Kitakami Capital’s “change in May”: 6 consecutive days of net overlap in favor of low-priced stocks
Kitakami Capital’s “change in days” in May: 6 consecutive days of net overlap, preference for low-priced stocks. On May 23, the three major A-share index adjustments were weak throughout the day, with a weak performance.
At the close, the Shanghai Composite Index fell by 1.
35% at 2852.
52 points, the Shenzhen Stock Exchange Index fell 2.
56%, GEM Index fell 2.
On the disk, the industry sector fell nearly across the board, and artificial meat, pork, Huawei, 5G, information security, industrial hemp, and blockchain all fell sharply.
Funds from Kitakami continued to move up and down, and the data showed that the net was over 38 on the day.
7.9 billion yuan.
Among them, the Shanghai Stock Connect saw a net decrease of 13.
5.1 billion yuan, the Shenzhen Stock Exchange net reduction of 25.
2.8 billion, a net overlap for the sixth consecutive trading day.
After the preference for low-priced stocks entered May, due to the increasing instability of the surrounding environment, Kitakami Capital continued to sell net.
Judging from the stocks with more than 10 million shares reduced by Kitakami Capital, since May, China Construction, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China and other large-cap blue-chip stocks have been the main targets of the sell-off.Compared with the shareholding data at the end of April, the share reduction ratios have exceeded 10%.
In addition, Hikvision, Yili shares, Midea Group, Gree Electric Appliances, Hengrui Medicine and other white horse stocks can reduce the number of shares, but from the perspective of the proportion of reductions, relatively low.
However, under the slump, Beijing Capital still increased its holdings on some stocks.
According to Wind statistics, the increase in capital of Kitakami has a preference for stocks below 10 yuan.
For example, on May 21, out of 1,341 shares of China Stock Exchange with a change in shareholding, 665 shares of Beijing Capital increased the number of shares.
According to statistics, only 665 stocks that have been overweighted are multiplied by the number of overweighted stocks and the average stock transaction price of the day, and then divided by the total number of overweighted stocks.
34 yuan / share; in the same way, 676 Northbound funds sold net stocks, with an average price of 16.
7 yuan / share.
Shows that the current northward capital favors low-priced stocks.
On May 20, the net capital of Kitakami could be reduced by 24.
At 26 trillion, of the 1,342 Mainland-listed stocks whose shareholdings have changed, 693 Northbound funds have increased their shareholdings and 649 shareholdings have decreased. On the day, Northbound Funds’ overall shareholding increased by one.
1.7 billion shares.
The expected average price of an overweight stock is 9.
78 yuan / share, the average price of stock reduction is 17.
82 yuan / share.
Institutional outlook Huaxin Securities pointed out that the current market has indeed entered the end of the decline, but one point can be found through the recent two days of the market’s rebound momentum is not strong.
In the recent period when the overall rebound volume can be weakened and the rebound strength is excessively weakened, it is believed that short-term indexes even occur repeatedly, and it does not even rule out that the index will bottom out twice, but for investors, the current index is generally downThe space also tends to be limited, so if the index adjusts again deeply, you should dare to make a bottom.
China Development Securities pointed out that the increase in short-term events, the pressure on the index to test 2800 points in the short term.
Recently, the MSCI announced the decomposition factor time and continuous stable exchange rate replacement, waiting for the market to rebound after the risk is released.
Before the end of June, the market lacked a new main line and innovative high momentum. It is recommended to maintain low and medium positions.
Recently, urgent attention has been paid to anti-risk large consumption and pharmaceutical sectors, as well as domestic alternative companies in Huawei’s industrial chain, to avoid overvalued and underperforming stocks.
The AVIC Securities Research Report pointed out that although short-term uncertain factors affect swap allocation, in the context of accelerating financial opening, the expansion of MSCI expansion will take effect in the next five months for the relative factor of A shares, and structural factors will still drive overseasFunds flowed into A shares.
Against the backdrop of increasing external environment uncertainty, expectations of domestic policy hedging efforts continue to adjust at the same time, and the market may usher in more capital inflows in the future.
Ping An Securities believes that due to the uncertainty of the external environment, global asset price sentiment is still mainly risk aversion.
However, high-quality leading listed companies with stable performance (especially in emerging industries) will continue to benefit from the support of real economy and capital market policies, and it is still worth expanding. Haitong Securities said that there is limited room for further downside of the market, and it is expected that the Shanghai Index will continue to oscillate around 2830 to 2960.
At the same time, after the continuous expansion on May 28, the MSCI conversion A-share segmentation factor increased from 5% to 10%, and the capital of Northbound is expected to be transformed again, which still has a good positive impact on the funds.
Therefore at this stage, investors are advised not to be too pessimistic.
CITIC Construction Investment said that considering the expansion of MSCI at the end of 5 months and the replacement of the current currency exchange rate is only one step away from 7, we expect the passive capital allocation and exchange rate to stabilize again at the end of the month.
The current overseas funds are paying special attention to the Chinese market. Overseas institutions are actively studying the A-share target and finding qualified internal investment entrustment agencies. However, until China’s economic recovery is increasingly strengthened, Beijing Capital will continue to wait and see.
Dividing A shares by the MSCI index will not necessarily bring foreign exchange inflows in a short period 杭州桑拿 of time, but once the economic recovery is confirmed, we expect that the capital of Northbound will resume its transfer. At this point in time, we need to wait patiently.