Over 80% of the positions
Original title: Less than 20% of the private placement of more than 80% of the positions. “Running” or “Stepping” Private placement is a big source: Securities Daily reporter Wang Ning is more than a month away from the end of this year, and various brokers have gradually released their market outlook for next year.They all believe that in the future, the “big bull” market will be the main body. For example, some bitcoin brokers CITIC Securities and Haitong Securities will successively release the 2020 A-share market research and judgment. CITIC Securities proposes that 2020 will usher in 2 to 3 years.”A well-off bull”, Haitong Securities Research believes that “the bull market is on the way.”
Although the brokerage firm reported frequently seeing more A shares, private placements have scaled against the trend.
“Securities Daily” reporter recently learned that up to now, the existing stock strategy private placement positions have been repeated freezing point, more than 80% of private placements has been sharply reduced to 18.
95%, at least 40% of private placements choose to lighten up defense.
A number of private equity sources told the Securities Daily reporter that most of the private equity positions are currently in a balanced state and structurally defensive. Although most private equity positions are profitable this year, they may end up in a certain situation.
Due to the limited upside and downside of A shares in the later period, the final structural opportunity is difficult to find. At present, the opportunity for next year has been allocated, and no special attention will be paid to the termination distortion.
Only less than 20% of private placements hold more than 80% of positions. From the current point of view, the brokerage research report is still mainly to sing more A shares.
Haitong Securities believes that the trend of the A-shares in 2020 is that the Shanghai Composite Index 2733 is likely to be the starting point for the second wave of bull market rises. The bottom line will turn to profitability and capital allocation will gradually strengthen.Three waves of theory, “bull” turned to the sky.
CITIC Securities believes that in 2020 China’s stock market will usher in a “well-off bull” in the new era, and A shares will enter the second stage of this round of bull market that will start in 2019.
Private placements are often a reflection of market sentiment.
“Securities Daily” reporter found from the private placement ranking network released the latest private placement index, found that the existing stock strategy private placement has replaced the freezing point, more than 80% of the private placement has dropped sharply to 18.
95%, at least 40% of private placements choose to lighten up defense.
As of the first half of this month (due to the lowest frequency of private equity product net value announcements, position estimates are relatively stagnant relative to public offerings), the stock strategy position index is 52.
21%, with a minimum of 53 during the year.
91%, up to 67.
62%; Equity strategy private placements once again replaced lows for the year.
There are also differences in the private placement index of different sizes. Above 10 billion US dollars, 5 billion 杭州桑拿 to 10 billion US dollars, 2 billion to 5 billion US dollars, and 1 billion to 2 billion private equity stocks, the latest position index is 68.
05%, generally the smaller the scale, the lower the position of the decreasing law.
On the whole, private equity positions are generally on a downward trend. The smaller the scale, the more flexible and convenient the operation is. This is also the advantage of small and medium-sized private equity that can adjust the positions in a timely manner when the market is volatile.
But the highest position also means that there is still enough incremental funds in the current market to enter the market at any time.
Bob Kong, chairman of Wukong Investment, said that the company’s current position is in a balanced state, and the position is not low, but the structure is appropriately defensive.
For the A-share market, there may be limited up and down space in the market, but it is prone to end up with transaction-level anomalies. It is necessary to actively seek structural opportunities without changing the main channel.
The Maodian Asset Investment and Research Department believes that although the private equity institutions as a whole have made more profits this year, they may end up in a certain situation.
As the current overall point and estimated value of all stocks is at a relatively low level, the reform of the capital market system has been further advanced, and the trend of foreign exchange growth has become more and more brilliant. The company has now configured the opportunities for next year and will not pay special attention to the final fluctuations.
Tian He Investment Director Wu Xiaofu also believes that various economic data in the third quarter and October show that the economy is still at the bottom, which suppresses the overall market risk value, but after the index is adjusted to the current position, the subsequent market need not be too pessimistic.Maintain the contradiction in the probability of structural market under interval shocks.
Therefore, the operating budget will continue the style of the conference, cautious with optimism, and actively seek structural opportunities in the arena.
More than half of the private placements choose aggressive strategies. A shares are currently in a consolidating trend. There is no clear signal of directional choice. Various types of investors have differentiated the value of A shares. Overseas investors are very optimistic about the market outlook, but internal investors are insteadGeneral caution.
Ended early, the options for private placement are different, and some have lowered their positions; it was found in investigations that as high as 43.
77% of private placements chose a defensive strategy, and some private placements believe that the probability and space of the broader market are much greater than downwards, so they chose to hold on to the position and wait for the bull market to come.
Zhiwei Investment’s chief strategist Liu Wei maintained a neutral position at the end of the year.
He told reporters that in the short term, the index will fluctuate within a narrow range. It has always been affected by the exchange rate, which interferes with monetary policy and liquidity expectations and interferes with the upward movement of the index; however, monetary policy prevents the expected upward gradual decline in the future.We will take measures to reduce the financing cost of the real economy. It is believed that in the next few months, the probability of the economy bottoming out and increasing will increase.
In specific operations, we will consider ending the profit settlement and wait for the market to stabilize gradually to increase the position.
Li Yinghong, chairman of Longmen Assets, said that it is more appropriate to maintain a relatively balanced configuration at the end of the year. The company’s style is to pursue absolute income. New products currently maintain a position of about 60% -70%, which can be attacked and retreated; becauseThe company is a value investment. At the present moment, it will make a better choice for individual stocks. For products with rich defense mats, choose a stock holding strategy.
Zhuang Hongdong, the general manager of the cheese fund, said that the company’s strategy remains the same, adopting a neutral thinking, and the position ratio is between 70% and 80%. However, in terms of configuration, it still maintains a strong risk control thinking and a balanced configuration.There are certain percentage restrictions.