Changes in May Quantitative analysis of the characteristics of the banking and securities sectors

since5After the Shanghai Composite Index fell below the annual line at the beginning of the month, it mostly operated below the annual line,5month16Day5month17Although the sun briefly stood up again, it quickly fell below again afterwards.5month25On the other hand, the day stands again at the critical position of being lost, accompanied by a more obvious increase in volume. In addition, while the Shanghai Composite Index stood at the previous year's line, the activity of the banking and securities sectors played a positive role in it.

For the abnormal changes in the banking and securities sectors during May, mainstream media has provided relevant reasons. The upward logic of the financial sector, taking bank stocks as an example, is mainly related to the oversold of bank stocks in the early stage. The deleveraging of regulatory authorities has led to panic selling by investors, and the overall bank stocks have been affectedROEnear15%In the long run, the valuation is too low. The second factor is the improvement in asset quality, which is the decrease in bad debt ratio. These are the two major bearish factors affecting the oversold of bank stocks in the early stage, and now there is a fundamental improvement.

However, from a quantitative data perspective, the activity of these two sectors needs our attention. Let's first look at the quantitative data of the banking sector, which has been in the banking sector for this year1month20In the future, there was a clear trend of bullish funds leading to significant activity in the sector. But from2month20In the future, there has been a significant change in the dominant momentum of the sector, and the previous long advantage no longer exists. It has clearly shifted to alternating long and short positions. And every time the market is at a critical moment, there are signs of bullish forces dominating the banking sector. I have gained a clear understanding of this quantitative feature and the true intention and purpose of operating funds in this sector.


Looking at the quantitative data of the securities sector together, we will find that this activity is more suspicious. Because since this year2Starting from mid to late October, the overall quantitative data of the securities sector shows a trend of short selling strength, and in this situation, the sector has been experiencing a fluctuating and falling trend recently. In the past few days, there has been a trend of bullish forces taking the lead, and there has not been much foreshadowing of bullish momentum before. Therefore, the activity of this sector has some randomness, and further attention needs to be paid to the quantitative data of this sector in the future.

When we have a clear understanding of the overall quantitative data of these two sectors, we can make a clear judgment on the funding intentions and purposes behind their activity. In this way, we can understand the essence of its upward trend through the phenomenon.