With the steady progress of the registration system, the market activity has increased significantly, and trillion transactions have become the norm. The market value of A-Shares exceeded 90 trillion yuan for the first time. Last year, the transaction amount exceeded 250 trillion yuan again. The net purchase amount of funds going north reached a record, and the number of delisted shares also reached a new high. What are the new changes of A-Shares in the past year? Data treasure is scanned by X-ray machine, and big data perspective the A-share market in 2021.
volume: the total market value of A-Shares exceeded 90 trillion for the first time
Excluding the new shares listed in 2021, the total market value of A-Shares increased by 6.66 trillion compared with 2020. According to the data released by zhongdeng company, as of November 2021, the number of investors who have opened A-share accounts has reached 195 million. If shared equally according to the account, each account can share about 34100 yuan.
By the end of 2021, there were 4685 A-share listed companies, and the market value of A-shares in Beijing, Shanghai and Shenzhen had exceeded 91 trillion yuan, a new high at the end of the calendar year. The total market value of NASDAQ Exchange is 178.9 trillion yuan, and the value of a stock market accounts for more than half of NASDAQ.
the market value of the pharmaceutical industry won the championship
By the end of 2021, the market value of A-Shares in pharmaceutical, biological and electronic industries had exceeded 8 trillion, and the pharmaceutical and biological industry had won the market value champion with 8.17 trillion. The market value of six major industries such as electrical equipment, chemical industry, electronics, public utilities, mechanical equipment and non-ferrous metals increased by more than trillion. The market value of large consumer and financial sectors has shrunk significantly. The latest market value of the non bank financial industry is 5.42 trillion, a decrease of 16.43% over the end of 2020, and the market value has decreased by more than trillion.
Geographically, the market value of A-Shares in Beijing and Guangdong ranks first and second. Zhejiang rose to the third place from the fourth place in the previous year. The market value of Listed Companies in this region increased by 1.9 trillion, with the largest increase. The market value of Tianjin, Chongqing, Yunnan and Shanxi has crossed the trillion mark.
record high number of delisted shares
In 2021, a total of 74 A-Shares were st (excluding delisted ST shares), which decreased compared with the previous two years. There are 38 stocks that have been implemented st due to the non-compliance of net assets or net profits and operating income at the end of the period, accounting for nearly 51%. The overall financial and operational risks of listed companies have decreased compared with 2020.
“The most stringent delisting regulations in history” were implemented, and the delisting pace of “low-quality” listed companies was accelerated. In 2021, 17 listed companies were delisted from A-Shares (excluding 3 mergers), an increase of 1 compared with 2020, and the number of delisting reached a record high. In 2021, 6 shares with par value were delisted and 7 shares were delisted due to continuous losses.
transaction: the total transaction volume in 2021 reached a record
In the past year, among the major stock indexes in Beijing, Shanghai and Shenzhen, the CSI 1000 index performed the most prominently, followed by the gem index. The Shanghai index and Shenzhen Component Index rose relatively late, while the Shanghai 50 index and Shanghai Shenzhen 300 index dominated by large cap stocks fell. The annual amplitude of the Shanghai composite index was only 12.06%, the lowest in previous years.
small cap stocks performed better
According to the market value range, by the end of 2020, stocks with a market value of more than 100 billion will fall by an average of 1% in 2021. Individual stocks in other market value ranges rose to varying degrees, and the lower the market value, the higher the increase. By the end of 2020, stocks with a market value of less than 2 billion had the most outstanding performance, with an average increase of 42.3% in 2021, which reflected the structural changes of the rise of small market value stocks and the downturn of large cap stocks last year.
Excluding the new shares listed in 2021, the share prices of 323 individual shares doubled, reaching a new high since 2016, Hubei Yihua Chemical Industry Co.Ltd(000422) , Lecron Industrial Development Group Co.Ltd(300343) , Center International Group Co.Ltd(603098) ranked among the top three in the annual increase list of a shares. The share price of 28 shares fell by more than 50% in 2021. The annual decline list of Offcn Education Technology Co.Ltd(002607) PA screen, with a sharp decline in the performance of the third quarterly report, fell by 77.63% in total, becoming the worst performing stock in the year.
total market turnover
Break through 250 trillion
In 2021, the transaction activity of the A-share market increased again, with a total turnover of more than 257 trillion yuan, a record. The overall daily average turnover rate was 1.32%, a new high in the past six years. The average daily turnover returned to trillion, breaking trillion in 149 trading days throughout the year, accounting for more than 60%, and the number of days reached an all-time high.
The top runner up in the average daily turnover was won by Kweichow Moutai Co.Ltd(600519) , Longi Green Energy Technology Co.Ltd(601012) , Byd Company Limited(002594) respectively. Kweichow Moutai Co.Ltd(600519) jumped to the top from the third place in 2020. Both Longi Green Energy Technology Co.Ltd(601012) and Byd Company Limited(002594) ranked among the top three for the first time, and new energy companies such as Contemporary Amperex Technology Co.Limited(300750) , Tianqi Lithium Corporation(002466) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) , China Three Gorges Renewables (Group) Co.Ltd(600905) also appeared in the top ten.
capital: the net purchase amount of northbound capital reached a new high
In 2021, the total turnover of northbound capital exceeded 25 trillion yuan, with a net purchase of 432.1 billion yuan, both reaching a record high, and the net purchase is twice that of 2020.
From the perspective of activity (northbound capital turnover / total turnover of a shares), the proportion of northbound capital turnover has increased steadily, exceeding 10% in the past two years, of which nearly 11% in 2021, a new high since the interconnection mechanism.
Book floating profit of northbound capital
over trillion
The investment return of Beishang capital is excellent. Since 2017, the book floating profit is about trillion (holding market value – cumulative net purchase), the cumulative rate of return is about 70%, the Shanghai stock index increased by only 17% in the same period, and the excess return is more than 50 percentage points. In 2021, the return on investment of northbound capital exceeded 4.5%, which was basically the same as that of Shanghai stock index.
From the monthly net purchase amount, northbound funds love “cross year”, and the net purchase amount is higher from November to January of the next year. From February to October 2021, the average monthly net purchase of northbound funds was 31.637 billion yuan, and from November to December 2021, the average monthly net purchase exceeded 53 billion yuan.
net purchase of electrical equipment industry
amount exceeds 100 billion
The investment preference of northbound capital has changed steadily, and the trading amount of the industry is divided. Electrical equipment, mechanical equipment and other industries have received 10 billion net purchases for two consecutive years, of which the net purchase amount of electrical equipment in 2021 exceeded 100 billion.
The net purchases of banks and non bank financial industries in the large financial sector exceeded 20 billion yuan for two consecutive years, and the net sales of food and beverage exceeded 10 billion yuan for two consecutive years.
structure: stock market values are distributed in a spindle shape
By the end of 2021, the overall distribution of A-share market value was spindle shaped. The number of Companies in the range of 2 billion to 5 billion accounted for more than 30%, of which companies below 10 billion accounted for 66%. There are 162 listed companies with a market value of more than 100 billion, an increase of 30 compared with the end of 2020, and the number of large market value companies has reached a new high over the years.
number of small and medium-sized companies
add up to
Members of the trillion club include Kweichow Moutai Co.Ltd(600519) , Industrial And Commercial Bank Of China Limited(601398) , Contemporary Amperex Technology Co.Limited(300750) , China Merchants Bank Co.Ltd(600036) , China Construction Bank Corporation(601939) , Agricultural Bank Of China Limited(601288) . Compared with the end of 2020, Wuliangye Yibin Co.Ltd(000858) , Ping An Insurance (Group) Company Of China Ltd(601318) withdrew from the trillion market value.
The number of small and medium-sized stocks with a market value of 10 billion yuan to 50 billion yuan increased by 274, the largest increase. There are 304 small market capitalization listed companies with less than 2 billion yuan, a decrease of 68 compared with the end of 2020.
In terms of share price, there are 216 hundred yuan shares, of which 9 are more than 500 yuan, and only Kweichow Moutai Co.Ltd(600519) are left for thousand yuan shares, Beijing Roborock Technology Co.Ltd(688169) has dropped from the share price of more than one thousand yuan at the end of 2020 to 813 yuan at the end of the year. The number of stocks with a share price in the range of 10 yuan to 50 yuan is the largest, with 2301, accounting for 48.81%.
overall P / E ratio of A-Shares
at a 20-year low
The P / E ratio of major global indexes in 2021 is generally lower than that at the end of 2020, the Dow index is lower by 12%, which is still at a high position in recent 20 years, the S & P 500 index is close to the high level in 2018, and the P / E ratio of French CAC40 index is basically the same as the average in recent 20 years.
In 2021, the rhythm of the main A-share indexes changed to some extent. The medium and small market value stock indexes represented by gem, CSI 500 and CSI 1000 rose, and the medium and large market value stock indexes represented by CSI 300 and SSE 50 entered adjustment. Overall, the Shanghai Stock Index fluctuated throughout the year, the rising rhythm of large cap stocks and blue chips slowed significantly, and the valuation has returned to the average level after 2015.
In contrast, among the P / E ratios of important global stock indexes, the overall P / E ratio of A-Shares ranks at the bottom. At present, the P / E ratio of all A-Shares is 20 times, down 14.38% from the end of 2020, lower than the median in recent 20 years, and the overall valuation is at a low position in 20 years.
(Securities Times)
