Recently, the A** field has experienced a wave of ***, which has aroused the attention and speculation of all parties in the market. So, who is shorting A-shares? What funds have become the main bearish force in the market?
First of all, Xueqiu products have become the focus of market attention. Due to its high leverage and high risk characteristics, Xueqiu structured products were once considered by the market to be an important promoter of A-shares**. However, according to statistics, the current scale of domestic snowball products is roughly between 300 billion and 500 billion yuan, which is relatively low compared with the A-share market of tens of trillion yuan, which is not enough to have a decisive impact on the market.
Subsequently, the refinancing business also entered the public eye. There are rumors that the public offering ** lends ** through refinancing**, which provides a source of tickets for the shorts. But this news was quickly denied by ** company. At the same time, the China Securities Regulatory Commission has also issued an announcement to completely suspend the lending of restricted shares from January 29. This means that refinancing is not the main reason for the market at the moment.
In addition, equity pledge risk is also seen as an important factor in the market. However, the CSRC said that since 2018, the CSRC and relevant departments have been promoting the resolution of pledge risks and have achieved remarkable results. Since the beginning of this year, the scale of pledge has decreased compared with the end of 2023, showing that the overall risk of equity pledge is controllable.
Many institutions believe that although factors such as snowball products and refinancing have an impact on market sentiment, it is quantitative private placement that really has a greater impact on the market. The previous large amount of the prefix ** led to negative alpha in small and micro disks, which made the strategy of quantitative private placement ineffective, which in turn led to liquidation or rebalancing. This behavior may lead to the sale of small and micro caps and the transfer of funds to ** stocks.
While quantitative private placement has become the focus of the market, the accelerating role of derivatives trading in the ** market has also attracted widespread attention. Although the rumor that DMA** orders are restricted from selling, this rumor has not yet been confirmed, it highlights the sensitivity and risk of derivatives trading in the market**.
However, in the context of the market, Huijin's increase in holdings has brought confidence to the market. **Huijin Company said that it fully recognizes the current allocation value of the A** market, and has expanded the scope of ETF holdings, and will continue to increase the intensity and scale of holdings to maintain the smooth operation of the capital market. The China Securities Regulatory Commission also expressed support for the increase in holdings of ** Huijin Company, and will continue to guide all kinds of institutional investors to increase their efforts to enter the market and introduce more incremental funds to the market.
With the increase in holdings of **Huijin Company and the active response of regulators, market confidence has gradually recovered, and a big ** field has been launched. The Shanghai Composite Index turned red, and the Shenzhen Component Index and ChiNext Index rose by more than 2%. The major sectors also showed varying degrees of gains, among which petrochemical, lithium mines, liquor, medical, securities and other sectors were among the top gainers. At the same time, the A50 index also sharply**, and the major stock indexes in Hong Kong also performed well.
Overall, although the A** market still faces some risks and challenges, the positive response of the regulators and the increase in holdings of **Huijin Company have brought confidence to the market. In the future, with the continuous efforts of regulators and the gradual stabilization of the market, the A** market is expected to continue to operate smoothly. At the same time, investors should also remain rational, pay attention to market changes, and allocate assets reasonably.