On the same day, China Securities Index Co., Ltd. announced that it would adjust the sample indexes of Shanghai Stock Exchange 50, Shanghai Stock Exchange 180, Shanghai Stock Exchange 380, science and technology innovation 50 and Shanghai stock dividend on December 14.
Chinas securities companies noted that in the index adjustment, a number of bank stocks were removed from the relevant index. The Shanghai Stock Exchange 50 Index transferred three bank stocks including postal savings bank, Bank of communications and Bank of China, while Shanghai stock index 180 also transferred out component stocks such as Huaxia Bank, Bank of Xian, China CITIC Bank and Zijin bank.
On November 27, Shanghai Stock Exchange and China Securities Index company announced that they would adjust the samples of Shanghai Stock Exchange 50, Shanghai Stock 180, Shanghai Stock 380, science and technology innovation 50.
Among them, 5 samples were replaced by Shanghai 50 index, 18 samples were replaced by Shanghai 180 index, 38 samples were replaced by Shanghai 380 index, 5 samples were replaced by Kechuang 50 index, and 10 samples were replaced by Shanghai dividend index. After the sample adjustment, the Shanghai Stock Exchange 50 index and Shanghai Stock 180 Index accounted for 42.26% and 66.28% of the total market value of Shanghai stock market respectively.
In fact, CSI has a fixed time to adjust the index. According to the detailed rules for the calculation and maintenance of the stock index of China Securities Index Co., Ltd., the index is generally reviewed once every half a year in principle, and the index sample is adjusted according to the audit results. In principle, the implementation time of sample adjustment is the next trading day on the second Friday of June and December.
It is worth noting that in this round of index sample adjustment, many bank stocks are transferred out of the relevant index. The Shanghai Stock Exchange 50 Index transferred the samples of Bank of communications, postal savings bank and Bank of China to Haitian flavor industry, Weier shares and Zhaoyi innovation. It can be found that the new sample stocks are mostly consumer and semiconductor stocks. At the same time, Shanghai 180 index will also Huaxia Bank, Bank of Xian, CITIC Bank, Zijin bank and other constituent stocks out.
According to the official website of China Securities Index Co., Ltd., before the adjustment, the financial real estate sector accounted for the highest proportion of 50 component equity in Shanghai Stock Exchange, with a weight of 49%. At present, 10 of the 50 constituent stocks are bank stocks, all of which are large state-owned banks and joint-stock banks with high market value.
However, the three bank stocks excluded this time do not account for a high proportion in the overall weight of the Shanghai Stock Exchange 50 index. The total weight of Bank of China, postal savings bank and Bank of communications is 3.14%. China Merchants Bank has the highest proportion of weight, accounting for 6.34%, while Ping An, the financial and real estate sector, has the highest weight, accounting for 13.01%.
Chinese reporters of securities companies have noticed that in terms of the industry distribution of the index sample adjustment, the industries with a large number of included are electronics, medicine and biology, food and beverage, and the industries with more samples excluded are medicine, banking and mining.
Shen wanhongyuan pointed out in the research report that the proportion of emerging components in the index adjustment has increased, the embodiment of economic transformation achievements in the stock market is gradually prominent, and the structural optimization characteristics are more significant. To some extent, the industry distribution adjusted by the index component also reflects the phased effect of the current economic structure transformation.
Many people in the industry have different opinions on whether the inclusion of some consumer and semiconductor stocks will affect the flow of follow-up funds and the performance of the index itself.
Bai Wenxi believes that the Shanghai Stock Exchange 50 index has transferred some bank stocks and added consumer and semiconductor stocks. To a certain extent, it is a correction to the previous Shanghai Stock Exchange 50 index which pays too much attention to the real estate bank stocks, and timely reflects the changes in economic operation fundamentals.
However, Zhou Yancong, a financial commentator, told Chinas securities dealers that the reduction of bank stocks in the Shanghai Stock Exchange 50 index and the addition of some technology stocks are a good opportunity for the development of the medium-term index. But he also believes that we cant rely on a few bull stocks to fill the facade. Short term bank stocks are still in the process of valuation repair, and there is still some room for rebound.
The banking sector has done well in the past week. On the 27th, bank stocks were even more popular. It can be said that bank stocks led the rise of financial stocks, which led to a 12-year high of Shanghai Stock Exchange 50 and the Shanghai Stock Index returning to 3400. In terms of bank index, wind data showed that the bank index rose by 2.28% on the 27th, and the bank plate suddenly made an effort to rise near the end of the day and continued to pull up to the end of the market.
Among bank stocks, Bank of Xiamen also met the trading limit, and Zijin bank, ICBC, Wuxi bank and Chengdu bank all increased by more than 5%. In terms of big banks, China Construction Bank, China CITIC Bank, Agricultural Bank of China, postal savings bank, etc. have followed. It is worth mentioning that the industrial and Commercial Bank of China rose by 5.89%. At present, the market value of ICBC has reached 181 million yuan, and the daily market value has increased by more than 100 billion yuan, with a turnover of 4.88 billion yuan, the largest trading volume in the past five years.
Driven by bank stocks, non bank finance also made full efforts. Securities companies rose at the end of the day, with Guosheng financial holdings second board, and Changjiang Securities, Guolian securities and Zhejiang securities ranked first.
Banks havent led the market like this for a long time. What is the next sustainability?
Huatai Securities Shen Juan team has said that in the second half of the year, the economic margin will be restored, the growth rate of Bank net profit is expected to be repaired, and the risk pressure can be controlled. Double history, the banking sector in the fourth quarter performance is relatively stable, most of them achieved absolute income. At present, it is the double bottom of the valuation position of the banking sector, and the capital is expected to usher in the rapid inflow of foreign capital, the acceleration of passive capital issuance, and the search for stability of various funds in the fourth quarter, which will drive the sector valuation repair. In addition, due to the year-end performance pressure of institutional funds, the risk preference is reduced, which will increase the allocation of banking sector.
Wanlian Securities said that the economic data continued to improve in October, further easing investors pessimistic expectations of bank asset quality. The risk events of short-term credit bonds are still fermenting, reflecting the great pressure of short-term funds, and the problem of credit stratification is expected to intensify. Last week, the issuance scale of inter-bank certificates of deposit decreased, and the issuing interest rate reached a new short-term high. Maintain the expected repair under the valuation of re differentiation market judgment.
CICC said that the central bank released the third quarter of 2020 monetary policy implementation report, the interest rate of new loans in the third quarter of 2020 stabilized and rebounded. They believed that the expectation of net interest margin began to be optimistic, reiterating the industry judgment of performance reversal, not rebound. Looking forward to 1-5 quarters, it is expected that the performance of listed banks will gradually improve, and the bank shares will usher in a round of substantial rise similar to that in 2016-2018.