This week's research focus: 21q4 fund's heavy position in the household appliance sector
Following the reduction of positions for three consecutive quarters, the willingness of 21q4 fund to hold heavy positions in household appliances increased month on month, and the shareholding ratio increased by 0.15pct to 1.75% month on month. The over allocation proportion of 21q4 home appliance sector is - 0.19%, indicating that the allocation proportion of the sector is still low compared with the market value of home appliances. In terms of sectors, the 21q4 white electricity sector accounts for 56.5% of the overall heavy position market value of household appliances, with a month on month ratio of - 7.7pct. Heavy positions of individual stocks are still concentrated in the leading targets. Among them, the heavy position market value of Midea fund is RMB 11.298 billion and Haier is RMB 8.413 billion. 21q4 small household appliances accounted for the second largest proportion of the overall heavy warehouse market value of household appliances, with a month on month increase of 4.1pct to 26.4%. Among them, the target of small electrical heavy warehouse in kitchen is Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) , and the target of heavy warehouse of clean electrical appliances is Beijing Roborock Technology Co.Ltd(688169) / Ecovacs Robotics Co.Ltd(603486) . In addition, the market value of the fund's heavy positions in household appliance parts, kitchen power and black electricity accounted for + 1.7 / + 0.8 / + 1.3pct month on month of the overall heavy position market value of household appliances, and the allocation of massage equipment tended to zero.
White power: the market value of 21q4 white power sector is + 1.1% month on month, accounting for 56.5% of home appliance positions. From the perspective of individual stocks, the shareholding ratios of the three white funds decreased slightly month on month, driving the proportion of sector positions in the household appliance industry to -7.69pct month on month. We believe that the decline of the fund's position in white power can be attributed to adverse factors such as rising raw material prices, weak consumer demand and tightening of real estate policies since the beginning of the year. Institutional investors are more cautious in allocation without obvious improvement in fundamentals.
Blackpower: the market value of 21q4 blackpower sector allocation was + 141.3% month on month, and the proportion of sector allocation in the position of household appliances was 2.5%, month on month + 1.3pct. The change of the proportion is mainly affected by the additional allocation of Chengdu Xgimi Technology Co.Ltd(688696) and Hisense Visual Technology Co.Ltd(600060) . The market value of their positions accounts for 1.81% / 0.67% of the total positions in the household appliance industry, respectively.
Kitchen and bathroom appliances: the market value of 21q4 kitchen and bathroom appliances sector allocation was + 60.3% month on month, and the sector allocation accounted for 2.7% of household appliances positions, with a month on month ratio of + 0.8pct. The willingness of 20q2-20q4 fund to allocate large kitchen electricity sector has been reduced. With the improvement of the popularity of emerging kitchen electric scenes such as integrated stoves and dishwashers, the overall proportion of kitchen and bathroom electrical appliances sector has gradually increased since 21q1. 21q4, the proportion of the market value of the boss, Yitian and shuaifeng funds in the total market value of the household appliance industry was + 0.50 / + 0.25 / + 0.23pct month on month, respectively, while the proportion of Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Meida Industrial Co.Ltd(002677) funds decreased slightly month on month.
Small household appliances: the market value of 21q4 small household appliances sector allocation was + 36.0% month on month, and the sector allocation accounted for 26.4% of household appliances positions, with a month on month ratio of + 4.1pct. Among them, Beijing Roborock Technology Co.Ltd(688169) and Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) were significantly increased by the fund, and the market value of 21q4 positions accounted for 13.12% / 4.67% of the total positions in the household appliance industry from + 2.65 / + 2.05pct month on month respectively; The market value of the fund's position Ecovacs Robotics Co.Ltd(603486) in the total position of the household appliance industry decreased slightly, from -1.17pct to 7.95% month on month.
Household parts: the market value of 21q4 household parts sector allocation was + 33.3% month on month, and the sector allocation accounted for 12.0% of household appliances positions, with a month on month ratio of + 1.7pct. In terms of individual stocks, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) has obtained more fund allocation because it is closely related to the prosperity of the new energy vehicle industry. In 21q4, the market value of its position accounts for + 0.59pct to 7.35% of the total position of household appliances month on month; 21q4 Deye's position proportion continued to rise, from + 0.80pct to 4.22% month on month; Under the promotion of Gree's acquisition, Zhejiang Dun'An Artificial Environment Co.Ltd(002011) has attracted the attention of institutions, and the 21q4 shield safety ratio has reached 0.29%.
Trend of household appliance sector this week: this week, CSI 300 index + 1.11%, gem index - 2.72%, SME board index + 0.05%, household appliance sector + 2.85%. In terms of segments, white electricity, black electricity and small household appliances rose or fell by + 5.44%, - 2.65% and - 4.01% respectively. Among individual stocks, the top five gainers this week are Yimikang Tech.Group.Co.Ltd(300249) , Beijing Roborock Technology Co.Ltd(688169) , Midea Group Co.Ltd(000333) , Guangdong Sunwill Precising Plastic Co.Ltd(002676) , Haier Smart Home Co.Ltd(600690) ; The top five declines this week are Canature Health Technology Group Co.Ltd(300272) , Shanghai Highly (Group) Co.Ltd(600619) , Guangdong Shunna Electric Co.Ltd(000533) , Youngy Health Co.Ltd(300247) , Zhejiang Goldensea Hi-Tech Co.Ltd(603311) .
Price trend of raw materials: on January 21, 2022, the spot settlement prices of SHFE copper and aluminum were 71220 and 21405 yuan / ton respectively; SHFE copper was - 0.95% and aluminum was + 0.78% compared with last week. Since 2022, copper price + 22.67%, aluminum price + 37.08%. On January 21, 2022, the price index of China plastic city was 990.88, which was + 0.33% compared with last week and + 3.81% since 2022. On January 21, 2022, the comprehensive price index of steel was 132.59, which was + 0.34% compared with the price last week and + 6.15% since 2022.
Investment suggestions: at the current time point, it is recommended to pay attention to 1) the configuration of real estate chain targets, core related targets: recommended [ Midea Group Co.Ltd(000333) ], [ Haier Smart Home Co.Ltd(600690) ], [ Hangzhou Robam Appliances Co.Ltd(002508) ], [ Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ], recommended to pay attention to [ Zhejiang Sanfer Electric Co.Ltd(605336) ], and added [ Gree Electric Appliances Inc.Of Zhuhai(000651) ]; 2) In terms of non real estate chain, we continue to recommend [ Jinhua Chunguang Technology Co.Ltd(603657) ], [ Kingclean Electric Co.Ltd(603355) ], and add [ Ecovacs Robotics Co.Ltd(603486) ] and [ Beijing Roborock Technology Co.Ltd(688169) ].
Risk tip: the expansion of the epidemic situation, the risk of fluctuations in the real estate market, exchange rate and raw material prices, etc.
