A shares structural market B, is the "zombie stock" started a large area.
12 months, some of the stock liquidity problem, a sharp decline in trading volume, or even sideways more than 10 minutes, several times after trading as the overseas market stagnation, zombie stocks like, sometimes actually No one shows any interest in.The sharp decline in the volume of
turnover has also been evident in recent days. Wind statistics show that since the beginning of December to December 25th, the average daily turnover increased gradually in stocks below 10 million since December, as of December 25th, the stock average daily turnover of less than 10 million of the 137 stocks, the average daily turnover of less than 20 million of the 759.Many
fund managers have pointed out that this phenomenon can be seen as a feature of the internationalization of the A shares and the development of the domestic capital market. It also means that institutional investors are bound to pay more attention to the liquidity of the stocks, and the "ambition" phenomenon may be greatly reduced.
"zombie" is a large area of
, "I expect that there will be more and more" botany shares "in China. The investment ideas and methods of institutions will also be integrated with international mature capital market step by step, which is a historical trend of the development of domestic capital market. Guangdong Fulida Asset Management Limited investment director Fan Jihao.
12 months, some stocks have liquidity problems, a sharp decline in trading volume, or even sideways more than 10 minutes, several times after trading as the overseas market stagnation, zombie stocks like, sometimes actually No one shows any interest in.
called the "zombie", refers to a long period of time not sideways, do not fall up stock. There may be some well - looking stocks in the stock market, but their performance is like "zombie".
, for example, in December 13th, Ningbo Jingda (603088.SH) after half an hour without a transaction, the time trend into the level of the word, all day long turnover is only 3 million 110 thousand, the turnover rate is 0.09%; then in December 14th 4, 11 in the morning to 11:14 in the share price of 41.49 yuan, Ningbo Jingda sideways at about 10 minutes, all day long turnover of 8 million 500 thousand yuan. Exchange rate is only 0.26%.
Wind statistics show that since the middle market fell in mid November, the number of stocks with an average daily turnover of less than 10 million has been increasing. Since December, there are 137 stocks with an average daily turnover less than 10 million, and 759 of them have an average daily turnover of less than 20 million. In November 1st, only 93 shares of A shares were less than 10 million yuan, and 263 were increased in November 30th.
12 25, Shanghai Composite Index fell 0.5%, 3280.46 points, the gem pointed to 1.32%, 1755.81 points. There are 217 stocks in the two cities of Shanghai and Shenzhen on the same day less than 10 million (excluding new shares and one word board).
, up to the latest data, 726 of the 759 stocks whose average daily turnover is less than 20 million is less than 10 billion, and 37 cities are below 2 billion. The total market value of 300029.SZ is the smallest, only 1 billion 504 million. The common point of such stocks is that the general market value is small, the performance is poor, and the valuation is high.
Fan Jihao believes that through Shanghai and Hong Kong through Hong Kong, and Shanghai shares through deep shares through the Interconnection Strategy of the mainland and Hongkong capital market gradually mature docking, to allow domestic investors to understand the international contact gradually mature capital market rules and investment philosophy, investment focus on the excellent performance of large enterprises, which is part of small cap stocks one of the reasons for the low volume."
second is strict supervision, resulting in market manipulation and other illegal acts have no chance, since 2017, the Commission Chinese strictly administering the city, out of a total of more than 200 ticket, fines of more than 7 billion yuan, part of the stock market funds are highly Kongpan, in view of the strict supervision, can not achieve the manipulation, resulting in low volume the situation." Fan Jihao said.First financial
also noted that nearly two years since the issue of speed and the number of shares significantly accelerated the record number of records China stock market since the 2016, A IPO shares a total of 23 batches of a total of 247, A shares in 2017 is expected to issue 436 new shares, a total of 683 NEW shares for two years, a large number of shares of a single stock increase attention was reduced, resulting in a part of the stock trading volume is low, the formation of "zombie" situation.
considerations for a stock liquidity
"the market is concerned about the 'zombie stock'. The 'zombie' stocks' developed countries are normal. Not only Hong Kong shares, Taiwan, but also in the European market, many stocks have a small volume of daily turnover, which is also an important feature of the internationalization of A shares. When the market starts to pay attention to the liquidity of the rights and interests of the investment, it gives a premium to the active stock. " On the 25 day, the director of the investment fund of a public fund in Beijing told the first finance and economics.
this year, small cap stocks outflow is obvious. Low volume stocks have springing up. On the B side, the blue chip Baima share has attracted a large number of institutional funds showing a continuous rise, which is also an important feature of institutional capital leading the market.The features of
are also increasingly closer to the characteristics of overseas mature markets.
this year, A shares have undergone severe structural differentiation, and the overall performance of blue chip blue chips is significantly higher than the small and medium market stock. If you look at the comprehensive index that covers the whole market, it will cause an illusion that this year's A shares are not doing well,
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