Recently, management has re-emphasized that even a bull market needs to be "healthy bulls". The news of the reduction of the national team's holdings gave a wave of temperature to the recent surge. Today, the two cities fluctuated within a narrow range in the afternoon. Recently, the social security fund has reduced its holdings of PICC by 2%; followed by the big fund has reduced its holdings of three technology stocks: Goodix Technology, Taiji Industry, and Beidouxingtong. And Oriental Fortune was also announced to reduce its holdings by 2%. These 5 reductions add up to 14 billion, PICC 7.2 billion, Huiding Technology 1.2 billion, Beidouxingtong 400 million, Taiji Industry 450 million, and Oriental Fortune 4.5 billion.
At the same time, some industry leaders whose valuations were originally expensive have become more expensive. In the round of technology stocks, whether it is semiconductor, communication industry, or software stocks, the leading stocks in various sub-sectors are basically rising, while most other stocks in the same industry have not risen or even fallen, or have risen slightly. Taking 5G concept stocks as an example, whether it is radio frequency, filter, or light bar, optical module, basically every sub-industry is mainly one or two leading stocks rising. This is especially true for liquor stocks. Except for the leading liquor stocks Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, most of the third- and fourth-tier liquor stocks have not risen significantly, which is different from the previous bull market. , the scene of the chicken and the dog ascending to the sky" is indeed quite different. So how is the valuation logic behind them different from ordinary stocks? Today we will talk about the principle of the leading stock premium.
The first is the attention premium, any investor can buy the stock of any company , but before buying, there will be a process of paying attention. Only after paying attention to this stock will follow-up purchases be made. The leading company is the company with the most attention in the entire market. Since its attention is exponentially higher than that of other ordinary companies, if the conversion rate of attention is maintained at an average level, then the leading company will also enjoy much more buying than ordinary companies in the market. Second, leading enterprises have the siphon effect of talents. China's economy has developed to the current period, and the concentration of various industries is accelerating. The Internet and mobile Internet The rapid development of the industry has once again increased the process of increasing the concentration of various industries.
Starting from this trend of the industrial economy, investors in the A-share market should also follow the trend, especially emerging industries, which are mostly closely connected with the Internet and mobile Internet and developed along the way. Data, artificial intelligence, and the Internet of Everything, each sub-industry competes to the end, only leading companies may survive, and the valuation premium of leading companies in the A-share market will become more and more obvious.
Finally, the premium of the leading brand is more sustainable than the premium of the concept of speculation and the theme of playing board. In terms of capital, many of them have spotted the leader and locked up their positions to grow together with the company, which is the so-called "occupying the runway" idea. The faucet itself also has the characteristics of scarcity, so how to judge whether the faucet premium has been reflected in the valuation? For more stock market knowledge, please pay attention to [Chief Brother Le], add Brother Le's assistant, and join the circle to understand more detailed market logic!
(Personal opinions do not constitute investment advice, and operate at your own risk)