Since April, several auto companies have announced their sales results for the first quarter of this year, China's automobile exports have been reported many successes. Among them, in the first quarter of 2024, Chery Group has exported about 253400 vehicles, with a year-on-year growth of 40.9%; Geely's cumulative export sales volume was about 87000, up 66% year on year. According to the data of China Automobile Association, in the first two months of this year, China's automobile exports reached 831000 units, up 22.1% year on year, still maintaining a medium high growth rate. In this context, Huaxia CSIC Auto Parts Theme ETF (referred to as: Auto Parts ETF, Fund code: 562 700） It is being released for convenience Investors grasp History of the Rise of China's Automobile Industry Chain Sexual layout opportunities.
The auto parts ETF closely tracks the CSI auto parts theme index (index code: 931230. CSI), which is Investors can lay out leading auto parts enterprises with one click to provide a convenient, fast and low-cost index Investment vehicles. The CSI Auto Parts Theme Index selects 100 securities of listed companies whose businesses involve auto system components, auto interior and exterior decoration, auto electronics, tires and other fields as the index samples, reflecting the overall performance of the securities of the auto parts theme listed companies. As of April 2, 2024, the top ten constituent stocks of the underlying index include Fuyao Glass, Sanhua Intelligent Control, Sailun Tire, Desai Xiwei, Tuopu Group, Huayu Automobile, Wanfeng Aowei, 4D Graphic, Star Star, and Zhongke Chuangda, which are mainly concentrated in chassis, body, and electronic control, which are high value-added auto parts, and there are many core companies of driverless vehicles.
From the perspective of the distribution of Shenwan's third level industries, as of April 2, 2024, the proportion of body accessories and trims (22.2%), chassis and engine systems (19.0%), and tire hubs (14.4%) in the CSI auto parts theme index is higher, with a total weight of more than 50%. Compared with the similar Shenwan Auto Parts Index, the target index has a more balanced distribution of industry weights, is not easily affected by a single industry, and involves more diverse industries. It has more unique industries, such as vertical application software, and is more likely to benefit from changes in automotive electrification and intelligence.
China's auto industry is ushering in a "butterfly moment", and the development prospect of auto parts is widely optimistic. China's automobile export has reached a new high and surpassed Japan to become the world's largest automobile exporter It is of crucial significance for China to become a manufacturing power. In terms of size, the automobile industry is undoubtedly the largest industry in the manufacturing industry, and the industrial chain is very long, involving many parts. Judging from the development history of human manufacturing industry The key link of whether a country is a manufacturing power is the automobile industry. The United States, Germany, and Japan are all automobile powers successively. From 1 million in 2012 to 2 million in 2021, 3 million in 2022, and then to 3 million in 2023 Nearly 5 million vehicles, China is accelerating to become a powerful automobile country, and relevant auto parts enterprises are expected to fully benefit from it.
It is worth noting that, Recently, a new round of large-scale equipment renewal and consumer goods trade in policy has been launched Taiwan is also expected to bring incremental opportunities for auto parts. On March 13, 2024, the State Council issued the Action Plan for Promoting Large scale Equipment Renewal and Consumer Goods Trade in, focusing on four major actions: equipment renewal, consumer goods trade in, recycling and standards improvement. For this action, The main person in charge of the National Development and Reform Commission recently said that China's demand for equipment renewal will continue to expand, and it is expected to form a huge market with an annual scale of more than 5 trillion yuan. At the same time, the upgrading of automobiles and household appliances is also expected to release the market potential of trillion yuan scale. Minsheng Securities pointed out that at present China has implemented four rounds of relatively large automobile consumption stimulus policies, mainly focusing on purchase tax incentives, supplemented by automobile going to the countryside, old for new, scrap subsidies, etc., which have significantly stimulated sales. Therefore, the overall prosperity of auto parts is expected to benefit from domestic policy support.
In addition, the electrification and intellectualization of automobiles have also attracted market attention. Compared with traditional fuel vehicles, intelligent electric vehicles have added many configurations, such as more modular and integrated design, new body technology, batteries, electric motor control, more semiconductor consumption, new electronic and electrical architecture, more friendly human-computer interaction experience, and more emphasis on comfortable interior space. Each differentiated configuration is subdivided Investment opportunities. Under the development trend of electrification and intelligence, the domestic auto parts market also welcomes more development opportunities. Changjiang Securities said that with the rapid expansion of the domestic new energy market space, the new energy vehicle market space is expected to exceed 5 trillion in 2025. Benefiting from the four development drivers of localization rate, globalization, category expansion and robots, domestic auto parts enterprises will continue to grow rapidly.
It is understood that the ETF (562700) of auto parts issued this time is proposed to be Yu Hao, fund manager, with CFA and FRM, joined Huaxia in April 2020 Fund Management Co., Ltd., 11 years of experience in securities industry, more than 3 years Fund management experience, with rich experience in index product investment and research. Public offering In the fund, Huaxia The Fund is a leader with a first-class index team in the industry. By the end of the third quarter of 2023, the scale of passive equity products under the management of the company has exceeded 370 billion yuan, ranking first in the industry for 18 consecutive years on an average annual scale, and it is also the only company in China that has been rated "passive" for 8 consecutive years Invest in Taurus Public offering of fund companies Fund. (Award year: 2015-2022, China Securities Journal).
after After a long period of adjustment in recent years, opportunities for the bottom layout of the CSI auto parts theme index appear. Wind data shows that as of April 2, 2024, from the perspective of index valuation, the PE ratio of the CSI auto parts theme index is 25.75 times 14.9% quantile in recent five years, valuation scale Most of the time, it's cheaper. Looking forward to the future Driven by three positive factors, namely, the rise of China's automobile exports, a new round of equipment renewal and the acceleration of the trend of consumer goods trade in, intelligence and electrification, it may be timely to use the ETF (562700) for automobile parts and components to arrange the leading segment of automobile parts and components.
Disclaimer: There are risks in the market, so you should be careful! This article is for reference only, not for sale basis.
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