Private placement continued to improve. According to the latest data of private placement network, as of November 13, the private placement position of stock was 78.34%, a new high in the year. Specifically, 58.96% of private equity positions exceeded 80%, and 27.86% of private equity positions were between 50% and 80%.
Among the private placements of different scales, the 10 billion level private placement has the highest position, with an average stock position of 83.53%. Compared with the beginning of the year, the overall position of the 10 billion level private placement has increased by 14.51 percentage points, and the current position of more than 90% of the 10 billion level private placement is more than half.
As for the position of public funds, Everbright Securities found that as of November 20, the average position of stock funds was 88.73%, up 0.38% compared with the previous week; the average position of partial stock hybrid funds was 82.41%, increased by 0.05% compared with the previous week.
In addition, Everbright Securities said that as of November 20, the composite index of market sentiment was 58, up from 55 a week earlier, with market sentiment neutral and optimistic.
Theres a steady stream of new bullets
Over the counter funds are also pouring in. According to Oriental Wealth choice data, as of November 23, the scale of newly established public equity funds (excluding partial debt hybrid) was 86.844 billion yuan. Among them, the issuance scale of new hybrid funds with high quality and strict selection of three-year holding period is 14.832 billion yuan, and that of huitianfu digital preferred life six months is 11.868 billion yuan.
Active equity funds over 3 billion yuan established in November (as of November 23)
For example, on November 23, the Minsheng Bank of Canada growth preferred stock fund, which is being issued, has a ceiling of 6 billion yuan, and Sun Wei, the proposed fund manager, is partial to the growth style and deeply cultivates the science and technology track; huitianfus high-quality growth selection, which is issued on the same day, has a 2-year holding mixed fund, with the upper limit of RMB 8 billion, and Liu Jiang, the proposed fund manager, is good at pharmaceutical investment; and bodaorui Jianyi, which is issued on November 25, is good at pharmaceutical investment Shi Wei, a senior investment veteran, is well-known for his growth style. In recent interviews, he has repeatedly stressed that future investment will focus on science and technology, medicine and consumption track.
From the perspective of private placement filing products, last week, there were 17 registered products of 10 billion level private placement Jinglin investment, and 14 and 9 products of average investment and Yanfu investment of the other two 10 billion level private equity investment.
Long term still optimistic about the new economic plate
Recently, foreign institutions have also made frequent comments, optimistic about the overall performance of the A-share market. Morgan Stanley continues to give over match ratings on MSCI China stock market and a shares, and continues to hold an optimistic position on a shares; Goldman Sachs is also more optimistic about the A-share market next year, and it is expected that the returns of MSCI China Index and CSI 300 will reach 15% next year.
Domestic institutions have launched more discussions on the recent strong performance of procyclical plate. Luo Yan, deputy general manager of Institutional Investment Department of Huabao fund, believes that, on the one hand, the rise of cycle plate has brought the market activity and the amplification of trading volume. The core of cyclical stock rise is the inflection point of the industry rather than the valuation or stock price level, such as automobiles, banks, etc. However, in the long run, under the background of lower economic growth, the elasticity and height probability of cyclical stocks are not strong enough to represent the direction of new economic development.
Luo Yan further analysis said that, on the other hand, the adjustment of high boom industries with high valuation left room for next years market. The valuation of a large number of leading stocks in these sectors is basically in the upper limit of reasonable valuation for the next year or even the following year before this adjustment. If the stock price continues to rise, it will do more harm than good for the trend of the next 1-2 years. At the end of this year and the beginning of next year, if we can digest the valuation pressure, we may enter the stage of blue chip setting up and growth singing.
For example, many investors can hold steel enterprises for seven or eight years without making money. I personally think that even if they hold steel enterprises for another seven or eight years, they may still lose money. Some companies have low valuations, and there may be problems that investors are not easy to find. Low valuations are not necessarily good investment targets. In the view of the monopolistic business model of pharmaceutical industry, such as Binbin, DanJia, and so on, there are also opportunities to invest in the pharmaceutical industry.