Author: Big Brother Editor: small sister city
On March 9, US stocks rose sharply overnight. The S&P 500 index rose 1.42%, the Nasdaq rose 3.69%, and the Dow Jones Industrial Index hit a record high.
Star technology companies in the US stock market broke out again after experiencing a sharp drop recently.
Tesla soared 19%, Apple rose 4.06%, Amazon rose 3.76%, and Facebook rose 4.09%.
Boosted by the external market, the major A-share indexes opened sharply higher today. Among them, the ChiNext index, which has a strong linkage with Nasdaq, opened higher by more than 2.5%. However, the market is still extremely weak, and the major indexes have since risen and fallen, and the rebound seems to still lack sufficient momentum.
The highlight of today’s market is that the large-cap blue chip stocks of the fund group have risen sharply.
As of the close, Kweichow Moutai has risen 1.7%, and its share price is approaching the 2,000 yuan mark.
Various types of Mao assets also rose sharply.
Wuliangye rose 4.19%, Amic rose 4%, Yiwei Lithium Energy rose 5.97%, CATL rose 4.92%,
Tongce Medical’s daily limit.
While the large-cap blue chip stocks have risen sharply, the performance of individual stocks has fallen more and increased less. 80% of the stocks in the two markets are falling. The theme stocks that have risen recently are generally in a downturn. The market style seems to have returned to the structural market of core assets before. in.
In fact, before today’s rise, the core assets of A shares have also experienced a huge decline in the recent market.
As of March 9, during the 14 trading days of the Year of the Ox, Kweichow Moutai was down 28%, Wuliangye was down 29%, Haitian Flavour was down 26%, Arowana was down 37%, Longji shares were down 30%, and Amec was down 43%. , Tongce Medical fell 46%…
Such a large decline at least means that the short-term technical trend has deteriorated. It remains to be seen whether today’s rebound will reverse.
From the valuation point of view, core assets are clearly still at a high level. For example, Kweichow Moutai and Wuliangye currently have PE(TTM) higher than 50 times, Arowana and Haitian Weiye are higher than 70 times, and Ningde Times and BYD are higher than 100 times. Compared with the historical average value or the current performance growth rate, its valuation is not cheap, and the risk of short-term valuation returning to the mean value still cannot be ignored.
Of course, in the long run, core assets have relatively definite performance growth, and in a market environment where the global risk-free rate of return remains low and the institutionalization of A shares is increasingly obvious, the probability that its valuation will drop below the average value in the future is also It’s not high.
From this perspective, it is unlikely that the stock prices of core assets with outstanding performance will be in a slump like the theme stocks. If the market continues to fall sharply in the future, it may be an important investment opportunity.
Because if you buy a good company at a low position, the most loss is time, and the probability of long-term profit is relatively large.