Fund favors financial stocks hot speculation individual stock performance realization risk needs to be vigilant

category:Finance
 Fund favors financial stocks hot speculation individual stock performance realization risk needs to be vigilant


Relative to the recent highs, the cumulative adjustment range of leading technology stocks such as Changdian Technology (600584. SH) and Lixun precision (002475. SZ) is about 20%. Pharmaceutical stocks led the rise in the plate of vaccine related concept stocks, including Fosun Pharmaceutical (600196. SH), Hualan Biology (002007. SZ) and other leading stocks, and the correction amplitude was about the same. On the evening of August 10, Hualan bio announced its first half results, with an operating revenue of 1.387 billion yuan and a net profit of 512 million yuan. The performance was basically flat on a year-on-year basis. Before the performance announcement, Hualan bio had a decline of more than 20% in a week.

In the first half of 2020, the rise of the market is mainly due to the improvement of valuation level, especially in the hot sectors such as medicine, science and technology, and liquor. In the second half of 2020, with the domestic epidemic situation under control, the successive publication of the semi annual reports makes the market enter the performance verification period. Although the tone of the medium and long-term bull market has not changed, with the gradual realization of the performance, the differentiation between the performance and the stock price may be intensified. Investors need to pay close attention to the high value, but the performance may not be able to achieve a correction caused by high growth. Even if the performance of some enterprises is generally in line with market expectations, there may be death in sight. In terms of liquidity, some stocks with higher dividend yield may be favored by funds. Whether it is a number of recently issued hot money funds, or to increase the allocation of insurance funds in the equity market, there is a strong allocation demand for these stocks with higher dividend yield. It is worth noting that the central banks second quarter monetary policy implementation report put stable growth in the first place, which means that the overall policy tone is still to protect the economy. The statement that market interest rate will fluctuate around policy interest rate means that the current interest rate level will not fluctuate significantly in the future, and the macro policy environment will be relatively stable.

In the first half of 2020, the rise of the market is mainly due to the improvement of valuation level, especially in the hot sectors such as medicine, science and technology, and liquor. In the second half of 2020, with the domestic epidemic situation under control, the successive publication of the semi annual reports makes the market enter the performance verification period. Although the tone of the medium and long-term bull market has not changed, with the gradual realization of the performance, the differentiation between the performance and the stock price may be intensified. Investors need to pay close attention to the high value, but the performance may not be able to achieve a correction caused by high growth. Even if the performance of some enterprises is generally in line with market expectations, there may be death in sight.

In terms of liquidity, some stocks with higher dividend yield may be favored by funds. Whether it is a number of recently issued hot money funds, or to increase the allocation of insurance funds in the equity market, there is a strong allocation demand for these stocks with higher dividend yield.

It is worth noting that the central banks second quarter monetary policy implementation report put stable growth in the first place, which means that the overall policy tone is still to protect the economy. The statement that market interest rate will fluctuate around policy interest rate means that the current interest rate level will not fluctuate significantly in the future, and the macro policy environment will be relatively stable.