In 2021, A-Shares ended a year of trading in a flat, but under this flat, they created a number of historical records. The annual turnover reached a record high, the scale of public funds exceeded a record 25 trillion yuan, and the annual net purchase of northbound funds exceeded 400 billion yuan for the first time
The Shanghai stock index rose slightly by about 4.21% in 2021, and the amplitude of the whole year was only 12.06%, the lowest level in history. The increase of Shenzhen composite index was even smaller, only about 2.25%, and it was barely red throughout the year. Although the amplitude was 21.01% higher than that of Shanghai Composite Index, it was still the year with the smallest fluctuation in its history. Gem is the best performing of all important stock indexes, rising 12.02% in the whole year, with an amplitude of 32.77%. The Kechuang 50, CSI 300, SSE 50 and other indexes are all green, of which the SSE 50 fell by more than 10% in the whole year.
new capital inflow
Although the market is calm in 2021, it does not affect the trading enthusiasm of investors. Since the turnover exceeded trillion yuan on the first trading day of the new year, trillion transactions have become the norm. Especially in the second half of the year, the number of consecutive trillion transactions has repeatedly reached an all-time high. Therefore, the total turnover of the A-share market in the whole year exceeded 256 trillion yuan, rewriting the historical record of 253 trillion yuan created by the bull market in 2015, with a significant increase of more than 24% compared with 206 trillion yuan in 2020.
As the overall market of A-Shares in 2021 is not good enough, many investors are not interested in the record transaction, but we should not forget the stock market proverb of “volume first, price first”. The stock market is driven by funds. The enlarged trading volume shows that the incremental funds in the market are entering, and the equivalent accumulation will produce qualitative change to a certain extent. Compared with history, we can find that before many bull markets, large-scale stagflation often occurs.
For example, A-Shares also fluctuated slightly in 2013. The annual amplitude of Shanghai stock index was only 26.23%, but the trading volume surged by more than 40% year-on-year. Then, from the end of 2014 to the middle of 2015, there was a wave of bull market. Coincidentally, the volume of Shanghai Stock Index fluctuated slightly for three consecutive years in 2003, 2004 and 2005, and the trading volume increased by more than doubled. However, the amplitude of 2004 with the largest stock price fluctuation was only 34.97%, followed by the largest bull market in the history of A-Shares from 2006 to 2007. In 2021, the trading volume increased again, but the amplitude converged to the extreme. Whether it indicates that A-Shares are about to “wind up” remains to be tested by time.
The surge in transactions is directly related to the rush of funds into a shares. In 2021, the capacity of public funds was expanded on a large scale. According to statistics, by the end of the year, the total number of funds had reached 9166, a significant increase of 1763 compared with 7403 at the end of 2020, with a record increase. The total size of the fund exceeded 25 trillion yuan, a sharp increase of more than 5 trillion yuan over the early 20 trillion yuan at the end of last year, the second highest in history. Moreover, the growth rate in the second half of the year was significantly faster than that in the first half of the year. The total number of funds increased by 755 in the first half of the year and 1008 in the second half of the year.
In 2021, the epidemic is still raging all over the world, and China was the first to recover from the epidemic. With China’s perfect industrial chain and huge industrial scale, China is like a super magnetic magnet, firmly attracting foreign capital. Taking northbound capital as an example, the total net purchase of A-Shares in 2021 was 427.6 billion yuan, a record high, more than double the net purchase of 208.9 billion yuan in 2020. The trading volume of funds going north also increased significantly, with a total turnover of more than 27 trillion yuan in the whole year, an increase of nearly 30% over 21 trillion yuan in 2020. In addition, the balance of the two financial institutions also increased by 218.5 billion yuan to 1.84 trillion yuan in 2021.
industry performance varies greatly
In order to adapt to the changes of the times, Shenwan rarely adjusted the industry classification after a lapse of 7 years in 2021, and the number of primary industries increased from 28 to 31. The adjustment of the industry also partly shows the expectation and attitude of the mainstream institutions of the market towards the hot spots of the industry in the future. With the proposal of double carbon goal and the rise of new energy, Shenwan adjusted the electrical equipment industry to the power equipment industry; Before, beauty care, which belonged to household products and medical devices industry, became a new first-class industry; Coal subordinate to the mining industry has also become a new primary industry.
Under the historical background of carbon neutralization and carbon peak, new energy has become the strongest plate throughout 2021. Shenwan power equipment industry, covering many popular new energy segments such as photovoltaic, wind energy, energy storage and UHV, became the industry with the largest increase in 2021, with an annual increase of more than 56%. The sharp rise of international bulk commodities has also pushed up the three industries of non-ferrous metals, coal and basic chemical industry, with an increase of about 41%, 38% and 36% respectively. In addition, industries such as steel, automobile, petrochemical industry, national defense and military industry increased by more than 20%, while industries such as electronics and mechanical equipment increased by more than 10%.
Although the large increase in transactions benefited the performance of securities companies, the depressed market still put pressure on the non bank financial industry as a whole, falling by 16.15% throughout the year, becoming the industry with the largest decline in 2021. The superposition of adverse factors such as the impact of the epidemic and intensified competition also led to a decline of 15.23% in the household appliance industry in 2021. The real estate industry fell by 14.3% in the whole year. The pharmaceutical and biological industry, which was once popular due to the outbreak of the epidemic, showed a trend of rising and falling by 6.57% in the whole year. Banking, media and other industries also closed in green in 2021.
In terms of capital inflow, the power equipment industry received a net purchase of 123.4 billion yuan of capital going north in the whole year, more than the total net purchase of the second and third industries, and the financing balance of the power equipment industry also increased sharply by 56.3 billion yuan in the whole year, far ahead of other industries; The electronics industry with the highest scientific and technological content received a net purchase of more than 62.3 billion yuan from going north throughout the year, which was the second largest industry in terms of net purchase. The financing balance of the electronics industry also increased by more than 12.3 billion yuan.
However, there are differences between domestic and foreign capital in banking, non banking finance and food and beverage industries. In 2021, Beishang capital significantly net purchased 45 billion yuan in the banking industry and 27.9 billion yuan in the non banking financial industry, respectively ranking the third and sixth in the annual net purchase of the industry. However, in 2021, financiers significantly reduced their positions in non bank finance by 13.2 billion yuan, and the banking industry was also slightly reduced, ranking first and seventh in terms of positions reduction in the whole year. On the contrary, the food and beverage industry sold 13.6 billion yuan of funds in the north, which was the industry with the most net sales in the whole year, and the financiers increased their positions by 15.1 billion yuan, which was the eighth industry with the most net purchases.
doubled and individual stocks surged
Although the overall market was weak in 2021, the individual stock market was extremely wonderful. According to statistics, a total of 323 stocks doubled in the whole year, reaching a new high in recent years, far more than 255 in 2020 and 305 in 2019. The structural market characteristics are still obvious. This also shows from the side that with the entry of a large number of new funds, the activity of individual stocks is improving.
In 2021, the collective surge in the price of chemical products made listed companies in the chemical industry earn a lot, and individual stocks with performance growth of dozens or even hundreds of times emerged in batches. Hubei Yihua Chemical Industry Co.Ltd(000422) it is mainly engaged in chemical fertilizers and chemical products. In the past few years, the stock price fell to RMB 1.9 due to huge losses, and the market once rumored that it would withdraw from the market. However, with the loss of nearly RMB 1.5 billion in the first three quarters of 2021, it successfully got rid of ST’s hat and staged a wonderful myth of black chicken changing into Phoenix. The stock price rose from RMB 3.2 at the end of 2020 to RMB 35 at the highest, with an increase of more than 10 times during the period, Although the share price retreated towards the end of the year, it still ranked first in the list of individual stocks in 2021 with an increase of 554%.
The sharp rise of Hubei Yihua Chemical Industry Co.Ltd(000422) has created a legendary operation in the A-share market. From the end of 2018 to the beginning of 2019, Dai Deming and Hubei Hengxin Yingjia under his control raised their cards continuously near the lowest price of Hubei Yihua Chemical Industry Co.Ltd(000422) , spending a total of 281 million yuan to buy 89.7865 million shares, accounting for 10% of the total share capital of the company. Hubei Yihua Chemical Industry Co.Ltd(000422) at that time, it was announced that Dai Deming’s purchase of shares was “based on his optimistic outlook for the company”. At that time, Hubei Yihua Chemical Industry Co.Ltd(000422) had a huge loss of more than 5 billion yuan in 2017 and had suffered losses for two consecutive years. The third quarterly report of 2018 only made a small turnaround, and the stock was still in the early warning of delisting. By the end of the third quarter of 2021, Dai Deming still held shares.
Individual stocks in the chemical industry such as Zhejiang Yongtai Technology Co .Ltd(002326) , Lecron Industrial Development Group Co.Ltd(300343) , Zangger mining, Shandong Shida Shenghua Chemical Group Company Limite(603026) have achieved a gorgeous turn in 2021, and their share prices have increased several times throughout the year. The new energy track is also a concentration of bull stocks, Jiangxi Special Electric Motor Co.Ltd(002176) , Fujian Haiyuan Composites Technology Co.Ltd(002529) , Zhejiang Jinggong Science & Technology Co.Ltd(002006) , Dajin Heavy Industry Co.Ltd(002487) and other annual increases are among the top.
“Double reduction” can be said to be one of the hot words with the highest correlation with ordinary Lbx Pharmacy Chain Joint Stock Company(603883) in 2021. While hundreds of millions of primary and secondary school students cheered, education concept stocks known as “eternal sunrise industry” collectively suffered an unprecedented slump. Boshi education ETF was born at a bad time. Its net value was cut half a year after its establishment.
Offcn Education Technology Co.Ltd(002607) before 2020, it was still a rare white horse blue chip of a shares. Its performance increased year by year. Its net profit soared from 65.87 million yuan in 2016 to 2.3 billion yuan in 2020, an increase of nearly 35 times. Its share price soared nearly 15 times in only three years. However, all this came to an abrupt end in 2021. In the first three quarters, the profit turned into a loss of 891 million yuan, and the stock price also fell thousands of miles, with a sharp drop of 78% throughout the year, which was the stock with the largest decline in 2021. The share prices of Xueda (Xiamen) Education Technology Group Co.Ltd(000526) , Doushen(Beijing) Education&Technology Inc(300010) , Shenzhen Comix Group Co.Ltd(002301) , Shanghai Xinnanyang Only Education & Technology Co.Ltd(600661) and so on were hit hard in 2021. In addition, real estate stocks are also the dense area of thunder explosion in 2021, China Fortune Land Development Co.Ltd(600340) , Sichuan Languang Development Co.Ltd(600466) , Myhome Real Estate Development Group Co.Ltd(000667) and so on, all fell by more than 50% in the whole year.
Contemporary Amperex Technology Co.Limited(300750) is undoubtedly the most popular individual stock in 2021. When the fund reported in the third quarter, Contemporary Amperex Technology Co.Limited(300750) replaced Kweichow Moutai Co.Ltd(600519) as the first heavy position stock of the fund; Financing customers also increased their positions Contemporary Amperex Technology Co.Limited(300750) by more than 2.9 billion yuan in 2021; The total net purchase of northbound capital in the whole year was Contemporary Amperex Technology Co.Limited(300750) 35.5 billion yuan, far ahead, Longi Green Energy Technology Co.Ltd(601012) , China Merchants Bank Co.Ltd(600036) , Shenzhen Inovance Technology Co.Ltd(300124) 3 shares also received a net purchase of more than 20 billion yuan, and East Money Information Co.Ltd(300059) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) 6 shares received a net purchase of more than 10 billion yuan.
Kweichow Moutai Co.Ltd(600519) in 2021, except that financiers are still adding positions, public funds, self operated securities companies, northbound funds and other main funds in the market are reducing their holdings. Among them, northbound capital sold Kweichow Moutai Co.Ltd(600519) nearly 28 billion yuan in the whole year, which was the largest number of stocks sold in the net. Gree Electric Appliances Inc.Of Zhuhai(000651) was also significantly reduced by institutions. The self operated shares of insurance and securities companies were nearly half lower than that at the end of 2020. The northbound capital also sold more than 20.2 billion yuan in the whole year.
(Securities Times)
