Large and medium-sized stocks show "theme" tendency to change the size of the pan-stock style

The week style observes the May Shanghai and Shenzhen stock index month line line to collect the red, has recorded five Lian Yang this year.　　Small plate stocks to the large stock conversion process is very difficult, strong and weak performance constantly saw.　　From a stylistic perspective, the market has three main features: one is in the seesaw with small stocks, large and medium-sized shares show a strong stage, but show the trend of subject matter, the second is the decline in the preference for capital risk, more favored undervalued stocks; third, blue overall less than the loss of shares, small profit shares, but the performance of resources stocks is a bright spot.　　Size pan-stock style conversion saw at the end of April there have been market participants said, the size of the switch between the time window is coming, but the interpretation of the market for many investors "only guess right", because both the process and results show that the conversion is not going well. From the process, the May four trading week large stocks experienced the first Yang after the trend of the suppression of Yang: the first week to benefit coal stocks and real estate stocks boosted, the broad market share the upper hand, regardless of the algorithm to all the overall run to win small stocks; the second week the big stocks began to show weakness, only a few core weight stocks are still strong,　　Low market net rate and low P/E index is a big lead, but the overall market shares have been running small stocks; the third week the big market shares, even the core of the two undervalued index is also running small stocks; The four week only three trading days, the size of the stock is difficult to share, according to the gap between the two algorithms within 0.3%. From the final results, the performance of large and small stocks is also close, the gap is not significant. According to the total market capitalization weighted method, the May market index rose 6.14%, the small index rose 5.4%; According to the arithmetic average, the market index rose 5.74%, and the small index rose 6.02%.　　Can be found, according to two methods of calculation, the size of the pan-stock "win-win", but the gap between the first line. In general, the theme of the hat habit buckle in the small plate stock head, but the May large and medium-sized stock of the stage strength in a certain degree also contaminated with the flavor of the subject. According to the total market value and the arithmetic average method, the active index rose 10.35%, 12.29% respectively, is the biggest increase in the style index, statistics of its latest component stocks, Shanghai Electric, Jiangxi Copper and Shandong Gold and other large-stock stocks impressively in the column. Statistics show that it is the car, the steel, nonferrous and coal-oil sectors have supported large caps, but in addition to the continued pick-up in sales to bring substantial benefits to the auto industry, other such as steel, oil, etc., are benefiting from the expected impact of the news, such as steel is expected to reduce iron ore prices by more than 40%, the oil is the But until the end of May, the end result was either a failure of expectations or a temporary lack of cash.　　Should rely on the solid performance of the large stocks but rely on the message to stimulate, can not but say with the "theme of the" trend. Two forces coexist on the surface, the May market, the second and third features seem to be a bit contradictory, on the one hand is the capital risk aversion increased, stationed in the undervalued stock, on the other hand is the hype enthusiasm does not reduce, but also favored loss stocks and meager profitUnit。　　In fact, this is the market spontaneous and speculative power coexistence pattern, and May This feature is particularly obvious, the reason is that the current market "stock market value of large increase in insufficient funds" inevitable result. On the one hand, from the valuation point of view, low market net rate and low P/E index is better than the corresponding high valuation index, according to the total market capitalisation weighted method, the two rose 8.95% and 7.91% respectively, ranked second and fourth in the list.　　Statistics show that at the end of April, compared to large stocks of the PB premium as high as 154%, and the end of May this value has rapidly dropped to 85%, showing that the undervalued stocks do receive financial attention. On the other hand, from the performance look, there are still a lot of money chasing theme stocks. According to the arithmetic average, the loss-share index rose 11.03%, and the meager profit index rose by 8.4%, while the blue index was only 3.71%, which was far from the previous two.　　Blue in the non-ferrous, coal and other resources stocks good performance, but reluctantly by the chemical, cement stocks dragged seriously. On one side is the low valuation side is the subject stock, seemingly contradictory phenomenon appears together, but after the survey found not necessarily, this is the market spontaneous regression power and speculative power coexistence results, these two forces have always existed, but May is particularly obvious.　　Analysts believe that the root cause of this pattern is "the stock market value is large and the increase is insufficient funds." 09 years ago, the astonishing four months of unsustainable credit delivery and a rigorous review of the use of funds have confirmed that monetary policy will inevitably be fine-tuned for some time to come. In a situation where the stock market value has been "pushed up", smaller incremental funding means that risk attitudes will accelerate differentiation: previous access to the funds have been harvested to underestimate the value plate adjustment, turn offense for defense, after entering the harvest of funds facing already higher prices, the corresponding marginal cost is higher, must adopt radical strategy, mining new themes.