Home » 1.9 trillion yuan!The balance of the two cities and the financing of the two cities hit a new high in 6 years, the activity of leveraged funds remained stable-Wall Street

1.9 trillion yuan!The balance of the two cities and the financing of the two cities hit a new high in 6 years, the activity of leveraged funds remained stable-Wall Street

by admin

source: Shanghai Securities News

2021-09-10 13:09

Although the growth of the balance of the two financials did bring about a certain amount of incremental funds, the ratio of the transaction volume of the two financials to the total A-share transaction volume did not increase significantly, indicating that investors’ enthusiasm for increasing leverage has not risen.

Exchange data show that as of September 8, the total margin and securities lending balances of the Shanghai and Shenzhen stock exchanges amounted to 1,902.766 billion yuan, which is 1.9 trillion yuan again. The last time the balance of the two financial institutions was above 1.9 trillion yuan, it was still on July 3, 2015.

The growth of financing balance is still the main reason for promoting the expansion of the balance of the two financing. Since September, as the index hit a new high, the pace of financing funds entering the market has accelerated again. In the six trading days at the beginning of September, the accumulated financing balance increased by 24.17 billion yuan, and the latest financing balance was reported at 1,730.846 billion yuan.

With the continuous expansion of the balance of the two financial institutions, there has been a view in the market that “the centralized entry of leveraged funds drives the daily turnover of A shares to exceed one trillion yuan.” However, in the opinion of the interviewed institutions, although the growth of the balance of the two financial institutions has indeed brought a certain amount of incremental funds, the ratio of the transaction volume of the two financial institutions to the total A-share turnover has not increased significantly, indicating that investors’ enthusiasm for increasing leverage has not increased. .

Financing balance hits 6-year high

Since September, the pace of entry of financing funds has accelerated. On September 8 alone, the financing balance increased by 10.749 billion yuan in a single day. The latest financing balance was reported at 1,730.846 billion yuan, a record high in more than 6 years since July 2015.

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From the perspective of specific flow, although the overall financing balance is showing an expansion trend, the differences in the attitude of funds between the sector and individual stocks are still very obvious, which corresponds to the recent structural market conditions.

In terms of sectors, according to the CITIC industry, the non-bank financial sector has received a net purchase of 6.728 billion yuan in financing funds since September, ranking first among all industries. The net purchases of power equipment and new energy, non-ferrous metals, and construction sectors during the same period all exceeded 3 billion yuan. On the other side, the pharmaceutical, computer, and banking sectors all experienced different net financing repayments as the total financing balance increased.

In terms of individual stocks, power stocks have become the new favorite of financing customers. TBEA has received financing net purchases of 1.156 billion yuan since September, and its net purchases ranks first among all target stocks of the two financial institutions.

The brokerage sector has continued to increase financing since August. As the leading stock market leader in this round of brokerage stocks, Orient Securities’ stock price has risen by more than 70% since August. The stock’s financing balance has surged from about 1.8 billion yuan to the current 3.272 billion yuan, and the increase in financing balance “matches” the increase in stock prices.

The proportion of transactions between the two financial institutions remains stable

Although the total balance of the two financial institutions (mainly financing balance) continues to hit a high point for many years, this does not fully reflect the trading trends of leveraged funds. Analysts generally believe that the data of the two financials should be analyzed from multiple aspects, including the ratio of the daily increase of the two financials to the market volume of the day, and the ratio of the balance of the two financials to the market value of the entire market.

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Li Shihao, a strategist at CITIC Securities, said that in August, some on-market leverage indicators did not rise continuously, but showed a flat or even decline trend. For example, the overall leveraged capital turnover contribution rate of the A-share market in August has fallen from 11.6% in July to 9.9%. This is the first time since April this year that leveraged capital transactions accounted for less than 10% of the total transaction volume, indicating that investors The overall willingness to increase leverage has not increased.

The strategy team of Essence Securities believes that the rapid increase in the financing of the two financings has brought a certain amount of incremental funds to the market, but from the daily data of the transaction volume of the financing of the two financings in the turnover of A shares, its proportion has not increased significantly. It can be inferred from this that although the two financing funds in the current market are still growing, the ratio of transaction volume is still within the normal range, and its contribution to the continuous A-share daily transaction volume exceeding one trillion yuan in recent months is limited. .

The securities lending balance has also grown steadily

Compared with the financing balance, the increase in the securities lending balance has a relatively limited contribution to the increase in the balance of the two financings. Since the beginning of this year, the securities lending balance has steadily increased from around 140 billion yuan to the newly announced 171.92 billion yuan.

In the short term, the growth of securities lending balance is mainly concentrated in a few stocks, which is related to the securities lending behavior of the shareholders of related companies.

The data shows that in the past three months, the securities lending balance of the automobile manufacturing company Xiaokang shares has surged from less than 300 million yuan to the newly announced 1.103 billion yuan, and the increase in the securities lending balance ranks first among all the two financing target stocks in the same period. .

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Xiaokang shares announced on July 24 that it had received a notice from Dongfeng Motor Group Co., Ltd. (hereinafter referred to as “Dongfeng Group Shares”), a shareholder holding more than 5% of the shares, about participating in the refinancing securities lending business, and learned that Dongfeng Group Shares recently participated in the refinancing and securities lending business with part of the company’s tradable shares. As of July 21, Dongfeng Group shares have lent 13.58 million shares of the company (approximately 1% of the company’s total share capital).

Similarly, Zhongtai Chemical, which has recently “expanded” its securities lending balance by dozens of times, also disclosed its shareholders’ participation in the refinancing of securities lending business in July. The announcement shows that Huanpeng Company and Zhongtai Supply Chain, who are acting in concert with the controlling shareholders of Zhongtai Chemical, intend to participate in the refinancing securities lending business with no more than 21.46 million shares held by the company, and the number of loans shall not exceed 1% of the company’s total share capital. .

Author of this article: Fei Tianyuan, source: Shanghai Securities News, original title: “1.9 trillion yuan! The balance of the two cities and the financing has reached a new high in 6 years, and the activity of leveraged funds remains stable.”

Risk warning and exemption clause

Market risk, the investment need to be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, opinions, or conclusions in this article are consistent with their specific conditions. Invest accordingly at your own risk.

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