Just one minute after Ping An’s diving (14.38), the decline of Shanghai 50 index expanded from 0.25% to 0.56%; just one minute after the diving of Industrial Bank’s share price (14.42), the decline of Shanghai 50 index also expanded from 0.47% to 0.69%, forming the second wave of decline.
In this regard, the Shanghai Stock Exchange said after hours on the 12th that in its real-time monitoring today, the Shanghai Stock Exchange noticed that a securities firm’s asset management plan account sold a large number of shares of “Ping An of China” and “Industrial Bank” at about 14:28 p.m., which led to the rapid decline of its share price and had a significant impact on the short-term trend of its share price.
Mysterious 10 minute “time difference”
According to the announcement of Shanghai Stock Exchange, the asset management plan account of a securities company sold a large number of two stocks around 14:28 p.m., but why did the diving of the two stocks start at 14:37 and 14:41?What’s the difference between 9 minutes and 13 minutes?
In view of the time difference between the centralized selling behavior and the stock price change, a senior market analyst said to the reporter:”maybe it is due to the long time of digesting the original order in the market price selling process.Ping An and Industrial Bank of China are all large blue chip stocks.Investors originally put up a large number of orders.When a large number of market price orders are put out, these orders first digest the original orders, and then deal with the subsequent low price orders one by one.Therefore, the decline of the company’s share price is delayed compared with the time when this large number of orders are put out.”
This person believes that this situation is more common in large blue chip stocks because of the large number of blue chip stocks, daily trading volume and the original number of orders.But in small cap stocks, a lot of selling will quickly drag down the company’s share price.
As for the reason for this abnormal situation, the industry speculates that the truth is not as mysterious as the outside legend, but that the procedural trading is wrong!
A person in charge of the derivatives Department of a securities company told reporters:”the risk control measures of the asset management of securities companies are relatively comprehensive.In the decision-making process of products, the investment decision of adjusting positions is generally implemented through the two levels of investment managers and traders.When there is no systematic risk in the market and the transaction of individual stocks is stable, this kind of behavior of centralized and large-scale selling is unreasonable, while the two levels of trading are unreasonable The probability of wrong decision-making is also very small.因此，实施量化投资策略的产品很可能存在非人为错误。程序化交易可能受网络不稳定、程序漏洞等因素影响，发布不合理指令，从而影响市场。”
尽管今年一季度末市场流动性趋紧，短期资金利率大幅上扬，但a股对利空消息没有反应，一季度上证综指收高。A recent questionnaire survey conducted by Shanghai Securities Journal on chief strategic analysts of more than 20 institutions also showed that analysts’ worries about the macroeconomic downturn, tight liquidity and RMB exchange rate fluctuations were significantly lower than those in the previous period, and 60% of analysts were bullish on the situation in the second quarter.
Optimistic about the second quarter A-share market, blue chip market is expected to continue
The survey results show that 60% of analysts are bullish on the A-share market in the second quarter.Among them, the interviewees’ confidence in China’s macro-economic situation continues to improve, and 70% of them think that China’s macro-economic situation has changed from “cold” to “normal”; the interviewees expect that the tight situation of market liquidity will ease in the second quarter, and more than 40% of them expect that over-the-counter funds will gradually return to the stock market in the second quarter.In addition, the performance of 70% of the listed companies surveyed will slightly improve than expected in the second quarter.Overall, analysts interviewed are optimistic about the A-share market in the second quarter.
[market hot spots]
In March, the investor confidence index dropped slightly and the resilience index climbed to a 15 month high
According to the survey report recently released by China Securities Investor Protection Fund Co., Ltd., the investor confidence index of China’s securities market in March 2017 was 54.8, a slight decline of 1.4% on a month on month basis, and the overall situation remained stable.In terms of sub index, the index rose for three consecutive months to 63.2, the highest since January 2016.
A shares keen on “speculation map” shows that the market is not mature enough
Raging like a storm, one belt, one road to the A, the other is the Hebei stock market.The related stocks are being fired, and the total number of the stocks in the Xiong new area is rising.The market has been rising rapidly, regardless of the fast rise of performance and return.Through historical comparison, we believe that the “speculation map” is closely related to policy expectations, but the historical track shows that after the hot speculation, there is a larger market decline and higher investment risk.
Stock index shock callback theme investment is still active
On Wednesday, the market started to shake up, with xiong’an concept stocks cooling down, and the theme of Guangdong, Hong Kong, Macao, Dawan district and Shanghai Free Trade Zone showing active performance.Analysts pointed out that in the market to maintain range shocks, plate rotation accelerated environment, the layout of composite theme may be more secure.
Another wave of “map speculation” in Guangdong, Hong Kong and Macao