After the disclosure of the fund’s four seasons report, the computer position continued to rise. Based on the estimation of the top ten heavyweight stocks of the fund, Q4 computer sector (CITIC computer component stocks and excluding China stock market news) accounted for about 2.56% of the total positions of the fund in 2021, which rebounded from the bottom of the previous quarter (2020q3 ~ 2021q3 were 3.80%, 3.03%, 2.45%, 2.33% and 2.51% respectively). Taking the market value of CITIC computer index accounting for 3.48% in the same period as the standard configuration reference, the proportion of low configuration in Q4 computer industry in 2021 was 0.92%.
Position concentration continued to fall. 1) In terms of absolute indicators, the number of computer companies among the top ten heavyweight stocks of Q4 fund in 2021 was 96, lower than that in the previous quarter (120, 96, 101, 103 and 110 from 2020q3 to 2021q3 respectively). The positions of the 96 computer companies with heavy positions in the fund were basically the same as the decline, with 47 positions rising and 49 positions falling respectively; 2) In terms of relative indicators, the market value proportion (CR10) of the top ten companies with position market value is 66.42%, and the market value proportion (Cr20) of the top twenty companies with position market value is 86.39%.
List of top 10 companies with stock market value held by funds: the top 10 companies in the market value of fund positions in Q4 computer sector in 2021 are: Hundsun Technologies Inc(600570) , Sangfor Technologies Inc(300454) , Glodon Company Limited(002410) , Thunder Software Technology Co.Ltd(300496) , Inspur Electronic Information Industry Co.Ltd(000977) , Beijing Kingsoft Office Software Inc(688111) , Beijing United Information Technology Co.Ltd(603613) , Autel Intelligent Technology Corp.Ltd(688208) , Yonyou Network Technology Co.Ltd(600588) , Hithink Royalflush Information Network Co.Ltd(300033) . Compared with the top 10 Q3 positions in 2021, the market value changed greatly, adding Inspur Electronic Information Industry Co.Ltd(000977) , Autel Intelligent Technology Corp.Ltd(688208) and Hithink Royalflush Information Network Co.Ltd(300033) ; Shanghai Baosight Software Co.Ltd(600845) , Dbappsecurity Co.Ltd(688023) and Iflytek Co.Ltd(002230) exit the top ten.
Investment suggestion: in 2021, the proportion of Q4 fund’s computer position was 2.56%, rising compared with the previous quarter, and the proportion of low allocation was 0.92%. The top 10 companies in the market value of positions have changed greatly. The position continued to rise and the concentration fell further. In terms of configuration, cloud computing, network security and information innovation, intelligent driving, financial it and industrial software are still the preferred fields of the fund, and continue to optimize the selection of specific targets.
Risk warning: the development of the industry is not as expected; Market competition intensifies.
