Who is the driving force behind the 100 billion market value of stocks going up the price limit?

category:Finance
 Who is the driving force behind the 100 billion market value of stocks going up the price limit?


Northward capital flows back to technology stocks

In the past November, northward funds purchased procyclical assets by a large margin, and the industries with more net purchases concentrated in chemical industry, mechanical equipment and non-ferrous metals. But this week, the direction of the northward funds stock selection changed.

The Hong Kong Stock Exchange announced the latest shareholding record of northbound capital before trading today. The data clearly showed that northbound capital began to significantly return to technology stocks this week.

By multiplying the change of shareholding number by the average transaction price, we can roughly estimate the interval net purchase amount of northward funds. In the first two trading days of this week, five of the top ten stocks with net purchase volume of northbound capital came from the electronic industry, namely BOE a, Sanan optoelectronics, Dongshan precision, Lingyi Zhizao and TCL technology.

Ranking of net purchases of northward funds in the first two trading days of the week

Two leading panel companies get foreign capital

BOE A and TCL technology, the two leading panel leaders, received centralized northward fund positions in the first two days of this week. Among them, BOE As northbound capital holdings increased by more than 11% from 1.928 billion shares on Friday to 2.147 billion shares on Tuesday. According to the average price calculation, the net purchase of BOE a by northbound capital in the first two days of this week was up to 1.2 billion yuan, ranking first in all a shares.

TCL technology also received a net purchase of 420 million yuan from northward capital in the first two days of this week, ranking seventh in all stocks.

Corresponding to the disk, the northward capital sweep significantly boosted the stock prices of the two leading panel companies. BOE a rose 6.87% in the first two trading days of the week, and rose 2.32% today. The highest intraday price was 5.83 yuan / share, which equaled the years high set in February.

BOE a daily trend

Daily trend of TCL Technology

Societe Generale Securities continues to be optimistic about the prosperity of the panel industry, believing that the acceleration trend of large-scale TV sets will drive the demand side to continue to grow rapidly. It is judged that BOE and TCL technology will have a strong voice in the next few years, or will usher in a super profit cycle.

There are differences in the flow of foreign capital

Since the beginning of this year, the inflow trend of northward capital is no longer the same as in the past few years, but repeatedly switching between inflow and outflow, which also has a certain impact on the short-term trend of individual stocks and even the market. As of December 1, the accumulated net purchase amount of northbound funds has been only 167.986 billion yuan this year, far less than the total of 351.743 billion yuan in 2019.

As for the flow of foreign capital next year, there are many differences in the views of institutions.

According to the strategy team of Societe Generale Securities, considering the attractive investment value and cost performance ratio of a shares in the future, it is conservatively estimated that in the next five years, it is expected to see an average annual inflow of 200 billion to 300 billion yuan of foreign capital, and the proportion of foreign shareholding in the circulating market value of a shares is expected to continue to increase by about 3%.

Fan Jituo, chief securities strategist of the new era, believes that relatively speaking, insurance institutions and foreign investors pay more attention to valuation. This year, the scale of northward capital inflow has slowed down, mainly due to the rapid rise of valuation, which leads to the decline of cost performance. For example, ah premium index has risen from 120-130 last year to 140-150 at present. If the valuation of A-share continues to rise next year, it is not ruled out that the scale of foreign investment purchase will further decrease, or even become a small net outflow. However, taking into account the long-term value of RMB assets and the need for decentralized allocation of foreign capital, the outflow of foreign capital will not be very large. According to CICCs calculation, up to now, the valuation of A-share high-quality leading blue chips preferred by foreign investors has been basically equal to that of overseas comparable companies. Editor: Zhu Shaoyong source: Shanghai Securities News Editor in charge: Zhong Qiming_ NF5619

Fan Jituo, chief securities strategist of the new era, believes that relatively speaking, insurance institutions and foreign investors pay more attention to valuation. This year, the scale of northward capital inflow has slowed down, mainly due to the rapid rise of valuation, which leads to the decline of cost performance. For example, ah premium index has risen from 120-130 last year to 140-150 at present. If the valuation of A-share continues to rise next year, it is not ruled out that the scale of foreign investment purchase will further decrease, or even become a small net outflow. However, taking into account the long-term value of RMB assets and the need for decentralized allocation of foreign capital, the outflow of foreign capital will not be very large.

According to CICCs calculation, up to now, the valuation of A-share high-quality leading blue chips preferred by foreign investors has been basically equal to that of overseas comparable companies.

Editor: Zhu Shaoyong