According to the statistics of Chinese journalists from securities companies, 34 A shares have doubled since the beginning of the year (excluding 17 new shares listed this year), but at the same time, nearly 2400 shares have fallen in this year. Under the differentiated market, many private placements are actively adjusting their positions and increasing their positions. The overall positions of private placements have reached a new high since this year.
A-share repeat structured Market
This years structured market of A-share market is a bit like that of 2017, even more obvious than that year, the strong are always strong. Some people in the circle joked and said that we should only buy expensive ones now. Its true that they are expensive. Some private fund managers expressed their feelings to Chinese journalists of securities companies.
In terms of index, as of the latest closing, the Shanghai stock index was 2875.42 points, down 5.73% in the year; however, the growth enterprise market index rose 17.62% in the year, and the small and medium-sized board index rose more than 7%. The differentiation of individual stocks is more clear. So far this year, 51 A shares have doubled in price, with 262 shares up more than 50%, according to wind. If we exclude the new shares listed this year, there are 34 doubled shares, 233 of which have increased by more than 50%. But at the same time, 2363 stocks still fell in the year, with the biggest decline of more than 80%.
In the list of growth, Yingke medical (300677) Co., Ltd 276.25% In addition, Weiming medicine (002581), Shanghai Xiba (603200) and shuoshi Biology (688399) rose more than 200%. It is worth noting that the list of doubled shares in the year includes four science and Technology Innovation Board Companies - shuoshi Biology (688399), Anji Technology (688019), Zhongwei company (688012) and Anheng information (688023).
Market differentiation makes it more difficult to operate, and the performance differences of private placements will be relatively large. The performance of institutions that prefer large consumption investment will certainly be relatively better recently. The private fund managers also said.
Private placement actively adjusts positions and increases positions
Since the end of March, the A-share market has gradually recovered from the bottom. According to the survey of Chinese journalists from securities companies, most private equity institutions are seizing the opportunity to adjust and increase their positions.
The head of a large-scale private equity related to the securities firm told reporters in China that the company has been maintaining a high position of 80-90% since the beginning of the year, and recently made some moves to adjust its position, adding consumer companies with higher certainty. Another private equity firm said it had a low early position but had recently begun to actively increase its position.
Chongyang investment said that after the outbreak of the global epidemic, China quickly adopted a series of prevention and control measures of internal defense rebound, external defense input, to minimize the risk of the epidemic. At the same time, all localities actively promote the resumption of production and work to minimize the impact of the epidemic on the economy. At the same time, in terms of policy, we have launched a series of unprecedented economic rescue measures from fiscal policy and monetary policy, which has stabilized market confidence.
At present, the valuation of A-share main index is lower than the historical average area. At the same time, according to the calculation of Chongyang macro signal system model, the relative value index of A-share has risen to the highest level in history, especially the relative investment value of H-share is higher, which has reached the highest point except 2016. We believe that with the arrival of the inflection point of the global epidemic, as well as the upcoming V-shaped rebound in economic investment and domestic demand, the market will also pick up, and we are optimistic about future performance. When it comes to a shares, Chongyang investment thinks.
Liu Wei, chief strategist of Zhikai investment, said that from the perspective of macroeconomic fundamentals, the overall trend of economic growth in April continued to improve since March, with significant marginal improvement in a number of indicators. The data we track in the meso industry can also prove this trend. Taking the sales volume of excavators as an example, the year-on-year growth rate in April and from January to April remained excellent, indicating that China was the first to resume work Production has been reflected on the supply side.
Liu Wei said that from the demand side, although the consumption data recovered in April, it was still slightly lower than the market expectation, indicating that the impact of the epidemic on Residents income still needs time to repair. From the perspective of Liquidity: whether we observe the simultaneous or leading indicators, at present we think that monetary policy is very loose, and the market still keeps consistent expectations for further easing in the future. Under the special background of this year, the further development of fiscal policy in the second half of the year should be a high probability event, and the multiplier effect of special bonds and special treasury bonds on monetary policy will be More obvious.
Liu Wei said that from the perspective of risk preference, there has been no obvious turning point in the overseas epidemic in recent period. All countries have carried out orderly resumption of work in accordance with their own national conditions. Therefore, we believe that if there is no repetition, the impact of the epidemic on the capital market is on the margin, and the upward risk preference should be a high probability event.
Liu Wei also reminded that we should be alert to the impact of the upgrading of trade friction between China and the United States on the capital market. Therefore, if there is no accident, the economic growth rate will gradually recover from the second quarter, and it is expected that the next month will enter a policy intensive release period, waiting for the gradual release of counter cyclical policies. We believe that there are still good investments in new and old infrastructure, consumption, technology and other sectors in May opportunity.
Although the recent trade frictions show signs of rising again, many private investors believe that the opportunities of the A-share market are still greater than the risks in the near future.
According to official Lei, chief research officer of Xingshi investment, although the uncertainty of external friction may bring some disturbance to market sentiment and investment risk preference, after 2018 and 2019, the market has made full expectation on the long-term and arduous nature of the external complex environment, and the trend of A-share is gradually desensitized to the disturbance of external environment, showing strong toughness.
Compared with the announcement of Huaweis entity list by the United States in 2019, FTSE China A50 futures fell by as much as 5.45% ; after this weekends announcement, FTSE China A50 futures only fell 0.6% , and quickly rose after todays opening; todays a shares are also slightly volatile, the overall decline is not big. In the future, a shares approximate rate will break away from the external disturbance and be dominated by the internal. And with the gradual recovery of the economy, the two sessions will be held soon, and the policy dividend is expected to come further. It is expected that the second quarter is still a good time for A-share investment. We focus on the growth stocks of science and technology categories that represent the direction of industrial transformation and upgrading + domestic substitution, and the cycle categories and consumption categories that benefit from counter cycle regulation and industrial concentration improvement. Fang Lei said.