Small And Medium Enterprises Come From Behind: Small Cap Growth Stocks Gradually Catch Up With Blue Chips.

In recent years, there seems to be some changes in the stock market pattern.

Originally, the trend of the main board was stronger than that of small and medium-sized enterprises, but now the trend of small and medium enterprises is stronger than that of the main board.

Many of the listed companies in the basic industry, during the period from the end of last year to the beginning of this year, have obviously led the market, and are also the focus of funds operation.

But after the Spring Festival, the listed companies in emerging industries are more favored by investors. The growth of small cap stocks has gradually caught up with blue chips.

What is the origin of it? Does that mean the beginning of a round of style change?

Since the end of last year, the main reason for the relatively good trend of the main board is that, with the deepening of the supply side reform, the performance of steel, coal, cement, nonferrous metals and other industries has rebounded, giving people the impression of industry recovery, business improvement and investment value.

In addition, the absolute price of related varieties is relatively low, so it itself has the power to rebound.

And some big funds here also consciously choose these reform stocks as the focus of investment, so it is easier to push their share prices up.

Accordingly,

Many companies in China still have high valuations on the one hand.

On the other hand, in the past few years, the growth rate of some companies which had achieved too high growth had slowed down in recent years due to various reasons, which not only caused a drag on the whole plate, but also affected people's judgement of other varieties in the plate.

The so-called high growth "performance" falsification theory is derived from it, and it has become an important reason to inhibit the rise of related stocks including gem.

That being the case, then how did the situation change again? Frankly speaking, the data speak.

With the beginning of the performance disclosure of Listed Companies in 2016, it was found that although the performance of the listed companies on the main board was improved, the magnitude was not large, while the average growth rate of the small and medium-sized listed companies was very encouraging.

Moreover, although the performance of some enterprises in the basic industry is also improving rapidly, it is mainly due to the low base number of the previous year. The price of the products has rebounded strongly and hit a new high for several years. At the same time, when the effective demand of the market has not really risen, the further improvement of these industries is doubtful, and the further increase of the performance of the listed companies is hardly reassuring.

On the contrary, the performance of the listed companies in the small and medium sized innovation sector, which is distributed in the emerging industries, is due to the sustainability of product quality improvement, the success of the market development and the gradual enlargement of the scale.

Because of this, as more and more investors find that the growth of small and medium sized enterprises can not be underestimated, they will begin to quietly change their funds to a high degree on the motherboard.

As a result, people saw the difference between the daily turnover and the Shanghai stock market in Shenzhen, and the difference between the stock market and the Shanghai stock market was drawn up.

The market style seems to have changed.

It should be said, no matter how strong the motherboard was last year.

Because of the short period of time, there is no strict sense of style switching. Its essence is merely the rotation of the plate market.

In the current capacity and structure adjustment background, this kind of rotation will continue to appear.

Of course, the current situation is that in the aspect of the growth of business performance, small and medium-sized enterprises seem to have more advantages and advantages. Therefore, their market will be stronger than that of the main board in a certain period.

From the operational level, investors should pay more attention to small and medium sized businesses. The growth theme will have more obvious impact on the market.

In the process of deducing the market, it is also possible that there will be a pattern of setting up the main board and singing opera.

For different preferences

Although it is still necessary to invest according to one's habits, it is very necessary to attach importance to the change of market operation characteristics. After all, the operational opportunities and structural risks brought by plate rotation are very important to every investor and need to be weighed and grasped well.

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