dragontigergate2| Volatility of micro-cap stocks intensifies, and many heavyweights hit new highs

Huang Xiang, a reporter from the Securities Times

This week, A shares ushered in a shock adjustment after the release of the new "National Nine articles". As of April 19, the Prev closed at 3065.Dragontigergate2.26 points, a weekly increase of 1.52%. The gem continued to decline, with the gem index falling 0.39% a week, the lowest closing point since March.

Judging from the trend of the stock index this week, the release of the new "National Nine articles" has a significant impact on the market, and investors' differences in policy interpretation have also caused obvious fluctuations in the market. On April 15, the market index rose collectively under the positive catalysis, but small-cap stocks were slaughtered sharply, resulting in a sharp differentiation between large and small stocks. According to statistics, the Shanghai Composite Index rose 1.26% on April 15, while the CSI 2000 Index fell 4.07%, and the latter fell another 7.16% on April 16.

In this regard, the market interpreted it as related to the increased delisting supervision and dividend policy in the New deal, and then regulators responded in time to clarify that delisting supervision did not and should not preset the number. And the new rules are aimed at companies that have the ability to pay dividends but the dividend ratio remains low. The market has interpreted that delisting without dividends is a kind of misreading.

Buoyed by the news, small-cap stocks rebounded strongly on April 17. As of April 19, the CSI 2000 index was down about 4.9%, and the microdisk index was down 12.12%. In this regard, brokerage analysis believes that the trend of micro-disk stocks is more sensitive to the economic environment and market sentiment, and when the style changes rapidly, investors may withdraw from micro-disk stocks quickly. this will lead to potential liquidity risk and collective stampede risk.

As the new "National Nine articles" has paid more attention to the dividend rate, market investors have increased the weight of the dividend rate in the investment considerations. On the trading day of the week after the release of the new policy, concept stocks such as banks, coal and central enterprises have risen significantly, and high dividend, cyclical and heavyweight stocks have an advantage in the current market style.

Heavyweights have performed well this week, with several trillions of leading stocks hitting record highs. On April 19, CNOOC reached an intraday high of 11.06 yuan per share, CNOOC shares reached 31.10 yuan per share in intraday trading, and Bank of China rose to 4.74 yuan per share in intraday trading, all setting new record highs for their share prices. In addition, this week, Zijin Mining, Luoyang Molybdenum Industry, Racing Wheel Tire, Yutong bus and other large market value heavyweights also set a record high, the industry plate is mainly concentrated in non-ferrous metals, machinery and equipment, transportation, automotive, petrochemical plate.

The low-altitude economy, solid-state batteries and blue chip stocks are also hot topics this week.

Recently, the low-altitude economy is good again. A few days ago, the National Development and Reform Commission said that the low-altitude economy is a typical representative of new productive forces, and it is of great significance and bright prospects to actively and steadily promote the development of the low-altitude economy. The Ministry of Industry and Information Technology also spoke out to actively cultivate high-tech enterprises in the field of low-altitude economy to accelerate technological research and model innovation of low-altitude Zhaopin. in addition, Suzhou held a conference on industrial promotion of low-altitude economy and issued relevant industrial policies, which also gained high attention. In terms of individual stocks, CITIC Hai Zhi 5 days 4 boards, Zhongheng Design, Weiao shares 3 consecutive boards, Andaville 2 continuous boards, itsDragontigergate2His low-level economic concept stocks also maintained a high level of activity.

At present, it is the annual reporting season. As of April 19th, a total of 2166 A-share listed companies have officially released their annual reports and 196 have officially released their quarterly reports. In the near future, market funds have piled up to distribute blue chip stocks, and sectors with good performance have continued to soar. Citic Bank gained the daily limit on April 17, and rose more than 9% again the day after that. Driven by this, a large number of white horse stocks soared collectively, including Xinhua Insurance, China Life Insurance of the insurance sector, Midea of the home appliance industry, Haier Zhijia and so on.

The brokerage research newspaper believes that under the background of the optimization of the capital market system, the market blue chip stocks and pro-cyclical sectors show a strong growth momentum, and the market competitiveness of market blue chip stocks has been strengthened, while the pro-cyclical plate shows a strong anti-risk ability.

Looking to the future, brokerage institutions believe that the new "National Nine articles" will bring benefits to the medium-and long-term healthy development of A shares. The new "National Nine articles" is led by the word "strict", listed companies speed up the pace of survival of the fittest, and the efficiency of resource allocation in the capital market is expected to be greatly improved.

Tianfeng Securities said that the new "National Nine articles" focuses on clarifying the rules for the development of the capital market and strengthening supervision over risks that endanger the sound development of the capital market. The landing of the new "National Nine articles" and the subsequent supporting rules will help the capital market to clean up chaos, reshape value, and enhance the inherent stability of the capital market, and the quality of listed companies is expected to be further improved, the capital structure is more reasonable, and the basic system is more perfect. Market regulation mechanism is more effective, professional services are more high-quality, supervision and law enforcement are more stringent, and A shares can better support the real economy and return investors.

Citic Securities believes that with the landing of the new "National Nine articles" and the gradual clarity of the framework of the new round of capital market policy system, the focus of reform has shifted to the investment side, focusing on improving the quality of listed companies and investors' returns. consolidate the important foundation for the medium-and long-term healthy development of China's capital market, and the short-term policy is more conducive to the market style and dividend strategy.

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