Recently, the A-share market has continued to fluctuate and adjust, but the heat of block trading has not decreased, and institutions are important participants in large-scale trading. Since April, medicine, consumption, infrastructure and new energy have been the focus of institutional block transactions. Analysts pointed out that the “big in and big out” of institutions is the embodiment of the adjustment of market differentiation.
organization “big in and big out”
Data show that since April, as of April 17, 761 block transactions have occurred in the A-share market, with a total turnover of 1.368 billion shares, a total turnover of 14.685 billion yuan, and the average discount premium rate (relative to the previous closing price, the same below) is – 4.69%. In March, a total of 3018 block transactions occurred in the A-share market, with a total turnover of 4.35 billion shares, with a total turnover of 56.534 billion yuan and an average discount premium rate of – 5.04%.
As for institutional seats, statistics show that as of April 17, institutions, as buyer seats, had participated in 111 block transactions, with a cumulative turnover of 356 million shares, with a total turnover of 3.871 billion yuan and an average discount premium rate of – 1.39%. In the same period, as a seller’s seat, the institution participated in 101 block transactions, with a total turnover of 242 million shares, with a total turnover of 2.887 billion yuan and an average discount premium rate of – 1.73%. Compared with the two, it can be found that the institutional special seats show a net buying state in bulk transactions. From the comparison of the discount and premium rates of buying and selling, the institutional special seats are buying relevant stocks with a large amount of money.
In addition, by analyzing the industrial distribution of large-scale trading companies through block trading, it can be found that individual stocks in industries such as medicine, consumption, infrastructure and new energy have become important targets for institutions to solicit funds for block trading. Taking the pharmaceutical industry as an example, since April, Pharmaron Beijing Co.Ltd(300759) , Humanwell Healthcare (Group) Co.Ltd(600079) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) etc. have become the objects of institutional block trading. However, interestingly, industries such as medicine, consumption, infrastructure and new energy are also the objects of large-scale sales of institutional bulk transactions.
future differentiation adjustment
In fact, the above situation of “big in and big out” is not only the characteristics of the distribution of institutional seats in the block trading industry. In specific stocks, institutional seats have been bought and sold since April. Even in many block transactions, both buyers and sellers are institutional seats.
Taking Contemporary Amperex Technology Co.Limited(300750) as an example, block transactions in which the seats of the buyer and the seller are dedicated to institutions occurred on April 7, April 8, April 11 and April 12. On April 7, this block transaction was the sale of institutional seats at a discount of 2.37%, on April 8, institutional seats were sold at a discount of 0.13%. In the three block transactions on April 11, institutional seats were sold at a significant discount of 6.41%, while in the three block transactions on April 12, institutional seats were sold at a premium of 2.83%. However, the trading volume and turnover of the above Contemporary Amperex Technology Co.Limited(300750) ‘s block transactions are relatively small, showing the characteristics of “retail buying and selling”.
Contemporary Amperex Technology Co.Limited(300750) is by no means an exception. The same situation also appears in the recent block trading of individual stocks such as China Shipbuilding Industry Company Limited(601989) , Pharmaron Beijing Co.Ltd(300759) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) .
“The situation of institutions buying, selling and going in and out of individual stocks is a portrayal of the current shock and differentiation of the market, reflecting the differentiation of institutions in the study, judgment and operation of specific opportunities. Therefore, many institutions began to pay attention to trading opportunities rather than configuration opportunities, and grasp the opportunities in the shock market through trading.” One fund manager said.
“At present, in the medium and long term, the market valuation has been relatively low, and has reflected more pessimistic expectations. The follow-up opportunities may be greater than the risks, which may be a good opportunity for the medium and long-term layout. However, in the short term, the uncertain factors such as geographical conflicts, repeated epidemics and fed policies have not shown a clear trend, the market sentiment is weak, and the market may still fluctuate greatly in the short term.” Shen Chao, macro strategy analyst of HSBC Jinxin fund, said.
