面对A股热潮背后的数百亿私人股本极端市场，这也“喧闹”！ _东方财富网

原标题：面对A股繁荣背后的极端市场，数百亿美元的私募股权也“喧闹”！

概要

[FacedwiththeextrememarkettensofbillionsofprivateequitybehindtheA-shareboom!InthefaceofsuchasituationthedivergenceoftensofbillionsofprivateequityhasgraduallyemergedAtensofbillionsofprivateequityfirmsinShanghaisaidthatthecurrentvaluationsofmanyinstitutions’holdingsaretoohighandtheyneedtobalancetheirpositionsHowevertherearealsotensofbillionsofprivateequitythatbelievethatfundswillbemorerationalin2021andthemarket’sleadingconcentrationeffectmaybemoreobvious(ShanghaiSecuritiesNews)

In the first week of 2021, A shares quickly rose to 3,500 points, butmarketThe number of stocks that fell in the middle of theMarket valuestockThe interpretation of the market is getting more extreme.

Faced with such a situation, tens of billionsPrivate placementThe differences gradually appeared.A tens of billions of private equity in Shanghai said that the current valuation of many institutions’ holdings is too high and needs to be carried out.PositionBalance. However, there are also tens of billions of private equity that believe that funds will be more rational in 2021, and the market’s leading concentration effect may be more obvious.

　　“Baotuan stocks” market is getting stronger

Recently, astatisticsThe data is quickly refreshed.

On January 4, the three major indexes became popular, with 1,100 stocks falling in the two cities;

On January 5, the three major indexes burst into popularity, but the number of stocks falling in the two cities reached 2,385;

On January 6, the three major indexes were all red, and the number of stocks falling in the two cities reached 2,980;

On January 7, the three major indexes were all red, and the number of stocks falling in the two cities reached 3282.

It can be seen from the data that the market’s “Nineteenth” market differentiation has intensified, among which the top segment leaders continue to advance.Aier Ophthalmology、BYD、Alcoholic WineContinue to set new highs, the high quality of the organizationthe companyContinued to rise, and small market capitalization stocks underperformed.

WarburgSecuritiesAccording to the analysis, the increase in certainty premium has caused institutionsinvestmentCompanies have held sectors with clear profit prospects and clear policies. At the same time, the registration system has promoted the expansion of the capital market, the value of small-cap stocks has fallen, and a large number of individual stocks have been marginalized, which indirectly led to an increase in the degree of institutional grouping.

　　Does Baotuan stocks have a higher winning rate?

Institutional Baotuan stocks with large market capitalization continue to rise strongly, making the “Baotuan stocks” market continue to be the focus of market attention. A summary of the historical performance of Baotuan stocks may provide some new thinking.

According to statistics from Huabao Securities, in most years, institutional stocks have a higher winning rate than non-institutional stocks than Wonder A, with an average winning rate of 42%, while the remaining stocks have an average winning rate of only 25% over the years. There is no obviousReverseThe phenomenon, on the contrary, has a certain continuity.

Specifically, in 2020, institutional holdings will be mainly distributed in commercial vehicles, other military industry II, semiconductors, and biomedical II sectors.

Huabao Securities believes that the market’s expectations for macroeconomics and liquidity in 2021 will be more consistent. As long as there is no very drastic change in market styles during the year, the market interpretation of institutional group stocks may continue, and institutional group leading stocks will still have a certain The value of attention.

However, there areBrokeragePeople have concluded that the market held a group of pork stocks from January to April 2019, and held a group from June to July 2019.consumptionShares, held in July to September 2019Technology stocks, Baotuan technology stocks from December 2019 to February 20, Baotuan consumer stocks from April to July 2020, Baotuan new energy and liquor since October 2020. From its summary, it can be found that the duration of Baotuan is usually about 2-3 months. Even if the market for dominant grouping has not finished yet, phase switching or rest may occur.

　　Disagreements in tens of billions of private equity

It’s worth noting that not only brokersAnalystAs to whether Baotuan stocks can continue to be controversial, the recent differences in tens of billions of private equity have become more apparent.

“My latest position adjustment isLighten upSome leading stocks that are overvalued, looking for some higher barriers,Market spaceThe larger twoFlow markYes, and the current market sentiment is indeed overheated, and there is a risk of valuation return for many stocks in the future. Even if the market of Baotuan stocks continues to be deduced, the price/performance ratio is very low from the current point of view. “A tens of billions private equity leader in Shanghai said bluntly.

However, Baoyin Investment believes that funds will be more rational in 2021 and return to the fundamentals. There will be no general market gains. There are mainly structural opportunities. Individual sectors may go better, and the market’s leading concentration effect may also be greater. obvious.

Shi Feng Assets also stated that the market is still full of structural opportunities in 2021. Although the valuations of many outstanding companies are at a relatively high position, the total A market in 2021PerformanceThe growth is still expected to be above 10%. Therefore, the deterministic growth of performance will become the core factor of investment in 2021.

　　In addition, in terms of investment direction, the private equity of each head is different.

Juming Investment believes that the current valuation differentiation has brewed a large number of absolute income opportunities in traditional industries.manufacturingThere is still a lot of room for growth in the market leader in the segment. Considering the low valuation, the long-term compound income is considerable.

The minority speaks bluntly, considering the valuation level, the actual impact of the policy on the industry and the counterpartybehavior, 2021 will beReal estate stocksOptimal timing of configuration.

Dan Yi Investment said that this year’s structural market will be the mainstay, and the consumer technology and medicine sector with large future space is still the mainstream of the market.

(Source: Shanghai Securities News)

(Editor in charge: DF075)