The annual report disclosure season is as scheduled. In the newly disclosed annual report, a number of listed companies wereQFIIFavor. At the same time, there was more last week.Han nationality laserThe "buy full" of the land stocks shows that foreign investors are optimistic about A shares and continue to increase the code.
Preferential white horse stocks
The data shows that as of March 13, 169 listed companies have published their 2018 annual report. among them,Hengrui Medicine,Sophia,Satellite petrochemical,Dadonghai A,Minhe shares,United equipment,Xinlitai,Lu Yitong,Changchun High-tech,Xin FengmingIt shows that QFII is stationed. The annual report disclosed by Hengrui Medicine on February 16 showed that QFII held more than 55.39 million shares, an increase of more than 5,692,200 shares from the previous period, and the stock market value exceeded 2.922 billion yuan, accounting for 1.51% of the outstanding shares. The market value of Changchun High-tech QFII positions exceeds 317 million yuan, accounting for 1.07% of the outstanding shares; the market value of Sofia's QFII positions exceeds 179 million yuan, accounting for 1.68% of the outstanding shares; the market value of QFII holdings of satellite petrochemicals exceeds 95 million yuan, accounting for the proportion of outstanding shares. It is about 0.95%. From the perspective of shareholding structure, foreign investors still prefer white horse stocks.
QFII holds the highest proportion of shares in circulation, which is the joint equipment. The shareholding ratio exceeds 5.72%, and the market value of positions exceeds 56 million yuan. Followed by Dadonghai A, QFII shares accounted for about 3.06% of the outstanding shares, and the market value of positions exceeded 60 million yuan. Luyitong QFII shares accounted for 2.07% of the outstanding shares, and the market value of positions was about 39 million yuan.
March 5, HKExannouncementIt is said that since the total shareholding of Dazu Laser overseas investors exceeds 28%, from March 5, 2019, Shenzhen-Hong Kong Stock Connect will suspend the purchase of the stock. Han's laser is a succession in historyShanghai AirportAfter the second home triggered a suspension due to the proportion of foreign shareholdings approaching the upper limitShanghai and Shenzhen PortBuy A shares.
CICCAccording to statistics, in addition to the Han nationality laser, as of March 5, A shares with a high proportion of foreign ownership includeMidea Group(27%), Shanghai Airport (about 25%),Concentration Technology(about 21%),Chinese test(about 17%),Yili(about 15%),Qingdao Haier(about 15%), Hengrui Medicine (about 15%),China National Travel Service(about 14%),Yutong Bus(about 14%) and so on.
CICC said that the Shanghai and Shenzhen Stock Exchanges will only disclose foreign capital through QFII/RQFII/Shanghai-Hong Kong Stock Connect and other channels when the total shareholding ratio of A-share foreign shares is close to the upper limit (generally around 26%). The proportion of A-share companies.
Morgan StanleyHuaxinfundHe Xiaochun, assistant general manager and director of equity investment department, said that he is optimistic about the connection between the A-share market and the overseas market when he talked about the impact of foreign investment on A-shares. At present, the speed and scale of foreign capital inflows maintain a good momentum, and its pricing system and evaluation criteria are expected to promote the improvement of A-share investment ecology.
Bao Xiao, a new fund manager of Baoying, believes that in the context of a strong dollar, the trend of foreign capital inflows has been phased out, but the attractiveness of domestic relative to other emerging markets is still outstanding. The trend of continuous inflow of medium and long-term foreign capital will not change. The style will be more and more biased towards high-quality segmented industries that are undervalued or reasonable and rely on endogenous growth.
CICC pointed out that with the increase in the participation rate of foreign investors in A-shares, A-share investment behavior is also shifting towards “fundamental-based investment”. CICC recommends to continue to focus on high-quality leading stocks that are favored by foreign investors and reflect China's consumption upgrades and industrial upgrading trends.
From the fact that A-shares are included in various international indexes such as MSCI, the future foreign investment in A-shares will continue, which means that the influence will continue to deepen. Morgan Stanley expects foreign capital inflows from A shares to reach $70 billion to $125 billion in 2019. In the next decade, it is estimated that there will be about 100-250 billion US dollars of foreign capital inflow every year.
CITIC Construction InvestmentSecurities expects foreign investment to be the most important increase in institutional funding this year. According to the timetable of MSCI and FTSE Russell, it is expected that April this year will be an important time for the next concentrated inflow of foreign capital. According to the proportion of MSCI, FTSE Russell and Dow Jones Index, it is estimated that the incremental capital brought by foreign capital inflow this year will be about 640 billion yuan.
Foreign investment not only affects A-shares in terms of investment ecology and concept. In the near term, it seems that the short-term entry and exit of foreign capital also has an impact on the rise and fall of A-shares.
On March 8, A shares were adjusted sharply. In this regard,Minsheng Plus FundIt is believed that in addition to the recent rapid growth of A-shares, the adjustment of US stocks for four consecutive days has also led to the continued outflow of A-shares by foreign investors.
According to the research of the New Era Securities Strategy Team, from 2013 to now, foreign capital has been increasing the proportion of A-share allocations. During the period from April to November 2015 and the beginning of 2018 and the fourth quarter, the shareholdings declined. Both of these declines were accompanied by a sharp adjustment in US stocks. By comparing the changes in the positions of foreign heavyweight positions in various industries, New Era Securities found that foreign investment is sensitive to changes in corporate financial indicators ROE. When the ROE of individual stocks falls sharply and rapidly and exceeds the historical fluctuation range, foreign investors tend to reduce the stock.
(Article source: China Securities Journal)