In addition, in the past two years, the influence of northbound funds has been increasing, which often has a certain impact on the trend of A shares. Wind data shows that last week, the turnover of northbound funds exceeded 654.38+05 billion yuan for five consecutive trading days, and on September 654.38+0, the turnover reached 654.38+08.65 billion yuan, the second highest level in history.
For A-shares, the transaction amount has remained above the trillion level. What impact will this phenomenon bring to A shares? How should investors respond?
First of all, for continuous heavy volume, authoritative brokers said that there are four main forces pushing: First, Public Offering of Fund adjusts its position; Second, the turnover of northward funds increased; Third, the stock of margin financing and securities lending has risen; Fourth, quantify the active high-frequency trading in private placement.
Li Daxiao, chief economist of Ying Da Securities, said that some studies have found that in recent trillions of transactions, foreign capital accounted for 20%, on-site institutions accounted for 30% and quantitative transactions accounted for 50%. Let's analyze it.
First of all, let's talk about foreign capital. The continuous inflow of foreign capital is good for the market, but it is not the leading factor for short-term ups and downs because it only accounts for 20%. Market transactions account for 80% of domestic capital and are the dominant force. However, domestic capital also hesitated for a while, as if worried about something. Using such a huge amount to cover up its true intentions is even more subtle and bizarre, and people have to guard against it.
It is more and more obvious for institutions to adjust their positions, which needs to be realized in huge amounts. How can they switch positions smoothly when they sell high and buy low? Huge amounts can be realized. And there is a key link, selling high needs good cooperation, and buying low needs bad ones to achieve it. All these require a lot of cooperation.
Quantitative trading is a new profit model, not providing but taking. They come to make market money. Its trading mode determines that it only creates trading volume and cannot promote the market to rise. If it accounts for 50% for a long time, the market will gradually lose its upward momentum because of too many losses until the proportion of quantitative transactions declines.
Small and medium investors should be vigilant and not too impulsive. As the saying goes, small quantity is the bottom, and large quantity is the top.
It is true that it is reasonable for Li Daxiao to analyze the trading volume from several dimensions and remind investors to be cautious when investing at this stage. After all, it is certain that some people buy and some people sell to maintain such a high trading volume every day. After all, ordinary investors are always aware of it, and there is nothing wrong with keeping a sober investment. However, on the one hand, the quantity is in the game, so at present, in the absence of systematic risk in the index, investors still grasp the individual stocks, control the positions as a whole, and focus on short-term trading.