Style investment is an important investment phenomenon in the stock market. General style investment can be divided into big market style and small market style. In A-share market, it is often called value style and growth style.
At the beginning of 2019, the Shanghai Composite Index has risen by nearly 40% since it bottomed out at 2440.91. During this period, the strength and rhythm of the rise of different varieties are different. In this regard, wind has made statistics on the market value changes of various industry sectors and large, medium and small market value varieties in various stages from 2019 to now, and strives to excavate the law of rotation of large and small plates.
At the beginning of 2019, the A-share market showed a general rise, with agricultural stocks leading the rise, while technology, consumption and non bank finance performed in turn. Consumer stocks continued to be strong in the second quarter, while agriculture, science and technology, real estate, automobile and other sectors fell into adjustment. In the second half of 2019, the semiconductor plate regained the upward trend, and pharmaceutical stocks gradually strengthened, and the market continued to be extended to the third quarter of 2020, and the pro cyclical plates such as automobile, nonferrous metals and coal continued to adjust.
At the beginning of 2020, affected by the epidemic events, the agricultural and pharmaceutical sectors bucked the trend and the cyclical stocks fell sharply. In the second quarter, Chinas leisure service sector led by Chinas immune system strengthened. From the beginning of the third quarter, leisure services and defense industry led the pace in the first half of the period, while the latter half was relatively weak, while the pro cyclical plate represented by the automobile sector soared sharply. Since the fourth quarter, auto, nonferrous metals, steel, household appliances, chemical industry and other pro cyclical plate continue to lead the market.
From the perspective of valuation changes of various industries, since 2019, the P / E ratio of Pro cyclical sectors such as automobile, nonferrous metals, steel, household appliances and chemical industry has gradually increased, and reached a stage high in the fourth quarter of this year. Pharmaceutical, electronic, computer, media, comprehensive industries reached their peak in the second quarter of this year, and then gradually fell back. At present, the price earnings ratio of agricultural real estate and public utilities is still at the low point in 2019.
Since the fourth quarter, banks and procyclical varieties have broken out, driving blue chips to lead the market. Therefore, it can be seen that coal and nonferrous metals often rise and fall together, pharmaceutical and consumer stocks have strong sustainability, and banks have relatively small flexibility, but they often perform better in the deep adjustment of other industries.
//Looking at the rotation of industry plate from the change of capital position in Beijing//
From 2019 to 2020, Beishang capital mainly holds heavy positions in consumer stocks, and the proportion of optional consumption positions has increased since the second quarter of this year. Wind data showed that as of November 25, the market value of optional consumption rose to 17.21% from 15.07% at the end of the first quarter of this year. The market value of daily consumption industry positions reached 417.9 billion yuan, accounting for 19.84%, which was 2.55 percentage points lower than that in the first quarter of 2019.
The proportion of industry and material industry increased gradually. Among them, the proportion of industrial position market value increased from 10.83% in the first quarter of 2019 to 13.75%, up 2.92%; the material industry increased from 5.33% to 8.09%, an increase of 2.76%.
The market share of real estate, public utilities and telecommunications services has gradually declined from the third quarter of 2019.
After the peak of the second quarter of this year, the two major industries of information technology and health care began to decline gradually in the third quarter. At present, the market value accounts for about 11%.
//Rotation of large, medium and small market value varieties//
From the perspective of market value range, at the beginning of the start of the market in 2019, small and medium-sized stocks with a market value of less than 20 billion perform best, while large cap stocks with a market value of 100 billion are weaker than the market. In the second quarter, small and medium-sized market shares adjusted significantly, and large cap stocks with a market value of 100 billion yuan performed stably, which played a role in stabilizing the market. In the third quarter, the fluctuation of large, medium and small markets was small, with market value stocks of RMB 50-100 billion leading the rise in the fourth quarter, while the performance of 100 billion market value stocks continued to be depressed. In 2020, small cap stocks with RMB 3-5 billion will go against the market and will continue to rise in the second quarter. After the third quarter, 30 billion yuan - 100 billion yuan of medium and large cap stocks rose.