The primary reason is the implementation of Shanghai-Hong Kong Stock Connect. Why? Because the implementation of Shanghai-Hong Kong Stock Connect means that the China stock market will be opened to the outside world, and the scope of opening will be larger and larger in the future, which will attract more and more overseas funds. Their main target should be the Chinese prefix (for reasons to think about). At present, most investors in China stock market are retail investors, and the investment concept is not very mature, which causes the Chinese prefix stocks to be generally lower than the net assets. If foreign investors copy the bottom, it will not be the passage of state-owned assets, so it is necessary to quickly push the stock price to a certain height to avoid the loss of the country.

The secondary reason is the operational level. Remember that CICC increased its holdings of bank shares last year, and the market operation of transferring shares of state-owned enterprises to social security funds? These funds are actually invested in the stock market, and then the prices of these stocks have not risen much, but have fallen because the market funds are unwilling to speculate. That is to say, these funds have been trapped. Now that the bull market has come, of course, it is necessary to increase positions at the first time to spread the cost, so there is a rapid rise in bank stocks and Chinese prefix stocks, and it is completed at a very fast speed.