Keep adding positions! Private placement of stocks reached a 4-year high, with more than 80percent of the positions

category:Finance
 Keep adding positions! Private placement of stocks reached a 4-year high, with more than 80percent of the positions


According to the data, 682 private placement products completed the registration last week, and the number of registered products exceeded 600 for four consecutive weeks. A number of well-known private placements filed a batch of new products last week. Among them, 10 billion private equity Liren investment put on record 14 products at one go last week, and Wu Renhao, a new fund manager of Gaoyi assets, also issued 10 products last week.

At the end of July, China and the United States closed embassies to each other, and the Shanghai composite index once fell below 3200 points. In August, as the United States began to put continuous pressure on Chinese technology companies to block tiktok, external shocks continued, and market risk appetite also decreased.

Last week, the market fluctuated sharply, and the northward fund continued to flow out. Last week, it sold 4.449 billion yuan, which has been net outflow for four consecutive weeks, with a cumulative net outflow scale of 52.6 billion yuan.

On the other hand, domestic financing funds continued to flow in. Last week, the scale of financing balance increased by 31.612 billion yuan to 1403.623 billion yuan, and the cumulative net purchase scale in four weeks reached 102.3 billion yuan, which is in sharp contrast to the outflow of funds from the north.

The study of investment promotion strategy points out that from the perspective of the historical relationship between the two, if the northbound capital is sold and the financing balance flows in, the market will adjust obviously; on the contrary, if the northbound capital is purchased and the financing balance is outflow, the market tends to rebound obviously.

Gathering many experts of private equity funds are not afraid of external shocks, choose to do long a shares.

According to the master data of private placement network portfolio, the private placement position of stock has risen for two consecutive weeks, reaching a new high in recent four years, which is second only to the position level in 2015 in history.

As of July 31, the overall position index of private placement was 76.29%, with an increase of 0.61 percentage points month on month. Among them, 54.20% of private placement positions exceeded 80% and only 5.07% of private placement positions were less than 20%.

In terms of scale, the 10 billion private placement increased the position by 1.32 percentage points month on month, of which 68.31% of the 10 billion private placement positions exceeded 80%, and the 10 billion private placement positions with the position less than 50% accounted for only 5.74%.

On the one hand, private fund managers choose to continue to see the long market, while on the other hand, they actively record the issuance of new products and raise funds to prepare sufficient bullets for the next market.

According to the data of private placement network, 682 private placement products completed the registration last week, and the number of registered products exceeded 600 for four consecutive weeks. Among them, there are 555 securities private placement filing products, accounting for 79% of the newly added filing products, which shows the enthusiasm of investors to subscribe for private securities products.

As a private investment platform of Hillhouse capital, Liren investment was registered in Tianjin in July 2018. In less than two years, the management scale of Liren investment broke through the 10 billion mark, becoming the youngest 10 billion private placement in China.

According to public information, Wu Renhao has 19 years of investment experience. Before joining Gaoyi asset, he was the equity investment director of the asset management department of CICC. Wu Renhao, who has been deeply involved in Chinas A-share and Hong Kong stock markets for many years, has rich investment practice and experience, and has managed a portfolio of more than 10 billion US dollars.

In addition, the number of investment in both yingyanda and jingfuguan assets exceeded that of fengfuguan. Hongxi fund, Yiluo investment, egret assets and Zhengyuan investment also successfully completed the registration of two products last week.

Private placement: external impact disturbance, it is imperative to mend the short board

For the future market, private fund managers have a differentiated attitude.

PanYao asset said that the index was close to 3400 again, and came to the high trading area in July. However, no matter from the disk, policy or external factors, it did not support a strong breakthrough, and it was still a structural market.

The market as a whole internal valuation differentiation reached the extreme, the price earnings ratio of 75 / 25 quantile ratio reached the high level of nearly 10 years, and came to the stage of 15 years crazy bull. From the industry point of view, the division is also very obvious. The industry of certainty prosperity has come to a high historical valuation, while the traditional industry is in a state of extreme underestimation.

Heju investment, on the other hand, said that under the general trend of decoupling between China and the United States in science and technology, it is imperative to make up for the weaknesses. It is urgent to accelerate the innovation driven development strategy and enhance the competitiveness of science and technology, especially the ability of self-control. We are still optimistic about the investment opportunities of science and technology stocks in the medium and long term, especially in the field of information and innovation. 2020 is the first year of full-scale development. In the future, a number of enterprises will grow rapidly in this process. The field of science and technology will be one of our long-term concerns and layout directions. Chunda Fund believes that the market has given a more optimistic expectation to the stimulus bill that the United States is still trying to push forward. The large-scale stimulus plan will continue to boost the risk preference of the market, and the positive progress of vaccine research and development has also made the market confidence unaffected. At the policy side, efforts will be made to build a new development pattern with domestic big cycle as the main body and domestic and international dual cycle promoting each other, releasing domestic demand potential and industry upgrading trend unchanged, relatively resilient economy, limited market downward space, increasing short-term IPO frequency, increasing industrial capital reduction scale and geo friction risk will still disturb the recovery rhythm of the market and northward investment The change of gold flow still needs attention. Source of this article: Yang Bin, responsible editor of securities companies in China_ NF4368

Heju investment, on the other hand, said that under the general trend of decoupling between China and the United States in science and technology, it is imperative to make up for the weaknesses. It is urgent to accelerate the innovation driven development strategy and enhance the competitiveness of science and technology, especially the ability of self-control. We are still optimistic about the investment opportunities of science and technology stocks in the medium and long term, especially in the field of information and innovation. 2020 is the first year of full-scale development. In the future, a number of enterprises will grow rapidly in this process. The field of science and technology will be one of our long-term concerns and layout directions.

Chunda Fund believes that the market has given a more optimistic expectation to the stimulus bill that the United States is still trying to push forward. The large-scale stimulus plan will continue to boost the risk preference of the market, and the positive progress of vaccine research and development has also made the market confidence unaffected.