After all, they still failed to give up the “alcohol addiction”, and the institutions spoiled Maotai again.
Just now, Kweichow Moutai Co.Ltd(600519) exceeded Contemporary Amperex Technology Co.Limited(300750) and returned to the No. 1 heavy position stock of public fund. According to the latest data, by the end of the fourth quarter of 2021, a total of 1378 funds held Kweichow Moutai Co.Ltd(600519) , with a total market value of 121.955 billion yuan, exceeding 119.962 billion yuan of Contemporary Amperex Technology Co.Limited(300750) . Kweichow Moutai Co.Ltd(600519) has become the “favorite” of public offering again with a weak advantage of 2 billion yuan.
Today, the three major A-share indexes fell by more than 2%, more than 4300 stocks fell, and only more than 260 stocks rose, while Kweichow Moutai Co.Ltd(600519) fell only 0.37% throughout the day, with the latest market value of 2.44 trillion yuan.
Kweichow Moutai Co.Ltd(600519) return to the number one heavy position stock of public fund
On January 24, with the disclosure of the fourth quarter report of public funds in 2021, the list of heavy positions of the top ten funds was officially released.
According to the data of Tianxiang investment adviser, by the end of the fourth quarter of 2021, a total of 1378 funds had Kweichow Moutai Co.Ltd(600519) heavy positions, with a market value of 121.955 billion yuan. After a quarter, Kweichow Moutai Co.Ltd(600519) returned to the position of No. 1 heavy position stock of public funds; Contemporary Amperex Technology Co.Limited(300750) ranked second. The stock was heavily held by 1297 funds, with a total market value of 119.962 billion yuan, a difference of only 2 billion yuan from Kweichow Moutai Co.Ltd(600519) . Looking back, at the end of the third quarter of 2021, Contemporary Amperex Technology Co.Limited(300750) surpassed Kweichow Moutai Co.Ltd(600519) and became the largest heavy stock of public funds.
Wuliangye Yibin Co.Ltd(000858) surpassed Wuxi Apptec Co.Ltd(603259) and became the third largest heavy position stock of the fund. By the end of last year, a total of 634 funds held Wuliangye Yibin Co.Ltd(000858) with a total market value of 59.796 billion yuan; Wuxi Apptec Co.Ltd(603259) was heavily held by 537 funds, with a market value of 52.683 billion yuan. In addition, China stock market news ranked 10th instead of China Merchants Bank Co.Ltd(600036) , which was heavily held by 739 funds with a market value of 35.621 billion yuan.
In the fourth quarter of 2021, the share price of TOP10, a heavy position stock of the fund, increased significantly, Luxshare Precision Industry Co.Ltd(002475) performed the most prominently, with an increase of 37.78% in that quarter; Kweichow Moutai Co.Ltd(600519) also had a good performance, with a single quarter increase of more than 12%; The share price of Contemporary Amperex Technology Co.Limited(300750) also increased by 11.84%; China stock market news also rose nearly 8%; Wuxi Apptec Co.Ltd(603259) fell 22.40%, and Hangzhou Hikvision Digital Technology Co.Ltd(002415) fell 4.87%.
Since January 2022, due to the continuous correction of the market index (the Shanghai index fell 5.68%, the Shenzhen composite index fell 7.9% and the gem index fell 10.47%), the overall performance of the fund’s heavy position stock TOP10 is also weak. Among them, China stock market news, Longi Green Energy Technology Co.Ltd(601012) , Luzhou Laojiao Co.Ltd(000568) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) all fell by more than 10%, while Contemporary Amperex Technology Co.Limited(300750) and Kweichow Moutai Co.Ltd(600519) were relatively resistant, with declines of 3.81% and 5.22% respectively, outperforming the market index.
The top three market values of fund holdings: Luxshare Precision Industry Co.Ltd(002475) , Luzhou Laojiao Co.Ltd(000568) and Kweichow Moutai Co.Ltd(600519)
In the fourth quarter of 2021, the top three fund holdings were Luxshare Precision Industry Co.Ltd(002475) , Luzhou Laojiao Co.Ltd(000568) and Kweichow Moutai Co.Ltd(600519) respectively, and the market value of holdings was 26.228 billion yuan, 16.857 billion yuan and 14.465 billion yuan respectively; In addition, Eve Energy Co.Ltd(300014) , Wingtech Technology Co.Ltd(600745) , Will Semiconductor Co.Ltd.Shanghai(603501) , Goertek Inc(002241) increased market value exceeded 10 billion yuan. In the fourth quarter, the share prices of listed companies performed well.
The top three fund holdings were Wuxi Apptec Co.Ltd(603259) , China Tourism Group Duty Free Corporation Limited(601888) and Hangzhou Hikvision Digital Technology Co.Ltd(002415) respectively. The market value of holdings reduction was 20.175 billion yuan, 15.235 billion yuan and 13.1 billion yuan respectively. The share price of the current quarter fell 22.40%, 15.61% and 4.87% respectively. The market value of Guangzhou Tinci Materials Technology Co.Ltd(002709) and Ganfeng Lithium Co.Ltd(002460) holdings decreased by more than 12 billion yuan, and the share prices fell by 24.63% and 12.33% respectively in the current quarter; In addition, Topchoice Medical Co.Inc(600763) and Aier Eye Hospital Group Co.Ltd(300015) share reduction markets were close to 9 billion yuan, and the share prices fell 34.11% and 20.82% respectively.
According to the industry, the fund’s TOP10 holdings are mainly distributed in electronics (consumer electronics, semiconductors), food and beverage (Baijiu), power equipment (photovoltaic, battery), etc. The industries with reduced holdings of TOP10 are mainly distributed in pharmaceutical and biological (medical services, biological products), power equipment (batteries), commercial retail, non-ferrous metals, etc.
In terms of the rise and fall in the fourth quarter, the stocks that increased their holdings of TOP10 rose by different ranges, and the overall performance was strong; The shares of TOP10 decreased in varying degrees, Topchoice Medical Co.Inc(600763) , Pharmaron Beijing Co.Ltd(300759) decreased by more than 34%.
Kweichow Moutai Co.Ltd(600519) frequent action
in the past month, Kweichow Moutai Co.Ltd(600519) has intensively released new products, which has also attracted market attention.
On January 18, Maotai 1935 was officially launched. This product is a high-end product in Maotai series. The manufacturer’s purchase price is 798 yuan / bottle and the market retail guide price is 1188 yuan / bottle. The advent of Maotai 1935 marked the birth of the first thousand yuan product of Maotai series liquor.
At the press conference held on the same day, Kweichow Moutai Co.Ltd(600519) chairman Ding Xiongjun defined “Maotai 1935” as an elegant tasting product launched by Maotai Co., Ltd. and a heavyweight member of “Maotai Maotai flavor and stock products”.
On January 5, Maotai released five Chinese Zodiac wines in one breath, of which 53% vol 500ml Kweichow Moutai Co.Ltd(600519) wine (renyin year of the tiger) was priced at 2499 yuan / bottle, while the dealer’s quotation has exceeded 6000 yuan / bottle. In addition, on December 29, 2021, Maotai released a new high-end treasure Maotai liquor, and the price rose from 4499 yuan / bottle to 4599 yuan / bottle less than a week after its release.
Some research institutions believe that the launch of Kweichow Moutai Co.Ltd(600519) new products is expected to contribute to the performance increment and further optimize the product structure. The company’s product matrix continues to be enriched. Maotai flavor liquor series thousand yuan high-end products mainly focus on “Maotai 1935”, 500-1000 yuan sub high-end products and 200-500 yuan mass products. It will focus on building “Han sauce” and “Maotai Prince liquor” as pillar products, and “laimao”, “Guizhou Daqu” and other wines will be used as auxiliary and supplement to jointly build a product price matching, clear level Gradient reasonable product structure.
Yu Jiaqi, an analyst at China Merchants Securities Co.Ltd(600999) , said that with the current outbreak of the dot epidemic and the overall pessimistic consumption expectations, Maotai’s rigid demand attribute and super toughness are highlighted again. From a short-term perspective, the positive feedback of dynamic sales and performance is a high probability event. In the early stage, due to the expected price increase, the stock price fluctuates. After the correction of the sector, the stock price corresponds to less than 40 times PE in 2022, and the safety margin is relatively sufficient. From the medium and long-term perspective, the return of Maotai price system to marketization is expected to bring double-click of valuation performance. Advance can be attacked and retreat can be defended. At present, Maotai deserves to increase the layout, give a target price of 2400 yuan in 2023, and reiterate the “strongly recommended – a” investment rating.
Haitong Securities Company Limited(600837) analyst Yan Huijing and Cheng Bisheng believe that with the upgrading of consumption and the continued growth of high net worth population, and at the same time benefit from the leading price, high-end Baijiu is expected to rise in volume and price. It is estimated that the revenue of CAGR will be 15-20% in the next five years. It is estimated that the total operating revenue of Kweichow Moutai Co.Ltd(600519) from 2021 to 2023 will be 109.038 billion yuan, 126.936 billion yuan and 145.524 billion yuan respectively, with a year-on-year increase of 11.3%, 16.4% and 14.6%; The net profit attributable to the parent company was 52.048 billion yuan, 61.233 billion yuan and 70.700 billion yuan, with a year-on-year increase of 11.5%, 17.6% and 15.5%. The company was given a 40-50 times P / E in 2022, and the corresponding reasonable value range was 1949.79-2437.24 yuan. The rating of “better than the big market” was given for the first time.
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