Specifically, as of June 18, the financing balance of Shanghai and Shenzhen stock markets was RMB 1100.726 billion, up for four consecutive trading days; the margin trading balance of Shanghai and Shenzhen stock markets was RMB 29.766 billion, a record high. If we look at the relatively large time span, since December 18 last year, the balance of the two financial institutions has stood at a trillion yuan level for 121 consecutive trading days. During this period, in combination with the classification of Shenwan industry, the net purchase amount of financing in the three major industries of medicine, biology, electronics, agriculture, forestry, animal husbandry and fishery ranked first in turn, and the net purchase amount of financing exceeded 10 billion yuan, especially in the pharmaceutical and biological industry, which ranked first with the net purchase amount of 22.135 billion yuan.
Zhang Lichao, a senior researcher of Guoxin Securities, told Securities Daily that these factors undoubtedly support the continuous abundance of market funds, the continuous improvement of liquidity, the steady progress of structural reform on the financial supply side, the continued impetus of counter cyclical control policies such as finance and currency, and the continuous entry of domestic and foreign investment institutions since this year The high view of the balance of the current round of two financing. If we analyze the above-mentioned industries with relatively large net purchase amount of financing, the driving force of technology and demand can be said to be the commonness of these industries.
Hu Bo, the future star fund manager of private placement paipaipai.com, told Securities Daily that at present, A-share investors engaged in securities lending are more conservative investors who pursue certain returns, which to some extent represents the markets cautious mood. Although the balance of securities lending this year has frequently reached a new high, in terms of scale, the proportion of the balance of securities lending to the total scale of the whole two financing market is relatively small, so its representative significance is not obvious.
In Guo Yimings view, the current high balance of securities lending shows that, while the subject matter of A-share securities lending is increasing, the relevant hedging mechanism is also gradually developing, which is conducive to the further formation of A-share market in a virtuous circle. In fact, from the perspective of the overall situation of A-share market since this year, whether its the valuation level, investor sentiment or the trend of incremental capital entering the market brought about by the increase in the proportion of A-share subscribed by international indexes, it is expected that the balance of the two financial sectors will continue to maintain a high level in this year, and the trend of relatively loose domestic monetary policy and the overall favorable environment foundation of A-share market will still exist, and the balance of the two financial sectors may continue Go up.
It is worth noting that FTSE Russell has also followed the completion of the first phase of A share inclusion by MSCI. The FTSE Russell adjustment, which raised the A-share inclusion factor from 17.5% to 25%, took effect after the closing on June 19.
With the completion of the fourth step of FTSE Russells a share expansion next week, the speed of foreign investment may be significantly accelerated, which will further stimulate the growth of the balance of the two financing to some extent. Zhang Lichao said that since the implementation of the new regulations of the two financing projects last year, the expansion of the two financing targets has greatly stimulated the market participation of financing funds. In the medium and long term, thanks to the steady opening up of the capital market, it is expected that the capital flowing into A-share market in the international market will be further expanded, which will promote the willingness of margin trading. Combined with the major reform of the pilot registration system of gem this year, the expansion window of the market will further stimulate the market vitality, and the two financing businesses are expected to continue to grow. It is expected that the balance or approximate rate of the two financing will remain above the daily average trillion yuan in the year.
Source: responsible editor of Securities Daily: Yang Bin_ NF4368