Although the growth enterprise market index rose 0.73% throughout the day, leading the main index up again, a large number of science and technology industry segments once again became the hardest hit area. According to the latest data of Everbright Securities (12.250, - 0.55, - 4.30%), there are 348 industry theme indexes in the two cities, and more than half of the top 20 declines are pan technology theme concepts, including semiconductor, photolithography, smart TV, chip, etc.
In the three trading days from Tuesday to now, the decline of Shanghai Stock Exchange 50, Shanghai and Shenzhen 300 and other weighted stock indexes is significantly lower than the growth enterprise market index and small and medium-sized stock index, in sharp contrast to the large-scale loss after the Spring Festival. As of todays close, the growth of CSI 300 index after the Spring Festival is still 11.93 percentage points behind that of gem index.
More than 80% of private placement abandons technology stocks
Technology stocks initially showed a short-term decline, and private equity institutions began to vote no trust vote.
Data source: private placement network
Yuan Huaming, general manager of Huahui Chuangfu investment, said that although recent market liquidity, industrial policies, new refinancing regulations and other factors are more favorable for technology stocks, a few varieties that meet the direction and are less concerned by the market in the early stage are not excluded, and there are still opportunities for strengthening and replenishing in the future, but the overall growth of technology stocks in the near future is generally large, if further strengthened, it is a better selling opportunity It will, not continue to increase positions.
Yan Shiwen, deputy director of Tianhe investment research department, said that the current market structural differentiation characteristics are obvious. Although the future development prospect of large-scale science and technology industry is good, due to the large accumulated increase in the early stage, there is relatively obvious adjustment pressure, which is no longer suitable for participation in the short term.
Wang Chunxiu, manager of the investment fund of winter extension, pointed out that after the previous surge, technology stocks have obviously bubble, and many shares have completely separated from their performance and valuation. The recent decline may only be the beginning of a sustained adjustment.
White horse blue chip focus increased
In recent two trading days, infrastructure, real estate, food and beverage and other traditional industries and weight plates showed signs of strength.
The investment bank said novel coronavirus pneumonia was the main reason for the US stock markets stock market crash in recent trading days. Chinas epidemic has gradually been effectively controlled, but the number of cases in other countries is increasing. If the epidemic spreads further in other countries, it may not only cause their own economic recession, but also have a greater impact on the global economy. In this context, whether the follow-up market can stop the decline needs to focus on whether the epidemic can be controlled globally. As a whole, under the background of unstable external environment, a share may have the risk of further adjustment.
Yan Shiwen pointed out that the overall performance of a shares is relatively strong in the near future, which is mainly due to the markets expectation of monetary policy relaxation and fiscal policy overweight, which is also the leading factor determining the current markets short-term trend. Therefore, the trend of the peripheral market will not change the trend of A-shares mid-term strength under the condition that there is still a large operating space in the current policy. In terms of sector opportunities, it is suggested to focus on investment opportunities in infrastructure, military industry and other traditional industries.
Wang Chunxiu believes that the overall price earnings ratio of blue chips represented by the CSI 300 is only a dozen times, far lower than the global mainstream index. Under the background of positive progress in epidemic control and loose liquidity, there is very limited space for a share to further decline. The external disturbance does not change the long-term investment value, and the decline is an opportunity. It is suggested to actively focus on the callback buying opportunities of core assets such as the CSI 300 index and white horse blue chip.
Yuan Huaming said that the new securities law, which will be implemented on March 1, will benefit some value stocks with large market value and traditional industries in terms of information disclosure and regulatory adjustment. In addition, March and April are the intensive disclosure periods of annual reports and quarterly reports of listed companies, which does not exclude the possibility of switching to white horse blue chip market style in the near future. In this context, investors with heavy positions in early technology stocks may gradually shift their positions to white horse blue chip to balance the volatility risk of the technology sector.