New characteristics of short-term hot money trading: single day completion of attracting and selling

category:Finance
 New characteristics of short-term hot money trading: single day completion of attracting and selling


Now we are more willing to participate in the stock trading of the science and technology innovation board and the growth enterprise market, which is a new direction with large profits and small resistance. Haijian, a private placement manager in South China, told the securities times. Since August this year, when private institutions of Haijian Institute select the underlying stocks, the active stocks of the science and technology innovation board and the growth enterprise market have become the main targets of concern. In a single month, some active GEM stocks have been traded with a total of 10 million yuan.

Wang Ke, head of an investment institution in Beijing, also told reporters that since September, his own stock pools were first concentrated on the gem. The amount of funds I operate is at the level of 10 million yuan, and I will conduct a certain scale of T + 0 trading every day. Due to the high volatility of GEM stocks, the success rate of doing t in gem is relatively high.

Both Haijian and Wangke said that the low-priced stocks in the gem had already entered the target pool they were looking for. Baolixin, Huayi Jiaxin and other low-priced stocks have had a sharp and sustained rise in August. In the eyes of investors such as Haijian, this may indicate the bull market characteristics of the gem. According to the previous A-share law, bull markets mostly eliminate low-priced stocks below 10 yuan; bear markets tend to eliminate many high-priced stocks above 100 yuan. He told reporters.

This expectation has attracted many investors, especially short-term funds to enter the gem. However, it is worth noting that some of the investors did not continue to cover stocks to rise, but through fast in and fast out to reduce costs and improve efficiency. A major characterization is that many investors are more keen on T + 0 operation in the GEM market.

Lin Xiang, the person in charge of Yitian investment, told the securities times, our funds have changed since August this year in order to adapt to the new market ecology. Now we adopt the mode of decentralized shareholding and fast in and fast out. Lin Xiang, for example, said that his own funds quickly established positions in early September when the stock price of Taiji stock jumped short and opened high. He made a number of T + 0s on the first day of purchase, and took profits when the companys share price rose by more than 10% on the next trading day.

This mode of operation is more and more reflected in the trading information of some individual stocks. Taking Tianmai technology as an example, since the end of October 2020, the companys stock has experienced three times of 20% one-day ceiling. During this period, Lhasa Tuanjie road No.2 Business Department of Dongfang Fortune Securities, as one of the hot money bases, has opened many rounds of T + 0 operation. On November 9, the business department bought 5.9135 million yuan, which ranked the fourth among the top five business departments in terms of purchase amount. At the same time, it also carried out a total of 5.1769 million yuan of sales, which was listed as the fifth of the top five sales amount on the same day. In addition, in the dragon and tiger list disclosed by some companies such as inkray, the top five business departments have a specific proportion of the purchase amount and the sales amount, and the rate is also all carried out the t-turn operation on the same day.

New features of the market

In the past, it usually took several months to complete the sucking, pulling, distributing and dropping. Now I prefer to complete this process in one day, which is conducive to maintaining a high turnover rate of capital. Wang Ke told reporters.

Wang Ke believes that there are two backgrounds for some funds to be willing to do t: on the one hand, most stock prices are active, the circulating share capital and circulating market value of GEM companies are small, and the earnings of doing t in a single day are higher; on the other hand, the large volume market in the market makes it easier for funds to do t and ship goods.

Since the second half of this year, the volume of transactions on the gem has been characterized by large volume. The daily turnover of GEM has exceeded 400 billion yuan, once exceeding the transaction volume of Shanghai Stock Exchange, which is much larger.

This non war mentality of short-term speculation is consistent with many new features of the two board market.

On the one hand, although many two board stocks have realized one-day trading limit, they are different from the previous ones which usually continue to rush higher on the next day of trading limit. However, many stocks show new features of sharp low opening and sluggish stock price performance on the second trading day. Taking inbell as an example, since November, the company has had three single day 20% trading limits on the 10th, 13th and 20th respectively. However, judging from the aftermarket characteristics of the previous two times, the next days share price has been opened at a low level, and the stock price has been closed down. This trend is also reflected in Tianmai technology and other stocks.

On the other hand, even if the continuous trading of individual stocks, the market funds also realized a big exchange. Take st King Kong as an example, as one of the four stocks in the GEM market that encountered st, the company closed 20% limit for two consecutive days on November 17 and 18. However, from the disclosure of the dragon and tiger list, the main buyers funds in the two trading days, except the second business department of Dongcai Lhasa Tuanjie lake, all the others have been changed.

Differentiation path

Wang can admit that he does not have long-term funds, patience, rational. After the implementation of the registration system reform of the gem, hot money, especially blockbusters , are more inclined to be GEM stocks. From the perspective of some long-term funds we have contacted, value investment funds will not play a short-term game in the gem and the science and technology innovation market, and will not rush to participate in it, showing a certain degree of patience and determination.

In fact, even the gem and the science and technology innovation board usually have the characteristics of small circulating market value, but there are also differences in the stock price performance and capital management between the two plates.

Take the IPO as an example, the volatility of Kangtai medicine on the gem was as high as 30 times on the first day of listing, and the stocks of golden dragon fish and Zhongyin fashion also showed a downward trend of single needle wearing on the first day of listing. In terms of the science and technology innovation board, Fuguang shares, as a representative, after experiencing the first days big rise and short-term correction, they soon went high again. Wald, traffic control technology and other companies also followed this pattern.

According to Haijian, this is related to the use of funds for the two board rules. The two plates have different rules for 102% or 98% price cage declaration.

Most short-term traders are excited about this new model and new features. Wang Ke believes that gem reform has activated the market, and more private experts, retail investors and private experts will surely be created in the future.

However, some people in the industry believe that this speculative interferes with the market ecology and expands the investment risk. Zhao Hua, financial analyst of Everbright Bank, told reporters, in the medium and long term, the strength of the stock trend will mainly be determined by the companys fundamentals. Baima shares rarely rise and close, but their stock prices have repeatedly reached record highs, reflecting the rule that high-quality stocks are bound to be favored by funds. For long-term funds, the certainty of performance and return on investment is more important than the difference of transaction rules.

In order to ensure the smooth reform of Chinas registered capital market, Zhao pointed out that the reform of the registration system of Chinas venture capital market will be promoted steadily.

(this article does not constitute an investment proposal, and all the people involved are pseudonyms)