电器智造行业点评：公募持仓历史低位重视家电配置价值

中信证券股份有...2023-02-01

截至2022Q4 末，公募基金重仓股家电行业市值占比为1.3%，环比2022Q3继续下行0.1pct。考虑到前期压制景气的地产和疫情等因素改善，家电行业基本面预期向好；北向资金已率先增持，后续公募等内资或有望强化配置。家电板块的公募持仓处于历史低位，资金面未来或跟随基本面改善。2022Q4 末，公募基金重仓股家电行业市值占比为1.3%，环比2022Q3 继续下行0.1pct，处于2018 年来的...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202302011613568256322e&s=b><strong>中信证券股份有...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>截至2022Q4 末，公募基金重仓股家电行业市值占比为1.3%，环比2022Q3继续下行0.1pct。考虑到前期压制景气的地产和疫情等因素改善，家电行业基本面预期向好；北向资金已率先增持，后续公募等内资或有望强化配置。家电板块的公募持仓处于历史低位，资金面未来或跟随基本面改善。2022Q4 末，公募基金重仓股家电行业市值占比为1.3%，环比2022Q3 继续下行0.1pct，处于2018 年来的...</p>\n\n<a 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末，公募基金重仓家电板块中，白电/黑电/小家电/厨电仓位分别为70.34%/6.24%/4.41%/1.46%，环比变动-4.09/3.62/-0.10/+0.81pcts。由于家电主要成份股格力、美的、海尔均为白电，因此占据持仓大头，变动弹性较低；厨电仓位绝对值较低，变动弹性较高，同时作为地产后周期业绩预期摆动较大，股价弹性或较为可观。公募减仓白电、加仓厨电/央空，未来或整体加仓。公募基金前十大重仓股中，减仓白电，2022Q4 格力、海尔、美的公募重仓持股约为1.01/4.96/2.32 亿股，环比减少0.29/1.01/0.37 亿股，主要系市场担忧海外经济衰退和12 月疫情高峰冲击；加仓老板电器/海信家电，2022Q4 老板电器/海信家电公募重仓持股为1467/4055 万股，环比增加612/3430 万股，主要系厨电&央空与地产高相关性，基本面在政策支持下预期改善。考虑到海外硬着陆预期减弱、国内疫情基本达峰、地产供需端政策频出，白电、厨电、小家电基本面改善，后续公募基金或增配。风险因素：1、A 股市场流动性波动超预期；2、地产行业景气持续低迷，家电需求不振；3、家电企业成本波动超预期。投资策略：冬去春来，前期压制行业的地产、疫情因素在2022Q4 已呈现改善态势，2023 年有望迎来消费复苏、地产回暖，家电行业基本面预期向好。北向资金已率先增持，后续公募基金或强化配置，建议重视基本面&资金面有持续改善空间的家电板块配置价值。建议关注1）白电：格力电器、美的集团、海尔智家、海信家电； 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电器智造行业点评：公募持仓历史低位 重视家电配置价值

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电器智造行业点评：公募持仓历史低位重视家电配置价值