On the first trading day of February, A-shares remained weak.
The intraday index took a sharp dive, once it approached around 2750 points, after pulling the AI wildly, the index recovered some of its losses, except for the Shanghai Composite Index**, the other three broad-based indices all closed higher.
Obviously, the national team did not pull the prefix today, because, the prefix has risen a little too much recently, and if it continues to pull the prefix, it will increase the panic in the market, resulting in a continuous decline.
Therefore, today, the national team changed its routine, so that the prefix of the Chinese word was adjusted, and it was changed to pull the core targets of the medium and large market value in AI, such as iFLYTEK, Zhongji Innolight, Tianfu Communication and Industrial Fortune Union, etc.
AI is still the most popular and imaginative variety in today's A** field, AI has risen sharply, and you will run to chase AI or other technology stocks, so that it has recently fallen into a dog's **, how much can ** points, otherwise more and more financing disks are about to blow up, and it is also a very troublesome thing.
There are two main types of financing orders that have recently been liquidated or are close to liquidation: one is the four old tracks that have fallen into dogs; The other type is the one that chased AI with high financing last year. Basically, there are a bunch of liquidation every day, and there are many maintenance ratios that have fallen to around 130%, in the past, only small households were liquidated, and in the past few days, many large households with financing of more than 100 million yuan have also begun to be liquidated.
The national team's bailout routine.
Now, the national team's rescue routine is very clear, and it is basically finalized.
In mid-to-late January, when the market first began to bail out, it was mainly to buy CSI 300 ETFs, but the rescue effect was actually very limited, and there were market rumors that after the national team subscribed for nearly 100 billion 300 ETFs, it was taken by those ** companies to refinance the constituent stocks of CSI 300, and it became a new short-selling force in the market.
Therefore, after January 23rd, the national team's rescue method has resumed the traditional routine, that is, to buy the heavyweight stocks of the Chinese word, and no longer continue to buy 300 ETFs, judging from last week's situation, the effect of buying weighted stocks represented by PetroChina is obviously far better than buying 300 ETFs, and it does not cost much money.
However, the continuous explosion of buying the prefix in the word has also begun to have negative effects, ** has continued to fall, and the market is a little panicked, therefore, yesterday it exploded Ningde, and today it exploded the AI core ticket represented by iFLYTEK.
It's just that whether it's Laningde or AI core votes, it's just expedient, and it won't continue to buy big, and the national team will still buy high-dividend central state-owned enterprises in the future. Because, it is a pro-son, and the valuation is much cheaper, and insider trading and moral hazard can also be avoided.
At the same time, the national team pulls the word, one is to stabilize the index and the liquidity of the market, and the other is to squeeze the bubble for the market, so that the market can finally complete the clearing.
Don't play with the Chinese word as a theme
Today, the economy ** issued an article, "Don't equate market value management with stock price management", the article is to the effect:
Market value management has become the "baton" of performance appraisal, or will open a new round of revaluation of the value of central enterprises, investors should not only grasp the investment opportunities, but also should not speculate on the market value management of central enterprises as a short-term concept. Whether it is a central enterprise or a private enterprise, the quality of enterprise operation needs to be tested by the market, and the realization of enterprise value should be established in a rational transaction order. If you are bent on chasing hot spots and hyping concepts, it will not only run counter to the original intention of the policy, but also cause harm to the development of enterprises in related industries, and will inevitably end up with "chicken feathers" in the end.
The popularity of the prefix "** reflects the market's welcome and recognition of the reform policy, as well as the urgent expectation to promote the return of A-share valuations to a reasonable level. Based on the word "stability", listed companies, including central enterprises, should have more determination to work for a long time, management departments should have more determination to reform, investors should have more value investment rationality, and all parties should work in the same direction to form the greatest synergy and maintain the stable operation of the capital market.
In my brother's opinion, there is nothing wrong with what this article says. If you fry the Chinese prefix like last year's special estimate, most of the Chinese prefixes will be a chicken feather after they are fried.
Last year, my brother said on the planet that it is impossible for central state-owned enterprises to get out of a bull market if they want to rely on the concept of special valuation, and they can only achieve slow cattle and long cattle with high dividends and high dividends like Yangtze River Power.
Whether it is the concept of special valuation or the market value management of central enterprises, it cannot bring about a big bull market for central state-owned enterprises, and it is only useful to talk about performance and dividends. Now, the central state-owned enterprises have found the right way to improve the stock price and valuation, that is, stable growth at low valuation + high dividends and high dividends + repurchase and cancellation, so that the central state-owned enterprises can get out of the slow bull and long bull. As for market value management, it is just a KPI assessment index for the top leaders of central enterprises, and with the addition of KPIs, central enterprises have the pressure and motivation to do a good job in performance, and high dividends and repurchase cancellation.
For us and other small scatters, investing in high-dividend central state-owned enterprises is the right way, and it is also doing standard value investment.