The position scale of funds in the machinery sector declined, and the position concentration increased for the first time. According to the data of the fund’s quarterly report in January 2022, the heavy positions of funds in the machinery sector accounted for 2.90%, down 0.4pct month on month, ranking the 10th in various industries; The total market value of 2022q1 fund’s heavily held machinery stocks was 69.618 billion yuan, down 25.28% month on month. The market value of the top ten stocks in the machinery sector decreased to 35.831 billion yuan, down 21.64% month on month. The total market value of machinery sector Q1 decreased by 25.28%, and the stock price fluctuation is the main reason for the decline of heavy position market value. The top ten positions accounted for 51.47% of the total market value of positions, up 2.39pct month on month, ending the downward trend of concentration since 2020q4.
The downward trend of the number of heavy positions in the machinery sector ended slightly. As of 2022q1, 162 stocks in the machinery industry have become heavy positions of fund companies, with a decrease of 5 stocks compared with 2021q4, the first decrease since 2020q4, but the fluctuation is small and relatively stable.
New energy equipment and smart Siasun Robot&Automation Co.Ltd(300024) is still my favorite, and Wuxi Autowell Technology Co.Ltd(688516) and other fund companies have become new favorites. The market value of heavy positions of funds in photovoltaic equipment sector accounts for the highest proportion. The top five sectors of 2022q1 heavy market value are photovoltaic equipment, lithium battery equipment, intelligent Siasun Robot&Automation Co.Ltd(300024) , mechanical basic parts and comprehensive (mainly testing equipment), accounting for 17%, 14%, 11%, 10% and 8% respectively. Among the top ten big warehouse shares in the top ten of the top ten most heavy warehouse shares of the mechanical industry industry, the top ten of the mechanical industry ”industry industry’Among the top ten most heavy warehouse shares among the top ten of the top ten of the mechanical industry, among which three are among the three of the top ten of the top ten of the machine industry, among the three of the three of the three of the top ten of the machine industry”s top ten most most most heavy warehouse shares, three of the three of the top ten biggest among the three of the top ten most most heavy warehouse shares in the mechanical industry, three of the three photovoltaic devices ( Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) for the Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) 316 onetesting service ( Centre Testing International Group Co.Ltd(300012) ), one oil service equipment ( Yantai Jereh Oilfield Services Group Co.Ltd(002353) ), one construction machinery ( Jiangsu Hengli Hydraulic Co.Ltd(601100) ) Hunan Zhongke Electric Co.Ltd(300035) and Wuxi Autowell Technology Co.Ltd(688516) replaced Hangzhou Great Star Industrial Co.Ltd(002444) and Zhuzhou Crrc Times Electric Co.Ltd(688187) into the top ten of heavy position market value.
Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) and other positions increased significantly. Compared with 2021q4, the fund companies of Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Hunan Zhongke Electric Co.Ltd(300035) 2 companies in the top ten large and medium-sized companies increased their holdings significantly, with an increase of 416369 million shares and 301598 million shares respectively. E fund has increased its holdings of Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) shares, and its four funds have increased their holdings of Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) shares by 297611 million; Qianhai Kaiyuan and CITIC Prudential fund significantly increased their holdings of Hunan Zhongke Electric Co.Ltd(300035) shares, increasing their holdings of 21084800 shares and 8861800 shares respectively Wuxi Lead Intelligent Equipment Co.Ltd(300450) was reduced by 40669200 shares; The positions of the other seven companies changed little.
The increase of Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Nanjing Develop Advanced Manufacturing Co.Ltd(688377) positions deserves attention. The largest increase in the number of heavy position funds in 2022q1 were Hunan Zhongke Electric Co.Ltd(300035) , Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Qingdao Gaoce Technology Co.Ltd(688556) , Kunshan Kinglai Hygienic Materials Co.Ltd(300260) and Wuxi Autowell Technology Co.Ltd(688516) , with an increase of 34, 31, 20, 14 and 11 respectively. The top five companies holding shares in the proportion of tradable shares were No. 9 company, Guangdong Fuxin Technology Co.Ltd(688662) , Nanjing Develop Advanced Manufacturing Co.Ltd(688377) , Jade Bird Fire Co.Ltd(002960) and Kunshan Kinglai Hygienic Materials Co.Ltd(300260) , with increases of 41.80pct, 14.46pct, 12.71pct, 8.81pct and 8.76pct respectively. Among them Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) is the leader of coal machinery equipment and Nanjing Develop Advanced Manufacturing Co.Ltd(688377) is the provider of advanced oil service equipment. The increase in positions indicates that the fund pays more attention to mining machinery.
Investment suggestions: through the above combing, we believe that 1) with the marginal weakening of the fundamentals of the machinery sector caused by the 2021q4 production restriction and the 2022q1 epidemic, there is a large correction in the market value of the sector, which is the main reason for the decline of the scale of heavy positions. The proportion of fund positions in the machinery sector and the industry ranking remained stable.
2) new energy equipment and smart Siasun Robot&Automation Co.Ltd(300024) are still the favorite of the fund, but the position scale has increased, decreased and differentiated, and the position of construction machinery has decreased significantly.
3) with the prosperity of the upstream mining industry becoming stronger, the intensity of relevant equipment allocation has increased Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) , Nanjing Develop Advanced Manufacturing Co.Ltd(688377) the increase in the number of funds with positions significantly reflects this change.
4) under the current environment, the machinery sector still faces the tests of high upstream raw material prices and the impact of the epidemic on logistics. ; Construction machinery sector related to steady growth, such as Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , etc; The leader of macro relatively desensitized subdivision sector, such as Warom Technology Incorporated Company(603855) , Ocean’S King Lighting Science & Technology Co.Ltd(002724) , Yindu Kitchen Equipment Co.Ltd(603277) , etc; Lay out equipment leaders with long-term advantages in the new energy sector, such as Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) , Suzhou Maxwell Technologies Co.Ltd(300751) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , etc.
Risk tips: the risk of intensified industry competition, the risk of raw material price fluctuation, macroeconomic risk, the risk that the demand of downstream industries is less than expected, etc.
