Shengshi Gengfu: Now, the State Council has confirmed the approval of the opening of the Shenzhen-Hong Kong Tong, but it will take nearly four months of preparation before the official implementation. Short-term favorable exhaustion implies, but the market in the medium term there are favorable expectations, help the market to maintain a steady upward rhythm. In addition, with the passage of time, the follow-up pension into the market related good news may also gradually follow up, so good expectations still exist. At the same time, the market corresponding negative factors are gradually weakened, did not find new negative news appeared, relatively speaking, the market is temporarily no systemic risk, conducive to the rebound market for further continuation. The market in the short term near the annual line repeated shock digestion above the pressure, continue to start the breakthrough market is the trend.
Jufeng investment adviser: news, Shenzhen and Hong Kong pass related preparations have basically ready, the State Council has approved the "Shenzhen and Hong Kong pass implementation program". In fact, the market on the opening of the Shenzhen-Hong Kong pass has been expected, Monday's big rise in stock indexes may be prescient investors in advance of the run sweep. Technically, the stock index soared after touching the annual line, short-term or repeated, can not effectively break through the probability of falling back. Overall, now the market stock capital game pattern has been broken, with the favorable stimulus as well as incremental funds to enter, the stock index rebound or just started, short-term volume surge touching the annual line or short-term retracement, remember to chase the high under the active low low absorption, especially empty positions and light position investors, such as in the case of active retracement will be an excellent opportunity to add positions to build a good position.
The broader market has shock consolidation needs.
Shengshi Genesis: the stock index upward breakthrough is just a matter of time, yesterday's volume continues to shrink has fully demonstrated that the market does not continue to adjust the willingness to fall, more will be time for space to digest the short-term pressure along the year line, and the support of the previous April high point of 3090 near the support will not be easy to fall through, the majority of the temporary in a potential recuperative state, the market is still It is expected to once again force a breakthrough in the year line suppression.
Guangzhou Wanlong: Although the Shanghai refers to two consecutive days of shock, but the deep city has shown a strong consolidation of the trend, in which the Shenzhen Composite Index hit a new stage high, these are refractive market capital center of gravity in the Shenzhen market; Moreover, from the 60-minute K chart, the Shanghai refers to the position of the 3100 points around the formation of a support platform. From a comprehensive point of view, the Shanghai index effectively stabilized the possibility of 3100 points is relatively large.
Ningbo Haisun: Shanghai refers to face the suppression of the annual line, the short-term profit-taking plate has become a hindrance to the upward movement of the stock index, the recent weight plates have retraced, but the stock index fluctuation is not big, the theme of the concept of continued warming is also conducive to the active market popularity, the Shanghai refers to short-term there is still a need to consolidate the vibration, the operation of the recommended investors to do a good job of high throwing and low sucking.
Concerned about the local state-owned enterprise reform
Tianxin investment adviser: stock index in the last two days continued to slightly adjust, but the volume or continue to follow up, so the recent adjustment can be regarded as a technical recuperation. The overall upward trend does not change, the current Shanghai index is still running above 3100 points. And the Shanghai index has broken through the finishing platform in February to August this year, coupled with the cooperation of the volume, the follow-up to continue to move up is the probability of events. In addition, the valuation repair market began to start, real estate, brokerage, coal, non-ferrous and other sectors have a good performance recently. Even so, these plates relative to the small and medium-sized subjects, whether it is performance or price-earnings ratio and other indicators, the advantage is still obvious.
Guangzhou Wanlong: can continue to pay attention to the local state-owned enterprise reform, PPP-related concept plate. The core of this round of the market is still in the reform, and the current state-owned enterprise reform is worth promoting the key period, Shanghai and other places have taken the lead in the policy has been introduced, the possibility of the rest of the country to follow up is greater, it is expected that the catalysts will continue to be introduced, the local state-owned enterprise reform is still the next period of time the layout of the focus; and the decline in private investment so that the government pushed the PPP, the brokerage firms unanimously recommended that short-term is expected to be funded by the centralized focus of attention.
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Nearly 60% of the funds focused on five blue chip plate position
Non-banking financial deep Hong Kong pass good brokerage
According to data statistics show that the first two trading days of this week, *** there are 28 non-banking financial industry two financing subject stocks present during the period of financing net buying, during the period of the cumulative amount of financing net buying of about 3.841 billion yuan, ranked in the first place in the Shenwan level of the industry.
Specifically, the above 28 underlying stocks, the first two trading days of this week, net financing buy amounted to more than 100 million yuan of the underlying stocks there are 13, AVIC Capital, Huatai Securities, CITIC Securities during the period of net financing buy more than 400 million yuan, respectively, 498.9038 million yuan, 438.118 million yuan, 425.5542 million yuan, in addition, during the period of net financing buy more than 200 million yuan of the underlying shares Stocks also, Ping An of China (265.865 million yuan), Western Securities (261.466 million yuan), China Merchants Securities (219.079 million yuan).
Market performance, the above stocks sought after by financing customers outstanding performance this week, 28 stocks this week have risen, Huatai Securities (9.03%), Oriental Fortune (6.77%), Guohai Securities (5.78%), LUXIN Chuangtou (5.62%) and other stocks weekly gains in the forefront.
For the layout of the non-banking financial industry, Shanxi Securities said that the opening of the Shenzhen-Hong Kong Stock Exchange will attract overseas funds to enter the market, which is beneficial to the brokerage performance repair. From the perspective of industry development, the opening of the Shenzhen-Hong Kong Stock Exchange is an important step in the opening up of the capital market to the outside world, giving the brokerage industry a "bullish" rating.
Real estate in the first two days of this week, net financing buy more than 100 million shares 10
According to statistics, the first two trading days of this week, **** 46 real estate industry two financing subject stocks show period net financing buy, during the period of the cumulative net financing buy amount of about 2.962 billion yuan, ranked in the Shenwan first-class industry in the second place.
Specifically, the above 46 underlying stocks, the first two trading days of this week, net financing buy amount of more than 100 million yuan of the underlying stocks there are 10, Jindi Group during the period of net financing to buy in the first place, reached 430.525 million yuan, followed by financial street during the period of net financing to buy 305.5926 million yuan, in addition, greenland holdings, Poly Real Estate, Vanke A during the period of net financing to buy is also more significant.
Market performance, the above stocks sought after by financing customers this week, 40 stocks this week to achieve gains, Langfang Development (26.79%), Lujiazui (16.79%), Vanke A (13.48%), Tianchen shares (13.31%), Tianye shares (10.88%) cumulative weekly gains of more than 10%. For the real estate industry, the BOC International said that it is expected that the traditional development of the plate continuity of the year is not a big opportunity, but holding property and low valuation of blue chips of the return on capital is worth paying attention to, the transformation of stocks and state-owned enterprise reform also has the opportunity to time allocation. The latest recommended combination: 1. defensive varieties recommended attention to high dividend yield, high asset discount, cash flow stability of the holding-type property enterprises: Pudong Jinqiao, Financial Street, Waigaoqiao; 2. offensive varieties recommended assets with a higher margin of safety and transformation qualification of small and medium-capitalization stocks: Huaye Capital, Jiabao Group, Zhongzhou Holdings, Guangyu Group, Tianchen shares, Tianbao infrastructure, etc.; 3. state-owned enterprise reform theme and asset High-quality stocks: Huaxin shares, Poly Real Estate, Overseas Chinese Town, COFCO Real Estate and so on.
Banks have valuation repair opportunities
According to statistics, the first two trading days of this week, *** there are 14 banking industry two fusion of the underlying stocks showed during the period of financing net buying, during the period of the cumulative amount of financing net buying of about 2.654 billion yuan, ranked in the Shenwan first-class industry in the third place.
Specifically, the above 14 underlying stocks, the first two trading days of this week, net financing buy amount of more than 100 million yuan of the underlying stocks there are 8, Ningbo Bank during the period of net financing to buy the first reached 711,105,600 yuan, Industrial Bank of China and Minsheng Bank during the period of net financing to buy more than 300 million yuan, respectively, 390,954,000 yuan and 317,196,900 yuan, in addition to during the period of net financing to buy more than 100 million yuan of the underlying stocks of the banking sector. In addition, during the financing net buy more than 100 million yuan of the underlying stocks are, Huaxia Bank (293,223,700 yuan), Bank of China (273,717,700 yuan), Industrial and Commercial Bank of China (1952,807,000 yuan), Construction Bank of China (145,282,900 yuan), Everbright Bank (108,233,800 yuan).
Market performance, in the above stocks sought after by financing customers, this week **** 5 stocks to achieve gains, China Merchants Bank during the cumulative total of 2.28%, followed by CITIC Bank during the cumulative total of 1.09%, and other this week to achieve gains in the underlying stocks are, Bank of Communications, Ping An Bank, Huaxia Bank.
Ping An Securities said that the banking sector now corresponds to the 2016 market net rate of 0.88 times, before the market for the excessive pessimism of the bank's asset quality is still expected to repair space, and interest rates continue to go down in the environment, and now the bank dividend rate is more attractive than the real interest rate is still obvious, the conversion of market styles is conducive to enhance the value of low valuation plate configuration. In terms of individual stocks, recommended Bank of Nanjing, CITIC Bank, Industrial Bank of China, Pudong Development Bank, short-term attention to Everbright Bank, Huaxia Bank's valuation repair opportunities.
Non-ferrous metals gold stock elasticity high
According to data statistics show that the first two trading days of this week, *** there are 30 non-ferrous metals industry two financing subject stocks present during the period of financing net buying, during the period of the cumulative financing net buying amount of about 1.744 billion yuan, ranked in the Shenwan first-class industry in the fourth place.
Specifically, the above 30 underlying stocks, the first two trading days of this week, net financing buy amount of more than 100 million yuan of the underlying stocks there are five, respectively, Nanshan Aluminum (416,550,800 yuan), western resources (175,190,000 yuan), gold gold (166,177,900 yuan), Shandong Gold (161,020,000 yuan), Zijin Mining ( 127.4646 million yuan).
Market performance, in the above stocks sought after by financing customers, this week **** 26 stocks to achieve gains, western resources during the cumulative increase of the first 19.82%.
Pacific Securities said that this year, the elasticity of gold stocks is much higher than the past many years, in the past, the international gold price and gold stock changes are not so good synchronization trend, which also stems from the A-share market can now invest in varieties and hotspots are not many. It is recommended to continue to hold gold stocks in the short term, if there is a retraction, low layout of Shandong Gold, Hunan Gold and other stocks.
Pharmaceutical and biological into the era of structural optimization
According to data statistics show that the first two trading days of this week, *** there are 56 pharmaceutical and biological industry two financing subject stocks present during the period of financing net buying, during the period of the cumulative amount of financing net buying of about 1.079 billion yuan, ranked in the Shenwan first-class industry in the fifth place.
Specifically, the above 56 underlying stocks, the first two trading days of this week, net financing buy amount of more than 100 million yuan of the underlying stocks there are four, respectively, Shanghai Pharmaceuticals (164,872,700 yuan), Tiantan Biological (113,836,100 yuan), Ai Er ophthalmology (102,072,100 yuan), Kangmei Pharmaceuticals (101,325,600 yuan).
Market performance, in the above stocks sought after by financing customers, this week **** 46 stocks to achieve gains, Beida Pharmaceuticals during the cumulative increase in the first 11.12%.
Dongxing Securities said that the pharmaceutical industry has entered the era of structural optimization from the era of barbaric expansion, the next 5 to 10 years, should seek investment opportunities from the general trend of industry differentiation, it is recommended to focus on the following five major investment lines: First, the new policy of health care reform to promote the promotion of investment opportunities, including consistency evaluation (CRO such as Tiger Pharmaceuticals, etc., drug auxiliary such as Erkang Pharmaceuticals, etc., preparations for export, such as the Huahai Pharmaceuticals, etc.), prescription outflow brought about by the Sanming model (distribution + retail such as Sinopharm, chain pharmacies such as Yixintang, etc.), hierarchical diagnosis and treatment (third-party diagnostics such as Dean Diagnostics, third-party imaging such as CR Vantone, rehabilitation and pension, grassroots just need medication such as Tonghuadongbao, etc.); secondly, pan-innovation, including innovative drugs such as Hengrui Medicine, innovative technology (precision medicine such as ZuoLi Pharmaceuticals, Lizhu Group, etc.), service innovation (CRO, CMO), and innovation (CRO, CMO). CRO, CMO); third, pan-services, including medical services (specialty chains such as Aier Ophthalmology, regional medical groups such as Xinbang Pharmaceutical, and service healthcare such as hospital construction of Shangrong Healthcare), business services (including GPOs such as Haiwang Biologicals and Jiasitang, and PBMs); fourth, internationalization, including the export of pharmaceutical preparations, such as Huahai Pharmaceuticals and Hengrui Medicine, and the internationalization of R&D, such as Hengrui Pharmaceuticals; and fifth, high boom degree Fourth, internationalization, including pharmaceutical exports such as Huahai Pharmaceutical and Hengrui Pharmaceutical, R&D internationalization such as Hengrui Pharmaceutical; Fifth, high boom areas, including blood products such as Hualan Biologicals, children's health care, IVD, Chinese medicine tablets such as Kangmei Pharmaceutical.
A stock market capital chasing trading opportunities
1, under the economic L-type, the balance of the city into the *** knowledge
The future of the domestic economy will show L-type trend is basically *** knowledge, the market consensus is expected to maintain loose monetary policy but interest rates are limited down space (the central bank must inhibit asset bubbles and to maintain the exchange rate), in this context, the performance trend of the domestic enterprises will also be The probability of L-shaped. According to the classic discounted cash flow model, stock prices depend on corporate earnings prospects, the risk-free rate and market risk appetite. Therefore, the market remains cautious about the future trend of A-shares, and it is difficult to see a trend change in market risk appetite. In addition, coupled with the control of the "national team" and policy regulatory guidance, the equilibrium market is gradually becoming a market **** knowledge. In such a balance of the city, we can often find that the field of funds are forced to pursue the high throw low absorption of trading opportunities, because the long-term stock is more likely to "ride the roller coaster".
2, high valuation limits the willingness of long-term funds
From the valuation point of view, the data show that the A-share financial services industry excluding the overall price-earnings ratio of 42 times, is still slightly higher than the historical average of 37 times, the distance from the bottom of the history of the distance; GEM price-earnings ratio is still as high as 81 times. This reflects the current market valuation lack of margin of safety, especially small and medium-sized stocks. In this case, the willingness of long term funds to enter the market gradually weakened. In addition, this year, the A-share capital surface as a whole also presents the stock or even reduce the amount of game characteristics. Data show that the beginning of this year to the first week of August, the bank transfer funds accumulated 4.7 billion yuan.
Therefore, the field of funds is difficult to have long-term stock confidence, short-term price increases to push up the valuation, if you do not cash in a timely manner, but will be damaged due to other investors to sell.
3, the market funds are keen to chase "hot spot"
In the broader market without trend opportunities, valuation of the lack of margin of safety in the market background, with the "earning effect" of the theme of the market is the stock of capital is precious! "Transactional opportunities". And all sorts of money in the process of participation, it is more strengthened the theme of the market continuity.
Since the beginning of the year, lithium batteries, intelligent cars, semiconductors, Internet of Things and other thematic plates are stage active. Lithium battery theme market, for example, in the lithium carbonate prices, new energy vehicle production explosive growth, the domestic lithium battery power battery directory will be announced under the auspices of good, the market selectively ignored the new energy vehicle subsidies, upstream production capacity and other shortcomings of the significant expansion, lithium battery concept index from 3030 on March 11 to the highest July 15, 5131 points, or nearly 70%; during the period, a large number of Funds involved, lithium battery plate overall turnover from March 11, 6.8 billion (accounting for about 2.2% of the whole market turnover), up to 63 billion on June 16 (accounting for about 10.6% of the whole market turnover).
However, in the stock of funds in the game situation, the theme of the market is still a short-term opportunity, the event of good cash, plate valuation of the attractiveness of the decline in new hotspots to compete for funds and other factors may lead to the plate market is facing a stage correction or even the end.
4, individual investors: short-term traders to become the dominant market
June last year to the beginning of this year, the three rounds of stock market crash led to long term holdings of investors suffered heavy losses. I previously with a number of brokerage firms in the core of the Department of large exchanges in the process of understanding that the real long-term investors have either lost confidence and exit the market, or forced to turn to short-term trading.
Another interesting phenomenon is that since the two sessions of this year, every time the stock market index upward or downward breakthrough of the 20-day average, the day and the subsequent days of the market volume than the previous period of time significantly enlarged. This reflects the field of short-term funds or similar entry or exit conditions, which to some extent also amplifies the short-term market fluctuations.
5, the fund: investment behavior short-term equally serious
Sunshine private equity: due to the pressure on the net value, this year, private equity funds (PE) trading style is generally conservative, more often than not in the pursuit of short-term opportunities. Among them, many old private equity products have been close to the liquidation line after three rounds of stock market crash, and wind control has become the first priority; while some newly issued private equity products are generally cautious in trading behavior because of the lack of "safety cushion" for the net value; and this year's hotter issuance of capital-protection fund products are also facing similar problems. For them, it is easier to choose the wind control and have a certain effect of earning "transactional opportunities" to do a good job of net value, become a rational choice.
Public equity funds: in the case of no trend market in the general market, the public equity funds on the theme of trading opportunities to grasp, is the fund's products to achieve excess returns and ranking advantage of the decisive factor. Therefore, the public fund for the theme of the market also has a strong willingness to participate.
6, brokerage research report to push the wave
As the market overall opportunity is relatively lack of brokerage firms as a representative of the research institutions for the hot market opportunities are also "cherish". Once the first signs of a thematic market, brokers tend to unanimously recommend the collective "brush sense of presence". The brokerage research team's strong recommendation for the theme of the market has contributed to the role of the short-term market to strengthen the "earning effect", but also amplify the market volatility.
In late May, the semiconductor theme of the market, for example, by the U.S. semiconductor industry, the impact of the company's performance is good, the domestic semiconductor industry gradually by the market, the market initially started at the end of May to June, more than a dozen brokers electronics industry research team has released dozens of semiconductor industry or individual stock bearish report, and its views are also through the self-service media and other social networks are widely disseminated. The following month, the chip localization concept index soared from 4,841 points to 6,079 points, the plate rose more than 20%, seven star electronics (002371), Shanghai Xinyang (300236) and other leading stocks stock price is almost doubled; the plate overall turnover by the beginning of May, about 6 billion significantly increased to 17 billion (June 27) Semiconductor plate has become the hottest theme of the stage.
In summary, in the combination of factors, "trading opportunities" this market characteristic is particularly inevitable. The first thing you need to do is to get your hands on a new car, and you'll be able to do it in a way that makes you feel better about yourself and your life. Therefore, in the future, the balance of the city pattern and the field of capital investment style short-term background, "trading opportunities" this market characteristics will continue.
It is worth noting that the recent trend of tightening trading regulatory policy is clear, short-term trading opportunities for the subject matter stocks have been greatly affected. Then the policy factors will break the balance now? I believe that the regulatory tightening for the market hot topic stocks trading opportunities to form a greater impact, the relevant stocks are significantly lower in the short term, while the market turnover amount to light, but the field of active investors completely out of the stock market trading is less likely, later once the regulatory standards are clear, this part of the active capital will still return to the market, trading opportunities or will be in a new form to dominate the market operation again. In fact, with the gradual moderation of the regulatory attitude, the recent state-owned enterprise reform, the concept of lifting stocks have been active signs of trading opportunities to dominate the market state is "returning". Finally, the regulatory layer of the market theme of hot speculation in the process of price manipulation, insider trading and other violations of the law to help maintain market fairness, but for the so-called part of the hot theme of directional regulation is questionable. Liquidity is the basis of market existence, diversified participants can help improve the efficiency of market pricing. In the past few years by the capital speculation over the hot plate, not all are "pure concept" speculation. For example, the film and media plate has become a representative of the "new blue chip", new energy automobile plate in this year also ushered in a profit outbreak, it can be seen that the funds for the short-term speculation on the subject matter to a certain extent, but also for the industry in the medium and long term development prospects of the pricing process; and the secondary market for the high valuation of some of the emerging industries is expected to be fed back into the primary market Investment, to realize the role of capital market allocation of resources. I hope that the regulatory layer in the protection of small and medium-sized investors, to maintain market fairness at the same time, should also be dialectical view of capital chasing "trading opportunities" inevitability and reasonableness, really play the role of the market rational pricing and effective allocation of resources.