"White Horse Stocks" encountered the "fixed -point blasting" institution dispute in the market market trend

During the process of communicating with a number of stock investors, the reporter found that compared with the continuous adjustment of the recent overall market, the white horse stocks that are constantly crashing like the "blind box" are the most confusing market phenomenon. "It's been a year since it has been falling, and (Shibai) should have fallen to the end, why can it be crashed?" Some investors issued such questions.

Author: Zheng Chenyi

Figure: Tuwa Creative

Guide

One || Since the Mid -Autumn Festival Holiday in September, the market has a major market value stocks in the market. Among them, the pharmaceutical sector has become the "hardest hit area" of this round of killing.

白 || In the process of visiting investment institutions for the "White Horse Curse", the reporter found that the interviewed institutions generally believe that the main pressure of market adjustment in the near future is mainly external factors, and the association with various market rumors is limited.

"One -day‘ kill ’, a white horse, A shares can always find a decline space in unexpected places.” After closing on September 22, in the exchange group of a stock investor, some investors commented on the market.

On the same day, the white horse, which caused investors' helpless ridicule, was known as the "Chinese Medicine Mao" Shiba (600436.SH).

On September 22, in the absence of obvious sharp news, the stock price of Pianzi suddenly plummeted, and the daily lows were approaching the daily limit during the day, setting a new low of 259.69 yuan/share, and then recovered. The stock price finally closed at 260.85 yuan. The amount reached 1.585 billion yuan, and the closing decrease was as high as 7.2%.

Economic Observation Network reporters have noticed that this is since the Mid -Autumn Festival holiday, following the 10 billion -dollar stocks after the Mid -Autumn Festival holiday (603259.SH), Sunshine Power (300274.SZ), and Oriental Fortune (300059.SZ), the 10th occurred. Weighing stocks of volume.

During the process of communicating with a number of stock investors, the reporter found that compared with the continuous adjustment of the recent overall market, the white horse stocks that are constantly crashing like the "blind box" are the most confusing market phenomenon.

"It's been a year since it has been falling, and (Shibai) should have fallen to the end, why can it be crashed?" Some investors issued such questions.

"White Horse Curse"

In the stock market, the phenomenon of constant white horse stocks is called "the curse of the white horse", which often becomes a true portrayal of the extremely sluggish market.

According to statistics from the Economic Observation Network, since the Mid -Autumn Festival holiday in September, there have been 10 large market value stocks in the market, which has fallen, and the pharmaceutical sector has become the "hardest hit area" of this round of killing.

On September 13th, the first trading day after the Mid -Autumn Festival holiday, the CXO sector leader, Ming Kang's daily limit, closed at 76.35 yuan/share on the same day (the stock price of this article was calculated before the previous reinvidection price), with a turnover of 5.78 billion yuan, the company's market value Evaporation of more than 25 billion yuan.

Subsequently, in the seven trading days from September 14th to September 22nd, Yao Ming Kangde had another 5 -day stock price and lost the 70 yuan integer mark. Now it still surrounds the horizontal disk around 68 yuan, and the price is this price, and the price is this price. Compared with the high point of 171.97 yuan/share on July 16 last year, the company has "cut".

In just three trading days, on Monday, September 19, "Medical Beauty Shuanglong" Aimei (300896.SZ) and Huaxi Biological (699363.SH) also plummeted. %, The stock price closed at 121.05 yuan/share, and directly penetrated the 120 -day moving average; Aimei closed at 11.6%, the turnover reached 1.858 billion yuan, and the market value of the day evaporated about 13.6 billion yuan.

On Tuesday, September 21st, the "Medical Division" Mai Rui Medical (300760.SZ), which was loved by the institution, also had a stock price diving. As of the day's close, it fell 7.21%, the stock price closed at 264 yuan/share, and the turnover reached 2.712 billion yuan. This Compared with the high point of 490.24 yuan on July 1 last year, the price has fallen 44.36%, and the total market value has shrunk by nearly 270 billion yuan.

On September 22, the "blind box" of the market opened on the "Chinese Medicine Mao" Pianzi. The company's stock price closed at 7.2%to 260.85 yuan/share. New lows since the 14th.

In addition, hundreds of billions of big white horses such as Oriental Fortune, San'an Optoelectronics (600703.SH), and Sunshine Power (300274.SZ) have also appeared in the past 7 trading days.

Among them, on September 15, the stock price of Sunshine Power fell 8.49%, and the total market value of the day evaporated nearly 15 billion yuan. Oriental wealth fell 10.78%on September 16, and the single -day market value shrinks by 32.8 billion yuan. San'an Optoelectronics was in September. On the 20th, it fell 7.05%and penetrated four short -term moving average. If the opening price of 23.98 yuan/share on September 15th, the total market value of San'an Optoelectronics has evaporated 26.688 billion yuan in 6 trading days.

The reporter noticed that from the perspective of the news, in addition to Pianzi, the above -mentioned white horse stocks with a large volume of volume have recently appeared in the market.

For example, the US President Bayeng signed an administrative order on September 12, Eastern Time to encourage American biotechnology, biological manufacturing and related research and development. It is the leader of the sector. The background of the flash collapse of the stock price of Oriental Fortune on September 16 was the "Opinions on Further Obosing the Opinions of the Institutional Transaction of the Orthopedic Institutional Institutional Transaction" issued by the General Office of the State Council on September 15. Financial services charges encourage securities, funds, guarantee and other institutions to further reduce service charges, and promote the reasonable reduction in financial infrastructure to reduce transactions, hosting, registration, liquidation and other costs.

In addition, on September 19, relevant executives such as Sanan Optoelectronics were taken away, and relevant departments will start market rumors such as medical and beauty institutions.

In addition, reporters from Economic Observation Network also noticed that since September 13, white horse stocks, which have occurred in succession, have also been long -term heavy stocks of institutions.

For example, according to the data disclosed by the interim reports of the above companies, the earliest opening of this round of Flash and Kangde, there are 128 fund companies managed by 1603 products. 26.31%. It is the good heart of Gelan, the manager of the Central European Star Fund. It is ranked seventh largest heavy stocks of China -Europe Medical Health on behalf of Gram's products, with a number of positions as high as 8.2151 million shares.

The successive white horse stocks also worsened the unsatisfactory public offering performance.

According to Wind statistics, as of September 23, 835 ordinary stock funds in the market, the average performance return in the past month was -17.1%, and some funds had a dynamic retracement even more than 40%.

"Peripheral pressure" urges "funding"?

In the process of visiting investment institutions for the "White Horse Curse", reporters found that the interviewed institutions generally believe that the main pressure of market adjustments in the near future is mainly external factors, and the association with various market rumors is limited.

The Huaxia Fund told reporters that although there have been many negative emotions in the A -share market in the near future, the adjustment pressure mainly comes from external risks. In the context of the accelerated tightening of the Fed's monetary policy, the US dollar rate hike exceeds expectations, the total global liquidity shrinks, leading to severe fluctuations in risk assets, and the pressure of RMB exchange rate depreciation; in addition, some rumors have caused market concerns, and the internal economic recovery is still recovering. In the case of unstable, investors' confidence has caused the femoral index to fall into inertia.

Guo Xichun, the chief equity investment officer of Xingshi Investment, told reporters that the recent tightening of the Fed and the trend of the US economy will be an important factor in the continuous impact of asset prices in the future. He pointed out that for the domestic market, the domestic economic fundamentals and economic expectations are the core factor, but it also needs to pay attention to the emotional conduction caused by the fluctuations of overseas markets.

"At present, the domestic stock market has maintained a shrinkage characteristics. The market sentiment is weak but has not further declined. After the Federal Reserve’ s interest rate hike landing, the actual impact of the domestic stock market will be lower than overseas markets. The depreciation of the RMB does not affect the maintenance of domestic liquidity. The current overall valuation of A shares is not high. The pressure on the valuation of A shares is significantly smaller than the US stocks. "Guo Xichun said.

Liu He, an investment manager of a private placement in Guangzhou, pointed out to reporters that some interpretations in the market at the moment will attribute white horse stocks to the corresponding market rumors, but in his opinion, this interpretation is tantamount to " Hold the answer to find a question. "

"It is rumored that it is an over -interpretation of the market. For example, the" US ban 'caused by CXO's turbulence on September 12. The main content is mainly to encourage the domestic production of pharmaceutical products, but it does not explicitly detailed the domestic CXO industry. As a result, rumors were finally fermented into a CXO ban. "Liu He said.

In Liu He's opinion, the above rumors are not enough to cause a sharp turbulence in the market.

"The white horse stocks that have collapsed have obvious characteristics, which should be caused by the fleeing of institutional funds." He pointed out.

The reporter checked market data and found that on September 13, the day of Yao Ming Kangde's plunge, its dragon and tiger list data showed that among the top five of Yaoming Kant's amount, there are 2 special seats in institutions, and their own selling themselves, each selling themselves. It was 139 million yuan and 245 million yuan. On September 20, in the San'an Optoelectronics Dragon Tiger List, there were 4 institutions in the seller, selling a total of nearly 700 million yuan.

For the situation where the agency sold together, Liu He believed that it was a manifestation of the return of valuation.

"Which company is the company? Now the market sentiment has led to different valuations. In addition, the recent market funds are slightly tightened. Liu He said.

A public fund manager in Shanghai also told reporters that a series of white horse stocks of this crash have not experienced a rebound market since April, and the performance growth rate of some companies has slowed down, and the growth of growth and valuation have occurred. Situation.

"Because these white horses have been calling back, there are too many callbacks. At a certain point, a certain point suddenly triggered the collapse of the market emotions. The funds began to step on and fled. For the popular stocks that rebounded after April, now there are still there is still a callback. The profit is in hand. When the fund manager is facing the pressure of redemption, it will consider abandoning the car Bao Shuai. " Huang Du, the fund manager of Jinxin Fund, also believes that the recent changes in market conditions have been mainly influenced by the risk transmission of peripheral markets, which has exacerbated market concerns.

Huang Biao told reporters that the market adjustment is a centralized release of risks at the bottom of the economy. It is a short -term adjustment category. Do not have to panic. The track segmentation leading company has significant barriers and long -term anti -risk capabilities. Technological innovation and performance growth will be the most long -lasting driving force for crossing cycle.

"Scientific and technological innovation and energy transformation related growth tracks are still high, and the performance growth of leading companies is strong. Although the valuation premium will fluctuate by macro risks in China and peripherals, these tracks are still in the market of mainstream market funds in the market. In the direction of long -term investment, solid performance will promote the fluctuation of the overall stock price; in addition, from the perspective of economic prospects, the current domestic economic growth rate is hovering at the bottom of the U -shaped, the inflation pressure is eased, the currency liquidity is very abundant, and the interest rate is low, which is conducive to market estimates The value is maintained at the level of neutrality. "Huang Duo further added.

Looking forward to the market outlook, the Great Wall Fund is bluntly. It is expected that before the Eleven National Day holiday, the market will maintain a "chicken rib" state. After the long holiday, as the "20th National Congress" will be held, the market transmission emotions will be guided, and the market transmission emotions will be emotional. It is expected to gradually warm up.

"The current changes in the more complex and frequent environment at this stage are coexisting in challenges and opportunities for the market. It may become the subject of mid -term persistence in the globalization, internal circulation, and various security themes. It is still a big direction. After mid -October, the theme of steady growth and recovery after the epidemic may present better elasticity. "Great Wall Fund said.

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