According to the exchange data, as of the morning of the 29th, the annual turnover of Shanghai and Shenzhen stock markets reached 255.52 trillion yuan, exceeding 255.05 trillion yuan in 2015, a record high.
Prior to that, as of yesterday, the cumulative turnover of Shanghai and Shenzhen stock markets in 2021 was about 255 trillion yuan, only one step away from the record of 2015.
It should be noted that there are still more than two trading days this year, and in the above statistical caliber, the transaction volume does not include the transaction data of Beijing stock exchange. If the transaction data of the remaining trading days and the Beijing stock exchange are added, the overall transaction amount of A-Shares will be higher this year.
the annual turnover of the two cities has exceeded the historical record of 2015
According to the data disclosed by Shanghai and Shenzhen Stock Exchange, as of the morning of the 29th, the total turnover of Shanghai and Shenzhen stock exchanges in the year reached 255.52 trillion yuan, exceeding 255.05 trillion yuan in 2015, a record high.
Previously, according to the data disclosed on the website of Shenzhen Stock Exchange, as of the closing on December 28, 2021, the cumulative turnover of Shenzhen stock market has reached about 142.15 trillion yuan since 2021.
At the same time, the cumulative turnover of Shanghai stock market from the beginning of the year to December 28 has exceeded 112 trillion yuan. The turnover of Shanghai and Shenzhen stock markets in the year ended December 28 has been nearly 255 trillion yuan.
In addition, according to the data disclosed by Shanghai and Shenzhen Stock Exchange, in 2015, the annual cumulative turnover of Shanghai Stock Exchange was 132.56 trillion yuan (Note: the turnover of Shanghai main board a was 132.32 trillion yuan and that of Shanghai main board B was 0.24 trillion yuan). The annual cumulative turnover of Shenzhen Stock exchange was 122.495 trillion yuan. Based on this calculation, the total turnover of the two markets in that year was 255.05 trillion yuan.
Since the second half of this year, the turnover of Shanghai and Shenzhen stock markets has increased significantly, and trillion transactions have become the norm. According to the reporter’s statistics, as of December 28, there were 147 trading days in the year, with a single day turnover of more than trillion yuan, and the number of days with a turnover of more than trillion yuan has exceeded 60% of the total trading days in the year.
The amplification of market transactions also helps the brokerage business of securities companies, which is still one of the main businesses contributing to its revenue. At the time of rising transactions, the revenue of many securities companies in the first three quarters of 2021 has begun to exceed that of the whole year of 2015.
For example, Citic Securities Company Limited(600030) , China Securities Co.Ltd(601066) , China International Capital Corporation Limited(601995) and other leading securities companies, the revenue in the first three quarters of 2021 alone has exceeded that of 2015, but there are not many securities companies whose net profit in the first three quarters of 2021 exceeds that of 2015.
In 2021, the revenue of the leading securities firm Citic Securities Company Limited(600030) reached 57.8 billion yuan in the first three quarters alone. In 2015, the company’s revenue was 56 billion yuan. This means that if the fourth quarter is added, the annual revenue of Citic Securities Company Limited(600030) 2021 will be much higher than that of 2015.
change 1: the proportion of capital turnover going north has been expanding, exceeding 10%
In the process of enlarging the trading volume during the year, the capital of beishanglu stock connect is a force that can not be ignored.
Statistics show that from the beginning of 2021 to December 28, the cumulative turnover of capital of the north land stock connect has exceeded 27 trillion yuan, which not only exceeds 21 trillion yuan in 2020, but also 18 times the total turnover of 1.47 trillion yuan in 2015.
In 2015, the capital turnover of Northland stock connect accounted for less than 0.6% of the turnover of the two cities in that year. Since the beginning of 2021, the capital turnover of Northland stock connect has accounted for more than 10% of the turnover of the two cities.
In addition, from the perspective of net purchase scale, the cumulative net purchase of Northland stock connect funds since the beginning of 2021 has been nearly 420 billion yuan, more than 20 times that of 2015.
change 2: behind the large volume of transactions, the quantitative trading contribution may be quite large
It is worth noting that since this year, the increase of major market indexes has not been prominent. In addition to the contribution of capital from Northland stock connect, the rise of quantitative trading may also be an important factor.
At present, there is no authoritative data disclosure on the proportion of quantitative transactions in the turnover of A-share market.
However, Zhongtai Securities Co.Ltd(600918) he Bo, general manager of science and technology R & D department and head of XTP system, previously told the securities times that they multiplied the capital turnover rate traded on XTP by the quantitative capital scale of the whole market, and concluded that the quantitative trading volume accounted for about 20% of the trading volume of the whole A-share market. Relatively speaking, most of the quantitative institutions trading on XTP are high-frequency quantitative products that pursue faster trading speed in the market, so the turnover rate is higher than the market average, that is to say, the transaction proportion of 20% should be only high.
China International Capital Corporation Limited(601995) the recent research view is that quantitative transactions reduce price spread and improve pricing efficiency. From the existing overseas research results, the clear impact of quantitative high-frequency trading on the market microstructure includes the following four points: (1) high-frequency quantitative trading can significantly reduce the transaction cost of bid ask spread dimension; (2) High frequency quantitative trading helps to improve market liquidity as a whole, but the liquidity provided includes many false liquidity; (3) Quantifying high-frequency transactions can improve the efficiency of asset pricing; (4) Quantitative high-frequency trading has long-term excess return compared with low-frequency trading, but the excess return shows a gradual downward trend.
change 3: the market volatility is gradually narrowing, and the amplitude of the Shanghai index may hit an all-time low this year
It is worth noting that while the market trading volume is enlarged, the fluctuation range of the two cities this year is extremely small.
The data show that since the beginning of 2021, the amplitude of the Shanghai stock index is only over 12%, which is lower than that of the Shanghai stock index in any previous year.
If there is no huge fluctuation in the next two days, the amplitude of the Shanghai index this year will be the lowest in history.
In previous years, the lowest amplitude was in 2017, when the amplitude of the Shanghai composite index was 13.98%.
In 2015, which was close to the turnover of the two cities this year, the amplitude of the Shanghai index was as high as 71.95%.
The data also show that the year with the highest amplitude in the history of Shanghai stock index is mainly concentrated in the 1990s, and the amplitude has gradually narrowed in recent years, reflecting the gradual narrowing of market fluctuations in recent years.
(Securities Times)
