The China Securities Journal reporter found out that the current fund layout of the GEM stocks mainly follows four major criteria: First, the performance of the mid-year report is good, with the fundamental support of quality stocks; Second, tracking the national team, social security and insurance funds preferred; It is a pre-excessive stock with strong technical rebound power; the fourth is the small and medium-cap stocks of the GEM with more flexible stock prices.
Last Friday, the market announced a period of the market with a medium-yin line. The GEM, which was frequently “outcroppingâ€, went to the table and became the leader of the market yesterday. Despite the disclosure of the China Daily, the overall weakness of the GEM is an indisputable fact. However, under the gloom of performance, there are many “real growth†stocks that have the potential for business development but have been neglected by the market. With the recent shift in financial sentiment and layout logic, these stocks are welcoming the “golden age†of opportunities.
GEM "hard work"
Since the first half of this year, White Horse stocks and cyclical stocks have taken turns to "sing on stage", leading the index to expand upwards, and the market has lived up to expectations. It has been probed to 3,300 points twice, but in the interpretation of the two structural markets, the GEM is always the same. The "passer-by" of the lines was ignored by investors intentionally or unintentionally. Throughout the second quarter, the GEM index even fell more than 200 points in an interval, which is reminiscent of the “created bull market†in early 2015.
Yesterday, with the recovery of financial sentiment, the GEM rose 2.95% in a single day, significantly outperforming other major market sectors. Some of the funds that are “small for the United States†are even sought after by small and medium-sized boards. Moreover, yesterday's GEM turnover reached 76.752 billion yuan, up 20.39% from the previous day, which proves that the GEM not only has a long "stand-by time", but with the gradual resumption of valuation and stock price, its fans are still numerous.
In addition, a total of 43 stocks in the A-share market yesterday had a daily limit, of which 15 were from the GEM, which is “one of the three points in the worldâ€. Among the 622 GEM stocks that were traded throughout the day, the number of stocks rose by 610, and 62 of them rose by more than 5%.
Looking back at the market can be found, in fact, this time the GEM has not risen sharply, there have been warnings before. On July 27th, the sector rose by 3.46%, and the turnover also surged to nearly 90 billion yuan. However, the cyclical stock market did not end, and the GEM index turned to sideways. So far it has been more than two weeks.
Therefore, analysts believe that the sudden rise of the GEM yesterday can not be attributed simply to the sudden outbreak of financial sentiment, but the result of incremental capital admission and chip distribution. On the one hand, with the accumulative increase, the pressure on the profit-taking of cyclical stocks is increasing day by day, and the market is repeatedly smashing around 3,300 points, bringing the air consumption of funds and investors' mentality. However, after the substantial adjustment in the middle and late July, some of the GEM stocks The valuation attractiveness began to appear; on the other hand, although the current market stock game pattern has not changed, but in the context of the stable trading of the main board yesterday, the turnover of the ChiNext has been significantly enlarged, indicating that incremental funds have begun to enter the GEM. The water rises naturally.
"Bottom" four main lines emerged
GEM historical trend, act as a "leader" in the wave of rising prices is often the clean water source 300 070, attending stocks, East Fortune 300059, attending shares, 300,498 shares Winchester, attending such shares GEM leader, but observers yesterday the performance of stocks, leading stocks such funds is not the first holding an object, such as Wen's shares rose 1.83%, the clean water source rose 3.26%, medical Dunlop 300,003, clinics shares rose 2.63%, among the biggest gainers, but rather small market capitalization Variety.
To yesterday rose more than 5% of the 53 constituent stocks (excluding 36 listed for less than three months time shares, for example, in addition to blue Synopsys 300433, attending shares, intellectual fly biology 300122, attending stocks, pilot smart 300450, diagnosed shares The total market capitalization of the five stocks is larger than 20 billion yuan, and the total market value of more than 70% of the constituent stocks is less than 10 billion yuan; among the 9 daily limit stocks, 8 have a total market value of less than 8 billion yuan. It can be further learned that the average market value of the above 53 stocks is 10.125 billion yuan, which is higher than the average total market value of the company's stock of 7.434 billion yuan. The tactics of funds blocking the small and medium-cap stocks of the GEM stocks have become clear.
This phenomenon also occurs in the two markets. On Thursday the broader market fell 10 day moving average, Wen's shares, clean water sources Watch music 300104, clinics and other shares "a blue-chip" mostly suffered more significant financing to repay the net, which ranks high amount even close to 40 million yuan.
In addition, the early oversold stocks have recently received funding attention due to their more lucrative valuation “safety matsâ€. For example, among the 610 constituent stocks that rose yesterday, 427 have accumulated negative losses during the year, and 282 have fallen more than 20%. Among them, 16 stocks have a price of “waist†or above. Therefore, although the long-term “de-leverage†trend of the GEM has not changed, the funds still dare to participate in such stock trading. Among the top stocks that rose yesterday, the decline was between 30% and 40%, such as the daily limit of 300386, the stock market , the agricultural environment 300536, the medical stock , Jiaxun Feihong 300213, the stock , Infotech 300,465, shares etc are attending so.
Since late July, with the disclosure of the market, the listed companies with the “national team†among the top ten shareholders have also been speculated by the market. Sujiao 300284, Diagnostics , Kunlun Wanwei 300418, Diagnostics , China policy film 300133, attending shares, Long source shares 300 175, etc. reputable clinic shares, yesterday GEM broad based funds also did not forget their existence. wind data showed yesterday the main net inflow of 300,168 Wanda information, consultation shares amounted to 78.928 billion yuan, while the stock had also received Huijin holdings.
In combination with the listed company's mid-year report or forecasting, among the 53 stocks with better gains, 44 net profit increased from the previous month, accounting for more than 83%, and there were 10 companies with more than doubled growth, among which Changxin Technology 300088 , attending stocks, Jin Fu technology 300,128, attending stocks are shares daily limit yesterday. Moreover, the company with the better performance in the interim report has a relatively large increase. As the most realistic reflection of the fundamentals of listed companies, the market funds follow the performance of the mid-year report, which also highlights that the GEM index is not blind, but there is an anticipation and direction.
It’s not too late to enter the line
From last week's GEM "hidden" rise, to the rise of the two cities on Monday, the attitude of brokerage institutions to the GEM has also changed, there are brokers began to see the trend of the GEM in the short-term, and believe that yesterday's rebound will continued.
Northeast Securities 000,686, attending shares, said this week that a cut-off point, this week, a firm first line support will be an important signal of future trends and the GEM board differentiation. From the daily level, the GEM refers to the rapid contraction of the Bollinger Band, which indicates that the short-term fluctuations will decrease. The GEM will hit a new high in the day and the short-term support will be strong. From the weekly level, the GEM is bottoming out through the first support line and has stabilized this week, so that the rebound will continue.
Great Wall Securities believes that the current valuation of the GEM is close to the historical low, and the risk release of the sector is relatively full. On July 24, the difference between the GEM index and the US Nasdaq Composite Index reached a record low. Domestic and foreign comparisons, as the valuation of domestic market segments is generally higher than the US stock market, as the difference is greatly narrowed, the current position of the GEM is more attractive to funds, and it is considered that there are more opportunities for the blue chip in the GEM. .
In addition, Southwest Securities 600369, attending stocks in the research report suggested that the current GEM that in 1600-1700 point range is relatively clear of the bottom stage, representatives from organic growth of net assets per share, retained earnings per share and other indicators Positive signals have begun to appear, indicating that the negative effects of the extension have gradually subsided, and endogenous growth has begun to return to orbit.
According to this, market participants believe that with the launch of the GEM rebound yesterday, the above four major Nuggets will continue to receive funding approval, which will stimulate the surge in the staged investment income of related stocks. According to the published annual report of the fund, the current consumption, cycle and other sectors have been over-allocated with respect to its market value, while the financial, GEM and SME boards are all in a low-matching state.
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