The Logic Of A Shares Has Quietly Changed. Is Your Investment OK?

"Beautiful 50" is becoming hot, ST shares are cold, and "cash cows" are favored.

In the first half of the year, the A share market showed structural differentiation.

Behind this shift, the logic of making A shares has quietly changed.

How did your investment go? After entering 2017, Zheng Shen, a Shanghai investor with more than 20 years of stock market experience, found that the investment tricks that had been repeatedly tested for many years were "not bright".

He threw out his ST shares and small cap stocks and bought several stocks with 50 undervaluation and high dividends.

In mid - year inventory, Zheng Xin was satisfied with the first half of the year.

"The trend of the market has changed, and the scattered investment habits have changed."

Zheng Shen said.

Like Zheng Shen, many retail investors and institutional investors make the move to adjust the stock market direction.

In the first half of this year, the Shanghai and Shenzhen stock index achieved 2.86% and 3.46% positive returns respectively, and the SME board index rose more than 7%.

Over the same period, the Shanghai Stock Exchange 50 index, which was known as "beautiful 50", rose by 11.5%. The gem index with high valuations recorded a cumulative decline of over 7%.

While the blue chip camp is strong, nearly 70% stocks in the Shanghai and Shenzhen two cities have fallen, and nearly 400 stocks have fallen by more than 30%.

In fact, in addition to the differentiation of "beautiful 50" and "fatal 3000", there have been many notable changes in the A share market. The ST stocks, sub shares and high delivery that had been favored by the market were "cold" in recent months.

Statistics show that in the first half of the year, the ST shares accounted for seven seats in the 10 largest share price declines.

Of the 78 ST stocks, 65 fell and 42 fell by more than 30%.

Over the same period, the high delivery index and Shenzhen stock index fell 12% and 28.6% respectively.

Yang Delong, chief economist of Qianhai open source fund, believes that "white horse stock" has continued to hit a new high, with poor performance stocks and overvalued stocks falling, indicating that the stock market idea in the first half of the year is "performance is king".

Chou Yanying, chief consultant of Beijing pin Asset Management Co., Ltd., said that while a large number of funds were collecting blue chips, the stock market that had been popular in the past was abandoned.

"This situation shows that some investors, especially retail investors, have gradually abandoned the traditional idea of" scrambled concepts and made quick money ".

Chou Yanying said.

From the perspective of supply and demand, the supply of new shares increased and the supervision of major assets reorganization became stricter under the normalization of IPO. The scarcity value of the theme stocks such as shell resources was diluted, and the enthusiasm of market speculation cooled down.

From the point of view of regulation, the SFC strengthened the reduction of important shareholders, especially the regulation of "high" pfer "matching" in the public voice.

This not only enhances investors' long-term shareholding intention, but also guides the market to pay attention to "cash cows" that turn to long-term stable dividends.

In addition, in late June, four degrees of "breaking through"

MSCI was eventually included in the global index.

The "reduced version" scheme is targeted at Shanghai / Shenzhen Stock Exchange, which has prompted A investors to focus more on blue chip stocks.

"Eliminating the distortion of profit and loss caused by the relatively small share of A shares in circulation capital, many investors, especially" Xiao San ", stick to their original investment habits and fail to step on the pace of market style switching.

Chou Yanying believes that the value investing culture of the A share market still needs further cultivation.

It is worth noting that the market has entered the market since July.

Blue chips remain unenthusiastic, and the Shanghai Composite Index 50 hit a new high of a year and 11 on the same day.

In the view of some market participants, market hot spots may no longer be persistent in the second half of the year.

"And began to expand to second tier blue chips and some growth stocks supported by performance. Leading enterprises in different sectors will receive more financial attention.

"In the future, high quality companies with sustainable growth will get high valuations from the market."

Wang Zhongbo, partner of Guan he (Zhejiang) Asset Management Co., Ltd., said that under the background of the internationalization of capital market and the continuous marketization of stock issuance, "blue chip premium" will not only push the A share valuation system closer to the mature market, but also lead the pformation of A share earning logic from "speculation" to "investment".

For more information, please pay attention to the world clothing shoes and hats and Internet cafes.