On February 28, the A-share market was another surpriseBecause of the volume！The turnover of the Shanghai and Shenzhen stock markets exceeded 13 trillion, ** the turnover has reached 780 billion, which is the largest day in the past 2 years. Such a large turnover did not trigger the full line of the index**, which suddenly dived half an hour after the opening, and the Shanghai Composite Index **19%, once again lost 3,000 points, and the Shenzhen Stock Exchange Component Index **24%, GEM **25%。
However, the three major indexes did not fall the hardest, and small-cap stocks did, and the CSI 2000 Index fell 68%, ending the situation of 8 consecutive yangs, but small-cap stocks are not the hardest to fall, micro-cap stocks are, down as much as 99%, which also led to 60% of ** falling more than 6% todayThere are 1,360 ** down more than 9%, accounting for 27% of the total number of Shanghai and Shenzhen stock exchanges.
Small and micro cap stocks so down, can be called a day of bloodbath, a few days ago how happy investors in small and micro cap stocks, how sad today, since February 6 **bottomed out, small and medium-sized micro stocks ** strength is the largest, CSI 2000 maximum ** range of 38%, Wind micro cap stock index maximum ** strengthIt's as high as 55%., such a **amplitude, I don't know and think it's a bull market**. However, the maximum range of the Shanghai Composite Index is only 14%, the ChiNext Index is 21%, and the CSI 300 Index is only 12%.
Now I can probably better understand why the national team prefers CSI 300, in addition to factors such as large market capitalization and low valuation, there may be an important reason that the national team knows the real urine of market investors, that is, the scar forgets the pain, and they are all a group of speculators.
Small and micro cap stocks suffered a big fall in more than a month at the beginning of 2024, Wind tail stocks fell by 50%, CSI 2000 fell by 37%, more than 30 days, such a big decline, it can be called guzhai, even if it fell so quickly and so fiercely, the price-earnings ratio of CSI 2000 is still more than 50 times, and the bubble is still not squeezed out, but after the national team rescued the market, it acted as a pioneer, significantly exceeding other sectors, and the author also reminded to pay attention to risks. But looking at the constantly ** index, it seems to be laughing at me.
According to the most important statistics, the national team bailed out the market mainly through ETF A-shares, of which the CSI 300 ETF accounted for 75% of the total funds9%, CSI 500 is 129%, CSI 1000 is 67%, while the CSI 2000 only has 45%, which means that the national team invested two-thirds of the bailout funds in the CSI 300, while the CSI 2000, a small-cap stock, was only distributed by less than 5%.
After the national team stabilized the CSI 300 index, investors in the market took the initiative to speculate on small and micro cap stocks, and these **** did not have to worry about the national team at all, at this time I understood the allocation of funds for the national team, why the main pull of the CSI 300, not only because of these ** low valuation, large market capitalization, and the role of stabilizing people's hearts, but more importantly, after the ** stabilized, investors will take the initiative and flock to speculate on small and micro cap stocks.
Our current capital market and U.S. stocks have a very different characteristic, U.S. stocks are blue chips to give high valuations, and those small and micro cap stocks have a very low valuation, especially loss-making companies, but our A shares are the opposite, the valuation of CSI 300 is only more than 10 times, the valuation is very low, but there are a large number of small and micro stocks with an average valuation of more than 50 times, which is completely the opposite of U.S. stocks.