Original title: 7.5 trillion yuan evaporated at the beginning of the year, and US technology stocks suffered the biggest sell-off in a decade. A-share technology stocks panicked?Well-known institutions: technology stocks are still the mainstream, and foreign investors add only 8 undervalued stocks
As an important sector driving the upward trend of the U.S. stock index, technology stocks are as long as the U.S. stock index. Now U.S. technology stocks have suffered the biggest sell-off in a decade.
Expectations of interest rate hikes cause panic
U.S. stock technology stocks suffered the biggest sell-off in a decade
On Wednesday, January 5th, Eastern Time, the minutes of the December FOMC monetary policy meeting released by the Federal Reserve showed that Fed officials stated that a stronger economy and rising inflation may cause interest rates to rise earlier and faster than expected.
Affected by the tightening of monetary policy, U.S. technology stocks suffered the biggest sell-off since the 2008 financial crisis, leading to a further decline in the technology sector. The panic index rose 16.68% on January 5, Eastern Time, the largest single-day increase since December last year. .
Following the dumping of high-growth and high-valued stocks in December last year, hedge funds began to sell software stocks and chip stocks at a frantic rate in 2022. According to statistics from the prime broker Goldman Sachs Group, for the four consecutive trading days as of Tuesday, the amount of these stocks sold in U.S. dollars reached the highest level in more than a decade. As a result, some people call US technology stocks “the world‘s most vulnerable barrier lake.”
You must know that since the global outbreak of the new crown epidemic in 2020, the United States has continued to release water and adopted loose monetary policies. The most direct result is the continuous rise of the three major U.S. stock indexes. The United States has adopted a monetary tightening policy at the beginning of 2022, which may have a certain relationship with its constant inflation.
Tech stocks have a larger correction after the start of the year
From the perspective of the domestic market, the performance of the TMT industry in 2021 is relatively average, and technology-related theme funds do not have very good performance. The average growth rate of semiconductor industry theme funds in 2021 is only 11%, which is less than 1/4 of the increase of base metal industry theme funds. .
In terms of the stock market, from the perspective of various industries, since the beginning of 2022, U.S. stocks’ information technology has fallen nearly 6% (calculated based on the average rise and fall of individual stocks). The monthly decline ranks first in the industry for the first time in the past year. In just a few days, the market value of the information technology sector in the US stock market has evaporated by more than RMB 7.5 trillion. In the sector, UCloudlink has fallen by more than 65% since January, and shares such as Kingsoft Cloud and Bilibili have fallen by more than 15% since January; Microsoft’s stock price has fallen 10% from the 52-week high set on November 22. Prior to this, in November and December 2021, the U.S. stock information technology sector dropped as much as 7.08% and 3.21%.
At the same time, dragged down by US technology stocks and other reasons, the A-share technology sector has also performed in a downturn, with a cumulative decline of more than 3% since January, second only to the utility sector.
High valuations are a major cause of the decline in technology stocks
Under the tightening of currencies, other sectors of the US stock market, such as healthcare and public utilities, also suffered brutal bargaining. From a fundamental point of view, high valuation may be a major cause of the stock price plummet.
In the U.S. stock market, the average rolling price-earnings ratio of healthcare stocks is more than 600 times, the average price-earnings ratio of information technology stocks is more than 150 times, and the average price-earnings ratio of the declining telecom services is more than 1,000 times, which is a serious bubble.
In terms of A-shares, the overall rolling price-earnings ratio of the information technology sector is close to 60 times, ranking first in all industries, followed by daily consumption and medical care, with rolling price-earnings ratios exceeding 45 times.
In view of the stimulus of various unfavorable factors, technology stocks do not seem to be dominant. However, Wedbush analyst Dan Ives wrote in a report to clients: “In view of the Fed’s sell-off of technology stocks, we believe that the long-term technology stocks that will drive the fourth industrial revolution are now in oversold territory. The huge growth prospects for 18 months are very attractive.”
8 low-value technology stocks gain foreign capital gains
And the institution has a group rating
From the perspective of overseas investors, the decline in US technology stocks may only be short-lived. Huang Leping, chief analyst of Huatai Securities Technology and Electronics, said that technology and data have become the driving force of China’s economic growth, and technology-themed investments such as semiconductors and carbon neutrality will continue to become the main lines of A-shares.
Securities Times·Databao is based on the following conditions:
The latest valuation is less than 50 times,
There are more than 10 institutions holding group ratings,
QFII increased its positions in the third quarter quarter-on-quarter, and the latest closing day of Beijing Capital increased its positions compared with the end of December;
There are only 8 A-share technology stocks sorted out, and they belong to sub-sectors such as software, communication equipment, and telecommunications services.
Except for Venus Star, the remaining 7 shares are all newly held by QFII in the third quarter. Shinnet has a relatively high proportion of new entrants, and Venus Star and Tianrongxin, which have the highest proportion of shares held by Beishang Capital compared with the increase in positions at the end of December last year. Among them, Venus Star has received a Baotuan rating from 25 institutions, ranking first among the 8 stocks; the Internet software stock Guanghuan Xin. Low.
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