corporation Limited(600104) and other companies held by public funds increased month on month against the trend; ③ Since the beginning of the first quarter of the year in the 202first quarter of the first quarter of the year in the first quarter of the 202202through the first quarter of the first year of the year in the first quarter of the year, a mutual fund held by a mutual fund has held a stock market that includes the following: the holding of the ” ” ”’s Hongda Xingye Co.Ltd(002002) 59 ”’ \ , China Automotive Engineering Research Institute Co.Ltd(601965) and other companies’ market value fell continuously.
Analysis on the number of heavily held stocks: ① looking at 21q4 on a month on month basis, Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) , Zhejiang Changhua Auto Parts Co.Ltd(605018) , Haxc Holdings (Beijing) Co.Ltd(300928) and other stocks have emerged in the heavily held stocks of public funds, which can be focused; ② Beiqi Foton Motor Co.Ltd(600166) , Ningbo Tuopu Group Co.Ltd(601689) , Saic Motor Corporation Limited(600104) and other stocks increased their positions greatly, and Anhui Jianghuai Automobile Group Corp.Ltd(600418) , Zhejiang Wanliyang Co.Ltd(002434) , Ningbo Joyson Electronic Corp(600699) and other companies reduced their positions greatly.
Analysis on the number of funds held: ① as of 22q1, the number of funds held by Byd Company Limited(002594) (164), Huizhou Desay Sv Automotive Co.Ltd(002920) (67), Ningbo Tuopu Group Co.Ltd(601689) (47) and other companies ranked among the top three; ② Compared with 21q4, the number of funds held by Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) , Hainan Drinda Automotive Trim Co.Ltd(002865) , Beiqi Foton Motor Co.Ltd(600166) , Ningbo Tuopu Group Co.Ltd(601689) , Saic Motor Corporation Limited(600104) , Huizhou Desay Sv Automotive Co.Ltd(002920) and other companies increased rapidly; ③ Since the beginning of the first quarter of the 202year of the first quarter of the year of the 202202from the beginning of the first quarter of the year of the first year of the year since the beginning of the first quarter of the year of the first year of the first year of the year, the number of funds holding companies such as the company of ‘ Hongda Xingye Co.Ltd(002002) 00259 ” , Great Wall Motor Company Limited(601633) and other companies have seen a continuous decline in the number of funds.
Investment suggestion: we believe that with the gradual resumption of work and production in Shanghai and other regions and the gradual control of the epidemic situation, the bottom of the automobile sector may have appeared; Considering the impact of the epidemic on the macro-economy, the recovery of automobile consumption may be relatively slow, so the bottom may be repeated, but the strategy is optimistic. It is suggested that there are four directions for bargain hunting layout: 1) complete vehicle: Byd Company Limited(002594) , ideal vehicle, Xiaopeng automobile, Weilai automobile, Geely Automobile, Great Wall Motor Company Limited(601633) ; 2) Tesla industrial chain: Ningbo Tuopu Group Co.Ltd(601689) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Yinlun Machinery Co.Ltd(002126) ; 3) Smart car: Foryou Corporation(002906) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Bethel Automotive Safety Systems Co.Ltd(603596) , Suzhou Sonavox Electronics Co.Ltd(688533) ; 4) Lightweight: Wencan Group Co.Ltd(603348) , Ikd Co.Ltd(600933) , Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) .
Risk tip: when analyzing heavy position stocks in this paper, only open-end common stock funds and open-end partial stock hybrid funds are considered, which is different from the whole; The impact of the epidemic and the rise in commodity prices exceeded expectations; The progress of intellectualization and electrification is less than expected, and the rise of independent brands is less than expected.
