Recently, various fund companies have successively disclosed the first quarterly report of 22 years. We have counted the heavy position holdings of active open-end funds in the whole market and the holdings of Shenzhen Shanghai Stock connect. Based on the three dimensions of sector, sub industry and individual stock, this paper analyzes the holdings of funds in the electronic sector.
Plate analysis: the concentration of sector positions decreased, and the proportion of electronic industry fell. According to the first level classification of CITIC, the top five shareholding ratios of 22q1 fund are power equipment and new energy (14.01%), medicine (12.24%), food and beverage (12.13%), electronics (11.68%) and basic chemical industry (6.25%), accounting for 56.31% in total. 22q1 total positions in the top five industries decreased by 1.81pct month on month. Since 2020, under the background of global liquidity expansion and lack of core, electronic stocks have entered the valuation expansion period, the proportion of institutional positions has been rising, and the proportion of 21q4 positions has reached a high of 14.41%; 22q1, the sluggish demand for consumer electronics combined with the impact of the epidemic, the position proportion of the electronics sector fell to 11.68%, down 2.73pct month on month. In terms of absolute amount, the total market value of positions decreased by 123678 billion yuan month on month, a decrease of 30.65%.
Sub industry analysis: power materials were added against the market. Based on the classification of CITIC electronics industry, we subdivide the electronics industry into five categories: semiconductors, components, optical optoelectronics, consumer electronics and others. Semiconductors include four sub sectors: integrated circuits, discrete devices, semiconductor materials and semiconductor equipment. Due to the slow innovation of intelligent machines and poor demand for high-end machines, the Q1 performance of some consumer electronics companies fell short of expectations, and the total market value of institutional positions decreased by 48.428 billion month on month; The position scale of other secondary sub industries also decreased, and the total market value of positions in optics, optoelectronics and components decreased by 30.52 billion yuan and 14.252 billion yuan month on month; The total market value of semiconductor positions decreased by 17.216 billion yuan month on month, but the decline was the lowest relatively.
Specifically, in terms of tertiary sub industries, consumer electronic components, integrated circuits, security, passive components, LEDs and PCBs were significantly reduced by institutions, with a month on month decrease of 44.846 billion yuan, 17.811 billion yuan, 16.934 billion yuan, 10.042 billion yuan, 8.971 billion yuan and 4.210 billion yuan respectively. Discrete devices and semiconductor materials are favored by institutions, with an increase of 2.424 billion yuan and 1.193 billion yuan. Automotive electrification and intellectualization are in the ascendant. Power semiconductors have won institutional positions with excellent performance, and the wave of domestic substitution of semiconductor materials has just begun, which is also worthy of attention.
Stock analysis: the positions of the top ten targets have declined, and semiconductor companies are still the mainstay. We have counted the top ten companies in the 22q1 institutional holding market by the 22q1, and we have counted the top ten companies in the 22q1. The top ten companies in the 22q1 institutional holding market by the 22q1. The top ten companies in the 22q1 institution’s top ten companies in the 22q1: the top ten companies in the 22q1 institution’s top ten companies in the market capitalization, which are Hongda Xingye Co.Ltd(002002) ourstatistics. They are respectively Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) 04049 \ and Ninestar Corporation(002180) , six of which are semiconductor companies. The total market value of the top ten positions was 160831 billion yuan, down 64.642 billion yuan month on month, accounting for 57.46% of the total market value of positions in the electronic sector, and the concentration increased by 1.59 PCT month on month. Compared with 21q4, Goertek Inc(002241) and Shunyu optics are listed, and Xiamen Faratronic Co.Ltd(600563) and Ninestar Corporation(002180) enter the top ten. At the same time, we also counted the top ten companies (sorted by the added value of the total market value of institutional positions), which are the top ten companies in the 22q1 electronic sector funds in 22q1. The top ten companies (sorted by the added value of the total market value of the positions held by the electronic sector funds in 22q1. At the same time, we also counted the top ten companies (sorted by the added value of the added value of the total market value of the institutions in the 22q1. The top ten companies (sorted by the added value of the added value of the total market value of the positions held by the institutions) in 22q1’22q1. The top ten companies (ranked by the top ten companies in the 22q1 electronic sector sector funds in 22q1. The top ten companies (sorted by the order of the added value of the total market value of the institutional positions), respectively are Client Service International Inc(300663) 0066 Client Service International Inc(300663) 0066 Sg Micro Corp(300661) Sg Micro Corp(300661) , Wuhan Dr Laser Technology Corp.Ltd(300776) and Ninestar Corporation(002180) , the diversity of institutional configuration began to be reflected.
Analysis of Shanghai and Shenzhen Stock connect: 22q1 Starpower Semiconductor Ltd(603290) & Hangzhou Hikvision Digital Technology Co.Ltd(002415) entered the top ten positions in market value. 22q1 the market value of the total position of Shanghai and Shenzhen Stock communication electronics sector was 144495 billion yuan, a month on month decrease of 59.762 billion yuan. The top ten companies with the top ten companies in the market value of the top ten companies in the market value of the top ten companies in the market value of the market in which the top ten companies in the market value of the market value of the position. The top ten companies in the market value of the top ten companies that are the following . The top ten companies of the top ten companies in the market value of the top ten companies in the market value of the last ten companies in the market value of the last ten companies that hold the top ten companies that are respectively: the company that has been held in the battle for the battle of the battle of the Luxshare Precision Industry Co.Ltd(002475) \ and Hangzhou Hikvision Digital Technology Co.Ltd(002415) , with a total position of 82.702 billion yuan, a month on month decrease of 37.922 billion yuan. Compared with 21q4, Starpower Semiconductor Ltd(603290) and Hangzhou Hikvision Digital Technology Co.Ltd(002415) are listed, and Maxscend Microelectronics Company Limited(300782) and Chaozhou Three-Circle(Group) Co.Ltd(300408) are listed.
Investment suggestion: the disturbance of the epidemic superimposed on the poor demand for consumer electronics. The electronics sector has made a deep correction since the beginning of the year, with a decline of 34.99%. In terms of the valuation level, the current ttmpe of the electronic sector is only 30.12 times, which has reached the bottom position at the beginning of 19, and the institutional position has also dropped in a large proportion. The characteristics of the sector bottom are obvious. From a fundamental point of view, the positive edge of the impact of the epidemic has weakened, and many downstream industries represented by automobiles are returning to work in an orderly manner. The meeting of the Political Bureau of the CPC Central Committee on April 29 particularly emphasized issues such as ensuring supply and price stability and ensuring transportation and logistics. Under the background of the recovery of economic production, the demand of the electronic sector is expected to be gradually repaired.
Although the market is still worried that Q2 performance will be damaged due to the epidemic, which will affect the year-on-year performance. However, we think we can focus on the track with high short-term prosperity and large long-term growth space:
1. Automotive electronics: Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Wingtech Technology Co.Ltd(600745) , nano core micro, Ingenic Semiconductor Co.Ltd(300223) , Will Semiconductor Co.Ltd.Shanghai(603501) , Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , changguanghuaxin
2. Industrial control requirements: Sg Micro Corp(300661) , 3Peak Incorporated(688536) , Gigadevice Semiconductor (Beijing) Inc(603986) , Sino Wealth Electronic Ltd(300327) , Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Wuxi Nce Power Co.Ltd(605111) , Macmic Science & Technology Co.Ltd(688711) .
3. Special semiconductors: Fudan micro, Unigroup Guoxin Microelectronics Co.Ltd(002049)
4. Equipment and materials: Naura Technology Group Co.Ltd(002371) , tuojing technology, Advanced Micro-Fabrication Equipment Inc.China(688012) , Kingsemi Co.Ltd(688037) , National Silicon Industry Group Co.Ltd(688126) , Hangzhou Lion Electronics Co.Ltd(605358) , Konfoong Materials International Co.Ltd(300666) , Tongcheng Xincai, Crystal Clear Electronic Material Co.Ltd(300655) , etc
Risk warning: macroeconomic depression; Sino US trade conflict; Semiconductor boom down; Downstream demand was lower than expected.
