Mainstream institutions continue to increase market activity
Breaking trillions in transactions, technology stocks starring in “structural cattle”!
Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.
Securities Times reporter Shen Ning Xu Xiaoru opened the market in the year of the rat under the epidemic of Zhan Chen. After a sharp fall, he went out of the unexpected “Little Spring” market.
The Shanghai index approached 3,000 points, the transaction volume of the two cities exceeded one trillion yuan, the two financial institutions hit record highs, and public fundraising funds continued to explode. Compared with the real economy, which is still recovering strength, the contrast is not small.
How to interpret this round of stock market rally?
Is there a new round of bull market?
Recently, a Securities Times reporter conducted an interview on the merger of well-known public and private equity funds.
Most objective objects believe that the impact of the epidemic will not affect the long-term attractiveness of stocks. The active entry of various funds has driven the recent market recovery, and the “home economy” promoted by technology and epidemics has become a sought-after direction.
“Incremental funds drive the market upwards”
Institutional positions in the market were already high before the festival, but the A-share market continued to increase its volume after the festival, which indicated that a large amount of off-market funds accelerated the market in the event that the epidemic impacted A-shares and caused the market to fall.
“Chongyang Investment President Wang Qing pointed out.
He said that foreign institutions are the most important force in this round. The internal long-term funds represented by bank wealth management and insurance asset management have increased the allocation of equity assets in the week after the holiday. Many public fund managers have alsoThere is a large amount of funds to purchase partial stock funds.
It should be noted that the continued heavy volume of the A-share market after the Spring Festival is very different from the previous rebound in the bear market. This means that the internal mainstream investment institutions have actually increased their positions, instead of the passive action required by stability maintenance, rather than their own active choice.
Known as “smart money”, the Kitakami Fund continued to sweep cargo after the Spring Festival.
Wind data show that in the first 10 trading days after the Spring Festival, there was a net inflow of 344 capital into the north.
3 ppm, an increase of more than 100 ppm over the first 10 trading days after the Spring Festival in 2019.
As market sentiment improved, the two-finance surplus bottomed out on February 4th and continued to hit new highs, which lasted on February 18th to 10751.
3.9 billion yuan.
Regarding the reasons for the rapid rebound of A shares after the holiday, Lu Yang, chairman and chief investment officer of Botong Investment, said that the sharp drop in A shares on the first day after the holiday focused on venting panic, but the estimated attractiveness of A shares was increasing., Attracting inflows of long-term funds such as foreign and insurance.
“The arbitrage space for assets, dividends and dividends has further widened, and medium and long-term funds such as insurance have begun to increase the allocation of stock assets.
“Lu Yang said.
In addition, as of February 18, each of the public fund companies has established more than 100 new funds each year, with an issue share of more than 200 billion. Among them, equity funds and hybrid funds issued 135 billion. These partial stocksThe new fund provides a steady stream of incremental funds for the stock market.
”Flooding fuel is a direct driver of the stock market’s recent strength.
The stocks with a high weight on the GEM board not only benefited from the active and passive positions of Kitakana Capital before and after the MSCI constituent stocks were adjusted, but also have been ignited by newly-issued technology-themed funds and mid-to-small-cap index funds.A handful.
The money-making effect has further stimulated more short-term funds to participate in the chase.
“Wang Weizhong, director of minority investment risk control, said.
Optimistic about core assets, most institutions of technology stocks believe that the impact of the epidemic on the economy is only a one-time impact. If properly controlled, the impact on the economy is mainly concentrated in one quarter, which has little impact on the medium and long-term value of the enterprise, but instead provides a betterWhen to buy.
Looking at the long run, many companies are actively deploying A shares. In addition to the widespread attention of the technology track, traditional core assets are still optimistic.
Ying Ying, a Norder fund manager, told the Securities Times reporter, “The turnover of the two cities exceeded one trillion yuan, setting a new high in the past year. In a relatively abundant liquidity environment, we believe that the market’s activity may further increase.
For the long-lost market, although there may be adjustment pressure in the short-term, but in the medium and long-term, we still maintain a relatively cautious but not pessimistic attitude, and there may still be some upside for exponential growth.
“After the opening of the Year of the Rat, policies continue to benefit.
After three months of 深圳桑拿网 soliciting opinions, the new rules for refinancing finally came into effect.
The Boshi Fund believes that the expansion and new regulations far exceed expectations. It will boost market sentiment in the short term, which will help open up the estimation space of technology stocks and strengthen the main line logic of technology stocks; instead, it will attract industrial capital to enter the market steadily in the medium and long term.
Large-scale private equity Jinglin Assets believes that in the long run, A-share investment is still the winner of the company on the right side of the industry and the big track.
Epidemic-type events have a great impact on investor sentiment in the short term, but have little effect on stock valuation based on discounted cash flow, and have no significant impact on the stock market in the long run.
The position of private equity funds is another reference indicator for the expected market direction.
A private placement in Beijing with a management scale of more than 10 billion told reporters that the company’s current position is basically 90%. If the market continues to grow, it will make portfolio adjustments.
Another well-known private equity firm also said that it is now full, and if the market continues to grow, it plans to issue new products next.
Can core assets continue to be held?The results of the private placement ranking survey show that 34.
According to 61% of private placements, a large number of core assets have been overvalued under the speculation of funds, and alternative risk breakthroughs have been suggested. It is recommended that they be properly secured.
39% of private placements believe that their estimates are still at a reasonable level, high estimates will be gradually digested by performance growth, and still have a transformative investment value. Adjustment is a better buying point.