Yesterday, the country ushered in the largest range of snowfall this year. Many investors who walked into the stock exchange with the wind and snow experienced the "chill" of deep winter in the stock market.
Plummeted 920.46 points! The Shenzhen Component Index hit its biggest one-day drop in history yesterday. The Shanghai Composite Index also fell by 266.08 points yesterday, and the two barriers of 5100 points and 5000 points were broken one after another. The decline of 5.14% was also the biggest drop in six months.
"Black Monday" plunged more than 5%
From July to October last year, the market once set a record of 12 consecutive "Red Mondays". However, after the market entered the mid-term adjustment, investors increasingly found that "Black Monday" often happened by chance.
The Shanghai Composite Index opened slightly higher at 5188.79 points yesterday and quickly stood above 5200 points. Just before the investors had time to be thankful that the plunge of US stocks and Hong Kong stocks and China Ping An’s (601318) 100 billion yuan financing failed to have a significant impact on the market, wave after wave of continuous decline began.
At 9: 34, the Shanghai Composite Index turned from red to green; At 10: 33, the Shanghai Composite Index fell below 5,100 points; At 2: 23 pm, the Shanghai Composite Index fell below the 5000 mark after several struggles; At 2: 50, the Shanghai Composite Index fell below 4,900 points, reaching a minimum of 4,891.29 points. In the end, the Shanghai Composite Index closed at 4,914.44 points, down 266.08 points or 5.14%.
The trend of Shenzhen Component Index is similar to that of Shanghai Composite Index, with the lowest reaching 17,133.93 points, down nearly 1,000 points. In the end, the Shenzhen Component Index closed at 17,210.93 points, down 920.46 points, the biggest drop in a single day in history. Only 186 stocks in the two cities rose, and more than 1,000 stocks fell. The ratio of the number of rising households to the number of falling households exceeds 1: 7. According to rough calculation, the market value of the two cities is nearly 1.7 trillion yuan a day.
The two cities have run out of ink. Except for the venture capital sector, which fell by 0.83%, the other sectors all fell by more than 2%. China Petroleum (601857) broke the previous low again, falling 5.535% to close at 27.48 yuan yesterday. The banking sector fell by 5.92%, the steel sector fell by 6.30%, the brokerage sector fell by 6.85%, and China Ping An, Northeast Securities (000686), nanshan aluminum (600219) and Dongfang Thermal Power (000958) all fell.
The short-term market is not optimistic.
The continuous sharp decline in the market has made many investors feel very anxious.
As for yesterday’s market performance, industry experts believe that there are four reasons for the market’s continuous decline: First, under the situation that China’s economy is getting closer and closer to the outside world, the US subprime mortgage crisis has caused the external market to weaken again, and the pessimism and panic in the external market are enough to implicate A shares; Second, the government’s macro-control, last Wednesday, the central bank raised the deposit reserve ratio again, which further strengthened investors’ cautious expectations of the market; Third, the pressure of funds, China Ping An’s 150 billion yuan refinancing will quickly absorb the current funds in the A-share market, thus suppressing the rebound space of the broader market; Fourth, the Shanghai Composite Index fell below the 5000-point important psychological defense line, and investors began to have psychological panic, selling their stocks sharply, which further accelerated the decline of the stock index.
"If it weren’t for China Ping An’s 150 billion yuan refinancing, the decline of the market should be eased." Sun Pengru, an analyst at CITIC Jiantou Securities, said, "China Ping An’s refinancing on such a large scale has brought far greater impact on the market than its own financing scale. It not only brought serious panic to the market, but also dealt a heavy blow to investors’ investment confidence. Unless there is a more’ spectacular’ money-making effect to stimulate investors’ long-term emotions, the future trend of the broader market is hard to imagine. "
Regarding the risks faced by the market at present, Sun Peng said that from the current situation, the leading losers are financial, real estate and large-cap heavyweights. If these big blue-chip stocks continue to fall, the medium-term trend of the market will change.
In addition, with the decline of heavyweights, the market valuation level will change. Because large-cap stocks account for a large market share. If calculated according to the market value of the company itself, a heavyweight stock will be worth dozens or even hundreds of ordinary market value stocks. Therefore, once the P/E ratio of big blue-chip stocks declines, it will change the overall P/E ratio of the market. From this point of view, the reasonable valuation level of other stocks will also decline to a certain extent, which will directly affect the change of stock prices.
Theme stocks still have investment opportunities.
However, there is still a little red star shining among the evergreen trees of the stock market.
*ST Canghua (600722), Guomai Technology (002093) and other restructuring stocks and theme stocks not only failed to follow the decline of the stock index, but continued to rise in the red market. Among them, *ST Canghua continued to maintain its daily limit, and Guomai Technology once again hit a new high in 58 yuan. Investors in theme stocks still gained some gains in yesterday’s trend.
Xu Ning, an analyst at Hualin Securities, said that stocks with good resilience when the stock index falls across the board can often get out of the trend of being stronger than the broader market after the stock index stabilizes. Considering that these stocks generally have potential fundamental positive factors, the share prices of these companies will not be dragged down by the weakening of the broader market, and investors should focus on these stocks.
In addition, considering the prospect of enterprises going public through restructuring *ST companies, many market participants believe that the current *ST listed companies have strong investment value. "If we properly grasp the market of restructured stocks and theme stocks, we should be able to achieve good investment returns in the first half of this year." Xu Ning said.
But Yang Menghua, a senior analyst in fortune securities, is not optimistic about the opportunities of theme stocks. Yang Menghua believes that there is too much information asymmetry in restructured stocks. If ordinary investors do not understand the essence of corporate restructuring and rashly participate in the speculation of asset restructuring stocks, there may be major losses.
"Restructured stocks and theme stocks often lack the support of the company’s substantive performance, and the composition of speculation is high. If investors participate in the speculation of theme stocks, they should set a stop-loss position and control the investment risk. At the same time, *ST stocks have the risk of delisting. If the stocks held by investors are delisted, they will face greater investment risks. " Yang Menghua said. (Jie Chen Zhou Kejing Chloe Wang)
Editor: Yin Wei