With the recovery of the A-share market, the bulk trading market staged an active scene!
On February 23, Luxshare Precision Industry Co.Ltd(002475) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Focus Media Information Technology Co.Ltd(002027) , Hengyi Petrochemical Co.Ltd(000703) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Midea Group Co.Ltd(000333) and other white horse stocks were intensively traded in the bulk market according to the closing price, and the recipients were institutional special accounts.
of which, Luxshare Precision Industry Co.Ltd(002475) has a total of 11 transactions, with an amount of 172 million yuan; Hangzhou Hikvision Digital Technology Co.Ltd(002415) a total of 9 transactions, with an amount of 156 million yuan; Focus Media Information Technology Co.Ltd(002027) a total of 13 transactions, with an amount of 140 million yuan; Gree Electric Appliances Inc.Of Zhuhai(000651) a total of 12 transactions were concluded, with an amount of 133 million yuan.
It is worth noting that the 22nd Ping An Insurance (Group) Company Of China Ltd(601318) is rare to obtain a premium transaction of up to 12.25%.
“The market suddenly shows that so many white horse stocks are traded at the closing price parity, and all of them are received by institutions. It is possible that institutions build positions and are optimistic about the medium and long-term investment value of the above white horse stocks, so they buy them all.” The person in charge of a private placement in the south said.
white horse shares are traded in bulk, and the recipients are all institutions
The trend of block trading market often reveals important information, especially unusual actions.
On February 22, Ping An Insurance (Group) Company Of China Ltd(601318) obtained a premium of 12.25%, with 284700 shares and a turnover of 16.95 million yuan. The buyer and the seller are two different business departments in Shanghai under Huatai Securities Co.Ltd(601688) . It is reasonable to say that the transaction volume is less than 20 million yuan. They can buy directly in the secondary market. I don’t know why they pay such a high premium. Some institutions said that it may be a position adjustment behavior, not a real transaction.
In contrast, on February 23, the block trading market staged a quite active scene. A number of white horse stocks such as Luxshare Precision Industry Co.Ltd(002475) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Focus Media Information Technology Co.Ltd(002027) , Hengyi Petrochemical Co.Ltd(000703) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Midea Group Co.Ltd(000333) appeared in the block trading market, and dozens of transactions occurred in many cases. The turnover of five stocks such as Luxshare Precision Industry Co.Ltd(002475) exceeded 100 million yuan.
Specifically, Luxshare Precision Industry Co.Ltd(002475) has a total of 11 transactions, with an amount of 172 million yuan; Hangzhou Hikvision Digital Technology Co.Ltd(002415) a total of 9 transactions, with an amount of 156 million yuan; Focus Media Information Technology Co.Ltd(002027) a total of 13 transactions, with an amount of 140 million yuan; Gree Electric Appliances Inc.Of Zhuhai(000651) a total of 12 transactions, with an amount of 133 million yuan; Hengyi Petrochemical Co.Ltd(000703) a total of 12 transactions, with an amount of 120 million yuan; Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) a total of 7 transactions, with an amount of 73.69 million yuan; Midea Group Co.Ltd(000333) a total of 7 transactions, 74.64 million yuan.
What is rare is that all the above-mentioned shares are traded at the closing price, and the offerors are institutional special accounts, while most of the seller’s business departments are China International Capital Corporation Limited(601995) Shanghai branches.
In addition, Kweichow Moutai Co.Ltd(600519) also saw 10 block transactions with a total transaction amount of 200 million yuan, which were also concluded according to the closing price, but the buyer’s business department is not a special account for institutions.
An institutional source told the Chinese reporter of the securities firm that generally, the bulk market is traded at a discount. Because of the large trading volume, the liquidity compensation is given to the receiving institution, and the receiving party can make money only when it sells. Parity and premium transactions are usually regarded as the possibility of undervaluation.
Data show that in January this year, the average discount rate of block trading was 6.80%, and the average discount rate in December last year was 6.51%, that is, most stocks were traded at a discount.
“The market suddenly shows that so many white horse stocks are traded at the closing price parity, and all of them are received by institutions. It is possible that institutions build positions and are optimistic about the medium and long-term investment value of the above white horse stocks, so they buy them all.” The person in charge of a private placement in the south said.
The above private placement said that public funds and asset management of securities companies are the main recipients in the current market, but many private placement institutions also use institutional seats. In this way, the behavior of collectively buying a batch of stocks at the closing price is obviously that the market may pick up next, and the undervalued white horse stocks have investment value.
the recovery of A-Shares remains to be tested, and value stocks may alleviate the impact of market fluctuations
After a month, A-share transactions reappeared trillion. On February 23, the three major A-share indexes rose across the board, and the gem rose by more than 2.8%. The semiconductor and lithium battery sectors made a comeback and rebounded sharply. A big positive line has significantly warmed up market sentiment, and many institutions believe that track stocks will usher in a rebound.
pan Yao assets pointed out that, from the valuation point of view, the valuation of new energy, military industry, semiconductor, including pharmaceutical stocks and so on, after the callback, the bubble has been greatly digested and returned to a reasonable level, and some of the sub sectors have entered an undervalued area. The growth sector has fallen for nearly three consecutive months, and has reached a new high in recent years regardless of the adjustment space and time. On the other hand, high-quality companies in the upcoming annual report and first quarter report will reshape their growth expectations. We believe that they have entered the stage of stabilization and differentiation. In fact, since last week, leading companies such as new energy vehicles, photovoltaic and consumer medicine have ushered in a sharp rebound.
Xingshi investment said, at present, our overall view of the market is still optimistic, and there are still good structural opportunities in the market that are worth exploring. Recently, fluctuations in overseas markets have indeed had an impact on Chinese market sentiment. From the perspective of the industry, the improvement of the economy will lead to the improvement of the prosperity of more industries. Compared with 2021, it is expected that the market style in 2022 will be more balanced, and some sectors with reasonable valuation and strong driving fundamentals may already have high medium and long-term investment value. We pay more attention to fundamental research than worry and panic.
However, many institutions are cautious and even think that the global market will soon enter a high-risk period.
Fusheng assets believes that the market is more guided by emotional expectations than the actual performance trend as the guide of stock price. From the liquidity level, US inflation is high, and it is imperative to raise interest rates; However, at the same time, China’s social finance data increased significantly month on month, and China has strong expectations for liquidity “wide credit”. On the other hand, even if the epidemic occurs repeatedly, it will bring some troubles to the resumption of work and production; However, the market has also reached a consensus on giving priority to stable economic growth during the year. From the perspective of general logic, it seems that there are some contradictions and opposites, so we still maintain a cautious attitude as a whole.
Hong Hao, managing director and head of Research Department of BOCOM international, also said that it has become a market consensus that China has entered the loose stage. However, it is too simple and crude to assert that the easing policy will be transformed into market performance overnight. In the past, whenever China’s central bank relaxed when the economy accelerated and slowed, the interest rate spread of us junk bonds soared – and none of this linkage failed.
“The increasingly conflicting economic cycles between China and the United States suggest that the global market will soon enter a high-risk period, but the market is not ready for it. At this time, assets with deep value should be able to mitigate the impact of market fluctuations to a certain extent. However, it is difficult to retreat from such a relative return.” Hong Hao said
