Two outstanding melt below 850 billion yuan financing suffered large net repayments
Last week, a stock market ups and downs, after earlier this week after the plunge, shares in the two-day rebound. But then a clear differentiation of 28, supported by index weight plates sideways shock, "small and medium" has dropped significantly, gem drop on Friday near 5%, overall effect has shrunk dramatically to make money in the market, financing is also active profit-taking. On March 4, Shenzhen two thawing totaled 843.536 billion yuan, a decline of more than 13 billion yuan.
Last week, a stock market ups and downs, after earlier this week after the plunge, shares in the two-day rebound. But then a clear differentiation of 28, supported by index weight plates sideways shock, "small and medium" has dropped significantly, gem drop on Friday near 5%, overall effect has shrunk dramatically to make money in the market, financing is also active profit-taking. On March 4, Shenzhen two thawing totaled 843.536 billion yuan, a decline of more than 13 billion yuan. Among them, the Shanghai stock market under both financial balance is reduced to 500 billion yuan. Future market volatile two-thaw balance will still be maintained with market fluctuations, the overall downward trend, forecast, 800 billion yuan, or bottom of the stage. In terms of layout, bodies remain short-term bullish cycle the defensive value of the stocks of the "small" remains cautious, but also optimistic about market valuations white horse unit.
Finance suffered large net repayments
On March 4 the financing balance was 841.204 billion yuan, a decline of 13.056 billion yuan; margin balances 2.333 billion yuan, the chain increased by 21 million Yuan. Sharp decline in financing at the date of the balance, mainly financing amount bought per cent reduction, reimbursement and financing from the upgrade are more obvious. Thus, financing financing after the opening slightly on March 2 and 3rd, again began to reduce financing position.
On Friday, Shen Wan level, 28 industry all suffered varying degrees of financing net repayments. Among them, non-banking finance, real estate and banking financing net repayments in the top three, 1.929 billion, 1.304 billion yuan and 1.139 billion yuan respectively. Meanwhile, chemicals, computers, media, utilities and electronics sector net repayments are more than 500 million Yuan. In contrast, leisure services, light manufacturing and construction materials industry financing net repayments are lower, no more than 100 million Yuan.
All melting in the underlying stocks, only 205 on Friday a stock financing net purchases. Among them, the song shares, cimc, Palm Gardens and financing net buying in the top three, 162 million Yuan, 98.9733 million Yuan and 93.7444 million Yuan respectively; pengxing resources and shenhuo shares of net buying in the forefront, 62.92 million Yuan and 53.25 million Yuan, respectively, the remaining stock amount is no more than 50 million Yuan.
Differentiation of 28 short-term continuing
Last week 28 differentiation in the market significantly, support in the short term the logic of this phenomenon is still working.
For the interpretation of cyclical stocks, guotai Junan securities said, the a-share market is a whole pattern of declining risk appetite and rising local appetite for risk, local offensive opportunities came from cycle products prices. Local risk appetite will rely more on cycle products price spikes rather than the supply side reforms, in March or April, seasonal factors will make the industrial boom of sequential improvement. Growth stock positions transferred to the process of cyclical stocks is not over yet. Configuration recommendations on optimizing banking, food and beverage, highway continue to focus on the real estate front and in the end of the chain cycle unit.
Shen Wan Hong Yuan securities believes that, in addition to outside the expected recovery of demand side and supply side reform, stronger cyclical stocks should be from the perspective of behavioral finance to understand, that the a-share institutional investors ranked pressure tends to find, the most flexible way of least resistance. With investors gradually confirmed growth unit into Digest overestimated value of big adjustment cycle, these original configuration in growth unit of positions need for adjustable warehouse again configuration, flows main has three article, a is to Bank, and utilities for representative of high dividend value unit; II is to food beverage, and medicine for representative of performance growth stable of traditional consumer; three is coal, and steel, and colored, for representative of Shang Middle strong cycle products.
In contrast, guangfa securities is more cautious on the market, think March market is still in a "breathing period", the market will "bear market rally", the hot plate rotation soon. Cyclical stocks are "weak rally reason, reverse" March will move into cyclical stocks long-term logic of "window period", investors should not be continued optimism, but beware of price increases in the early part of falsification. Decreases in the small-capitalization growth stocks early, but comprehensive valuation, economic and trade situation, has not reached the bottom. The next bear market rally round to underestimate the value of industry, including financial services, food and beverage, railway transport, housing construction, as well as cars and home appliances, these low valuations the market unit would be better choice cyclical stocks.
(Editor: Li UN659)
2016-03-08 10:55:54
Authorities wide nets
两融余额跌破8500亿元 融资遭遇大额净偿还
上周，A股市场走势跌宕起伏，经过了周初的大幅下挫之后，A股迎来两日反弹。但是随后便出现明显的二八分化，沪指在权重板块支撑下横盘震荡，“中小创”明显下跌，上周五创业板指跌幅接近5%，市场整体赚钱效应明显萎缩，融资客也积极获利回吐。3月4日沪深两市两融余额为8435.36亿元，环比下降逾130亿元。
上周，A股市场走势跌宕起伏，经过了周初的大幅下挫之后，A股迎来两日反弹。但是随后便出现明显的二八分化，沪指在权重板块支撑下横盘震荡，“中小创”明显下跌，上周五创业板指跌幅接近5%，市场整体赚钱效应明显萎缩，融资客也积极获利回吐。3月4日沪深两市两融余额为8435.36亿元，环比下降逾130亿元。其中，沪市两融余额更是降至了5000亿元下方。后市行情震荡之中两融余额仍将维系随行情波动、总体下降的态势，有预测认为，8000亿元或是阶段底部。在布局上，机构依旧短线看好周期股板块的防御价值，对“中小创”仍旧保持谨慎，同时还看好大盘低估值白马股。
融资遭遇大额净偿还
3月4日的融资余额为8412.04亿元，环比下降了130.56亿元；融券余额为23.33亿元，环比提升了0.21亿元。当日的融资余额大幅下降，主要系融资买入额环比降低、且融资偿还额环比提升均较为明显所致。由此，融资客在3月2日和3日小幅融资加仓之后，再度开始减少融资仓位。
上周五，28个申万一级行业均遭遇了不同程度的融资净偿还。其中，非银金融、房地产和银行业的融资净偿还额居前三位，分别为19.29亿元、13.04亿元和11.39亿元。同时，化工、计算机、传媒、公用事业和电子行业的净偿还额也均超过了5亿元。相对而言，休闲服务、轻工制造和建筑材料行业的融资净偿还额较低，均未超过1亿元。
所有两融标的股中，上周五仅有205只个股获得融资净买入。其中，宋都股份、中集集团、棕榈园林的融资净买入额居前三位，分别为1.62亿元、9897.33万元、9374.44万元；鹏欣资源和神火股份的净买入额也居前列，分别为6292万元和5325万元，其余个股的额度则均未超过5000万元。
二八分化短期延续
上周市场中二八分化明显，短期内支撑这一现象的逻辑料仍起作用。
对于周期股的演绎，国泰君安证券指出，A股市场呈现整体风险偏好下降和局部风险偏好上升的格局，局部进攻机会来自周期类产品涨价。局部风险偏好将更依赖于周期类产品涨价现象本身而非供给侧改革，三四月份季节性因素将使得工业品景气度环比改善。成长股仓位转移向周期股的过程尚未结束。行业配置上建议优选银行、食品饮料、高速公路；继续关注房地产链前端和中端的周期股。
申万宏源证券认为，除了供给侧改革和需求侧的复苏预期之外，周期股的走强更应该从行为金融的角度去理解，即A股机构投资者由于排名压力，总是倾向于寻找阻力最小、最具弹性的方向。随着投资者逐步确认成长股进入消化高估值的大调整周期，这些原来配置在成长股的仓位需要进行调仓再配置，流向主要有三条，一是以银行、公用事业为代表的高股息价值股；二是以食品饮料、医药为代表的业绩增长稳定的传统消费品；三是煤炭、钢铁、有色等为代表的上中游强周期品。
相对而言，广发证券则对市场较为谨慎，认为3月市场仍旧处于“喘息期”，市场将呈现“熊市反弹”行情，热点板块将轮动很快。周期股是“反弹有理、反转乏力”，3月份将进入周期股长期逻辑的“窗口期”，投资者不宜持续乐观，反而要当心部分前期涨价品种的证伪。而小盘成长股虽然前期跌幅较大，但综合估值、景气和仓位情况来看，尚没有到达底部。接下来熊市反弹轮到低估值行业，包括金融服务、食品饮料、铁路运输、房屋建设以及汽车和家电等，这些低估值大盘股将成为周期股外更好的选择。
(责任编辑：李辉 UN659)
2016-03-08 10:55:54
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