Jiangsu Tian Ding: style conversion may fail

Jiangsu Tian Ding Capital pattern of poor information this week a significant feature of the market, is the market in an effort to carry out the transformation of investment style, that is, the Bulls want to be able to switch mainstream hot spots to China Unicom, China oil, etc. as the representative of the blue chips. This is partly because of the fade of valuation pressures on small and medium-market varieties, but on the other hand, the expectation of economic recovery is gradually being shared by institutional funds, hoping to increase investment in blue chips in the process of economic recovery.　　More importantly, the current hot money's strength has been reduced, the investment theme also produced aesthetic fatigue, it is hoped to be able to switch to blue-chip, in order to trigger more financial resonance. However, as far as the current disk, style conversion has the possibility of unsuccessful, why? Because the current market base of a a-share is larger than the 2007 two or three quarter, it is a vigorous economic cycle, blue-chip rose has a strong economic base at the same time, the new fund issue is also a lot of chase, for the blue chip market injected a steady stream of follow-up power, so that the Shanghai Composite Index out 30 plunged in the shadow of the market and hit a record high of 6,124 points. But at present the A-share market is not only the economic base than there is a big difference, and the funds are not the same, the current new fund issue rhythm is fast, but the issue of heat is not good, moreover, April credit growth is only less than 600 billion yuan, so the data of a hard landing will also affect the　　Even so, blue-chip short-term difficult to replace the theme of investment, so that the hot spot is not connected to lead to a broad trend of wide shocks, but also the weekend a-share market again blocked reasons. It is worth pointing out that the Shanghai Composite Index hit a new high this week, while the SME and other indexes have not synchronized to record new highs. This is quite similar to the stock price structure before 6,124, and it is worth noting. At the same time, there is poor information about the pattern of funding, on the one hand, because of the hard landing of credit growth, on the other hand, the sound of the movement of the gem is becoming clearer, the pressure of capital diversion is also beginning to appear, the current level of the total amount of funds in the past few months has a qualitative change, which means that the follow-up hot spots difficult to Therefore the market in the capital diversion or there is the possibility of further adjustment.