A Shares Restless Leverage Funds To Enter The Market In Many Ways: Two Brokerages Of The Securities Market, A Sharp Increase In Off The Field Allocation Of Funds To Rekindle North Capital With The "Hong Kong Capital" Highly Leveraged Into The Market

After the Spring Festival, the stock market was hot again. As of March 4th, the stock index has risen 10.86% since the Spring Festival, and the growth enterprise market index has risen by 22.63%. From February 19th to March 3rd, A shares were trading on a scale of more than one trillion in 10 consecutive trading days.

Along with the A share market being ignited, leveraged stocks gradually rose. Since February, the two balance has increased by 94 billion 171 million yuan (calculated according to the March 3rd disclosure information), of which the total balance of February has increased by about 61 billion yuan, the largest monthly increase since April 2019. A number of brokerage business people said that the risk appetite of financial customers has been repaired, and the lever of enthusiasm has been heating up.

In twenty-first Century, the economic news reporter noted that in addition to the formal two way of financing, over-the-counter asset allocation activities are also quietly reviving. Many people with capital companies said that as the market improved, investors' demand for capital rose. In addition to the domestic "leverage" funds, more and more investors are looking at the "capital" of lower capital cost.

Overheating on the sidelines

After the Spring Festival, the stock market plummeted and became warmer. Up to now, the Shanghai stock index has stood on three thousand points, and the gem represents a stronger performance, which once rushed to the highest level of 2293.46. As of March, the 4 daily newspaper closed at 2169.44.

As the market becomes more and more active, the market pays more attention to leveraged funds.

"If the market is good, we will get more customers. If there is no epidemic situation in the new year, our business will be better." A business manager of a Shenzhen capital allocation company said.

Despite the impact of the epidemic, the normal business of all walks of life has been affected, but the reporter has learned that at present, the allocation of capital companies have early "online office". According to the foregoing business manager, "the contract can be sent to you by express mail. After the deposit is struck, the loan can be made within 5 minutes. If the amount of money is relatively large, you can also choose to sign the contract at our office."

From the lever point of view, the reporter's secret visit to the three lines under the allocation of capital company's leverage is generally less than 5 times, the principal 50 thousand starts, the cost of capital is at 1.4%-1.8% monthly interest rate, generally require single ticket location in 30%-40%, most customer managers recommend 2-3 stocks.

Among them, the business manager with the highest leverage (5 times) said: "the monthly interest rate of the 5 times leverage is around 1.8%, and the contract is signed monthly. (if the principal reaches 1 million), it can reduce the monthly interest rate to 1.6%, and it can't be reduced any more. Now the bank takes the cost of the money to 1 points.

Specifically, at present, the main operation steps of OTC capital allocation are the allocation of margin, capital cost and contract period in advance by the capital allocation company and investors, and then the securities company provides securities account to the investors, authorizes the investors to send the authority of the investment instruction and the right to inquire, and at the same time requires investors to transfer the initial margin to the record account. Subsequently, investors can make use of the accounts provided by the allocation company.

However, in order to ensure operational safety, the allocation company will agree with the investors on risk clauses ahead of schedule.

In twenty-first Century, the economic news reporter learned from a personal independent account allocation contract that the terms of the risk control include that investors should not buy stocks that fall more than 8% on the same day and the first time to open a limit after a continuous limit. The total market value shall not exceed 10% of the average daily turnover of the first 5 trading days of the stock (except for trading or suspension of important matters).

In addition, the two sides will also set an early warning line and a clearing line. The general operation is a warning line when the margin of trading account is less than 60% (including this number). At this point, the business manager will notify investors to make up the warehouse, or even have the right to reduce or freeze part of the funds. When the trading account margin is less than 50% (including this figure), it will be liquidated.

"If it is profitable, it can also be extracted before the termination of the contract. Our company is in accordance with the 10 thousand integer extraction, T+1 arrival." Another customer manager in Shenzhen, who is engaged in stock distribution business, pointed out.

According to a Beijing asset management manager, the "old customers" who have done the matching business have a high degree of dependence on capital allocation and generally use highly leveraged ones. "My customers here are generally full of leverage (4 times), and one to two times people rarely come to us to match them, but the interest can not be too bad, or 1-2 points. According to the 800 thousand principal, 4 times leverage is about 1.5, two times, three times lower, about 1.3.

Compared with the over-the-counter allocation, the reporter noted that the style of the two investors was relatively cautious, and the leverage was generally less than 1:1, but the enthusiasm of the transaction did not drop.

Since the Spring Festival, the balance of financing has surged from 1 trillion and 20 billion yuan in February 3rd to 1 trillion and 100 billion yuan in March 3rd, of which the two balance in February 26th has exceeded the highest value of 1 trillion and 110 billion.

Shenzhen, a medium-sized brokerage business department, told reporters that "(two financial) business is good, the cycle is coming. (under the epidemic) everyone has nothing to do, and the stock market has the effect of making money.

But judging from the number of new accounts, the change is not obvious. The Sales Department added that the business department basically had no on-site customers, and the options, the gem and the two fusion had to be opened.

However, the business personnel also said: "the two financial customers are important customers to the securities business department, so long as the customers can go out, they will try to solve them."

Hongkong's capital raising

It is worth mentioning that in addition to the domestic "leverage" funds, the economic news reporters in twenty-first Century also noted that more and more investors were looking at the "capital" of lower capital cost.

Recently, reporters from the social platform to see such a message - "for listed companies, institutional investors, large household financing, Hongkong securities broker's highest credit three times leverage single vote full warehouse, through Lu shares and QFII transaction channel, using Hongkong low-cost funds to enlarge leverage to buy A shares."

The main advantages of this approach include the "land share trading" seat, which shows that Hongkong Central Clearing Co., Ltd. is not penetrated and safe. Hongkong has low capital cost, high cost performance, magnifying leverage, single ticket full warehouse 1:3, and single ticket quota can be two to three points of the highest credit market value, and the average cost of audit is based on the quality of the target, the credit line and the cycle, and the average cost. The annual change is between 9 and 10.

In fact, this news is not new in the A share market. Since February 2019, the capital of North has poured into A shares. There are market participants who suspect that they have mixed up with "fake foreign capital", that is, domestic institutions invest in A shares by setting up companies in Hongkong, and mainland investors themselves have overseas funds. They open accounts in Hongkong securities companies, use lower cost financing or capital allocation, and invest in A shares through land shares and QFII.

This phenomenon has also attracted the attention of the Hongkong Securities Regulatory Commission. But with the A share market improving, related businesses thrived again.

However, there are also private sector reporters on the twenty-first Century economic report that the Hongkong capital is not the "cost low to 3%-4%" and "maximum leverage multiple up to 10 times or more".

"(leverage) formal banks are not so high. We are doing leverage 1:1, and the cost of capital is 5%. Cheap (capital) can not give such a high leverage, and almost the same price in the domestic market." In March 3rd, a private equity partner in Shanghai said.

Financial investors favor technology stocks.

So where do these funds go to?

In twenty-first Century, the economic report reporters learned that through the open data and interviews, the leveraged funds that continued to enter the market have poured into the fields of science and technology, medicine and so on.

According to Wind statistics, since February, the top five of the net purchases of margin trading are electronic, computer, pharmaceutical, biological, chemical and communications industries. The amount of purchases is 17 billion 345 million yuan, 12 billion 390 million yuan, 7 billion 193 million yuan, 6 billion 396 million yuan and 5 billion 814 million yuan respectively, while five of the net sales amount are real estate, food and beverage, leisure service, merchandise trade and transportation. Don't be -15.02 billion yuan, 1 billion 197 million yuan, 1 billion 41 million yuan, 665 million yuan, 640 million yuan.

From the overall situation of post holiday financing customers, since February, a total of 292 stocks have been bought up by a total of over 100 million yuan, and 31 stocks have been raised by more than 500 million yuan. TCL technology, ZTE, Alex Hua Tian technology, conch cement, AVIC aircraft, and NavInfo 6 listed companies were more than 1 billion yuan. From the stock market, most of them are technology stocks.

On the other side, the Shenzhen capital allocation company also pointed out to reporters: "recently, there are more customers with technology stocks, and there will be a large number of science and technology funds waiting to enter the market. Although there are rumors about the guidance of science and Technology Fund window, there will still be a lot of money to buy. There will be certain requirements for most positions. Many funds will be filled one day. It is ammunition slowly enough, it is estimated that this year there are more opportunities for the stock market. "

A customer manager in Beijing, who was also engaged in capital allocation, also pointed out that "these two days can also be done in the market, with technology stocks and many medical shares. Because of the impact of the epidemic, we are enthusiastic about this aspect."

However, there are also some business people who say that they are not very recommended for clients to share with technology stocks. "We think there will be a callback of technology stocks. Now it is already very high. It is recommended that you do high-quality blue chips and the band is not small. If you do well, you can earn 50% by 10 points."

?