Daniu Securities - Recently, Shanghai Composite Index broke through 3,000 points, and the valuations of major indexes have continued to fall. However, the stock private equity fund gathered by many experts is no longer pessimistic. Taking advantage of the market adjustment, they increased their positions in large quantities.
According to the Securities Times reporter, most private equity firms believe that the market is not far from the bottom at the moment, so it is not advisable to continue to be pessimistic, but should firmly hold in and wait for the market to rebound.
1 billion private equity position approaches the high point.
Private Equity Group Master Data shows that as of October 21, the stock private equity holding index was 80.99%, up 1.2% from the previous week, mainly due to the significant increase in the willingness of mid-cap stocks to increase their positions, driving the stock private equity holding index to rise.
Among them, the 10 billion private equity holding index approached a new high this year, and the holding index rose to 86.87%, up 5.59% from the previous week. This is the fifth consecutive week of private equity of 10 billion shares, and the current holding index is close to a new high this year.
Specifically, the proportion of private equity shares with more than 80% of the positions has increased significantly from 60.32% to 80.00%, while the proportion of private equity shares with medium positions has decreased sharply from 33.97% to 20.22%. The proportion of the private equity position of tens of billions of stocks is below 50% is 0, which means that the index is at the bottom, and private equity is actively increasing its positions.
Since the beginning of this year, the highest value of the 10 billion shares private equity holdings index was 87.63%, which appeared in April. Soon after that, a shares ushered in a significant rebound.
However, the application and issuance of new products by private equity securities is still in a downturn, which also reflects the attitude of over-the-counter investors towards the current market - entering the market when the market is booming and waiting and watching when the market is sluggish, but such behaviors often miss the opportunity to make money.
China Fund Industry Association data shows that the number of newly registered private equity funds in September was 2,565, a decrease of 78 from the previous month; the new registration scale was 22.251 billion yuan, a decrease of 11.34% from the previous month. In September last year, 23,371 new private equity registered fund html, with an additional registration scale of 83.957 billion yuan.
strengthens the view of private equity in the bottom area.
In the past 10 months, although the index has fallen, market sentiment has begun to stabilize. According to a Securities Times reporter, most private equity firmly believe that the market is not far from the bottom and said that it is not advisable to continue to be pessimistic, but firmly hold positions and wait for the market to rebound. Lei, chief strategic investment officer of Starry Sky Investment, said, "From the ERP index (equity risk premium), there is no distance from the absolute bottom now. Although it is not sure that the stock market will rise soon, it is indeed a relatively good position. In the third quarter, the industry investment of various institutions began to disperse, which shows that everyone has begun to sink and look for industries with reasonable valuations and subsequent driving."
According to Xiangju Capital statistics, the Shanghai Composite Index fell below 3,000 points at the end of October, which is close to the low point at the end of April. The relative price-to-earnings ratio of stocks and bonds (since 2008) has dropped to 8%. Similar stages in history were only in early 2016 and March 2020 (the outbreak). Therefore, it can be considered that the current position of the stock market actually reflects more pessimistic expectations. Once the expected profit margin in the future increases, it will
"We believe that in this position, we should not continue to be pessimistic, and future opportunities outweigh risks. Out of emotion, we are now in a very suitable batting area. Next, we will continue to pay attention to Fed rate hike . The interest rate meeting in November and December is a very important node. If Fed policy starts to turn, this will be an important benefit to the global liquidity environment." Capital said.
