Industry perspective
The level of 2021q4 public fund allocation in the chemical industry fell month on month, but it is still at an all-time high. The targets related to new energy chemical materials still received high attention, but the performance of subdivided tracks is differentiated. In 2021q4, the proportion of chemical industry allocated by public funds decreased by 1.3% to 6.9% month on month. Although the proportion of chemical industry allocated by public funds decreased significantly, it is still at a relatively high level in history. From the market value of heavy positions, the top five targets are Qinghai Salt Lake Industry Co.Ltd(000792) , Beijing Easpring Material Technology Co.Ltd(300073) , Sailun Group Co.Ltd(601058) , Haohua Chemical Science & Technology Corp.Ltd(600378) , Valiant Co.Ltd(002643) ; The top five targets of position reduction are Guangzhou Tinci Materials Technology Co.Ltd(002709) , Shenzhen Capchem Technology.Ltd(300037) , Yunnan Energy New Material Co.Ltd(002812) , Jiangsu Eastern Shenghong Co.Ltd(000301) , Wanhua Chemical Group Co.Ltd(600309) . From the number of funds held: the top five positions of public funds are Yunnan Energy New Material Co.Ltd(002812) , Wanhua Chemical Group Co.Ltd(600309) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Qinghai Salt Lake Industry Co.Ltd(000792) , Sailun Group Co.Ltd(601058) ; The number of funds increased month on month. The top five are Qinghai Salt Lake Industry Co.Ltd(000792) , Valiant Co.Ltd(002643) , Haohua Chemical Science & Technology Corp.Ltd(600378) , Sailun Group Co.Ltd(601058) , Zhejiang Huangma Technology Co.Ltd(603181) . On the whole, the main line of the market in the fourth quarter was relatively vague, and the direction of adding positions was relatively scattered. The market value of the heavy positions of the related targets of diaphragm and electrolyte materials, which are popular in new energy materials, decreased significantly, and the related targets of cathode materials were added.
From the perspective of new heavy positions and exit heavy positions, the top ten targets of new heavy positions are Hangzhou Juheshun New Material Co.Ltd(605166) , Nanjing Cosmos Chemical Co.Ltd(300856) , Anhui Anli Material Technology Co.Ltd(300218) , Jinan Shengquan Group Share Holding Co.Ltd(605589) , Limin Group Co.Ltd(002734) , Phichem Corporation(300398) , Zhuzhou Times New Material Technology Co.Ltd(600458) , Guangdong Hongda, Jiangxi Black Cat Carbon Black Inc.Ltd(002068) , Shandong Intco Recycling Resources Co.Ltd(688087) according to the market value of 2021q4 heavy positions. In terms of the subject matter of withdrawing from heavy positions, the top ten subjects according to the market value of the heavy positions withdrawn in 2021q4 are Tangshan Sunfar Silicon Industry Co.Ltd(603938) , Sichuan Meifeng Chemical Industry Co.Ltd(000731) , Sichuan Lutianhua Company Limited(000912) , Befar Group Co.Ltd(601678) , Huapont Life Sciences Co.Ltd(002004) , Xinjiang Tianye Co.Ltd(600075) , Guangzhou Sanfu New Materials Technology Co.Ltd(688359) , Yangmei Chemical Co.Ltd(600691) , Fujian Green Pine Co.Ltd(300132) , Shanghai Huayi Group Corporation Limited(600623) .
In terms of fine molecule industry, different from the main line of new energy materials in the third quarter, under the background of high uncertainty in the overall market, the market in the chemical industry began to pay attention to the pesticide and chemical fertilizer sector with relatively strong demand support and the tire sector with heavy damage in the early stage. From the market value of heavy positions in the fine molecule sector: the top five positions of 2021q4 public funds are other chemicals, polyester, polyurethane, potash fertilizer and tires; The first five sub sectors are potash fertilizer, pesticide, tire, inorganic salt, paint and ink manufacturing; The top five sub sectors are other chemicals, polyester, polyurethane, petroleum processing, fluorochemicals and refrigerants.
Public funds actively embrace growth stocks, and the style of configuring growth stocks in the chemical industry continues. The proportion of the total market value of the top ten heavyweight stocks in the heavy chemical industry of public funds decreased from 53.3% in 2021q3 to 49.9% in 2021q4, indicating that under the condition of relatively high positions of chemical leaders, the allocation of white horse leaders is still being reduced and small and medium cap growth stocks are actively embraced. Among them, the ratio of heavy positions of public funds and chemical leaders to the value of heavy positions a stock market changed to Wanhua Chemical Group Co.Ltd(600309) (0.63% decreased to 0.48%), Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) (0.13% increased to 0.15%), Jiangsu Yangnong Chemical Co.Ltd(600486) (0.07% increased to 0.09%); Shandong Linglong Tyre Co.Ltd(601966) (0.10% to 0.07%); Lb Group Co.Ltd(002601) (0.20% to 0.18%); Shandong Sinocera Functional Material Co.Ltd(300285) (0.19% to 0.24%).
Investment advice
Under the background that the main line of market investment is relatively vague, the focus direction also began to move towards decentralization. We think there are three points that need special attention: first, the sinking of logic. Under the background of full expectation of mainstream tracks, the market may turn more stones in non mainstream tracks, especially those specialized in new materials; Second, the sinking of valuation, especially the hot subject of high valuation, has the possibility of reconstruction of valuation system; Third, the sinking of the crowded track. Recently, the target of the popular track has been adjusted greatly, which may be related to the chip structure and track congestion. The adjustment is more due to the factors at the transaction level. In the direction, we are still optimistic about small and medium cap growth stocks, especially the subject of new materials.
Risk tips
The epidemic affects the decline of demand outside China, the sharp fluctuation of crude oil price, the impact of trade policy on industrial layout, and the risk of product price decline.
