Reporter Wu Shan
With the cautious wait-and-see sentiment prevailing, the A-share market has been volatile recently, with trading volume remaining above one trillion yuan. On the other hand, the balance of margin financing, which is quite representative, has also continued to rise. to a new high level in recent years. As of August 11, the balance of financing in Shanghai and Shenzhen stock markets was 1,850.323 billion yuan, a new high in the past six years. This is also the 10th consecutive trading day that the balance of financing and financing has been above 1.8 trillion yuan. Among them, the financing balance was 1.685728 billion yuan, achieving continuous growth for 6 consecutive trading days and becoming an important supplement to the new liquidity of the A-share market. Sheng Jian, manager of
Jinnian Investment Fund, said in an interview with a reporter from Securities Daily that the rising balance of financing and financing reflects investors’ optimism about the market outlook on the one hand; and also shows that market risk appetite has begun to shift upward. Liu Youhua, research director of
Private Equity Network, told reporters that this is a good phenomenon, indicating that the market has been in a relatively active state, and there is likely to be a large amount of new funds entering the market. So for the market outlook, such a large trading volume and the balance of financing and financing indicate that there is not much room below the market and there are many structural opportunities in the market.
It is worth mentioning that in August, the traditional blue chips that had been dormant for a long time took turns rising, and the emerging popular track varieties fluctuated violently. However, the industries with the largest net financing purchases during the period were still electrical equipment, chemicals, and non-ferrous metals. The net financing purchases were all above 6 billion yuan, respectively 6.924 billion yuan, 6.883 billion yuan, and 6.616 billion yuan; on the contrary, the real estate (1.223 billion yuan), food and beverage (754 million yuan), non- Banking and finance (591 million yuan) and other industries continued to be reduced by financing customers, and the net financing sales during the period were all above 500 million yuan.
Some investors can’t help but wonder why there is no obvious rebalancing of positions and share exchanges among financiers? Does it mean that financiers have not kept up the pace?
Jianhong Times Investment Director Zhao Yuanyuan analyzed in an interview with a reporter from Securities Daily that the recent total financing balance has picked up along with the index, and the structure is still focused on the growth and cycle of high risk appetite (most cycles are related to new energy). This It also further confirms that the rebound in consumer, machinery and other low-priced stocks in the past few days, as well as the correction in new energy and semiconductors, are only temporary phenomena. In an environment where interest rates are fluctuating and falling in the second half of the year and market preferences continue to increase, growth will always be the main tone in the second half of the year, and the two financial institutions will continue to tilt towards growth stocks in the future.
At the same time, Sheng Jian believes that although the more popular tracks in the early stage are facing the pressure of overvaluation, the mid- to long-term industry profit cycle and prosperity are still upward, coupled with the policy's impact on these industries The support is relatively clear, and growth is expected in the long run.
It can be seen that the current A-share market has entered a period of shock, showing more frequent hot spot rotations and increasing operational difficulty. Regarding the next market trend, Zhao Yuanyuan believes that in the future, small and medium-cap varieties will continue to fluctuate in a neutral to loose environment. Going up and attracting more and more leveraged funds. At present, the new energy and semiconductor sectors need time to consolidate their previous gains. Investors can pay appropriate attention to other growth industries such as advanced manufacturing and the Internet of Things.
Sheng Jian said that fiscal and monetary policies in the second half of the year are expected to increase, and the market is unlikely to be at risk of a sharp decline. In terms of operations, we still need to focus on seizing structural opportunities in individual stocks, such as the field of intelligent "intelligent manufacturing", including information technology applications, semiconductors, artificial intelligence, the Internet of Things, new energy technology applications and traditional manufacturing technology improvements and upgrades.
Table: Overview of Shenwan’s first-level industry situation of financing customer layout since August as of August 11th
Tabulation: Wu Shan
(Editor Cui Man Qiao Chuanchuan Planning Zhang Ying)
