A-shares regained 2,900 points, Hang Seng Technology rose more than 2.5%, and foreign capital bought 5.6 billion
Today, foreign capital is back, and the turnover of the two cities is only 0.63 trillion, which shows the sluggish market sentiment. There are two main forces that can rise today:
A force is the sharp rise in the head of the Shanghai Composite Index to drive the Shanghai Composite Index to strengthen, the morning close brokerage also broke out a small wave, only to find that China Mobile is about to reach a new high. In addition, although the price of crude oil has fallen a lot, the share price of oil stocks such as PetroChina has not fallen much, and CNOOC is even about to reach a record high. Furthermore, although A-shares are in a bear market this year, the performance of the high-dividend direction is not bad, indicating that there are funds that value dividends and defense are constantly buying.
Li Bei mentioned in a speech before: "There is a high probability that domestic funds will choose to enter the stock market, taking insurance capital as an example, since the beginning of this year, insurance companies have sold many policies with a predetermined interest rate of 3.5%, and these premiums can only be obtained by holding stocks, in order to obtain more than 3.5% income, at present, the CSI 300 index dividend yield is still more than 3.5%. According to reports, as of December 25, since last week, A-share ETFs have received a total net inflow of 43.528 billion yuan, and the net inflow of funds since this month has been as high as 74.315 billion yuan.
Another force is that foreign investors have bought more than 5.6 billion, but domestic institutions are lying flat. Now we agree with the view of some sell-side institutions that the selling trend of foreign capital may end by the end of the year, and we may see more foreign capital inflows than outflows.
Whether the stock market rises or not depends on incremental funds, and now, the pattern of incremental funds may have changed. In the past, the sale of foreign capital and the redemption of funds were the key factors leading to the loss of liquidity of A-shares, but on the contrary, floating capital and retail investors were increasing their positions, and the financing balance of the two cities had been increasing before mid-December, which corresponded to various themes of speculation.
However, in the past two weeks, the selling strength of foreign investors and the scale of fund redemption are decreasing, but retail investors are breaking the defense and reducing their positions, the theme speculation has obviously turned off, the number of stocks with falling limits has increased sharply, and the financing balance of the two cities is also declining.
In addition, we also found that some overseas QDIIETF funds have a higher premium rate, Nikkei ETF trend and Nikkei index do not match at all, the Southeast Asian technology ETF issued not long ago The premium rate was as high as 7% yesterday, which is behind the complete disappointment of funds in A-shares, some funds would rather buy overseas ETFs at a high premium than touch A-shares, or take ETFs as speculation to do, "believe in the national fortune, fixed investment in the Nasdaq" is not only ridicule, some investors have taken action.
Admittedly, as the yield of the US 10 bond peaked and fell to new highs in the global stock market, the absence of A-shares from this bull market is disappointing. But from a rational point of view, not to mention whether there is a risk in the peripheral market at a high level, but the A-shares at a historically low level do not have a greater opportunity? Now abandoning A-shares to chase up overseas ETFs is not "bullish when it rises, and bearish when it falls", what is the difference between this and shouting "liquor yyds, new energy yyds" in 21 years?
It is the emergence of this extreme phenomenon that we believe that the bottom of A-shares is not far away, which is exactly what the bottom should be.
Finally, looking at the market, as of the close, the Shanghai Composite Index rose 0.54%, the ChiNext Index rose slightly by 0.07%, and the Hong Kong Hang Seng Index rose 1.75%. The Hang Seng Tech Index surged 2.58%, NetEase soared 11.72%, and Tencent Holdings surged 3.94%.
In terms of industries, agriculture, forestry, animal husbandry and fishery, electronics, petroleum and petrochemical, communications, household appliances and other industries led the gains, while media, beauty care, power equipment, building materials, automobiles and other industries led the decline.
There are two main benefits to the semiconductor sector:
According to the report, in November, China introduced a total of 42 lithography systems worth US$817 million, of which 16 came from the Netherlands, with a total value of US$763 million, a tenfold increase over the previous year. In October, China imported 21 lithography machine systems from the Netherlands.
In addition, it is reported that Nvidia has made huge advance payments to SK hynix and Micron to ensure the supply of HBM.
Risk Warning:
The stock market is risky, investment needs to be cautious, this article does not constitute investment advice, readers need to think independently