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The three major A-share indexes in the first week of 2021 hit new highs since 2016: non-ferrous metals rose to the top, textiles and apparel bottomed
Source: Voice of Securities Daily
Original Securities Daily
After two consecutive “harvest years” in 2019 and 2020, A-shares have maintained the pace of “small steps and fast running” into 2021. Although the cold winter of the real economy has not completely passed, the sunny day of the capital market has arrived ahead of schedule. In the first week of the new year, the three major indexes all set new highs since 2016.
Behind the “hot” start of the A-share market, the head effect became more pronounced, and the main tone of the structurally strong core target of the high-quality track was further interpreted.
In this regard, Liu Yan, Chairman of Anjue Assets, said in an interview with a reporter from the Securities Daily that the A shares in the first week of 2021 can be described as a two-tier day. On the one hand, a few sectors have repeatedly set new highs, and on the other, three-quarters of listed companies are listed. The yin fell more than ever. The pursuit of market funds for a few core assets has made the Matthew effect more obvious, institutional funding behaviors have become homogenous, and market concentration has become higher and higher. In the later stage, it mainly depends on the amount and speed of subsequent funds entering the market, and whether the monetary easing policy will have signs of tightening. The hot market in 2021 is undoubtedly an industry with a broad track, a clear profit model, and long-term certainty.
Judging from the ranking of Shenwan’s first-level industry index in the first week of 2021, a total of 20 Shenwan’s first-level industry indexes have achieved different degrees of increase. Among them, the top three industries with cumulative increase during the period are non-ferrous metals, agriculture, forestry, animal husbandry and fishery. , Electrical equipment, the cumulative increase in these three major industries during the period are all over 9%. The textile and clothing industry has become the industry with the largest decline during the first week of the new year, with a cumulative decline of 3.53% during the period. In addition, the real estate, computer and communications industries also have a cumulative decline of more than 1% during the period.
Regarding the reasons for the sharp differentiation of A shares, Xia Fengguang, manager of the Future Star Fund of the private equity ranking net, said in an interview with the “Securities Daily” reporter that first, the market scale has expanded rapidly, and the trading volume has not kept up, even if it is individual strong The index broke through the 2015 high, but the gap in trading volume is very obvious, and limited funds can only be concentrated on a small number of industry stocks. Second, the regulatory authorities continue to guide and regulate the market, implement the registration system, strengthen the delisting mechanism, and suppress low-par value and small market value stocks, thereby strengthening the accumulation of funds for leading stocks. Third, the proportion of institutional investors has increased, some institutions have a clear attitude of grouping, and new funds are constantly flocking to old positions.
It is not difficult to find that the three major industries, including non-ferrous metals, agriculture, forestry, animal husbandry and fishery, and electrical equipment, which saw the top growth in the first week of 2021, benefited from the overall stability of the fundamentals, the improvement of the economy and the maintenance of growth, the gradual transformation of policies, and the continuous increase in institutional allocation. And many other factors, and these favorable factors also provide an important boost for the performance of the above-mentioned industries in 2020. It can be seen that the growth rates of these three industries in 2020 are all over 40%.
In an interview with a reporter from the Securities Daily, Tong Diyi, general manager of Longying Fortune Assets, said that the first week of 2021 continued the aggressive offensive at the end of last year. The trading volume of the two cities continuously exceeded one trillion yuan, leading the main market to go up. All have strong logical support. At the same time, overseas funds continued to flow substantially into A-shares, domestic funds continued to clump together, and the traditional white horse weighted Hengqiang. At present, market logic is difficult to falsify in the short term, and the relevant industries are in a period of high prosperity when profits are significantly improving. As long as the follow-up performance can meet market expectations, the current valuation will be digested healthily, and the stock price trend will remain stable for a long time.
“At present, the A-share market is undergoing profound changes. In the future, the structured market will continue to show the leading effect.” Xia Guangguang further told reporters, “but it does not mean that the current grouping phenomenon will continue. If it deviates from the future cash Flow, focusing only on the strengthening of price trends, is bound to be another form of bubble. Whether this phenomenon will continue in the short term or whether there will be a change in style is actually not important. As long as the bubble is bound to burst, but It is impossible to predict when the bubble will burst. If you don’t worry about the transition of the market, based on value and cash flow returns, you will have ideal investment income in the long run.”
It is worth mentioning that due to the accumulation of huge profits, the high volatility of the above-mentioned popular sectors is also increasing. Fangxin Wealth Investment Fund Manager Hao Xinming reminded in an interview with the “Securities Daily” reporter that 5G, semiconductors, cement and building materials, etc. The well-adjusted sectors are just about to move, but the common feature is that the leading products in each sector are the leaders of the large-value industry, and there is a situation where the index is not profitable. In the future, this grouping situation will continue, and the hot sector may expand to fully adjusted sectors.
Table: List of Shenwan Primary Industry Market Performance in the First Week of 2021
Watchmaking: Wu Shan
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