Since the opening of the market in the year of the tiger, the Shanghai index has performed better than the gem index, and the market style “high-low switching” has continued. The weighted blue chip style represented by the Shanghai stock index is more robust, rising 2.01% since February, while the gem index representing the growth style of science and technology fell more than 6% in the same period.
Incremental capital is often the core factor affecting the market style for a period of time. Observing the trend of active funds in the market, it can be seen that the north capital with a keen sense of smell also has an obvious style switching recently: the performance of Shanghai Stock connect channel is stronger than that of Shenzhen Stock connect channel.
However, the financiers, who are also one of the market weathervanes, operated in the opposite direction under the “high-low switching” of the market style. They increased their positions against the trend, and the new energy sector with a deeper callback range recently, while some financial and cyclical stocks with the highest growth were sold by them.
the subject of Shanghai Stock connect received a substantial net purchase of northbound funds
Data show that since the beginning of the year, although the A-share market has continued to adjust, the overall net inflow trend of northbound funds has continued, with a total net purchase of A-shares of 23.73 billion yuan. However, it is worth noting that during this period, the Shanghai Stock connect obtained a substantial net purchase of 34.572 billion yuan from the north, while the Shenzhen Stock connect was sold by 10.842 billion yuan.
This difference is particularly prominent after the opening of the market in the year of the tiger: since February, the net sales of Shenzhen Stock connect has been 9.028 billion yuan, contributing more than 80% of the net outflow of Shenzhen Stock connect since this year.
From the perspective of industry, the large financial sector represented by banks and non banks received a northward capital increase last week, leading in all 31 Shenwan industries. In addition, non-ferrous metals, public utilities, architectural decoration, petroleum and petrochemical, real estate and other industries have been added, all of which belong to the main line of “stable growth”. At the same time, northbound funds continued to reduce positions in the growth sector with high growth rate, and the computer, medicine, biology, communication and other technology stocks showed a net outflow of funds.
Among them, the net purchases of the banking sector in the past week and nearly a month rank first in all industries. Reflected in the stock price trend, blue chips have improved their valuation this year and walked out of a better market.
From the perspective of specific stocks, from January 1 to February 11, 2022, China Merchants Bank Co.Ltd(600036) ranked first in the increase of individual stocks by northbound funds in Shanghai and Shenzhen. According to the “average transaction price of interval” × According to the simple estimation of “number of shares held”, the net purchase of China Merchants Bank Co.Ltd(600036) has reached 8.675 billion yuan this year. In addition to China Merchants Bank Co.Ltd(600036) , Ping An Insurance (Group) Company Of China Ltd(601318) , Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) , Huatai Securities Co.Ltd(601688) , Bank Of Jiangsu Co.Ltd(600919) and other stocks ranked among the top in the amount of capital increase in the north. In the same period, Contemporary Amperex Technology Co.Limited(300750) was sold by northbound funds for more than 5 billion yuan, and the heavy positions of traditional institutions such as Jiangsu Hengrui Medicine Co.Ltd(600276) , Wuxi Apptec Co.Ltd(603259) , China Tourism Group Duty Free Corporation Limited(601888) , Gigadevice Semiconductor (Beijing) Inc(603986) were also reduced by northbound funds by varying degrees.
the scale of financing and financing continues to decline, and the financing customer is now operating in the opposite direction
On the other hand, the market is active, and the transaction scale of transaction funds and two financing funds gradually decreases. According to the data, as of February 11, the balance of margin trading and securities lending in Shanghai and Shenzhen stock markets was 1714.053 billion yuan, a decrease of 120.823 billion yuan or 6.58% compared with the beginning of January.
A relevant person from the securities and Finance Department said that the recent decline in the scale of the two financial institutions was caused by the decline of the market caused by the decline of new energy, biomedicine and other sectors on the one hand, and some investors reduced their liabilities due to the Spring Festival holiday to reduce interest expenses during the festival on the other hand. In addition, due to the decline in the yield of offline new products, the withdrawal of offline new products also led to the decline in the scale of margin trading.
From the perspective of capital flow, financing funds operate in reverse under the background of “high-low switching” of market style. Since January, the five stocks with the largest net financing purchases are Jingke energy, China stock market news, Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) and Shenzhen Jinjia Group Co.Ltd(002191) , which are concentrated in the two early hot sectors of electrical equipment and biomedicine. From the recent disk, there are signs of ebb tide in these two sectors, and the share prices of relevant stocks fell sharply.
Among them, Contemporary Amperex Technology Co.Limited(300750) share price has retreated by nearly 30% since its high in December last year. With the share price falling all the way, financiers began to increase their positions against the trend. Especially on February 10, Contemporary Amperex Technology Co.Limited(300750) fell sharply during the session, and the share price once fell below 500 yuan. The net purchase of financing funds was 272 million yuan against the trend, ranking third in all the two financial target stocks, second only to Wuxi Apptec Co.Ltd(603259) and China stock market news.
From the net sales of individual stock financing, the financing funds were reducing positions in the same period, and some financial and cyclical stocks with good recent gains. The data show that from January 1 to February 11, among the top 20 stocks in terms of net financing sales, there are not only individual stocks in large financial sectors such as Industrial Bank Co.Ltd(601166) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Merchants Bank Co.Ltd(600036) , Citic Securities Company Limited(600030) , but also cyclical stocks such as Shaanxi Coal Industry Company Limited(601225) , Zijin Mining Group Company Limited(601899) .
