amazing! A shares hit a 14-year high on Tuesday!
On Tuesday, A shares witnessed the highest in 14 years since 22!
The full-day amplitude of the Shanghai Composite Index was only .39%, which was ridiculed as the amplitude of "Ge You paralysis", the highest in 14 years. Even lower than this amplitude, and the closest time occurred on September 13, 22, and the full-day amplitude of the Shanghai Composite Index was only .29%. In 22, for many post-8s generation, I'm afraid I didn't have much impression on A shares, let alone post-9s generation.
some netizens teased: the recent stock market is a bit like a 9-year-old man, with a staggering pace. He can't get up or down, and he can play up and down 1 points for one year!
So, what does extreme narrow fluctuation mean? Historically, it is far away, just in recent years. The amplitude is extremely narrow in May, June and July of 214, before the blue-chip bull market rose. In addition, when the market was depressed in 213, 212 and 211, narrow fluctuations were also common. It seems difficult to deduce the trend of the market outlook with narrow fluctuations! The only thing I can say is that at this position of 3, everyone's willingness to buy and sell in a big way is not high.
there are as many as 61 million A-share short positions. Have all the sideways investors gone to mai (fang)?
the daily limit of 1 shares has gone far away, and now it has entered the era of 1 shares sideways!
It is strongly recommended that the A-share market open at night, so there will be no insomnia! A netizen is so ridiculous that people have been trapped in the market recently.
according to statistics, as of the end of August, there were as many as 61 million A-share short positions, and retail investors continued to withdraw from the stock market. In March, April, May, June and July this year, the proportion of short investors was 5.87%, 51.39%, 52.16%, 52.98% and 53.58% respectively. This is also the sixth consecutive month that the number of short-selling investors has exceeded 5%.
Professionals all say this. Now the stock market
A Private equity boss: Everyone is more cautious when the Federal Reserve wants to discuss interest rates and the RMB depreciates. The market is extremely unpopular, and that's it. Looking back, the general trend may go down, and many stocks are still too expensive!
B Private placement tycoon: Seeing that the capital keeps going south, everyone is still willing to make cheaper Hong Kong stocks. The RMB is expected to depreciate, and the A-share market can only be weak and volatile. On the one hand, the stock valuation is not low, on the other hand, the market liquidity is still abundant, and there is a fluctuation pattern from top to bottom, and high-quality stocks will come out of the structural market!
C fund manager: the game market of stock funds lacks the effect of making money, and the participants' willingness to trade is very low, so they can only find structural opportunities.
Although the situation in China A is very weak, Hong Kong stocks that have underestimated the depression for many years across a river have invested billions of dollars in the south every day since September. Under the "asset shortage", funds have gone to Hong Kong stocks to find a margin of safety. Since the beginning of this year, Hong Kong stocks have shown the characteristics of calves and obviously outperformed the big A shares.
The latest research report by Zhang Yidong, a teacher of Industrial Securities (61377), is called "Hong Kong stocks start a new bull market", and it is mentioned that there are several foundations for the bull market in Hong Kong stocks:
1. The macro foundation of the new bull market in Hong Kong stocks: China's economy has transformed to the middle stage, the growth rate has stabilized at a low level, and structural adjustment has made progress.
2. The capital base of the new bull market of Hong Kong stocks: In the era of low yield, there is a strong demand for global allocation of wealth in China.
3. The institutional basis of the new bull market of Hong Kong stocks: Shanghai-Hong Kong Stock Connect is a successful initiative of RMB internationalization and two-way opening of the capital market. With the qualitative leap of the cancellation of the total amount of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect and mutual recognition of funds, the global allocation of China's wealth has entered an accelerated period, and huge domestic capital has embraced Hong Kong stocks seamlessly.
4. The market base of the new bull market of Hong Kong stocks: cheapest pricing+strongest currency+strongest assets.
5. Investor base of the new bull market of Hong Kong stocks: The ecological environment of Hong Kong stocks is changing, and Chinese capital is gradually taking the lead. (1) The proportion of mainland investors has greatly increased from 1.% in 1996 to 21.9% in 215, second only to Europe (34.2%) and the United States (22.5%).
6. Overseas basis of the new bull market in Hong Kong stocks: The pendulum of global asset allocation has begun to swing to emerging markets, and Hong Kong stocks have benefited the most.
Teacher Zhang Yidong's advice is that the core strategy at this stage is to find high-quality assets and buy them in buy buy on dips. However, the possible disturbances are the Fed's interest rate hike in the fourth quarter and the US election.
A shares are so deserted that there are no friends, but foreign investors have come to bargain-hunting. This time it's Taiwan Province compatriots!
"Walking with multiple legs" has become the main point of fund company layout. Now A-share and bond markets are still attractive in the global scope, and the pace of foreign capital layout continues. qfii investment and care business has also become an area that the fund strives to expand.
It is reported that on September 19th, Risheng China Strategic A-share Fund, the first small and medium-sized and emerging strategic equity fund focusing on A-shares in Risheng Investment Trust in Taiwan Province, China, was officially publicly issued, raising a maximum of NT$ 15 billion (about RMB 3.2 billion). As the only QFII investment consultant of Risheng Investment Trust in China, China Merchants Fund provided consulting services for the fund. It is reported that China Merchants Fund previously served as QFII investment consultant for European financial giant ING (Dutch investment company).
In fact, many fund companies have been actively deploying QFII investment business and expanding overseas businesses in recent years. A fund manager in the south said that many QFII institutions are now looking for domestic professional investment institutions to be investment consultants. "The demand for this business has been very large since last year, and we are also actively deploying and actively participating in various tenders."
"Our company basically goes to overseas roadshows every year, and the main roadshows include the United States, Europe, East Asia, Japan, South Korea and other places." A person from a fund company said that the roadshow in Japan had received great response. QFII investment business is also one of the key development directions in the company's overseas business strategy. "At present, the domestic bond market has a high yield. The valuation level of many high-quality stocks in the A-share market is not high, and foreign investment interest is strong. However, some foreign asset management institutions often cover the market incompletely, and most of them look for investment consultants to operate and manage."
Some people also said that relatively speaking, the profitability of QFII investment business is higher than that of public offering business, and it belongs to high gross profit business. However, this business is also very competitive, and generally large fund companies or foreign fund companies are in a leading position in the competition. In particular, some Public Offering of Fund companies' products have a long-term existence, and their investment ability has a historical performance to test. At the same time, their operation is standardized, which can better meet the requirements of QFII as a long-term investor.
It is reported that some foreign-funded institutions said that China's economic transformation is fermenting, and innovative industries are propping up, and small and medium-sized A-shares will have the opportunity to create a new pattern. In addition, if Shenzhen-Hong Kong Stock Connect is to be opened in the middle and late November, the low-value characteristic sectors such as Chinese liquor stocks and Chinese medicine stocks in A-shares are the targets that Hong Kong or other international markets lack.
in addition, the number and scale of QFII are also expanding, bringing more market cakes to the fund industry. According to the public information of SAFE, as of the end of August, 27 QFII institutions have obtained a quota of 81.478 billion US dollars. In recent August, First Commercial Bank Co., Ltd. and ICBC International Asset Management Co., Ltd. have obtained relevant quotas, and the number of QFII accounts in A-shares has been increasing continuously, indicating that their layout intentions are clear.