More than 50% of the investors made money. Compared with the drastic change of market style in the first quarter, the A-share index fluctuated and sorted out in the second quarter, the fund sentiment in the market recovered significantly, and the performance of equity assets was still good.
According to the survey report of individual investors in the third quarter of 2021 by Shanghai Securities News, individual investors made small gains in the second quarter, and more than 50% achieved profits. Among them, individual investors with large account assets have a higher proportion of profits and are more optimistic about the future market.
However, it is worth noting that, different from the rise led by large blue chips in the first quarter, the market moved towards another differentiation in the second quarter, and small and medium-sized technology stocks became the main force on the disk. In this survey, individual investors have significantly improved their allocation of technology stocks, and will continue to pay attention to the performance of the technology sector in the third quarter. Looking ahead, 70% of investors believe that the A-share market is expected to be red in the third quarter.
Half of the investors are profitable
In the second quarter of 2021, the A-share market maintained a shock pattern as a whole, and the Shanghai stock index rose steadily. Compared with the drastic transformation of market style in the first quarter, the recovery of disk in the second quarter has significantly improved the profitability of individual investors.
Among them, investors whose profit margin is less than 10% account for the highest proportion, which is 40%; Investors with profits of 10% to 30% accounted for 7%; Investors earning more than 30% accounted for 7%. Another 18% of investors said they suffered a loss in the second quarter, a significant decrease of 12 percentage points compared with the previous quarter. Another 28% of investors said they did not lose or earn in the second quarter.
Differentiation of investment behavior
In terms of structure, due to the differentiation of investor behavior of different asset sizes, the overall position level of individual investors does not rise but falls.
Survey data show that at the end of the second quarter, the average position of individual investors interviewed was 38.13%, down 3.55 percentage points from 41.68% in the previous quarter. From the specific position proportion, the number of light position investors with positions less than 20% has increased. Among the investors interviewed, individual investors with positions below 20% accounted for 49%, an increase of 6 percentage points over the previous quarter; Individual investors with positions of more than 80% accounted for 14%, a decrease of 2 percentage points compared with the previous quarter. Investors with positions between 20% and 80% accounted for 37%, a decrease of 4 percentage points over the previous quarter.
By further mining the position data, it can be found that the average position of individual investors with large account assets is higher. Among them, the average position of investors with asset scale of less than 500000 yuan in the securities account is 33.73%, while the average position of investors with asset scale of more than 500000 yuan in the securities account is 49.54%, 11.41 percentage points higher than the overall average level.
Therefore, in the second quarter, investors did not adjust their positions at the same pace. Low net worth customers chose to reduce their positions, while high net worth customers increased their positions. The absolute number of investors with an asset size of less than 500000 yuan is large, accounting for 72.55% of the total number of respondents. Their position reduction behavior has led to the decline of the average position.
Technology stocks regain investor favor
In the second quarter, the A-share market was stable as a whole, but the market of structural differentiation was interpreted again. The rise was led by technology stocks represented by chips and new energy, and the decline was led by heavyweights represented by finance and real estate. The survey results show that the profit probability of holding technology stocks in the second quarter is higher, and investors are more looking forward to the performance of technology stocks in the third quarter.
The survey results show that in the second quarter, the average position of individual investors holding 50 constituent stocks of Shanghai Stock Exchange was 23.64%, the average position of consumer white horse stocks was 23.9%, the average position of financial stocks was 20.7%, and the average position of GEM stocks was 23.96%. Among the four sectors, the average position of GEM stocks is the highest, while the average position of financial stocks is the lowest.
Meanwhile, among the investors who invested in GEM stocks in the second quarter, 55% achieved profits, accounting for the highest proportion among the four sectors. Among the investors holding SSE 50, finance and consumption white horse, the proportion of profits in the second quarter was 47%, 47% and 53% respectively.