BYD's plunge down the new energy?Blue chip protection disconnected "style conversion" conjecture

The "style conversion" of the market is always caught off guard. And this time, the time for the full change of style may be after the semi -annual report was announced.

On the morning of August 31st, due to Buffett's reduction, BYD (002594.SZ) A shares fell 7.14%, and the new energy industry chain was dragged down. The two cities were sold for half a day.

Compared with the new energy sector, low -valuations such as banks, real estate, and home appliances performed dazzling. Bank of Ningbo (002142.SZ) rose 5.41%, leading bank stocks, Vanke A (000002.SZ), Gree Electric (000651. SZ) performance exceeded expectations, rising 4.66%and 4.32%, respectively, leading real estate and home appliances stocks.

Industry insiders believe that a new round of style conversion may come again, and market style conversion will come earlier than performance changes, and the market "seesaw" will be likely to be staged; on the other hand, the Fed's continued interest rate hike expects to restrict domestic monetary policy space. It is also a factor that caused growth stock adjustment and value stock return.

Hu Yu, chief economist of Xinding Fund, told the First Financial reporter that it is strongly optimistic about financial real estate stocks. For the real estate industry, the policy still has a chance to make further efforts. From the perspective of current consumption, investment and other data, it is necessary to further release the signal of "steady growth". It is expected that related data will have a greater opportunity to bottom out in September and October.

Fan Jituo, an analyst at Cinda Securities Strategy, also believes that the catalyst of the style switching may be the adjustment of US stocks and changes in interest rates.

Fan Jituo analyzed that in the early days of the market rebound in May, growth stocks rose sharply. At the level of transactions and capital, it was similar to the quarterly quarterly rebound in the fourth quarter of 2015: without incremental funds, the growth valuation expanded with ceiling (last year's last year (last year's ones last year (last year's last year (last year's ones last year (last year's last year The relative valuation is the ceiling). According to the experience at the end of 2015, after the quarterly rebound, even if the performance is no problem, the style will change. Most of the style switching is leading performance. The excess revenue of growth stocks in the second quarter of 2015 was over, but the growth stocks did not deteriorate and economic indicators did not improve until the end of 2016; Improvement of profitability is not just a rebound.

Deng Lijun, an analyst at Northeast Securities Strategic Strategy, said that in general, in the context of weak profitability, strong domestic liquidity impact is mainly based on small and medium disk growth, and if the influence of overseas liquidity is strong, the value of large markets is mainly. At present, August has sufficient liquidity to support the style of small and medium -sized disks. However, from the recent statement of the Fed's statement, the follow -up rate hikes are still still in the context of inflation, and there is a certain constraint on domestic looseness. In the following, the market grows from small and medium -sized disks, turning to the style of growth and value, broader market and small disk.

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