Source: brokerage China

This weekPokercasinoonlineWith a sudden change in market style, micro-disk stocks fell sharply for two consecutive trading days. The market is once again worried that small-cap stocks may once again stage the crisis of liquidity stampede around the Spring Festival.

It is worth noting that since April 15, quantitative private placement has once again been accused of selling microdisk stocks, leading to a sharp fall in microdisk stocks.

Chinese reporters from brokerages interviewed a number of quantitative private offerings, and all reported that the proportion of mainstream quantified positions in microdisk stocks has decreased significantly. From the trend of excess and microdisk stocks after the year, the correlation has generally declined. The decline in microdisk stocks over the past two days may have little to do with quantitative private placement, mainly due to changes in market expectations.

However, some quantitative stocks are still held in micro-caps, or transferred to CSC 1000 or CSB 2000.In the past two trading days, there may be a substantial withdrawal, or even a negative excess of more than 5%, and the net worth has just experienced another round of tests.

Micro-disk stocks fell sharply for two consecutive days.

With the introduction of the new "National Nine articles" and delisting opinions, the market style has changed rapidly.

On April 16, the CSI 300 index fell 1.Pokercasinoonline.07 per cent, but the CSI 1000 index fell 4.18 per cent, the CSI 2000 index fell 7.16 per cent, and microdisk stocks fell more than 10 per cent. On April 15, the market style was even more divided, with the CSI 300 index up 2.11%, the CSI 2000 index down 4.07% and micro-disk stocks down 8.88%.

So far this week, the CSI 1000 is down 5.10 per cent in the first two trading days of the week, the CSI 2000 index is down 10.94 per cent, and microdisk stocks are down 18.49 per cent.

Some market participants said that the reason for the sharp fall in micro-disk stocks in the past two trading days is that under the four gold medals, namely dividends, delisting, ST and the new rules on programmed trading, A shares are delisted more vigorously, and the value of shell resources is easy to return to zero. Companies that have not paid dividends or have a low dividend ratio for many years will be included in the ST, and micro-disk stocks will bear the brunt, which leads to changes in the future expectations of small-cap stocks. Funds quickly sold small and medium-sized stocks and left the market.

According to regulatory sources, the revision of the delisting rules is aimed at improving the overall quality of listed companies in stock, strengthening the clearance of "zombie shells" and "black sheep" through strict delisting standards, and accurately clearing out risk companies with poor track record and poor performance. not for small-cap stocks.

A private placement in Shenzhen also said that at present, large and small stocks are repriced, and after the end of restructuring, the market will gradually return to normal, and a number of high-quality stocks in small and medium-sized stocks have been killed by mistake, or ushered in a wave of rapid rebound.

It is worth noting that since April 15, quantitative private placement has once again been accused of selling microdisk stocks that led to a sharp fall. Chinese reporters from brokerages interviewed a number of quantitative private equity companies, all of which reported that the decline of microdisk stocks in the past two days may have little to do with quantitative private placement, mainly due to changes in market expectations under a series of policies.

Wang Xiong, director of Siyuan quantitative Investment, told brokerage Chinese reporters that according to the data analysis that can be seen at present, the correlation between the excess of each quantitative private placement and the excess of microdisk has generally declined after the beginning of the year. Everyone has more or less tightened risk control. "the decline of micro-disk stocks in the past two days has little to do with quantitative private placement, which can be seen from the excess of mainstream quantitative private placement at the end of the week."

A person in charge of a 10 billion quantitative private equity firm in Beijing said that the sharp fall in microdisk stocks in the past two days has little to do with the withdrawal of funds from quantitative or procedural transactions. On the one hand, quantitative funds have not been withdrawn from the market and have been full; on the other hand, the style of quantitative positions cannot change much in a day unless the intervention model does not change directly.

Quantitative performance has just been tested again.

With the sharp decline of micro-disk stocks, especially the rapid decline of the CSI 2000 index, the performance of many quantitative private equity may be tested again.

According to Chinese reporters of brokerages, some QQ still holds some micro-disk stocks, but most private placements have transferred their micro-disk positions to CSC 2000 and CSI 1000. Among them, 1000 refers to increasing products, most of the positions of former CSI 2000 and micro-disk stocks have been adjusted to CSI 1000 and CSI 500; many 1000 refer to increasing products, and the previous positions in micro-disk have been adjusted to CSI 2000, with a position ratio of roughly 20% to 40%.

On April 15, micro-disk stocks fell sharply, with 500 index gains and 1000 index gains underperforming, but the overall pullback was not large. However, according to the Chinese reporter of the brokerage, even so, there is still a manager's 500 index increase products to withdraw as much as 3% in a single day; on April 16, the decline of CSI 2000 and CSI 1000 increased, and the net value of many quantitative private offerings will be increased. Even many of them have a negative excess of more than 5%.

It is worth noting that with the rebound of small-cap stocks and the optimization of quantitative private placement strategy, the excess of quantified products changed from negative to positive in March. As of the end of March, the average excess of 4501 quantified products with performance records was 2.35%, with an average return of 2.36%, according to the private placement network. The average excess in the first quarter was-1.71%, and the average income was-1.42%, of which 1928 quantified products achieved positive income, accounting for 42.83%.

However, quantified private equity has just returned to blood, and it will be tested again. Some people in the industry said that for quantitative private placement, we still need to make efforts in strategic research, reduce the exposure of style, and do excess in constituent stocks. With the clear rules of regulation, the quantitative industry will develop in an orderly and steady manner.

A responsible person in charge of quantification in South China told Chinese reporters of securities firms that the supervision of the financial market, including procedural transactions and quantitative investment, has been strengthened recently, and this "National Nine articles" is confirmed in terms of major principles and policies. Prior to this, regulators, exchanges, and the China Foundation Association have done a lot of research and discussion, as well as soliciting opinions on many regulatory measures. With the introduction of the "National Nine articles", the relevant supervision and management methods will be further settled and refined, which will set the direction for the standardized development of the quantitative industry, and the trading behavior that is not conducive to the market will be restrained. Active and compliant investment activities will play a greater role in the healthy development of the overall financial market in the future.