What is the signal of the differences between Shanghai’s strong, weak and northbound funds
China Securities Net Fees Tianyuan On Tuesday, there was a clear divergence in the attitude of Northbound funds towards Shanghai and Shenzhen stocks.
In the final close, there was a clear net inflow of the Shanghai Stock Connect, while the Shenzhen Stock Connect was a small net sell.
Reflected on the market’s surface, the Shanghai Stocks Index led the gains in the three major A-share indexes, while the GEM index that previously led the decline.
At one stage of the military, the “Shanghai strong and weak” pattern of northbound funds has appeared six times, but none of them has formed a continuous trend.
And after the capital flows back to the Shenzhen market, the Shenzhen market index will appear relatively strong again.
Northbound funds have “differences” According to data from the website of the Hong Kong Stock Exchange, at the end of yesterday, net purchases of funds through the Shanghai Stock Connect channel were 13.
9.7 billion yuan, net sales of Shenzhen Stock Connect channel 3.
With US $ 5.3 billion, Northbound funds showed a clear pattern of “Shanghai strong, weak and weak.”
Since the second half of last year, many technological changes have taken turns to grow, driving the market’s growth style to continue to dominate.
During this period, Northbound funds as a whole showed a trend of “Shenzhen Strong Shanghai Weak”.
From July 2 last year to February 10 this year, the Shanghai Stock Connect channel has gradually purchased 134.1 billion yuan in net purchases, and the Shenzhen Stock Connect channel has gradually purchased 186.5 billion yuan in net purchases, with an intermediate difference of more than 50 billion yuan.
Judging from the single-day data, it is true that the “Shanghai strong and 西安耍耍网 weak” similar to yesterday did not happen.
Statistics show that from July 2 last year to February 10 this year, a single day of “Shanghai Stock Connect with Net Buying” and “Shenzhen Stock Connect with Net Selling” occurred a total of 6 times.
Instead, the six cases were relatively relative, forming a continuous trend.
After the subsequent return of northbound funds to the Shenzhen Stock Connect, most of the Shenzhen market index still outperformed the Shanghai market index.
Therefore, from the perspective of northbound capital flow only, if the Shanghai Stock Connect’s net purchases cannot continue to lead the Shenzhen Stock Connect’s net purchases, it seems premature to conclude that the market style has changed.
However, since the Year of the Rat, the cumulative net purchases through the Shanghai Stock Connect 杭州桑拿 channel have been 18.3 billion yuan, and the Shenzhen Net Connect channel’s gradual net purchases have been 9.5 billion yuan.
If the subsequent Shanghai Stock Connect continues to outperform the Shenzhen Stock Connect, it may be possible to find a basis for style switching on the funding side.
Yesterday, in the list of the top ten active stocks of Northbound funds, liquor leader Guizhou Maotai received a significant net purchase of 12.
2.4 billion yuan, the leading pharmaceutical company Hengrui Medicine made a net purchase3.
The net purchases of USD 3.8 billion, Makihara, and WuXi AppTec exceeded USD 200 million, indicating that the northbound funds have flowed into the large consumer industries.
At the same time, Hikvision, Longji shares of the two major technology stocks suffered a net sale of more than $ 100 million in northbound funds.
The switch of research institutes’ initial styles will change the market styles, and there are also transformations among professionals.
Zhang Yidong, Global Chief Strategy Analyst, Industrial Securities, recently expressed his opinion that “investment should be based on cost-effectiveness.”
In Zhang Yidong’s view, future high-dividend and undervalued value stocks will start to show better relative returns. Leading companies in traditional industries such as finance, real estate, and public utilities will then benefit from stable economic policies.
Initially, consumption leaders are expected to start estimated repairs.
Zhang Yidong also said that the most important aspect of the cost-effectiveness of advanced manufacturing and technology stocks is to pay attention to stock selection. First of all, focus on dynamic price-earnings ratios, room for growth, pay attention to “information”, and beware of “fake technology stocks.”
First, we must track high-frequency industry data and industry policies.
Tianfeng Securities Xu Biao’s strategy team has different viewpoints and standards, and believes that in the context of the global 5G cycle, the global semiconductor cycle, and the global cloud computing cycle, the technology industry boom has spread, and the market’s medium-to-long-term style is highly unlikely to be reversed.
Under the endogenous driving force of the technology industry cycle, the new technology field is still an area where major achievements are changing and identified.