“小作文”引发A股踩踏，高位股抱团跳水，市场巨量资金从何而来？

格隆汇02-28

昨天还在喊“牛回，速归”，今天就一盆冷水迎头泼下。周三，A股3000点没守住，两市放量大跌，超逾5000股下跌。前期狂飙的高位股午后齐跳水，多股上演“天地板”行情。其中，康尼机电、日发精机、日盈电子、汉马科技、南方精工、东方嘉盛、亚世光电、傲农生物等纷纷跌停。此前走出13连板的“年内连板王”克来机电今日也直接跌停。自2月来，克来机电持续暴走，这期间累计涨幅超过了200%，并一举超过深中华A的11...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2414319487?lang=zh_CN&edition=full","thumbnail":"https://img3.gelonghui.com/08139-0cbaf119-652d-4bcf-bd91-8fa49e15838f.jpg?guru_height=562&guru_width=1000","is_english":false,"pubTime":"2024-02-28 16:36","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"2414319487","market":"sg","top_or_hot":-1,"title":"“小作文”引发A股踩踏，高位股抱团跳水，市场巨量资金从何而来？","media":"格隆汇","content":"<div>\n<p>昨天还在喊“牛回，速归”，今天就一盆冷水迎头泼下。周三，A股3000点没守住，两市放量大跌，超逾5000股下跌。前期狂飙的高位股午后齐跳水，多股上演“天地板”行情。其中，康尼机电、日发精机、日盈电子、汉马科技、南方精工、东方嘉盛、亚世光电、傲农生物等纷纷跌停。此前走出13连板的“年内连板王”克来机电今日也直接跌停。自2月来，克来机电持续暴走，这期间累计涨幅超过了200%，并一举超过深中华A的11...</p>\n\n<a href=\"https://www.gelonghui.com/p/698224\">网页链接</a>\n\n</div>\n","source":"gelonghui_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“小作文”引发A股踩踏，高位股抱团跳水，市场巨量资金从何而来？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“小作文”引发A股踩踏，高位股抱团跳水，市场巨量资金从何而来？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-28 16:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/p/698224><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>昨天还在喊“牛回，速归”，今天就一盆冷水迎头泼下。周三，A股3000点没守住，两市放量大跌，超逾5000股下跌。前期狂飙的高位股午后齐跳水，多股上演“天地板”行情。其中，康尼机电、日发精机、日盈电子、汉马科技、南方精工、东方嘉盛、亚世光电、傲农生物等纷纷跌停。此前走出13连板的“年内连板王”克来机电今日也直接跌停。自2月来，克来机电持续暴走，这期间累计涨幅超过了200%，并一举超过深中华A的11...</p>\n\n<a href=\"https://www.gelonghui.com/p/698224\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"002520","symbol_name":"日发精机","start_time":0,"source_url":"https://www.gelonghui.com/p/698224","article_id":"2414319487","we_media_id":null,"thumbnails":["https://img3.gelonghui.com/08139-0cbaf119-652d-4bcf-bd91-8fa49e15838f.jpg?guru_height=562&guru_width=1000"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2414319487","pubTimestamp":1709109378,"sourceInfo":{"source_id":"gelonghui_highlight","name":"格隆汇"},"weMediaInfo":null,"summary":"牛市体验卡结束？","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"603111":"康尼机电","603363":"傲农生物","603960":"克来机电","002520":"日发精机","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","BK0028":"国家队","BK0201":"可转债","BK0102":"重组","BK0279":"运输设备","BK0195":"猪","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","BK0077":"质押式回购","002952":"亚世光电","BK0251":"专用设备","BK0278":"货币金融","BK0130":"工业4.0","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","BK0214":"IT设备","BK0238":"农副食品","BK0007":"粤港澳自贸区","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","000001":"平安银行","BK0259":"通用设备","BK0002":"高铁","BK0012":"证金概念","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK0062":"通用航空","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","BK0061":"机器人","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK0020":"浦东新区","BK0210":"商务服务","BK0187":"一线龙头","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK0188":"融资融券","BK0183":"MSCI概念","002553":"南方精工","002889":"东方嘉盛"},"translate_title":"The \"small composition\" triggered the stampede of A shares and the diving of high-level stocks. Where did the huge amount of market funds come from?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"603111":0.9,"603363":0.9,"603960":0.9,"002520":0.9,"002553":0.9,"002889":0.9,"002952":0.9,"000001":0.9},"content_text":"昨天还在喊“牛回，速归”，今天就一盆冷水迎头泼下。周三，A股3000点没守住，两市放量大跌，超逾5000股下跌。前期狂飙的高位股午后齐跳水，多股上演“天地板”行情。其中，康尼机电、日发精机、日盈电子、汉马科技、南方精工、东方嘉盛、亚世光电、傲农生物等纷纷跌停。此前走出13连板的“年内连板王”克来机电今日也直接跌停。自2月来，克来机电持续暴走，这期间累计涨幅超过了200%，并一举超过深中华A的11连板纪录，成为A股2024年新的连板王。不过近日来，持续被“爆炒”的克来机电多次发布了警惕股价回调的提示，称存在市场情绪过热、非理性炒作风险。截至今日收盘，沪深京三市成交额13716亿元，为龙年首次突破万亿。其中，沪深两市成交额13567亿元，较昨日增加3666亿元；北交所成交额149亿元。今天的巨量资金从何而来？市场人士分析，首先是一部分来自踏空资金回补仓位。最新数据显示，27日沪深两市融资余额增加逾110亿元，迎来“7连增”。其次，今天市场流传的几个“小作文”，均和量化交易有很大关联。稍早前，一则关于“之前暂停的量化策略恢复”的消息从坊间流出。其中有篇“小作文”解读称，今日市场大放量，或因券商通知量化可以正常交易，其中DMA业务恢复，大约3000亿元-4000亿元规模。多数量化的开放期都设在三月上旬，面临一定的赎回压力。今天为2月28日，在此时间点恢复，可能是为了提前消化震荡抛压。不过随后有媒体向监管求证，称传闻不实。此外，还有消息称DMA业务被限。DMA业务，即多空收益互换，主要指的是私募量化机构通过券商自营交易柜台加杠杆的形式，也可以理解为量化策略融资的一种方式。据中证金牛座消息，券商收紧DMA业务，只允许私募自营的资金运作，募集的资金逐步清退（合约到期之后不能再续）；此外，DMA业务杠杆比例不能超过1:1。今日午后，陆续有机构证实，确实接到通知，后续不能新增DMA策略规模。这可能是市场杀跌的主要原因。不过也有几家大中型量化私募表示，目前没有接到券商关于降杠杆的通知，现有DMA业务暂未受到影响。有业内人士表示，这可能是个别券商的动作，如果消息属实，DMA规模会进一步下降，券商的展业方式也会被动地发生一些变化。事实上，今年2月，就有消息称私募再次接到不得新增DMA业务额度的指令，并提出注意风险防范。业内猜测，监管的方式可能是关注度较高，监控为主，并进行一些微调和指导。因此，DMA目前仍然处于监管关注的边缘地带，处理可能会更加灵活。那么A股反弹是否就此终结？有机构表示，流动性“火灾”已彻底扑灭 ，被动抛盘压力都已被释放。中信建投陈果认为，年初以来市场的V型，和基本面/盈利预期变化相关性确实较低，更多还是微观结构问题。目前A股流动性问题的“火灾”已经彻底扑灭且被死死地盯着，没必要担心再发生第二次大火。在年初快速下跌至2635点的过程中，所有脆弱的被动抛盘资金压力都已经被释放，而现在还存留的融资或其他杠杆的资金，意味着具备补仓资金或者舒缓的结构，即市场再次下跌到2700以下，他们也不会被逼抛售。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2414319487"}