The high-speed rail stock market evaporates 39.9 billion yuan in three days

The car rear-end accident in Wenzhou directly impacted the A-share market, especially the high-speed rail stocks crashed across the board, forming a serious “air attack” on the Shanghai and Shenzhen stock markets. However, after falling for two consecutive days, the high-speed rail concept stocks stabilized yesterday, with over 80% of the relevant concept stocks ending in red.

Although shares of China South Locomotive (601766), China North Locomotive (601299), Jinyi Industry (601002), Tracht (300001), and Century Riel (300150) all opened lower in early trading yesterday, they oscillated in the morning. In the afternoon, as the broader market moved higher and stabilized, 82% of the stocks closed higher at the close, and both Territte and CNR were up more than 1%, Jinxi Axle (600495), China South Locomotive, and Jinyi Industrial. The rate of increase also exceeded 0.5%; Times New Materials (600458) was the largest HSR concept stocks dropped yesterday, but the decline was only 1.01%.

Although the high-speed rail stocks yesterday recovered slightly from the previous few days, according to statistics, the high-speed rail segment closed down 8.04% in the first three trading days of this week, and the market value evaporated 39.94 billion yuan. Among them, as many as 33 stocks have fallen as a whole, accounting for nearly 90% of the total, and 9 stocks have fallen more than 10%. In the same period, the number of stocks that fell by more than 10% in the two cities was 17 and the tragic trend of the HSR concept stocks was unquestionable.

However, the high-speed rail concept stocks listed on the Hong Kong market continued to weaken yesterday, China South Locomotive H shares fell 1.19%, this week, the cumulative decline of 16.12%; CSR Times Electric yesterday rose flat, this week, a cumulative decline of 17.12%.

For the two consecutive days of falling high-speed rail stocks, Northeast Securities (000686) analyst Shen Zhengyang believes that high-speed rail stocks accounted for about 1.8% of the market value of the broader market, previously fell some overdone, the valuation needs of valuation repair in the past two days .

Wen Guoqing, chief economist at Lianxun Securities, pointed out that the “High-speed Rail Great Leap Forward” itself has buried long-term security risks, and many technical problems are still in need of urgent solution. The objective situation of the fundamentals determines that the high-speed rail stocks will not be able to look forward to the market outlook. Department." He admitted that holding a "negative view" on the high-speed rail concept sector indicates that he is not optimistic about the long-term, and reminds investors to calmly analyze risk aversion.

Shen Yinuo country analyst Qian Qimin believes that the “23 July” accident has a large direct impact on the earnings of related listed companies. Even if there is no direct impact, investors expect the accident will slow down the process of China's high-speed rail industry, affecting expectations. The lack of investor confidence will make HSR's stocks perform poorly in the near future.

According to the monitoring data of “Important Trader Software”, there were still 219 million yuan of funds flowing out of railway infrastructure construction yesterday, and over 65% of the shares in the sector were sold off. China South Locomotive is still the heaviest selling stock. The net outflow of funds exceeds RMB 100 million.