In the past two days, although the A-share market has undergone adjustments, it has not changed its "bull" since the beginning of the year. After the Shanghai Composite Index broke through 3,000 points, the popularity was activated by the whole line, such as the financial sector.CITIC Construction InvestmentwithChinese people's insurancePerformance is bright.
At the same time, the Hang Seng AH Premium Index, which reflects the difference in the price of listed stocks between the Mainland and Hong Kong, also rose rapidly. It closed at March 14 and closed at 122.08 points. Currently exceptPing AnBeyond,bank,Insurance,BrokerThe financial sector of the major financial sector has a full-line premium.
The financial sector has a maximum premium of over 300%
In 2019, under the simultaneous promotion of multiple factors such as loose capital, accelerated foreign investment, frequent policies, and valuation repairs, the long-awaited A-share market investment sentiment was greatly stimulated.
CITIC Jiantou and China Life Insurance “can’t stop” have become the leader of the financial sector’s rebound. Since February 25, the highest increase in Chinese people's insurance has reached 144%. The market value has been less than 200 billion yuan since the A-share market was listed last year, and the highest is close to 570 billion yuan. After the stock price skyrocketed, March 7CITIC SecuritiesreleaseResearch reportPrompt, the first "sell" rating, the same day, the Chinese people also issued risk warningannouncementAfter that, the Chinese people kept diving and the current market value was 424.762 billion yuan.
However, due to the large increase in the previous period, China PBOC A shares still have a premium of 223.49% compared with H shares, ranking second in the financial sector, second only to CITIC Jiantou's 371.06%.
"The recent two high-value financial stocks have certain commonalities. First, they all belong to the second.New sharesSecond, the circulation is small, and it is easy to be speculated by funds. But the stock price is higher, needPerformanceSupport, capital coming and going are all ‘a gust of wind’. This year, as the basic market has gone well, these two stocks have also been smashed and have left the fundamentals. At present, there is a need for adjustment. On March 14, Wu Guoping, chairman of Perion Investment, told the 21st Century Business Herald.
A shares are higher, driving Hang SengShanghai and Shenzhen PortThe AH premium index climbed from a low of 114.94 points at the end of last year to a maximum of 125.43 points, an increase of nearly 10%. The latest closing point was 122.08 points.
"I don't think A shares are expensive. The AH premium has always been the norm. A shares have been adjusted for more than three consecutive years, and the valuation has fallen sharply compared to the previous year.currencyThe policy is loose, coupled with a positive fiscal policy, A shares out of a wave of Mavericks. H-shares did not perform as well as A-shares. Coupled with the low valuation of Hong Kong stocks in the financial sector, the AH premium index was higher. I think that except for individual stocks that have soared from the fundamentals, the current valuation of most A-shares is still reasonable. The premium of A-shares and H-shares is likely to expand further this year. On March 14, Yang Delong, chief economist of Qianhai Kaiyuan, told the 21st Century Business Herald.
Northbound fundsPing An
At present, most of the financial sector is in a premium state, with the brokerage sector having the highest premium, followed by insurance and banking. Among the five AH financial listed companies with a premium rate of more than 100%, four are from brokerage firms, namely Citic Construction Investment,Zhongyuan Securities,China GalaxywithOriental Securities.
The highest premium in the banking sector isZhengzhou BankThe latest premium rate is 91.19%.Zhengzhou BankIt was a sub-new stock listed in mid-September last year. At that time, the issue price was 4.59 yuan, which was almost the same as the net assets per share. However, Hong Kong stocks were in a net state for a long time. From the beginning, A-shares were obviously premium to H-shares. As the market recovered, The premium rate has further widened.
The premium rate of the four major banks has further improved, as of nowBank of ChinaThe premium rate is the highest at 21.3%.ICBCThe premium rate is at least 9.29%.Construction bankwithAgricultural Bank of ChinaCentered.China Merchants BankIt is the bank with the lowest premium rate in the banking sector. A shares are only 2.05% higher than H shares.
At present, the only company in the financial sector with a discount of AH is Ping An, but with the recent rise in Ping An, the discount has further narrowed. As of the close of March 14, China Ping An A shares were only 0.08% discount to H shares.
"Mainly related to the structure of investors. First, investors in the Mainland are still mostly in retail, preferring to speculate.themeChina Ping An has always been unpopular with this big blue chip. Second, China Ping An’s absolute share price is also far ahead in the financial sector, and it is not the target of mainland investors. Wu Guoping said.
However, this situation may change soon. Among the shares of the mainland stock market, Ping An has been sought after by funds. For example, on March 14, the market was adjusted, and the northward funds went against the market. China Ping An received a net purchase of 850 million yuan. This is the third consecutive day of net capital. Buying bargain-hunting, the previous day has a net purchase of 600 million funds, and on March 12, there were 59.91 million net purchases.
(Article source: 21st Century Business Herald)