Off Site Funds Start Layout Margin Five Weeks Net Outflow

In the backdrop of last week's market turmoil, the securities margin ended five weeks of net outflow and achieved a net inflow of 16 billion 800 million yuan. Analysts believe that the net inflow of margin may mean part of off site funds coming in. At present, the structural market will remain the main theme of A shares. supervise Under the background of gradual standardization and concentrated disclosure of semi annual reports, market preference or shift to undervalued and stable stocks.

The data released by the insurance fund on Tuesday showed that last week, the securities guarantee money was spanferred to 16 billion 800 million yuan, and before that, the margin of securities had been spanferred for five consecutive weeks, with a total net outflow of 148 billion 300 million yuan.

Last week, the market showed a pattern of pre restraint and suppression. Last Tuesday, most sectors of A shares rose, gold, new energy vehicles, new shares and other popular themes "comeback" to promote the Shanghai stock index onto the 10 day moving average. Analysts believe that the market expected structural market or boosted A shares continued to break through, the market was aroused enthusiasm, and therefore may attract a large number of off court funds.

However, due to unexpected tightening of liquidity expectations, A shares had a sharp adjustment on Wednesday, and the Shanghai stock index fell below the 20 day moving average. Since then, some funds have begun to choose to escape from danger. Data show that last Friday, the securities guarantee net turned 30 billion 589 million yuan.

It is worth noting that in the backdrop of net inflow of securities margin last week, there has been a reverse reduction in margin balances. Data show that last week, the margin margin of securities was 1 trillion and 520 billion yuan, down from 1 trillion and 540 billion yuan in the previous week. In this regard, Everbright Securities (601788) strategy team believes that the margin balance does not match the margin direction or even contrary to the investor's opening behavior. In the case of a net inflow of guarantee last week, if investors use the funds in the account to add stocks to the stock, and the amount of the increase is higher than the net inflow of the guarantee money, Bond The balance will still drop.

Historical data show that from mid June to mid 7 months, stock index gradually increased from 2800 to 3000, while the margin of security continued to run out in the process. From the beginning of the week of July 11th, the market had a narrow range of shocks and consolidation. At the same time, the margin balance had dropped for three weeks in a row, and the rate of the first two weeks' decline was greater than the net outflow of the guarantee fund.

Analysts pointed out that this change means that in the process of market shock finishing, there is still a gradual increase in funding layout. In the future, under the background of market regulation tends to be standardized, capital The concerns are expected to shift from undervalued stocks with no performance support to value undervalued and stable value stocks.

In fact, investor sentiment has also been warmer in recent years. The weekly report released after China's settlement Tuesday showed that the number of new investors increased by 323 thousand and 800 last week, a slight increase of 1% over the past third weeks. Investor activity has also ended two weeks of decline. Everbright Securities strategy team believes that the structural market under the stock market is still expected to be the main theme of A shares, and the dominant factor in the market is expected to turn to the enterprises themselves.