In the peripheral market environment where US stocks rose by 800 points, the three major A-share indexes closed up and down on Monday. The Shanghai Composite Index and Shenzhen Component Index closed slightly higher, the ChiNext Index opened high and closed low, and finally the green market closed. The two markets had a total turnover of 684.3 billion yuan, and the industry sectors rose and fell. On the market, oil mining, park development, consumer retail, steel and shipping led the rise, while the hot street stall economy, Internet celebrity economy, semiconductor industry chain, and automobile industry chain in the early stage showed concentrated adjustments, becoming the main force of selling losses.
Blue horse stocks collectively riots, public and private equity positions are high,
Looking at the overall situation, the market style has shown a clear switching trend, and the theme stocks that have conquered cities and villages have been collectively extinguished recently, and new sustained hot spots have not yet been formed, creating conditions for on-site and off-market funds to adjust positions and exchange stocks. Northbound funds had net inflows of more than 600 million yuan in early trading on Monday, and white horse stocks were sought after. The Shanghai Stock Connect, which represents blue-chip white horse stocks, had a net inflow of 1.491 billion yuan, and the Shenzhen Stock Connect, which represents growth stocks, had a net outflow of 885 million yuan.
Judging from the net buying of northbound funds last week, blue-chip stocks are also the ones that have received the most funds. BOE A and Ping An of China are the only two stocks with net buying of over 1 billion yuan, and a large number of blue-chip stocks such as Xinwei Communications, China Merchants Bank , and Luxshare Precision have received net buying of over 1 billion yuan. In addition to northbound funds, financing customers are also actively investing in blue-chip stocks. Last week, the net financing of Wuliangye .544 billion yuan, Zhaoyi Innovation 474 million yuan, China National Travel Service 353 million yuan, Muyuan shares 303 million yuan, and SAIC Group , Fenghua Hi-Tech, Shanghai Airport, etc. also received net financing of over 100 million yuan.
The position level of the fund can also show a fund manager's attitude towards the future market. The market has continued to fluctuate in the past two weeks, but the positions of public and private equity funds are still at historical highs, showing relatively positive and optimistic signals. According to the weekly report on public fund position calculation released on June 8, the overall position level of public equity-oriented fund (including stock and standard mixed types) was 69.09%, of which the position of stock funds was 88.98%. Overall, public equity-oriented funds have slightly reduced their positions, and the nominal position adjustment is consistent with the direction of active position adjustment, and the range of active position adjustment is greater than that of nominal position adjustment. At present, the positions of public equity-oriented funds are still at historical highs overall.
Similarly, the positions of stock private equity firms also remained at a high level. At the same time, the positions of stock private equity firms stopped falling and rebounded in the end of May. Private equity firms with 10 billion yuan increased their positions the most this year, with more than 70 billion yuan private equity firms close to full positions. According to data from the Private Equity Ranking Network Group Master, as of May 29, the stock private equity position index was 73.54%, an increase of 0.42 percentage points month-on-month. Among them, 49.87% of the stock private equity positions are more than 80%, and 32.04% of the stock private equity positions are between 50% and 80%.
points, except for the 2 billion stock private equity positions that have slightly decreased, the other private equity positions have increased, with 10 billion private equity positions increasing by 0.72 percentage points, and the position index has risen to 83.82%. Among them, 72.09% of the private equity positions of 10 billion are more than 80%. The stock private equity positions have been in a steady upward trend this year. Currently, the overall position of stock private equity has increased by 5.27 percentage points from the beginning of the year. Among them, the 10 billion private equity positions have increased the largest this year. Since the beginning of the year, the 10 billion private equity positions have risen by 15.02 percentage points. Should consumer stocks that are constantly rising
, should they chase?
US stocks have begun a recovery process since April. On Monday local time, the three major US stock indexes all rose by more than 1%, and large technology stocks, aviation stocks, energy stocks and financial stocks all performed well. The Nasdaq reached 9,900 points for the first time, setting a record high. The Nasdaq rebounded more than 44% from its low on March 23, entering a technical bull market. The S&P 500 regains all losses this year.
The recovery sentiment in the market is spreading. Recently, many securities research institutes have released reports to look forward to the market in June and the second half of the year. It can be noted that many institutional personnel still recommend configuration along the main line of "consumption + technology". But it is worth noting that the high certainty of consumer stocks has also brought about its high valuation. At present, the historical quantiles of the valuation of large consumption, including pharmaceutical price-earnings ratio, are at a relatively high level.In terms of
stocks, Kweichow Moutai hit a new high in stock price last week, becoming the highest stock price in the Shanghai and Shenzhen stock markets of A-shares and Shanghai, and currently the only listed company with a stock price exceeding 1,000 yuan. At the same time, many individual stocks such as Wuliangye , Changchun Hi-Tech, Aier Eye Hospital , Three Squirrels, New Hope, etc. also hit new highs in historical stock prices before and after this, and the consumer sector has almost become a "bull stock concentration camp". Whether the rising consumption should continue to chase it has become the focus of investors' attention.
Tianhe Asset Fund Manager Zheng Qian said that the domestic demand consumption-oriented industry is expected to continue to become the focus of market funds allocation. Judging from the policies of the Two Sessions, domestic demand plays an important role in supporting the bottom-up economy and structural transformation. However, different sectors of the consumer sector will show differentiation. For example, food, grain and oil have recorded double-digit growth for two months. Compensatory consumption will play a driving role. It will return to normal in the later stage and pay attention to the risk of pullbacks. The home appliance sector, under the 618 preheating, high-frequency data of the industry shows that it has basically achieved double-digit growth, with a high short-term prosperity. In the medium term, the logic of the penetration rate of the post-cycle completion chain and fine-decorated houses remains unchanged. Under the background of neutral market risk preference, it can be appropriately optimistic; service-oriented consumption sectors, such as tourism, trade and retail, and other industries that are more affected by the epidemic, will rebound in demand will drive performance improvement, but the uncertainty of the epidemic may lead to long-term pressure on the sector's valuation, pay attention to the risk of enterprise cash flow, and targets with low valuations and high dividends can provide a certain safety margin and have a good risk-return ratio.
Baichuang Capital Research Department Gan Ouyang introduced to Private Equity Ranking Network that since this year, the short-term economy has been unclear, consumer stocks have enjoyed a certain premium, and some consumer stocks have benefited from the short-term, and valuations have been further enhanced. We believe that the high valuation of consumer stocks is reasonable, and it does not have a good cost-effective performance in the short term; in the medium and long term, consumer stocks are still "bull stock concentration camps", especially under the background of zero interest rates overseas, the global "asset shortage" will become increasingly obvious. The white horse stocks in the A-share market in China are very attractive to global capital. The recent continued purchase of blue horse stocks by northbound funds reflects the allocation demand of foreign capital.
Yuhan Asset Fund Manager Li Xinjiang said that consumption is an eternal theme. Affected by this year's epidemic, consumption in the first half of the year was relatively sluggish, but many listed companies still handed in good results. It is expected that the performance of high-quality listed companies will continue to grow. We still recommend that we continue to pay attention to consumer leaders and make good use of timely positions.
Dongtuo Investment Fund Manager Wang Chunxiu believes that after the first half of the year, most consumer stocks have been seriously overvalued. Although they may continue to hit new highs, we believe that the probability of losing money in consumer stocks is very high now, and investors are advised to leave when the market is high.
This article is from the official microsoftware of Paipai.com
