Nearly 50,000 new investor accounts were added every day last year
Post-90s and post-00s join the stock market
In 2020, the market's trading activity has increased significantly, and many brokerages have released their annual reports.
Is there a high probability that Hong Kong stocks are better than A shares?
Does the trend of market institutionalization herald the continuation of the "group" market?
...In this regard, the reporter interviewed industry insiders and conducted an in-depth investigation.
By Zhang Lu and Lin Xiaoli, All Media Reporters of Guangzhou Daily
Investigate a number of brokerages to release annual reports
Attracted by a few friends who have made a small profit, Ms. Zhao also joined the stock market at the end of 2020. "After all, I am a novice, and I am more cautious. I bought some funds with some funds and some consumer stocks with the remaining funds. I did not expect to enter the market for a month. Later, I actually made 10,000 yuan." Miss Zhao said happily.
The reporter visited the business departments of many securities companies in Guangzhou and learned that the number of accounts opened has increased significantly recently.
"Recently, more customers have come to open accounts, mainly young people. These younger generations are characterized by unprecedented enthusiasm for funds." Chen Chi of Wanlian Securities, who has been in the securities industry for more than ten years, told reporters.
There is no doubt about the popularity of the fund. The reporter noticed that recently, a company in Guangdong has issued funds for year-end bonuses. The purpose is to improve employees' awareness of financial management and increase the value of year-end bonuses.
According to data released by China Clearing, the number of new investor accounts in December 2020 was 1.6218 million, a year-on-year increase of 100.39%.
Since March 2020, the number of new investors in the two cities has exceeded one million for 10 consecutive months.
Calculating from monthly data, in 2020, there will be 18.0225 million new investors in the market-this means that the number of new accounts opened every day is nearly 50,000.
Interestingly, according to the "Annual Report on the Behavior of Chinese Stockholders" released a few days ago, men are still the main group of investors, and the number of "hardcore" investors in A shares is gradually increasing. The proportion of investors who have invested more than ten years is as high as 35%. After 00, new forces have also begun to enter the stock market.
In 2020, the market's trading activity has increased significantly, and many investors are running into the market, which has promoted a significant increase in brokerage business income. Many brokerages have released annual reports.
On the evening of January 22, five listed securities firms, CITIC Securities, China Securities, Yangtze River Securities, Great Wall Securities, and China Sea Securities released their 2020 performance bulletins. In addition to the 18 securities firms that previously announced performance bulletins, there were at least 23 securities firms. Brokers disclosed their performance profile in 2020.
The performance of securities firms broke out collectively, and the net profit of the five securities firms of Donghai Securities, Huaxin Securities, CICC Fortune, Yingda Securities and Oriental Fortune Securities in 2020 more than doubled year-on-year.
Zuo Xinran, a non-bank analyst at Founder Securities, believes that the fundamentals of securities firms will improve in 2020, and the brokerage business has become a performance flashpoint.
From the perspective of income structure, there is a clear differentiation between the top brokerage and the tail brokerage.
The top brokers are more balanced, and the tail brokers rely too much on market transactions and their business structure is relatively single. Once the market environment changes, the overall business will be greatly impacted, which is not conducive to steady growth in performance.
It is predicted that the trend of market institutionalization will continue to strengthen
So, what's next for the stock market?
One major reason for the strong performance of the stock market in 2020 is to benefit from easy liquidity.
So, in 2021, will liquidity tighten or continue to loose?
"The central bank has made it clear that the monetary policy will be'stable'. Considering all aspects of domestic and foreign economic and financial situations, it is unlikely that monetary policy will be tightened in 2021." Lian Zhixin Investment Chief Economist and Dean of Research Institute Ping believes, “Therefore, on the whole, the investment environment in the stock market will improve substantially in 2021.”
The turbulent bull market in the stock market, coupled with the money-making effect of the fund last year, attracted many investors to "borrow the base to enter the market." Recently, the issuance of new funds has been hot, sold out in one day, and proportional placements have been repeated frequently.
Among them, on January 18, the subscription scale of E Fund's competitive advantage in one day was as high as 239.858 billion yuan, setting a new high for a single new fund subscription in the history of public funds, far exceeding its 15 billion yuan raising ceiling, and the final placement ratio was as low as 6.2537%.
Investors' enthusiasm for fund purchases is evident.
According to incomplete statistics, as many as 22 new fund issuances launched since the beginning of 2021 have attracted more than 10 billion funds.
Statistics from the China Securities Investment Fund Industry Association show that from the beginning of 2020 to January 15 this year, the total amount of funds raised by newly issued equity public funds is 2.03 trillion yuan.
At present, the total scale of public offering funds has exceeded the integer mark of 20 trillion yuan, and equity funds have exceeded 7 trillion yuan, both hitting record highs.
The stock market value of public equity funds reached 5.5 trillion yuan, of which the value of the stock market held was 5 trillion yuan, accounting for about 7.5% of the A-share market value, the highest level in the past 10 years.
In 2021, the market institutionalization trend will continue to strengthen.
Does the trend of market institutionalization herald the continuation of the "group" market?
Yin Yue, chief market analyst at Yuekai Securities, believes that the holding group market will not continue forever. At present, some high-end products have seen loosening of funds holding group.
However, the loosening of funds will not be completed in a short period of time, and small-cap stocks are not yet a market outlet.
Regarding the concentration of fund holdings, the relevant person in charge of the China Securities Investment Fund Industry Association said in an interview with the media that in the next step, the association will continue to urge public fund managers to consolidate core investment and research capabilities, improve risk management, and practice long-term investment, Value investment and rational investment concepts support the differentiated development of the industry.
Market conjecture
Is consumption and technology a long-term track?
As the Spring Festival is approaching, many places have advocated local Chinese New Year.
Some investors are already calculating and preparing to make arrangements in advance.
Soochow Securities said that the impact of the local Chinese New Year on the consumer side will benefit three major industries: home necessities, medical and epidemic prevention, and online education and entertainment.
The impact of "Chinese New Year in situ" on the consumer side can refer to last year, while the production side is completely new.
"The biggest difference between the local Chinese New Year under the epidemic prevention policy and the 2020 Spring Festival is production. A large number of laborers are stationed at the production site and industrial output can be maintained." Soochow Securities predicts that midstream manufacturing, basic materials and terminal manufacturing at the production end will benefit from this.
Currently, the A-share market is showing a structural market.
The reporter learned that in the medium and long term, consumption and technology are still optimistic about the industry.
Xun Yugen, chief strategist, deputy director of the Haitong Securities Research Institute, said that technology and consumption, which the market pays high attention to, are still high-quality tracks, but the performance of segmented areas has also changed.
For example, the strongest performance in consumption has changed from liquor to dairy products, catering, supermarkets, etc. As the income of ordinary people increases, demand will continue to rise, and there will be some structural changes in sub-sectors.
Is there a high probability that Hong Kong stocks are better than A shares?
Entering 2021, Hong Kong stocks ushered in a major explosion, breaking through 30,000 points at one time. As of January 22, it closed at 29,447.85, a cumulative increase of 8.14% this year.
Will Hong Kong stocks be more attractive than A shares?
Many institutional analysts believe that there is a high probability that Hong Kong stocks will outperform A shares in 2021.
For example, Zhang Yidong, global chief strategist at Industrial Securities, said that the expected return on Hong Kong stocks in 2021 is likely to be better than A-shares, focusing on core assets.
"Benefiting from the reallocation of Chinese residents' wealth and the reallocation of global funds to China, A shares and Hong Kong stocks are becoming more integrated, more complementary and more complementary markets. The premium rate of AH shares will narrow in 2021, not because of the possibility of A shares. It will fall sharply, but because Hong Kong stocks have benefited from the joint increase of domestic capital from the south and overseas capital, and rise more." Zhang Yidong believes.
However, Gui Haoming, chief market expert at the Shenyin & Wanguo Securities Research Institute, reminded that Hong Kong stocks themselves have a demand for supplementary gains. Driven by a large amount of southward funds, the rise is understandable.
The current market forces are too strong, and there are certain speculative factors, which will definitely return after a long time.