Chip bull stocks soared by 600%: leveraged funds “stomp” technology bulls to end?

[Related reading]The investment logic behind the new shares soared 600%. The original title: Just now, the chip bull stocks soared 600%.

Leverage funds “step on”, the end of technology cattle?

Or Niu Huitou?

  Source: Panoramic Finance chip stocks are the main battlefield for market hype and technology stocks, which have lasted for 1 year and 2 months.

How long can the bubble carnival last?

  Today (February 26), the three major A-share stock indexes diverged. The Shanghai stock index fell and fell. It turned red during the session. The SZSE Component Index and the ChiNext Index opened lower and lower.It tumbled more than 5%, and the two cities dropped more than 100 stocks.

The final close, the Shanghai stock index fell 0.

83%, SZSE Component Index fell 3.

02%, GEM Index fell 4.


  From the perspective of capital, today the total turnover of Shanghai and Shenzhen markets is still more than 100 billion yuan, reaching 13126 billion yuan.

Some people in the business department of the securities firm reportedly reported that there had been a “stomp” situation in the sector where financing funds had plummeted at the same time.

  At the same time as the GEM plunged today, the actual net capital of Kitakami exceeded 6.7 billion U.S. dollars, which was the fourth consecutive day of net crossing, and the cumulative net amount has exceeded 20 billion yuan.

  In the early period, the hot technology stocks fell collectively. Chips, 5G and other technology stocks all suffered heavy losses, and the Wind Chip Index (884160) fell sharply.

At 9%, more than 10 individual stocks such as Jingfang Technology fell down, and the market value of this sector evaporated 174.2 billion yuan a day.

  So, in the context of the epidemic sweeping the globe, will the external market plummet, and will the A-share technology bulls end?

  The agency believes that the bullish wind of technology stocks has not changed.

Wu Chao, the chief analyst of TMT industry of CITIC Construction Investment, said on February 26 that it was a short-term event. In the long term, the technology sector is the most worthwhile sector for A shares. There is no one.

  In 2020, the chip sector surged by $ 705.8 billion. Without doubt, since 2019, technology has become the main market for A shares, and bull stocks have emerged.

Since this year, technology stocks, especially the chip semiconductor sector, have continued to lead.

  From 14 trading days from February 4th to February 25th, the Wind Chip Index (884160) has gradually increased by 45.

95%, only 2 of the 14 trading days float green, of which one day fell 0.

6%, down 0 in a day.


  At the beginning of 2020, the total market value of the 65 stocks of the wind chip sector was US $ 138.9 billion, and it has now increased to 20.949 billion, with a market value soaring 705.8 billion.

  One stock is even more crazy, and ten times more shares have been reborn a year.

Among them, Zhuo Shengwei (300782) has gradually grown all the way since landing on the GEM in June 2019, and has so far increased by more than 14 times, becoming the “technology king” of A shares.

  GM believes that, as a leader in the field of domestic RF front-end chip segmentation, Zhuo Shengwei is expected to benefit from the rapid growth of the RF front-end chip market under 5G technology and domestic alternatives.

  Zhuo Shengwei’s latest sustainable is 640 yuan / share, second only to Guizhou Moutai (600519) in A shares.

  In addition, since the beginning of this year, 6 chips including Zhongjingfang Technology (603005) in the chip sector have doubled.

  Some investors ridiculed and called: the core idea of stock speculation in the new era, and stock speculation for the rise of China’s “core”.

At present, in the chip sector, the number of companies with a market value of more than 100 billion has also reached 6.

  Jingfang Technology daily limit!

Major shareholders intend to reduce their cash holdings. Today, chip stocks collectively went out.

The most sought-after big bull stock: Jingfang Technology (603005) also replaced the spare and was hit by a daily limit.

  At present, the banner of market technology stocks is Jingfang Technology, which fell sharply on the 25th, but Jingfang Technology did not hit the limit.

However, after a lapse of one day, Jingfang Technology’s daily limit fell on the morning of the 26th, and after 1:30 in the afternoon, the market sentiment collapsed.

  It is worth mentioning that Jingfang Technology recorded 5 daily limit in February alone.Its increase has exceeded 200% during the year, leading a number of chip stocks.

In fact, the stock has risen more than 600% since 2019.

  Public information shows that Jingfang Technology’s business is mainly packaging testing in the field of sensors. The packaged products include image sensor chips, biometric identification chips, etc. These products are widely used in mobile phones, security monitoring, identity recognition, automotive electronics, 3D sensing and other electronics.field.

  On January 22, Jingfang Technology announced the 2019 annual performance forecast, saying that the company’s net profit attributable to mothers in 2019 was about 1.

0.2 billion to 1.

09 million yuan, an annual increase of 43.

41% to 53.


After anticipating non-recurring gains and losses, it is estimated that the net profit attributable to shareholders of listed companies in 2019 will be approximately 61.58 million yuan to 68.58 million yuan, an increase of 149.

9% to 178.


  For the reason for the 佛山桑拿网 pre-increasing performance in 2019, Jingfang Technology said that the industry and market prosperity of the company’s packaging products has rebounded significantly.

  However, after the continuous upswing, Jingfang Technology issued an announcement of plans to reduce shareholders’ holdings of more than 5% of shares. Shareholders EIPAT planned to reduce their holdings by no more than 0 from January 23 to July 22 this year.

200 million shares, that is, not more than 10% of the company’s total share capital.

  On February 19th, OV-HK, another shareholder of Jingfang Technology, announced that it would liquidate and reduce its holdings of all 293 shares in the company.

790,000 shares, which is not more than 1 of the company’s total share capital.


  Economist Song Qinghui said that this phenomenon shows that a considerable part of the relevant individual stock concept hype is obviously overdraft.

  The chip ETF, the Semiconductor 50 Index, approached the limit-stop reorganization, the chip-related ETF followed the plunge, and the chip fund and the Semiconductor 50 approached the limit.

  Wind data shows that on February 26, Guolian An Semiconductor ETF, GF Semiconductor Chip ETF, Cathay CES Semiconductor 50ETF, and Huaxia Semiconductor Chip ETF fell 9 respectively.

80%, 9.

34%, 9.

34%, 9.

21%, Huaxia 5G Communications ETF, Cathay China Securities Communications Equipment ETF fell 7 respectively.

26%, 6.


  It is obvious that the turnover of Huaxia Semiconductor Chip ETF is 46.

4.7 billion US dollars, once again hit a new high since listing.

  Since the beginning of this year, technology-themed ETFs have continued to be popular. In less than two months, sales performance has risen by nearly 60%, and has been sought after by over 30 billion yuan.

Among them, there are many fast-growing ETF products. Cathay Pacific CES Semiconductor ETF has gradually increased by 65 from the beginning of the year to February 25.

66%, fund share expansion over 150%.

  The money-making effect brought by the technology chip ETF allows funds to accelerate the accumulation.

  From February 24 to 25, the technology ETF attracted gold.

The net inflow of Huaxia CSI 5G communication theme ETF funds was about 63.

US $ 5.3 billion, Huaxia Guozheng Semiconductor Chip ETF, Cathay Pacific CES Semiconductor Industry ETF, Guolian CSI refers to the semiconductor product and equipment ETF, and Ping An CSI New Energy Automotive Industry ETF net inflows of 23 respectively.

5.3 billion, 14.

8.1 billion, 10.

4 billion, 9.

2.6 billion.
  How long can a tech cow run?
  Chip stocks are the main battlefield for speculative technology stocks in the market, which have lasted a full year and two months.
How long can the bubble carnival last?
  Analysts believe that the driving factor for this round of chip semiconductor stock growth must be policy promotion, and the industry has huge room for growth under the development of technology.

The most typical is 5G, and the communication technology is shifted from 4G to 5G. The investment scale of operators alone will exceed one trillion yuan, the wave of machine replacement, and the application prospect is a vast blue ocean.

  At the same time, the industry has a bright future. Landing is that the performance of listed companies is gradually benefiting and releasing. At present, we are in a time when technology is profoundly changing all industries. It is only a matter of time before technology companies benefit and release their performance. The expected growth of performance will inevitably make capital crowded.

  But as chip semiconductor stocks continue to grow, risks are continually gathering.

  One view of the market is that, behind too much and extensive expansion, most of the companies, whether large market capitalization companies or small market capitalization companies, cannot support the current market value level of their business, performance, and profitability.

  In addition, high estimates have become a common phenomenon.

The recent long-term continuous growth of A-share chip semiconductor companies is not the growth of the company’s business and performance, but more the expected level brought about by the inflow of funds.

  Song Qinghui also reminded that more attention should be paid to the relevant chip stocks supported by expected performance.

Some senior market participants pointed out that on the 26th, technology stocks started to adjust, maybe one day, maybe one week, but it is certain that the market for technology stocks did not end so quickly.

Subsequently, technology stocks without substantial performance support may stop there, but in line with industry trends, technology stocks with real performance support will start again in the future.

  However, there are still many institutions that are optimistic about the future trend of technology stocks.

  Among them, Huatai Securities said that 5G downstream applications are still our optimistic industry direction.

5G applications are expected to become a main line in the computer industry’s transition in 2020.

  Dongxing Securities pointed out that due to the impact of the epidemic, we judge the market to be under short-term pressure, and in the medium-term long-term, we insist on recommending that we focus on “Science and Technology Moutai”.

In the field of technological innovation, the 5G technology cycle is one of the core logics in the interpretation of the TMT field. 4G changes life and 5G changes society. 2020 is the starting point for some 5G applications, especially the video-related trillion-level “phenomenal” industry may be explosiveGrowth.