The total net purchase of more than RMB 15.2 billion in the whole week was significantly lower than that of the previous week, which was the highest in the whole year however, the willingness of funds to go north was also greatly reduced due to the violent shocks in the peripheral market. The turnover exceeded 100 billion yuan on no day of the week, with a minimum of 71.5 billion yuan on Wednesday, the lowest in a year.
Undervalued bank stocks were once again favored by northbound funds, with a net purchase of more than 3.1 billion yuan, the only industry with a net purchase of more than 3 billion yuan this week; Chemical and public utilities 2 industries received a net purchase of more than 1 billion yuan, and mechanical equipment, electrical equipment, automobiles, household appliances and other industries also received an increase of more than 100 million yuan in funds going north this week.
This week, northward capital net bought more stocks
The pharmaceutical, biological and real estate industries were significantly cashed out by more than 1 billion yuan, and the light industry manufacturing, media and other industries were also reduced by more than 100 million yuan.
Banking stocks favored
Banking stocks rose sharply under the favorable effect of a 15 basis point cut in the five-year LPR China Merchants Bank Co.Ltd(600036) superposition ended the personnel shock. It was announced on Friday that officially appointed Wang Liang as the new president and became the fourth president of China Merchants Bank after Wang Shizhen, Ma Weihua and Tian Huiyu China Merchants Bank Co.Ltd(600036) also reversed the previous trend of continuous sharp decline. The stock price jumped high and opened high, with a total rise of 7.56% throughout the week
China International Capital Corporation Limited(601995) released the latest research report on the 20th, giving China Merchants Bank Co.Ltd(600036) a maximum target price of 60.3 yuan. Based on the closing price of 39.96 yuan on Friday, China Merchants Bank Co.Ltd(600036) has a potential of more than 50% from the target price given by China International Capital Corporation Limited(601995) . Northbound capital bought China Merchants Bank Co.Ltd(600036) 1765 billion yuan this week, ranking first in the list of net purchases
Bank Of Nanjing Co.Ltd(601009) announced this week that BNP Paribas, the largest shareholder, increased its holdings of Bank Of Nanjing Co.Ltd(601009) shares by 183 million shares in the form of convertible bonds into shares on May 17, with an increase ratio of 1.42%. Northbound capital also net bought Bank Of Nanjing Co.Ltd(601009) 118 million yuan this week, with an increase of 10.53 million shares. In fact, northbound capital has increased its holdings of Bank Of Nanjing Co.Ltd(601009) , with a cumulative increase of nearly 65 million shares, for 13 consecutive trading days.
Not only are foreign investors optimistic about bank stocks, but domestic institutions have frequently investigated listed banks since this year. According to the incomplete statistics of wind data, a total of 20 A-share listed banks were investigated by institutions during the year, and nearly 2000 institutions participated in the investigation.
Guosheng Securities said that the five-year LPR was cut by 15 basis points to 4.45%, and the interest rate cut was “stable growth”, which was conducive to the improvement of the credit environment and the support of bank valuation. At present, the valuation of the banking sector has reflected pessimistic expectations on the economy and the decline of interest rate spread. The impact of the follow-up epidemic has gradually subsided, and the superimposed steady growth policy has been continuously implemented and reflected the effect, which is conducive to the expectation of economic stabilization in the future and the fundamentals of banks. Extremely undervalued value + low position level + stable growth of high-quality bank performance, and the banking sector has great room for repair.
The real estate industry still needs to recover
The mortgage interest rate is associated with the five-year LPR, and the reduction of the five-year LPR is undoubtedly a major positive for the real estate industry. In addition, the policies of the real estate industry have been favorable recently. This week, local governments announced the news of the relaxation of regulatory policies almost every day. On Friday, it was reported that the restriction on the purchase of second-hand houses in Nanjing was cancelled. There is no limit on the number of houses purchased by both locals and outsiders, and there is no need for a house purchase certificate.
However, the overall trend of the real estate sector is unsatisfactory. Northbound funds also sold more than 1 billion yuan in the real estate industry this week. This deviation is mainly caused by the unsatisfactory real estate sales data and the tight capital chain. According to the data released by the Bureau of statistics this week, the sales area of commercial housing decreased by 20.9% year-on-year in the first April. Moreover, the financing of real estate enterprises is still not smooth enough, and the debt gap increases.
According to the statistics of the shell Research Institute, in the first April, the domestic and overseas bond financing of real estate enterprises totaled about 235 billion yuan, a year-on-year decrease of 41%. In April, the maturity debt gap of real estate enterprises returned to 40 billion yuan. In April, the real estate sector issued 63 domestic and overseas bond financing, a decrease of 23 compared with the previous month. The issuance scale was about 61.7 billion yuan, a decrease of 30% month on month and 34% year-on-year.
In addition, some listed real estate enterprises continue to have negative news Jinke Property Group Co.Ltd(000656) it was announced this weekend that in view of the large fluctuation in the price of Jinke Property Group Co.Ltd(000656) bonds recently, the investor suitability management arrangement was adjusted for 8 bonds such as “19 Jinke 03” from May 20, and the adjusted above bonds were only available to institutional investors among professional investors. Individual investors among the professional investors who originally held the above corporate bonds can choose to continue to hold the matured bonds or choose to sell the bonds.
Friday’s “19 Jinke 03” fell sharply, and Jinke Property Group Co.Ltd(000656) closed at the limit. Beishang capital reduced its holdings of Jinke Property Group Co.Ltd(000656) nearly 9 million shares this week. Since the peak of last year, Beishang capital’s holdings of Jinke Property Group Co.Ltd(000656) shares have been reduced from 286 million shares to 132 million shares, reducing more than half of its positions Huafa Industrial Co.Ltd.Zhuhai(600325) , Shenzhen Overseas Chinese Town Co.Ltd(000069) , Shenzhen Tagen Group Co.Ltd(000090) , Poly Developments And Holdings Group Co.Ltd(600048) and others were also sold by Beishang capital net of more than 100 million yuan this week
Ping An Securities believes that with the development of policies and the resonance of recovery after the epidemic, the end of the second quarter and the beginning of the third quarter are an important observation window period for the stabilization of the real estate market. In the second half of the year, the industry is expected to gradually usher in the honeymoon period of policy easing and sales recovery, and the sector valuation is expected to be gradually repaired. The development sector mainly focuses on the relaxation of short-term benefit policies and the improvement of gross profit margin at the land acquisition end, strong operating and high credit enterprises that are expected to seize market share in the medium and long term, as well as those with certain support in fundamentals and flexibility in policy game.
