In the absence of significant northbound capital outflows, the sharp decline in GEM is mainly due to the pessimism of investors.
Text: "Autobots" Zhang Heng.
On January 29, the Shanghai Composite Index fell below 2,900 points, and the index fell 349%, the biggest one-day drop since October 2022. Photovoltaic, communications, Internet, AI and other high-tech sectors were among the top decliners, banks and Chinese stocks were among the top gainers, and the automobile sector was the top loser64%。
Northbound funds sold a net of 59.2 billion yuan, of which the Shanghai Stock Connect is a net of 93.6 billion yuan, Shenzhen Stock Connect net selling 152.8 billion yuan, with a turnover of 1255 on the same day0.4 billion yuan, accounting for 15% of the total turnover of A-shares59%。Among them, CATL and BYD became the second and third in the turnover of Shenzhen-Hong Kong Stock Connect, and won the net **2 of northbound funds respectively9 billion yuan and net selling 1$2.8 billion.
A total of 17 ** in the auto sector fell or fell by more than 10%, and only one ** "Shanghai Auto Parts" rose to the limit. In terms of vehicle stocks, the top decliners were: Cialis fell 423%, Zotye Auto fell 423%, Foton Motor fell 414%, BYD fell 399%, Changan Automobile fell 380%, Great Wall Motors fell 369%。
In the case that there is no obvious performance of U.S. stocks and Hong Kong stocks, A-shares alone, and the northbound capital outflow is not obvious, the sharp decline of the GEM is obviously mainly due to the pessimism of investors. There are several reasons for panic selling in the market, including:
First of all, the tightening of global liquidity has led to a "seesaw effect" between Japan** and A-shares. The improvement in this situation depends on the implementation of the US dollar rate cut and the Fed's exit from quantitative tightening.
Secondly, most of the top Chinese stocks are concentrated in the Shanghai Index, and the market value is large, which has a blood-pumping effect on the funds of the Growth Enterprise Market and the Science and Technology Innovation Board.
Thirdly, the new energy stock TCL Zhonghuan fell today due to the lower-than-expected performance in the fourth quarter of 2023, dragging down the entire new energy sector collective**.
On January 29, the State-owned Assets Supervision and Administration Commission (SASAC) announced that it would fully implement the market value management assessment of listed companies. Through quantitative methods, the market performance of listed companies controlled by ** enterprises is evaluated, and the efforts and effectiveness of enterprises in market value management are objectively evaluated.
According to the plan, the assessment method for ** enterprises in 2024 will include the following key points: the implementation of the "one enterprise, one policy" assessment method; the introduction of a "double plus" mechanism; Incorporate brand value into the assessment system; strengthen the "two-line" assessment of R&D investment and output; Focus on the assessment of the proportion of income and added value of strategic emerging industries.
Some institutions believe that this measure will guide listed companies to stabilize expectations through market-oriented means such as increasing holdings and repurchases, and increase cash dividends, thereby enhancing the value revaluation of central enterprises.
Auto People believes that the core problem of the market is still the game under the stock of funds, medium and long-term funds have lost their pricing power, and ** funds have become the leading force in the market.
With the implementation of the latest policies of the State-owned Assets Supervision and Administration Commission, the A** field has ushered in new development opportunities. This move is not only a comprehensive improvement of the market value management of the first enterprise, but also a test of the maturity of China's capital market. 【Copyright Notice】This article is the original manuscript of "Autobots", and it is not allowed to be unauthorized **.