Sino-Singapore Jingwei client, June 30 (Wu Yihan) On June 30, the main index of A shares ended the first half of 2020 with a rising trend across the board. Looking back at the A-share market in the first half of the year, although it experienced a sharp fall from the end of January to the beginning of February, it has since continued to rebound.
As of June 30, the Shanghai Composite Index has once again approached the 3,000-point mark, while the Shenzhen Component Index and the ChiNext Index have reached new highs in more than four years. The total market value of the two A-share markets (after excluding the value of the new stock market listed this year) increased by 2.69 trillion yuan compared to the beginning of the year. Based on the 166 million A-share account at the end of May, the average income of A-shares in the first half of the year was 16,200 yuan. Are you making money?
Photo of the new latitude and longitude Chang Tao in the data map
In the first half of the A-shares, per capita earned 16,200 yuan
On June 30, the three major A-share stock indexes rose across the board. As of the close, the Shanghai Composite Index closed up 0.80%, approaching the 3,000-point mark. The Shenzhen Stock Index and the ChiNext Index rose 2.04% and 2.77%, both hitting January 2016. Since the new high.
Overall, the A-shares in the first half of the year delivered relatively good transcripts. Despite the impact of the epidemic, the market experienced a sharp fall at the end of January and early February, but with the continued rebound since then, the current Shanghai Composite Index has only fallen by 2.15% compared with the beginning of the year, while the Shenzhen Stock Index and the ChiNext Index are separately It rose by 14.97% and 35.60%.
From the perspective of market value, Wind data shows that as of the close of June 30, the total market value of the two markets of A shares reached 70.59 trillion yuan. After excluding the new stock market value (2.07 trillion yuan) listed this year, the total market value of the two cities was higher than that of the beginning of the year. 65.83 trillion yuan increased by 2.69 trillion yuan. According to the calculation of the A-share account of 166 million at the end of May this year, in the first half of the year, the average share of A-share holders was 16,200 yuan.
Regarding the trend of A-shares in the first half of the year, Jufeng Investment Advisor pointed out that the rise of A-shares in the first half of the year was mainly due to the rapid and effective prevention and control when the outbreak occurred in early 2020, and the speed of resumption of production and resumption of production was faster than that of the world.
Qian Delong, chief economist of Qianhai Open Source Fund, pointed out to the Sino-Singapore Jingwei client that during the last round of the bull market in 2015, the small and medium-cap stocks of the A shares and the GEM took the lead out of the bull market, and this time the A share market rose It was also initiated by the ChiNext. In the future, the A-share market is expected to shift from a partial bull market on the GEM to a full-scale bull market in the context of the overall control of the Chinese epidemic, the transfer of household savings from the property market to the stock market, and the ongoing economic transformation.
June 30 A shares rose across the board Source: Wind
"Eat Meat and Drink Medicine" and "Net Red Technology" Quotes
However, a per capita income of 16,200 yuan does not mean that everyone makes a net profit of 16,200 yuan. In fact, since February, the trend of different industries in the A-share market has been clearly divided: on the one hand, individual stocks in the pharmaceutical and biological industry, food and beverage industry, and technology industry have risen sharply; on the other, individual stocks in the financial industry, transportation industry, and extractive industry But it was sluggish and endless.
Wind data shows that among the 28 first-level industries of Shenwan, the pharmaceutical and biological industry has experienced the largest increase this year, reaching 42.30%, followed by food and beverage, leisure services, computers and agriculture, forestry, animal husbandry and fishery, with increases of 27.21%, 26.04%, and 22.91, respectively. % And 22.74%.
In fact, since the beginning of this year, various concepts in the A-share market have been hyped up, from pork concept stocks at the beginning of the year, to mask concept stocks at the beginning of February, to vaccine concept stocks, chip concept stocks, and Internet celebrity concepts since April. Stocks, the above-mentioned industry stocks with the highest gains also rose in rotation with speculation. If one sentence is used to summarize the rise of the A-share market in the first half of the year, "eat meat and drink medicine, technology celebrities" is undoubtedly the most appropriate.
However, on the other side, the mining, banking, non-banking finance, transportation and other sectors in Shenwan's first-tier industries fell the most, with a decline of 21.43%, 12.01%, 10.91%, and 10.62% in the first half of the year.
Most of the industries with the highest declines mentioned above were severely affected by the epidemic. For example, under the influence of the epidemic, global trade stagnation and low oil prices have caused the performance of listed companies in the extractive and transportation industries to be under pressure, and the stock prices have fallen sharply. In addition, the overall economy is facing downward pressure In the context of the background, the non-performing loan ratio of the banking industry and the compensation situation of the insurance industry have also attracted much market attention.
Regarding the trend of differentiation among industries in the A-share market, Song Haiwei, an analyst at Bohai Securities, pointed out that in the context of the impact of the epidemic situation on the performance of listed companies and the apparent looseness of liquidity, what the funds in the first half of the year mainly looked for in the market was logically difficult to falsify. Target: For example, the short-term high certainty sector is sought after, and the long-term logical sector is also sought after by the market because it cannot be falsified in the short term. On the whole, the small and medium-sized market value of the sector that funds are pursuing has a higher proportion, which promotes the change of style.
Maotai became the "double stock king", 567 shares hit a record high
In terms of individual stocks, in 2020, the throne of A-shares "King of Market Value" has finally been relocated. In the past, the Industrial and Commercial Bank of China, known as the "first line of the universe", dominated the market value of A stocks. However, this year, with the continuous rise of Guizhou Maotai's stock price, the market value of ICBC has been surpassed by Guizhou Maotai several times.
As of the close of June 30, the market value of Guizhou Moutai reached 1,873.7 billion yuan, and the total market value of Industrial and Commercial Bank of China was 1,774.9 billion yuan. The gap between the two market values was widened again. Guizhou Moutai has also become the first in the A-share market in terms of share price and market value. "Double stock king".
In addition, in the small and medium-sized boards, the market value of Luxun Precision and Muyuan shares jumped to 358.622 billion yuan and 307.322 billion yuan, respectively, both exceeding the 283.621 billion yuan of Hikvision, which was once the "king of market value" of the small and medium-sized board.
In the GEM with the highest A-share index this year, 9 stocks with a market value of more than 100 billion, such as Aier Ophthalmology, Zhifei Biology, Oriental Fortune, and Mango Hypermedia, were born.Among them, the market value of Ningde Times and Mindray Medical has been Reached 384.832 billion yuan and 371.637 billion yuan respectively, ranking first or second in the market value of ChiNext.
It should be pointed out that since this year, the trend among individual stocks has also been severely divided. According to Wind data from China-Singapore Jingwei Statistics, a total of 567 A-shares hit a record high in the first half of the year, while 450 stocks also hit a record low. After excluding the second IPOs with large stock price fluctuations, there were still 382 stocks hitting a record high in the first half of the A-share market and 290 stocks hitting a record low.
The data also shows that after excluding the new shares, a total of 111 stocks doubled in the first half of this year, of which 10 stocks doubled in price. It is worth mentioning that among the companies with the highest gains, many are concept stock leaders who have been heated by the market. For example, the Douyin concept stock Provincial Group (up 218.45), Caesar Culture (up 217.54), and the tax-free concept stock Wangfujing (up 225.59%).
It is worth noting that with the continuous advancement of the registration system since the beginning of this year and the implementation of the new securities law, ST stocks that had been speculated by the market for “shell value” in the past are now being abandoned by investors. Wind data shows that in the first half of this year, a total of 43 stocks fell more than 50%, of which 32 stocks were ST and *ST stocks.
Guo Yiming, director of investment consulting at Jufeng Investment, pointed out to the client of Sino-Singapore Jingwei that behind this year’s rising share price of Maotai, it reflects the main tendency of capital market value investment, that is, the tendency toward leading targets, the favor of core assets, and the scarcity of scarcity. Sexual attention. It is expected that this pattern will continue in the future.
Dong Dengxin, director of the Institute of Financial Securities at Wuhan University of Science and Technology, told the Sino-Singapore Jingwei client that under the influence of the registration system reform and the new delisting system, A shares have entered a new era of stock price structure adjustment. The most notable feature is that high-performing white horse stocks and high-tech stocks will be generally sought after by funds and institutions, while junk stocks are badly voted by investors.
Pay attention to these risks in the second half of the year
Looking ahead to the market in the second half of the year, market participants pointed out that investors need to be alert to the performance risks of listed companies’ semi-annual reports and the risk of callbacks for stocks that have had excessive early gains.
In Dong Dengxin's view, the biggest factor affecting market trends this year is the impact of the epidemic on the performance of listed companies. Although the epidemic in China has been under control as of April this year, the impact of the epidemic on listed companies has a lagging process. This impact will undoubtedly be reflected in the semi-annual report of listed companies to be announced in July. Therefore, in the next two months, the stock market will continue to fluctuate with the disclosure of the semi-annual reports of listed companies.
Guo Yiming believes that the focus of investors in the second half of the year still needs to pay attention to the uncertainties brought about by the global epidemic and the risks of the global economic recovery being less than expected. Specifically in the market, investors should pay attention to the loosening of chips in the first half of the year and the investment risk of excessive valuation.
Bohai Securities Song Yiwei pointed out that small-cap stocks may still remain strong in the second half of the year, but due to the disappearance of the valuation advantage of valuation and the overvaluation of some sectors, investors should "sit closer to exports". Investors' style in the second half of the year The focus of thinking and practice at the level is to always be alert to risks. (Sino-Singapore Jingwei app)
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky and you need to be cautious when entering the market.)
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