The Stock Market Presents A Very Prominent Structural Imbalance.

If the above syndrome is taken as sample analysis, it can be roughly judged that the stock market has entered a bull market.

From the perspective of market structure, the Shanghai composite index should have a big shock at the 3300 point line. On Tuesday morning, the market will first suppress and then lift, showing that in the face of resistance, many sides still have the desire to attack.

But if we only rely on the heavyweights and make the market structure imbalance further aggravate, then the adjustment risk will soon accumulate and burst, investors should pay more attention to it.

From the end of September to the present, the index continued to rise, with a cumulative increase of more than 10%, hitting the new high since January this year.

However, if the CSI 500 index is used as a sample, it is found that the increase in the same period is only 7.6%, which is much smaller than that of the Shanghai Composite Index.

What's worse is the gem index, which is less than 2.8% during this period.

No doubt, for the whole stock market, there has been a more obvious structural imbalance.

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Mainly after November, the impetus to support the stock market rebound before this is mainly based on the anticipation of capital returning to the stock market formed by the strengthening of real estate regulation.

In fact, this expectation did not bring incremental funding, and the rate of increase was limited. So by the end of October, the Shanghai and Shenzhen stock markets began to cross the border.

But in November, the stock in the Shanghai stock market suddenly started, and the advantage of its larger weight pushed the stock index easily.

On the one hand, the Shanghai composite index keeps rising and on the other hand, most stocks have fallen.

Although it does not develop into a "28 phenomenon",

The pattern of rising and falling is not only a lack of wealth effect, but also a blow to market sentiment. Many investors find it difficult to adapt to it.

The reason for this imbalance is that we are concerned with the involvement of some insurance funds.

Unlike a year ago, the venture capital raised some of the first tier and second tier blue chips and showed the intention of acquiring and holding. Recently, venture capital made a lot of fuss over some non-financial weight stocks and bought more.

Although it is difficult to understand the intention of such operations for most investors, in any case, when it continuously buys large quantities of stocks such as Chinese construction, the number of free floating shares is not large, which is bound to bring a very strong market reaction.

The sharp rise has pushed the related index to climb steadily, and at the same time, it has also led to the structural imbalance.

It is true that the absolute price of those "prefix" stocks that have been lifted is generally not very high. Besides, there are more or less some subjects, so their rising market is not unacceptable.

However, without incremental funding intervention, the amount of cash in the field will be attracted to a few "prefix" stocks, which will inevitably lead to a decline in other stocks.

Although this decline is not entirely unreasonable, some stocks do have high valuation problems.

But in this process, there is also the phenomenon that blue chip stocks are wrongly killed. As a place for capital allocation, the stock of traditional industries has risen sharply, and the stock market crash with growing color may not be a good market structure. At least, it is hard to say that the adjustment of industrial structure and the goal of changing growth mode are all positive effects.

Because of this, investors must be cautious about the current situation that the heavyweights are strong and the market structure is out of balance.