In the first week after the Spring Festival, the two melted back.
With the national team's funds rushing into the market before the Spring Festival, the liquidity problem of the two financial markets has been alleviated. After the Spring Festival, the "financing balance" rose for six consecutive trading days, and the financing scale of the Shanghai and Shenzhen stock exchanges increased by 4612.7 billion yuan, ending five consecutive weeks of decline.
Minsheng** strategy team said that the two financial institutions have returned significantly, and the activity has quickly rebounded to the high point since 2023.
Currently, the financing balance has returned to 14 trillion mark. However, the reporter interviewed a number of business department people and learned that the two financial customers are still wait-and-see; Some customers take advantage of the ** stage to take profits; Only a few instances of leverage** are available.
Looking ahead, a number of brokerage analysts believe that with the Shanghai Composite Index around 3,000 points, the follow-up market may face a repeat.
Financiers slightly increase leverage**
After the Spring Festival holiday, the first week of the A-share market continued the pre-holiday trend, and the main indices appeared. Among them, the Shanghai Composite Index **485%, SZSE Component Index**282%, GEM refers to **181%。The average daily turnover of the market is 90309.7 billion yuan, down 690%。
In the context of the red market, the two financial institutions have recovered. The financing balance of the Shanghai and Shenzhen stock exchanges rose for six consecutive trading days, with a total increase of 4612.7 billion yuan, back to 14 trillion mark. As of February 26, the financing balance was 142 trillion yuan.
Specifically, from February 19th to 26th, the "financing net**" was 1542.5 billion yuan, 604.7 billion yuan, 547.6 billion yuan, 577.7 billion yuan, 470.6 billion yuan, 869.7 billion yuan. This data reflects that despite the sharp increase in A-shares in the early stage, financing customers are relatively cautious in increasing leverage.
Brokerage China reporters previously interviewed and learned that there was no large-scale leverage increase in the front-line business department. Some investors choose to take profits in the market and pay back the money owed to the brokerage.
Recently, a person from the business department of a brokerage company in East China told reporters that although the A-share market continued to be the first after the holiday, the current balance of the two financial institutions in its business department was declining compared with the end of January. ”
A person from the business department of a securities company in Shenzhen also expressed a similar view, saying that only a few customers of the two financial institutions will have incremental leveraged capital investment at the moment.
Leveraged funds reduce their positions in dividend stocks
In the first week after the holiday, which industries and ** were "favored" by financing customers and attracted market attention.
According to the reporter's statistics on wind data, the financing balance of "wind technology hardware and equipment" rose sharply, increasing by 86 in the first weekThe scale of 5.2 billion yuan is far behind the latecomers. In second place was "Wind Software & Services", with a 56% increase in financing balance5.3 billion yuan. The balance of "Wind Capital & Goods" financing increased by 40$8.4 billion.
In addition, the financing balances of "Wind Semiconductor and Semiconductor Production Equipment", "Wind Materials", "Wind Pharmaceuticals and Biotechnology and Life Sciences", and "Wind Diversified Finance" increased by 368.9 billion yuan, 315.7 billion yuan, 267.1 billion yuan, 25$2.6 billion.
In the first week of the year, only two major sectors saw net selling of financing. The balance of "wind insurance" financing decreased by 25.3 billion yuan. The balance of "Wind Household & Personal Goods" financing decreased by 2,671620,000 yuan.
In terms of the first week of the year, the largest net amount of financing was Zhongji Innolight (300308), which received a net of 109 billion yuan. The ** rose 16 in the first week32%。Kunlun Wanwei (300418) financing balance increased by 78.6 billion yuan, the first week rose 2071%。Cialis received financing net**61.1 billion yuan. In addition, GigaDevice (603986), Sugon (603019), and Hikvision (002415) have increased their financing balances by more than 500 million yuan.
Correspondingly, Huaneng Hydropower (600025) had the largest net selling of financing, at 22.7 billion yuan. Industrial and Commercial Bank of China, Ping An of China (601318), Guanghui Energy (600256), and AVIC Hi-Tech (600862) financing balances decreased by 18.5 billion yuan, 18 billion yuan, 17.2 billion yuan, 11 billion yuan. It can be seen that most of these ** are dividend stocks, and the financing customers have been reduced in advance**.
Analysts predict that the market will be repeated in the later stage
When it comes to the outlook for the future market, a number of brokerage analysts believe that the bottom has been formed, with the Shanghai Index around 3000 points, the follow-up market volatility may intensify, and it is necessary to pay attention to the policies of the two sessions, economic data and other signals.
According to the strategy team of China Securities Construction Investment, the structural problems of the market have improved significantly. The remaining unknocked snowball products are relatively limited. In addition, quantitative supervision has been strengthened, and high-frequency trading has pressed the buffer button. "On the whole, we believe that although the follow-up market may face some repetitions, the bottom of the market has been established in the early stage of various conditions, and it is necessary to get out of the bear market thinking strategically, and tactically it can be slowly figured out. Maintain the allocation idea of 'high dividend bottom position + some boom industries' unchanged. ”
Huaxi** strategy team said that looking ahead, after the Shanghai Index regained 3,000 points, the volatility at the trading level may intensify, but under the expectation of the two sessions in early March, A-shares are still in the spring ** window period;For the whole year, the medium-term trend of A-shares depends on the continued upward trend of domestic economic expectations, focusing on the verification of real estate fundamentals and the trend of domestic inflation.
The strategy team of AVIC believes that after the irrationality in January, the Shanghai Composite Index crossed the festival from February 6 to February 23 for 8 consecutive days, and the market bottom may have been initially formed. According to the 2023 performance forecast, it can be judged that the bottom probability of performance has also been formed. Since then, the signal on the right has focused on the policies of the two sessions and the data of the March start season.
This article was first published on WeChat***Brokerage China. The content of the article belongs to the author's personal views and does not represent the position of Hexun.com. Investors should act accordingly at their own risk.