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Securities Times reporter Zhang Zhibo

With the disclosure of the second quarter reports of public funds, the funds' heavy holdings in various industries have also surfaced. Among them, the overweight ratio of the electronics sector has risen to a historical high.

Mutual funds continue to overweight

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According to statistics from Securities Times Databao, public funds as a whole increased their holdings in the electronics industry in the second quarter, and the concentration of heavy holdings continued to rise. The latest holdings increased by 622 million shares compared to the end of the first quarter.

According to statistics from Wanlian Securities, the proportion of funds heavily invested in the electronics industry in the second quarter was 14.65%, an increase of 2.57 percentage points from 12.08% in the first quarter, and an increase of 3.69 percentage points compared with the same period last year; the adaptation ratio of the electronics industry in the second quarter was 8.06%, which was at a historically high level; in the second quarter, the over-allocation ratio of public funds to the electronics industry was 6.59%, an increase of 1.90 percentage points from 4.69% in the first quarter, and an increase of 3.12 percentage points compared with the same period last year.

In terms of shareholding value, the electronics sector continued to lead and was the only industry with a total shareholding value of more than 350 billion yuan. The latest figure was 362.017 billion yuan, up 14.41% from 316.429 billion yuan in the same period last year. The food and beverage, pharmaceutical and biological, and power equipment sectors followed closely behind, with shareholding values ​​of 290.59 billion yuan, 261.668 billion yuan, and 241.399 billion yuan, respectively.

Market value of holdings in 10 electronics stocks

Over 12.5 billion yuan

From the perspective of the electronics industry's sub-sectors, the consumer electronics sector increased its allocation significantly, while optics, optoelectronics and semiconductors decreased their allocations. The proportion of other sub-sectors in the size of electronics industry funds fluctuated slightly.

In terms of individual stocks, in the electronics industry, the top ten stocks heavily held by funds in the second quarter were Luxshare Precision, SMIC, AMEC, North Huachuang, Montage Technology, Haiguang Information Technology, Foxconn Industrial Internet, Shanghai Electric, Cambrian-U and GigaDevice, with the market value of their holdings all exceeding 12.5 billion yuan.

From the market perspective, the electronics industry index rose 2.63% in the second quarter. Among the sub-sectors, the component and consumer electronics indexes rose 18.67% and 15.46% respectively. Many electronics stocks rose well in the second quarter, among which Pengding Holdings rose 91.55%, Crystal Optech and Shenzhen South Circuit rose more than 50%, and Industrial Foxconn, Luxshare Precision and Shanghai Electric rose more than 40%.

In terms of the number of funds held, Luxshare Precision has a total of 1,146 funds held, ranking first; North Huachuang, Shanghai Electric Co., Ltd., and Foxconn Industrial Internet Co., Ltd. rank first in the number of funds held, with 527, 519, and 503 respectively.

From any perspective, Luxshare Precision is the hottest stock in the electronics industry. Ruiyuan Growth Value A managed by star fund managers Fu Pengbo and Zhu Lin, and Xingquan Herun managed by star fund manager Xie Zhiyu are both heavily invested in the stock, holding 35.3249 million shares and 24.8624 million shares respectively. Among them, Xingquan Herun is a new position in the second quarter.

Xie Zhiyu's second-quarter increase in holdings was mainly concentrated in two directions: one was Luxshare Precision and Crystal Optech in the Apple industry chain; the other was North Huachuang in the semiconductor industry chain, and the largest holding was semiconductor company Lanqi Technology. Xie Zhiyu said in the second quarter report that during the reporting period, the fund maintained a relatively high position, explored related industry chains such as pan-AI applications, semiconductors, new energy vehicles, and home appliances, and conducted long-term tracking and layout of companies with core competitiveness. In the future, it will continue to look for excellent companies with good investment cost-effectiveness.

Fund managers continue to be optimistic

Electronics

Looking ahead, Cheng Xi, manager of E Fund Management, believes that since the end of 2023, China's semiconductor sales have resumed positive growth and are currently in the early stages of recovery, mainly driven by consumer demand. In the first half of 2024, a trend of terminal demand being transmitted to semiconductor midstream performance has been observed, and attention should also be paid to the recovery of industrial demand in the second half of the year.

From the perspective of profitability, the semiconductor sector is expected to achieve profit recovery in the second half of 2024, mainly due to the stabilization of chip prices, price increase expectations, and increased capacity utilization brought about by increased shipments. Major technological advances in artificial intelligence indicate that the smartphone and consumer electronics markets may usher in a new round of innovation cycles, which is expected to raise the risk appetite of the technology growth style.

Xing Junliang, fund manager of ABC-Huarong Fund Management, said that considering the high growth and asset scarcity of the electronics industry, it is very suitable for the strategic layout and investment of long-term funds. From the perspective of investment rhythm, the current time is at the beginning of the bottom rebound of the semiconductor cycle, and it is also the eve of AI's intelligent transformation and upgrading of the terminal side, which is expected to bring a new round of rapid growth in the semiconductor industry.