Margin Trading Starts Two Months - Investors Have No Ticket To Melt.

On the 31 th of this month, margin trading has been on the domestic capital market for two months.

Yesterday, Liu Xinhua, vice chairman of the securities and Futures Commission, said that since the launch of the margin trading scheme, the second batch of securities lending and securities pilot securities companies will also be released this month.

However, in an interview, reporters found that in the middle of April to the middle of May, the stock market fell sharply. Investors had plenty of margin trading power. However, because of the reluctance of securities companies to lend securities, the market was trapped in the embarrassment of "no coupons can be melted".

At the same time, compared with stock index futures, the attention of margin trading is not high. So far, the total amount of margin trading and margin trading of 900 million yuan in the two cities is very large compared with the total amount of 30 billion pactions that securities dealers initially envisaged.

The scale of securities lending is only more than ten thousand in two months.

Since the introduction of margin trading, most of the market operations are mainly financing, and margin trading has accounted for only a very small part.

As of May 25th, the balance of margin trading amounted to 955 million yuan.

The financing balance is 937 million yuan, while the margin is 18 million yuan.

Visible financing accounted for 98%, while margin accounted for only 2%.

Between mid April and mid May, why investors are willing to raise more money than they want to sell securities? Analysts say that investors are reluctant to sell securities, but that they sell too little.

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Xu Weimin, a researcher at debbond securities, said that since the middle of April, the market has dropped a lot, and the market has a lot of incentive to sell it. But because the margin is too small, and the securities companies are reluctant to lend stocks, the selling volume of margin trading is still very small.

The first business research report pointed out that most of the underlying securities can only be bought through financing, and can not be sold through margin trading.

In the direction of financing buying, the securities companies offer basically 90 constituent stocks of Shanghai 50 and Shenzhen composite index, while in the direction of financing and selling, there are few varieties provided by various brokerages, ranging from a few to a dozen or so.

Take bank shares as an example, 12 constituent stocks can be bought through six brokerages financing, while only 5 can sell them through margin trading, and they should be carried out through different brokerages.

If CITIC Securities can only finance the sale of Merchants Bank and Bank of communications, Haitong Securities has only ICBC and Shenzhen development, while GF Securities has only one bank of China Merchants. Guotai Junan Securities and Everbright Securities do not have any bank shares available for investors to melt.

Wu Biqiang, the customer manager of GF Securities, said that compared with the securities companies, the margin trading means a game with the securities companies, because the stocks that can be melted are securities that the securities companies are optimistic about.

Ding Xiaoling, the first business researcher, believes that the total amount of margin trading is far from the initial plan of the pilot securities companies. The initial six brokerages planned to raise the total amount of margin trading to 30 billion, but now only more than 900 million.

At present, the high threshold of margin trading is the main problem leading to less participants.

Margin trading profits and losses remain unchanged

According to Wu Biqiang, customer manager of GF Securities, in general, financing is the main form, and some small and medium-sized investors do some layout when the market is low. The clients who participate in margin trading are basically flat even with little profit.

Shanghai and Shenzhen stock exchange data statistics show that as of May 24th, 5 stock financing balance reached 30 million yuan level.

They are China Ping An, CITIC Guo'an, Changjiang Electric Power, Bank of China and Wuliangye.

There are more than 20 million yuan in financing balance, including Minsheng Bank, Changjiang Securities, Poly Real Estate and Pudong Development Bank.

Financial stocks in recent years have been more signs, China Ping An, Shenzhen Development of two stocks trading volume has always been the first, the Bank of China, Minsheng Bank, Bank of communications and other stocks, this week, the financial balance this week, respectively, the Shanghai and Shenzhen stock markets in the top five.

This week, CITIC Guoan became the "dark horse" of financing for the Shanghai and Shenzhen two cities.

On the same day, 30 million 659 thousand yuan entered CITIC Guoan, the financing balance was 32 million 738 thousand yuan, and the margin balance was only 59 thousand and 800 yuan.

On Wednesday's trading day, CITIC Guoan accumulated a total purchase of 47 million 100 thousand yuan, while the margin sales volume was 0.

On Monday, CITIC Guoan stopped trading. On Tuesday, the Shenzhen composite index fell 2.4%. CITIC Guoan increased 1% against the trend. Yesterday, the stock rose more than 8%.

These CITIC Guoan funds make a lot of profits.

CITIC Guoan has the concept of lithium battery. It is one of the few two key links in the domestic lithium battery industry chain, the upstream lithium carbonate and the downstream lithium ion battery company.

Analysts believe that the recent DESAY batteries led by the concept of lithium battery stocks rose, making investors buy financing to pursue CITIC Guoan.

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The linkage with the A share market has been strengthened.

Although the margin of financing has not yet formed, Shen Wan issued a report that the linkage between financing margin and the A share market is increasing.

As early as the beginning of last week, the sudden increase in the volume of margin trading in two cities showed to some extent that the attitude of the market was bearish, the probability of the market going down was relatively large. In May 24th, when the two cities opened up high and the Shanghai and Shenzhen 300 rose 3.78% all day, the amount of financing buying and margin selling increased significantly, and the amount of financing repayment also increased significantly, indicating that investors still had great differences in the short term trend of the market.

In terms of investment targets, investors are mainly buying financial services, food and beverage industries. For example, China Ping An, which has relatively large amount of financing, has a buying amount of 50 thousand yuan on the first day of the opening of the margin trading, followed by a daily buying volume of more than 7 million yuan, which is closely related to its strong competitiveness in the insurance field.

Comparatively speaking, under the influence of a series of regulatory policies of real estate, the popularity of real estate and related industries is insufficient.

Many researchers have reflected that the market share of real estate stocks is relatively large in the near future.

The oversold property stocks show its "bottom" value, but at the same time, because of the uncertainty of the policy, bad news may continue to emerge, and some real estate stocks are "very tangled" in the margin trading market.

In the 13 trading days from May 10th to Wednesday, statistics show that the amount of financing and short selling of some real estate stocks is very large.

On Wednesday, there were more gold groups in the market. Many of them sold more securities, such as poly real estate, investment real estate and other real estate stocks.