Since 2022, the mainstream track of A-share market has ceased, and some concept sectors have strengthened against the trend. According to the statistics of the recent "dragon and tiger list" by the reporter of China Securities Journal, as of January 18, 830 transaction changes have occurred this year, focusing on the recent hot sectors such as biomedicine and digital economy. In terms of operation methods, hot money shows the characteristics of fast in and fast out and decisive killing.
The reporter of China Securities Journal interviewed the brokerage business department and other people and found that the mainstream track has fallen since 2022, pushing many large funds into the hot concepts and fields of short-term speculation. When the market style is uncertain, it is expected that such an active import and export situation will continue, especially in the case of intensive policy signals at the beginning of the year and the continuous disclosure of financial report data of listed companies, speculation funds will attack everywhere and hunt for opportunities.
frequent turnover transactions
According to the data, as of January 18, there have been 830 transaction changes since 2022, involving 350 listed companies.
According to the classification of Shenwan level industries, the above transaction changes mostly occur in the sectors of medicine and biology, food and beverage, basic chemical industry, computer, power equipment, media, mechanical equipment, etc., of which the pharmaceutical and biological industry is the "main position" of transaction changes.
Taking the Chinese patent medicine listed company Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) as an example, the recent trading changes of the company mainly include the daily increase deviation value of 7% and the cumulative increase deviation value of 20% in three consecutive trading days. After hours on January 14, the data disclosed by the exchange showed that the top five buyers of the dragon and tiger list bought a total of 296 million yuan, of which the business department of China Industrial Securities Co.Ltd(601377) Shaanxi Branch, where the real hot money is located, bought one seat with 84.882 million yuan, and Shenzhen Stock connect special purpose bought two seats with 69.8502 million yuan, and sold 70.4414 million yuan at the same time. The data show that with the help of hot money, the turnover of Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) has expanded rapidly since 2022. As of January 18, Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) the cumulative increase since 2022 was 31.99%, and the turnover during the period was about 27 billion yuan.
In addition, Zhejiang Yatai Pharmaceutical Co.Ltd(002370) , Beijing Hotgen Biotech Co.Ltd(688068) and other stocks in the field of medicine and biology have been actively traded and increased significantly since 2022. According to the data of individual stocks, hot money, institutions and other forces are active, which has become an important driver of stock price changes.
hot money fast in and fast out
Behind the changes in the trend of individual stocks is the large opening and closing of large funds and the decisiveness of killing and cutting. After analyzing the data of dragon tiger list, we found that under the pattern of new energy and other growth tracks and Baijiu and overall blue chips, many of the hot money companies that are collecting money are important drivers of some popular stocks in recent years.
From the perspective of change trading seats, in the past month, the turnover of institutional dedicated, Shenzhen Stock connect dedicated, Shanghai Stock connect dedicated, Huaxin Securities Shanghai Branch, Guotai Junan Securities Co.Ltd(601211) Securities Shanghai branch and so on has been higher. In addition, China stock market news Lhasa East Ring Road first securities business department, China stock market news Lhasa Tuanjie road second securities business department, China stock market news Lhasa East Ring Road second securities business department, China stock market news Lhasa Tuanjie road first securities business department, Caitong Securities Co.Ltd(601108) Hangzhou Shangtang Road Securities Business Department, Everbright Securities Company Limited(601788) Shenzhen Jintian Road Securities Business Department Guosheng securities Ningbo Sangtian Road Securities Business Department and other business departments with hot money as the main participating force also ranked among the top in terms of transaction volume.
Excluding some brokerage business departments with centralized online accounts, some well-known "distribution centers" of hot money also frequently appear on the dragon and tiger list of popular stocks. As for the killing of these hot money, it continues the consistent characteristics of fast in, fast out and big in and out. Statistics show that after the large-scale purchase of funds and promoting the continuous trading of hot stocks, the power began to disperse. Under the differences, the share prices of some stocks entering the high-level area fluctuated significantly, and the Dragon Tiger list data revealed that some funds ran away.
"Since 2022, due to the poor profit-making effect of the mainstream track in the market, the operation of large funds on some popular concepts and individual stocks has become more vigorous." A person from the business department of Shanghai Zhaojiabang Road, a securities firm, said.
market style changes
At present, under the background of changes in the market style since the beginning of the year, hot money and cattle scattered raids, repeated speculation, or continue for a period of time.
Ping An Securities Research Report said that since 2022, the overvalued sector of the A-share market has continued to adjust, mainly due to the uncertainty of steady growth and the valuation constraints on the global capital market caused by the soaring yield of 10-year US bonds. At present, the periodic mitigation of these two factors helps to improve the risk appetite of the A-share market. Structurally, the growth style is relatively dominant. At the current time point, it is suggested to pay attention to the scientific and technological innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain such as digital economy and intelligent manufacturing; In addition, the continuous fermentation of the epidemic will support the prosperity of the pharmaceutical sector.
China Merchants Securities Co.Ltd(600999) pointed out that since the beginning of the year, the A-share market as a whole has shown a pattern of shock and weakening. From the perspective of large and small indexes, the decline range of large and small indexes is close; From the perspective of growth value, the retreat range of undervalued sector is small, while the decline range of growth sector continues to increase. At the same time, the overall median valuation of the market has little change, and the degree of valuation differentiation is in a state of continuous decline. At present, the market is still in a state of slight decline in risk preference and rapid rebalancing of style.
"Generally speaking, there are many policy signals at the beginning of the year and they are more complex. In addition, superimposed with event factors such as epidemic prevention and control and performance disclosure of listed companies, it is expected that the first quarter will still be a stage of active hot money. This situation will usher in a certain degree of change with the gradual clarity of the main line of the market." Galaxy Securities Shanghai Hengfeng Road business department said.
