A股连续10天突破万亿元大关，四只资金争相竞相争夺市场

原标题：加速流入A股市场A股成交额连续10天突破万亿元

概要

[A-shareturnoverhasexceededonetrillionyuanfor10consecutivedaysFourchannelsoffundshaveflounderedtocompeteforthemarketDrivenbypolicycareandreformA-shareshavemovedforwardsteadilywithstrongconfidenceandresilienceSince2021A-shareshavegraduallyseenatrendofvolatilityandconsolidationaftercontinuousshort-sellingHowevertheturnoverofthetwocitieshasexceededonetrillionyuanfor10consecutivetradingdaysTheoverallmarketactivityhasnotdecreasedandlocalhotspotsarestillhot(SecuritiesDaily)

As of the close of January 15,The Shanghai Composite IndexSince the new year, it has risen by 93.31 points, an increase of 2.69%,Shenzhen Component IndexwithGrowth Enterprise Market IndexThe cumulative increase during the period also reached 3.88% and 4.17% respectively. According to industry insiders, a relatively good liquidity environment is one of the necessary conditions for this rise. If there is incremental capital running into the market in the future, it will definitely play an important role, and the direction of the transfer of funds from various sources is also expected to become Future market outlets.

　　Northbound funds

　　Cumulative net purchases of 37.086 billion yuan

Since 2021, with the active trading of the A-share market, the flow of northbound funds into the A-share market has accelerated. On January 15, Northbound funds bought 801 million yuan in net purchases throughout the day, marking the eighth consecutive trading day of net purchases. Since the beginning of this year, Northbound funds have accumulated 37.086 billion yuan in net purchases during the month.

According to statistics, a reporter from Securities Daily found that the trading day with the highest net purchases of northbound funds in history was November 26, 2019, with a net purchase of 21.430 billion yuan on that day. It is worth mentioning that on January 8 The funds purchased 20.615 billion yuan on the day, the second largest single-day net purchase in its history, and the highest in the past year or so.

Further analysis found that the northbound funds have continued to buy in the past three months. The net purchases in October, November and December last year were 23 million yuan, 57.929 billion yuan and 57.239 billion yuan respectively.

Regarding the continued inflow of northbound funds, Liu Yan, Chairman of Anjue Asset Management, told a reporter from the Securities Daily that as the A-share market continues to rise, the northboundCash flowThe speed and intensity of investment will continue to increase. On the one hand, from the perspective of global asset allocation, the A-share market has an increasingly important proportion; on the other hand, in the A-share market, foreign investors have the opportunity to obtain excess returns that far exceed those of mature markets in Europe and the United States.

“There are also several factors for the inflow of northbound funds into A shares. First, the continuous appreciation of the RMB exchange rate has increased the attractiveness of domestic assets. Second, the cost of funds in overseas markets is extremely low. There are obvious opportunities for allocation in the A-share market.Northward capitalIt is the overseas assets of domestic investors. This part of the funds is not familiar with overseas markets, and returning to A shares is more operational. ”Private placement row net future starfundManager Xia Fengguang told reporters of “Securities Daily”.

In an interview with a reporter from the Securities Daily, Zhuang Hongdong, the fund manager of the Cheese Fund, said that the capital from Beijing has continued to flow in since November last year. The driving factors for the inflow are as follows. The first is the continuous appreciation of the RMB; the second is the sustainability and certainty of the recovery of China’s economic fundamentals, and the international appeal of A-share assets is continuously increasing; It is in the process of internationalization of China’s capital market that more and more international indexes have increased the allocation of A shares. The inflow of foreign capital has also had a certain impact on the pricing of A-shares. Foreign capital has a clear preference for blue-chip leading stocks, which has pushed up the prices of some core assets to a certain extent.

“Securities Daily” reporter through combingShanghai Stock Connect、Shenzhen Stock ConnectThe top ten active stocks found that as of January 15 this month, a total of 39 stocks appeared in the top ten active stocks list, 24 active stocks were in the net buying status during the period, and the total net buying of Beijing funds was 213.04. 100 million yuan. among them,China Merchants BankThe most net purchases were 3.037 billion yuan,Ping An of ChinaIt was followed by 2.138 billion yuan,TCL Technology、BOE A、Conch Cement、Sany Heavy Industry、Muyuan shares、BYDDuring the waiting period, the 6 stocks received a net purchase of over 1 billion yuan in northbound funds.

In addition, the above 24 stocks also showed obvious industry clustering, mainly concentrated in the automotive, non-bank financial, electronic and electrical equipment industries, with 3 companies in each industry. From the perspective of the latest total market value, Northbound funds still favor large-cap stocks, with the total market value of the above 24 stocks exceeding 100 billion yuan.

Regarding the prospects of foreign investment in the A-share market, Liu Yan believes that from the currentMain forceIn terms of institutional yield, it has generally reached investment returns of several times or even dozens of times. The huge income will continue to attract more funds to the Chinese stock market, and this will also become the link between China’s real economy and the global economic environment. As the most certain investment hot spot in the world, 2021 will be a grand ball of foreign investment and public equity, private equity and other institutions on the same stage.Xia Guangguang believes that the current market focus iscurrencyPolicy easing and the progress of recovery. The strength of Baotuan stocks during this period is actually a reflection of monetary policy in the stock market. For foreign investment, its capital cost is lower, and there are fewer targets with excellent growth rates. The joint efforts of foreign and domestic institutions contributed to the continued strength of Baotuan shares. This pattern will not be easily broken before the market turns to bears, but the market’s smart funds will not blindly chase high stocks.

　　Guoyuan SecuritiesSaid that in the medium term, in the context of relatively loose policies, continuous inflow of foreign capital and a good fundamental outlook, we believe that the index will continue to fluctuate upwards overall. In terms of current trends and volume and price levels, the market is still in a bull market. Institutional investors are in a close group. In the medium and long term, leading companies in the industry have obvious comparative advantages, and the valuation ratio of leading companies will increase compared with non-leading companies.

　　Financiers spent more than 30 billion yuan

　　Four industries including electronics

Since the beginning of 2021, as the most sensitive fund in the market, the financing balance of the two cities has shown a steady upward trend, especiallyPerformanceThe outstanding financing balance of white horse stocks increased substantially, becoming the focus of market attention. According to statistics, a reporter from the Securities Daily found that as of January 14, the balance between the Shanghai and Shenzhen stock exchanges reached 1.68 trillion yuan, an increase of 63.656 billion yuan or 3.93% from the end of December last year.

In this regard, Liu Youhua, a senior researcher of the private equity ranking network, said in an interview with a reporter from the Securities Daily, “The leverage of the two financing metals also represents investors’ confidence in the market outlook. The increase in the balance of the two financing means market sentiment. The rise in the stock market also means that investors’ confidence in the market outlook has increased, which is often regarded as one of the leading indicators for the market outlook. Since the beginning of this year, with the index’s new highs, the A-share financing balance has also been rising, indicating that funds are more promising Market outlook. Regarding the market trend next week, the current index has been adjusted at a high level and sideways, but the adjustment range is very limited. The adjustment may end in the second half of next week. The stocks that are preferred by financing funds are the market The popular varieties of the market will be more accurate in grasping the style of the market and can be tracked appropriately, but it cannot be blindly used as a reference decision for investment.”

According to further statistics, the reporter found that as of January 14 this year, a total of 910 stocks in the Shanghai and Shenzhen stock exchanges have achieved financing net purchases. Among them, the accumulated net purchases of the stocks in the two stocks during the period reached 172. Only, a total of 63.748 billion yuan was attracted.Ping An of China、Longji shares、Ningde era、CITIC Securities、COSCO Shipping Holdings、Aero Engine、ZTEThe accumulated net purchase amount of financing during the period of waiting for the 7 two financial target stocks was more than 1 billion yuan,Sany Heavy Industry、Oriental wealth、Aier Ophthalmology、Yahua Group、Lens TechnologyDuring the period of waiting for the 5 stocks, the accumulated net purchase amount of financing also reached more than 900 million yuan.

Good annual report performance is expected to be good or an important reason for the influx of financing customers. Statistics show that among the above-mentioned 172 companies, as of now, 27 companies have disclosed their 2020 annual report performance forecasts. There are 21 companies with good performance, accounting for nearly 80%.Daan Gene、Dabeinong、Yahua Group、Dongshan Precision、Focus Media、Goertek、Paineng Technology、Zhuo Shengwei、Yiling Pharmaceutical9 companies are expecting the whole year of 2020Net profitDoubled year-on-year, demonstrating its strong growth potential.

The favor of financing customers has also contributed to the relatively good market performance of the above-mentioned stocks in the near future. Statistics show that among the 172 stocks with a net purchase of more than 100 million yuan in the above-mentioned financing, 129 stocks have achieved an increase in their stock prices this year, accounting for more than 70%. Among them, 16 stocks have experienced a cumulative increase of more than 20% during the period.Tianqi Lithium、Yuyuan shares、CRRC、TCL TechnologyDuring the waiting period, the cumulative gains of 4 stocks all exceeded 30%, showing strong momentum.

From the perspective of industry distribution, as of January 14 this year, 25 Shenwan first-tier industries are in the state of financing net purchases. Among them, the electronics industry is most favored by financing customers. During the period, the accumulated net purchase amount of financing reached 9.531 billion yuan; followed by non-bank finance, electrical equipment,Non-ferrous metalsIn other industries, the accumulated net purchases of financing during the period exceeded 4 billion yuan, which were 8.484 billion yuan, 7.567 billion yuan, and 4.946 billion yuan respectively. From this calculation, the total net purchases of the above-mentioned four industries financing customers reached 30.528 billion yuan.

“Next week, the A-share market may continue to fluctuate, but the market outlook is expected to continue to rise. The current valuations of some high-quality stocks have exceeded the historical average. Institutions need to adjust their positions and exchange shares, and the layout of the valuation is lower and the fundamentals are expected to improve. The medium-to-long-term positive trend remains unchanged. The sectors of financing inflows need to be treated differently, including electrical equipment, electronics, military, new energy,bankOther industries are currently in a boom cycle, and policies continue to be favorable to support the expectation of global economic recovery in the later period. The performance of the above industries is expected to continue to improve next year, and the market outlook will be more significant. “Wollong Chuangxin Investment Fund Manager Huang Jiefeng told the reporter of “Securities Daily”.

It is worth mentioning that recently, funds from northward have continued to pour into the above-mentioned related products. Statistics show that among the above-mentioned 172 stocks, 16 White Horse stocks have been favored by funds from the north this year, with a total of 10.442 billion yuan.TCL Technology、Ping An of China、Sany Heavy IndustryDuring the period of waiting for the three stocks, they received more than 1 billion yuan of funds from the north.BOE A、Tongwei shares、Luzhou Laojiao、SAIC、Weichai Power、Ningde eraDuring the waiting period for the 6 stocks, they were all sought after by funds of more than 500 million yuan from the north.Oriental wealth、Enjie shares、Sungrow、CITIC Securities、Shanxi Fenjiu、Luoyang Molybdenum、Luxshare PrecisionDuring the period of waiting for 7 stocks, accumulated funds to go northwardNet inflowBoth are above 100 million yuan, and the market outlook is worthy of attention.

　　More than 5.5 billion yuan in large orders

　　Influxbankindustry

Behind the trillion-dollar transaction is undoubtedly the undercurrent of funds in the market. It can be seen that market funds have also been shifted and exchanged.

According to statistics, the research department of the Securities Daily found that since the beginning of this year, the A-share market has shown a net outflow of large-scale funds in the midst of the market’s heavy increase in volume.Among the 28 industries at the Shenwan level, onlybankDuring the business period, the accumulated net inflow of large orders reached 5.562 billion yuan. And the electrical equipment that has been highly sought after by the market before,food and drink, Non-bank finance, medical biology,Non-ferrous metals, National defense, military industry, and automobile industries, during the period, the cumulative net outflows of large orders exceeded 20 billion yuan, which became the main targets for lightening of funds on the market.

In this regard, Hu Bo, manager of the Future Star Fund of Private Equity Pai.cn, said in an interview with a reporter from the Securities Daily that the current Baotuan phenomenon has become the focus of heated discussions in the market, because the overall valuation of Baotuan stocks has been at a historically high level, and future investment space Limited, so recently, there have been signs of major capital adjustments. As institutional funds with more pricing power, it may flow from high-risk and high-valued sectors to low-valued sectors with higher security. As a result, bank stocks, whose gains during the year were significantly weaker, have attracted the attention of funds. The flow of funds has always been the focus of market attention. In a market dominated by funds, the high-valued sector will fall into a turbulent phase, and the low-valued sector will have better defensive characteristics.

From the perspective of specific stocks, in the 10 trading days this year, there are 674 stocks (excluding those listed within the monthNew crotch) Presents a net inflow of funds. Among them, there are 103 stocks with a net inflow of over 100 million yuan in large orders.China Merchants Bank、Hualan Bio、Ping An Bank、Hikvision, TCL Technology and other 5 stocks, the cumulative net inflow of funds during the period exceeded 1 billion yuan, which were 3.252 billion yuan, 1.736 billion yuan, 1.232 billion yuan, 1.206 billion yuan, and 1.062 billion yuan. The total net capital inflow reached 8.488 billion yuan.

The enthusiasm of funds undoubtedly played a role in promoting the stock price. Statistics found that among the 103 stocks with a net inflow of more than 100 million yuan, 84 stocks outperformed the 2.69% increase in the Shanghai Composite Index over the same period, accounting for more than 80%. among them,Zhongjing Technology、Ai Shide、Opt、Luchang TechnologyDuring the period, the cumulative gains of individual stocks exceeded 40%, showing a strong momentum.

“At present, the withdrawal of funds from Baotuan heating stocks is based on optimistic expectations about the prospects of A-shares. While exiting strong stocks, we will quickly deploy some potential investment products, such as low-level financial stocks, semiconductors, and chemical coatings. The leading products in the subdivision fields have all been favored by these funds, and the stock price trend has been active.” Jinbailin Consulting, interviewed by a reporter from Securities DailyAnalystQin Hong said that although the A-share market has loosened the main line of the group recently. However, on the one hand, due to the fact that there are many investment products that are fully adjusted and have a certain gravitational valuation in A shares; on the other hand, the subsequent incremental funds of A shares are still pouring in, such as the trading amount of Shanghai and Shenzhen stocks for 10 consecutive years. The daily data exceeding 1 trillion yuan is the best example. Therefore, at present, there are still many opportunities in the A-share market. It is recommended that market participants, if they recognize the current funding trends, can appropriately track some of the leading varieties in the subdivisions that have just left the bottom.

at the same time,Guotai JunanChen Xianshun, chief strategist of the Institute, believes that the first blue chip bubble in the history of A-shares has arrived, and it is the result of a three-dimensional resonance of low risk appetite, macro liquidity not turning sharply, and micro transaction liquidity exceeding expectations. At present, the market leader’s market has deviated from the expected link to the trading dimension, and the market has performance in both’breadth’ and’depth’, from the leader of the good track to the leader of the ordinary track. This is not the expected dimension of fundamentals to be able to control, but the result of further strengthening the transaction dimension. When will the ultimate style end? We need to wait for a liquidity turning point that can have a profound impact on the transaction dimension. It is more likely to continue to enjoy the bubble in the short term, and the probability of an inflection point before the Spring Festival is extremely low. But as long as it is a bubble, it will eventually dissipate.

　　importantshareholder

　　Net increase of 62 companies

In the process of institutional adjustment of positions, asindustryThe increase and decrease of positions of important shareholders of listed companies represented by capital is more worthy of investors’ attention.

Since January, as of January 15th, major shareholders have reduced their holdings by 12.856 billion yuan through the secondary market. Of these, 62 companies have gained a net increase in major shareholders’ holdings, with a reference market value of 818 million yuan and another 156 companies. It was net reduced, and the reference market value of the reduction was 13.674 billion yuan.

In terms of sectors, the main board has the largest reduction in holdings. Since January 2021, major shareholders have reduced their holdings on the Shanghai Stock Exchange by RMB 5.534 billion, Shenzhen Stock Exchange by RMB 419 million, SMEs by RMB 4.569 billion, and ChiNext by RMB 2.074 billion.Science and Technology Innovation BoardNet reduction of 260 million yuan.

Regarding the net reduction in holdings since January, analysts said that the total net reduction of major shareholders in the A-share market does not have a direct impact on the market trend. From a monthly point of view, in each month since June 2019, the A-share market Major shareholders have shown a total net reduction of their holdings. In fact, the companies that have increased their holdings are the targets of investment.

From the perspective of increase in holdings, 62 companies have a large gap in the reference market value of net increase in holdings by important shareholders, ranging from 1,600 yuan to 143 million yuan.Specifically, there are 14 companies that are importantShareholder increaseThe market value exceeds 10 million yuan, of which,Hongxin Electronics(142,933,600 yuan),ST huge(108,122,400 yuan),Bank of Nanjing(95,572,800 yuan),Shinwasei(65,612,200 yuan),Dunan Environment(60,710,900 yuan) and other five companies’ important shareholders’ increase in their reference market value are all above 60 million yuan.

From the perspective of the operating frequency of important shareholders in the secondary market, there are 17 companies in the 10 trading days after entering 2021, and important shareholders have operated more than twice. Among them,Red Flag ChainImportant shareholders conducted 12 operations, involving 11 shareholders. The highest number of operations performed by the same important shareholder wasHengyin Technology, 6 operations in 10 trading days, 6 operations are all holdings, a total increase of 2.114 million shares, the reference market value of the increase of 15.9305 million.

Regarding the increase of major shareholders’ holdings, Mo Jing, a private equity ranking researcher interviewed by a reporter from the Securities Daily, said that for listed companies, the increase of holdings of important shareholders conveys positive energy to the market and stabilizes business expectations. It also stabilized the military spirit of small and medium investors, played a role in maintaining the stability of stock prices, and increased their holdingsRepurchaseThe increase in behavior objectively also helps high-quality companies stand out.

Tong Diyi, general manager of Longying Fortune Assets, also believes that the increase in major shareholders’ holdings shows that shareholders are firmly optimistic about the company. Tong Diyi told the “Securities Daily” reporter that in addition to considering the secondary market share price factors, important shareholders will also increase their holdings of company stocks for recognizing the company’s value, performance and future development prospects. Increased holdings by important shareholders can enhance market confidence and help enhance the positive image of listed companies.

Judging from the industry distribution of the company’s net increase in holdings by major shareholders since January, it involves 21 categories of Shenwan first-level industries, accounting for 75%. Specifically, 8 stocks belong to the pharmaceutical and biological industry, and 6 stocks belong to institutional equipment. ,Information serviceFive companies in the electronics and electronics industries were net increased by major shareholders.

In this regard, Tong Diyi said that from the recent distribution of holdings in the industry, it can be seen that most of the pharmaceutical and biological industries with the highest number have a relatively large adjustment recently and have obvious price advantages; while machinery,Information serviceThe shareholders are optimistic about the company’s long-term value.The increase in major shareholders’ holdings demonstrates the manager’s long-term recognition of the value of their company. Investors can be used as a reference indicator, but their investment style and capital should also be consideredLong termMake comprehensive considerations.

In terms of market performance, most of the above-mentioned 62 important shareholders have increased their share prices in companies, and most of them have performed poorly since January. Among them, 41 companies have fallen during the period, while only 19 companies have increased, and two remain unchanged.

Regarding the weakening of the stock prices of the above-mentioned increased holdings, Chen Wenjin, a senior researcher of Qianming Asset Management who was interviewed by a reporter from the Securities Daily, said that of the individual stocks increased by major shareholders this year, 57 have underperformed the market during the year, of which more than 30 Only in the third quarter, non-net profit deducted from the same period last year. Medical and biological, electrical equipment,Professional setting, Computer applications and other fields by the increase in the performance of stocks since the beginning of the year have been weaker than the industry. On the one hand, most of these stocks belonged to the pharmaceutical, biological, high-tech and other sectors that performed strongly at the end of last year. Due to the divergence of individual stocks, shareholders increased their holdings for the purpose of maintaining the stability of the secondary market share price and improving investor confidence; on the other hand, advanced manufacturing and Electronics and communication equipment are expected to develop this year. Shareholders increase their holdings out of strategic needs or optimistic about corresponding long-term investments. Investors are advised to pay attention to leading stocks related to new energy electrical equipment, vaccines and innovative drugs that have the potential for continued growth this year, and pay attention to controlling positions.

(Source: Securities Daily)

(Editor in charge: DF387)