This week, the funds going north were first restrained and then increased. Especially on Friday, riding the east wind of the reduction of the five-year LPR (quoted interest rate in the loan market), they made a significant net purchase of more than 14.2 billion yuan, setting a new one-day record in the year, with a total net purchase of more than 15.2 billion yuan in the whole week. However, the trading willingness of funds going north was also greatly reduced due to the violent shocks in the peripheral market. The turnover of each trading day throughout the week did not exceed 100 billion yuan, and only 71.5 billion yuan was traded on May 18, a new low in one year.
bank shares favored
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 industries received a net purchase of more than 1 billion yuan, and mechanical equipment, electrical equipment, automobiles, household appliances and other industries also received a net purchase of more than 100 million yuan. Pharmaceutical, biological and real estate industries were significantly cashed out by more than 1 billion yuan, and light industry manufacturing, media and other industries were also reduced by more than 100 million yuan.
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 Wang Liang was officially appointed as the new president, becoming the fourth president 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) 20 issued a research report, which pointed out that China Merchants Bank Co.Ltd(600036) was given a maximum target price of 60.3 yuan. 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 incomplete statistics, a total of 20 A-share listed banks were surveyed by institutions during the year, and nearly 2000 institutions participated in the survey.
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, 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 remains to be restored
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.
However, the overall trend of the real estate sector is not satisfactory. 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) announced on May 20 that part of the company’s shares held by the controlling shareholder Jinke holding in the guaranteed securities account for margin trading of Citic Securities Company Limited(600030) customers were forcibly closed by Citic Securities Company Limited(600030) from May 18 to May 19, and the number of passive reduction was 452447 million shares, accounting for 0.85% of the total share capital of the company. The compulsory closing of the shares held by Jinke holdings will not lead to the change of the company’s controlling shareholder and actual controller, and will not have an impact on the company’s production and operation and corporate governance.
Jinke Property Group Co.Ltd(000656) also announced recently that in view of the large fluctuation in the price of Jinke Property Group Co.Ltd(000656) bonds recently, the investor suitability management arrangement will be adjusted for 8 bonds such as “19 Jinke 03” from May 20. After adjustment, the above bonds will only be purchased by 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.
“19 Jinke 03” fell sharply on Friday, 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.
