A-share transaction breaks trillions: Is technology stocks starting to bring real money?
Original title: Shareholders are boiling!
A-share turnover exceeded one trillion yuan, but this time is different. Technology stocks bring real money. The big market has begun?
Source: The transaction volume of the two markets today exceeded RMB 1 trillion per transaction, and the closing of the Shanghai and Shenzhen markets reached 10385.
500 million, a new high in the past year!
However, this time is different from the one-day trillion-dollar turnover in the past growth. This time the financial sector no longer replaces the big heads, and technology stocks have become the leader.
Today, the turnover of the two cities broke one trillion. Today, the number of hot stocks has been adjusted, and the GEM index dropped by 1 in late trading.
At 45%, the Shanghai and Shenzhen Stock Exchange Indexes turned green in the afternoon, and the closing prices dropped by 0.
32% and 0.
Regarding the sector, although some technologies such as corrosive glue have continued to be active, it is no longer a general increase. In the previous period, civil aviation and hotel stocks affected by the epidemic rebounded and rose. Precious metals, pork, chicken breeding, etc. all rose sharply.Rotation between the names is obvious.
It is obvious that today the turnover of the two cities exceeded one trillion, and the final closing of the Shanghai and Shenzhen markets reached 10385.
500 million, a new high in the past year!
Among them, the Shanghai market was 381.3 billion and the Shenzhen market was 657.5 billion.
The Shenzhen market is much higher than the Shanghai index. From the perspective of the index’s rise and fall, February 19th this year, the difference between the rise and fall of different indices is also very large.
The performance of each index this year (unit:%) is high in Shenzhen market turnover, which can also cut capital preferences.
GEM Index rose sharply 18.
98%, followed by the small and medium-sized board and the Shenzhen Stock Exchange Index, all realized the red disk; while the Shanghai and Shenzhen 300, Shanghai Stock Exchange and Shanghai Stock Exchange 50 all fell.
GEM outperformed the Shanghai 50 Index 23 in a month.
53%, which was not common in the past.
This time the trillion-dollar turnover in the two cities with different trillions is the general rise of the two cities, which is often led by financial stocks. The financial sector led by bank stocks and brokerage stocks has “slammed” all the way.
Recalling that on February 25 last year, in the afternoon, a general rise has been formed, and it is difficult to distinguish who has increased prices and who has increased less.
All stocks in the securities sector had their daily limit, the securities ETF (512880) was strongly closed, and the brokerage leader CITIC Securities had a turnover of 11.8 billion yuan.
The first single-day trillion-dollar turnover in the history of A-shares was born on December 5, 2014, when the Shanghai and Shenzhen markets had a turnover of about 1.05 trillion yuan.
On the same day, it was also the collective daily 四川成都耍耍论坛 limit of the brokerage firm. The trading volume of CITIC Securities reached 27.8 billion yuan, and the heavyweight PetroChina rose 9%.
88%, the four major banks led the rise, of which the Construction Bank daily limit, the Shanghai stock index fluctuated on the same day, while small and medium-sized ventures have dived.
A few days later, on December 9, financial stocks fell on a large scale, with more than 200 daily limit in the two cities. The major indexes fell sharply, and the turnover of the Shanghai and Shenzhen stock markets further increased to more than 1.2 trillion yuan.
In the history of A-shares, the highest trading day for a single day was May 28, 2015, and the day’s transaction value was as high as 2,377.6 billion, and the number of trading days that exceeded 2 trillion was 5 days, which occurred at the end of May 2015 to the beginning of June.Then, on June 12, the Shanghai stock index peaked at 5178.
Although the brokerage stocks also performed during the session today, the national gold securities took the lead in the daily limit, but the overall performance of the sector was not driven. The remaining banks, insurance and other stocks did not perform well.Stock-based.
However, today the brokerage firm outperformed the market. The continuous increase in turnover has always had a positive impact on the brokerage business of brokerage firms. After all, any bull market needs real gold and silver. The reaction is the surge in trading volume in the market.
Technology stocks led the trillion-dollar transaction to close today. The top 10 stocks in the two cities’ turnover were Ningde Times, ZTE, BOE A, CITIC Securities, Sanan Optoelectronics, Hitech High-tech, Oriental Fortune, Lixun Precision, Huatian Technology.With Ganfeng Lithium, the single-day turnover exceeded 4 billion yuan.
Except for CITIC Securities and Oriental Fortune, which are brokerage stocks, other technology stocks based on concepts such as new energy vehicles, 5G, and semiconductors. The once-familiar heavyweights have disappeared.
From the recent strength of the GEM and the downturn of the Shanghai Index, we can also trim it. Unlike the previous single-day trillion-dollar turnover during previous growth, this time the financial sector no longer replaces the big heads, and technology stocks have suddenly become the leader.
At this stage, both the industry cycle and the regulatory policy cycle seem to be very similar to 2014-2015, so people can’t help but think of the “feast” of the then technology stocks.
Soochow Securities said that the relaxation of refinancing and mergers and acquisitions is one of the core driving forces of the growth style.
Specifically, during the M & A relaxation period from 2014 to 2015, the growth style clearly outperformed the blue-chip style; during the M & A tightening period from 2016 to 2018, the blue-chip style significantly outperformed the leading style; since M & A restructuring and refinancing gradually progressed in 2019Since relaxing, the growth style has actually outperformed again.
The reason is that growth stocks represented by technological innovation can benefit more from the relaxation of M & A and restructuring, and then have significant excess returns in performance. Ping An Securities believes that refinancing loosens open up the main space of technology. GEM is the most beneficiary sector, emerging technology industries are the most beneficiary industries, and midstream manufacturing is also relatively beneficial.
The Huaxin Securities Strategy Report believes that many GEM listed companies are in an upward profit cycle. From the perspective of the announcement of the 2019 annual report results, the growth rate of GEM companies in the fourth quarter of 2019 has clearly increased, and the profit cycleThe upward trend continues.
Regarding the next stage of the market, the population concept is still maintained: “The A-shares have continued to strengthen in the recent stage and refused to adjust. This is precisely in the context of optimistic mid- and long-term market conditions, the continuous entry of various types of funds inside and outside the market, creating a good long-alternation”.
For investors, with the suggestion of maintaining human resources, the A-share market is expected to continue to be strong against the background that the Shanghai Index has not effectively fallen below the 5-day moving average. Although there may be day-to-day adjustment pressures after continuous breakthroughs, the A-share market hasStarted a structural trend market, and continued to focus on the medium and long-term strategic allocation of investors’ primary tasks, ignoring the short-term fluctuations of the index.
Although the market turnover recently broke through continuously, some investors still have doubts: Today’s A-share turnover exceeds the trillion mark. Is this possible?
Does it mean that the market is too much?
In this regard, CICC’s strategy team released a comment saying that after a short-term rapid repair, the market may extend a certain short-term increase in the short-term may need consolidation, and a short-term consolidation is possible.
However, in the medium term, market sentiment is recovering but not redundant. Some funds have been hotly subscribed by the expansion of institutional investor income in recent years, and the market investor structure may be further institutionalized.
According to the historical data statistics of CICC’s strategy team, the recent 1 trillion single-day transactions, the corresponding single-day turnover rate is about 3.
About 2%, slightly higher than the historical average of 2.
The level of 4%, but the historical “danger zone” 5.
There is still a certain distance in the area of 5% or more turnover.
The resumption of market trading volume indicates that market sentiment has improved in the recent epidemic situation, and liquidity is relatively abundant. It is further repaired with the support of various policies.
However, based on a comprehensive estimation, from a cyclical point of view, the market may exceed the “danger zone” and the mid-line trend may remain positive.
In addition, the market is consolidating today, but northbound funds continue to have a net inflow of 6.4 billion yuan.