融资客五月大赚30％背后：千亿资金抱团电子芯片，业内警示“高处不胜寒”

华夏时报网14:08

中际旭创、寒武纪、兆易创新、澜起科技、长电科技……这些知名股票均成为资本市场融资客“抱团”增仓的标的，也让融资客们在股市震荡分化的五月，获得超过30%的投资收益。　　据Wind最新数据，截至5月29日，A股市场5月融资融券余额出炉，其中融资余额报28909.73亿元，融券余额报214.45亿元，5月融资余额增加1953.93亿元。其中，5月电子行业融资余额增加超1100亿元，A股市场融资净买入金额...

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of 30% in May: hundreds of billions of funds hold electronic chips, and the industry warns that \"high places are too cold\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300308":1.92,"300433":1.82,"300476":1.83,"600584":1.84,"603986":1.86,"688008":1.86,"688256":1.86,"688525":1.82,"03986":1.86,"06809":1.86,"02476":1.83,"06613":1.82,"000725":1.81},"content_text":"中际旭创、寒武纪、兆易创新、澜起科技、长电科技……这些知名股票均成为资本市场融资客“抱团”增仓的标的，也让融资客们在股市震荡分化的五月，获得超过30%的投资收益。　　据Wind最新数据，截至5月29日，A股市场5月融资融券余额出炉，其中融资余额报28909.73亿元，融券余额报214.45亿元，5月融资余额增加1953.93亿元。其中，5月电子行业融资余额增加超1100亿元，A股市场融资净买入金额最大的股票为中际旭创，5月份融资资金加仓中际旭创超过93亿元。　　记者统计发现，5月份融资资金加仓的前10只股票，除中国平安股价出现下跌外，其余9只属于电子芯片行业的股票涨幅均非常可观。具体来看，中际旭创涨幅35.41%、澜起科技涨幅45.99%、兆易创新涨幅49.21%、蓝思科技涨幅57.65%、长电科技涨幅80.09%、寒武纪涨幅14.92%、胜宏科技涨幅12.19%、京东方涨幅25.25%、佰维存储涨幅23.5%。融资金额买入的数据显示，上述九只股票在5月份净买入分别为93.01亿元、91.24亿元、56.93亿元、49.03亿元、43.37亿元、40.03亿元、34.96亿元、30.11亿元、29.33亿元。　　“从融资资金加仓标的来看，与A股整体的格局相似，即芯片半导体、电子通讯等板块强者恒强，这些板块中的热门标的被资金抱团买入，股价屡创新高，融资客们也获得可观浮盈。但融资也是有成本的，年化利率超过5%，并且有固定的偿还期限。”上海一家头部券商融资融券业务部门负责人吴国华告诉《华夏时报》记者。　　融资客们是谁？　　在业内人士看来，能够获得券商提供融资业务的投资者，账户资金至少百万级别起步。　　“A股市场的融资客，基本脱离了小散户的圈层。一般而言，假如账户资金在数十万元级别的投资者，即使按照账户资金30%的比例获得融资资金，也加不了多少所看好的股票仓位。另外，账户资金较少的投资者，在融资利率上也没有优惠，券商融资利率年化在6%—8%区间，只有账户金额在500万元以上的，券商给到的利率才会低于5%。以高于5%的融资利率去博一个热门赛道融资标的的上涨空间，对于中小投资者来说，风险还是比较大的，所以我们也不建议中小散户加融资杠杆。”银河证券上海一位资深业务经理孟利东对《华夏时报》记者坦言。　　在券商等机构投资人眼中，当前A股市场融资加仓电子芯片赛道的，多数是机构。“只有机构可以撬动千亿元级别的融资杠杆对热门赛道增仓。”孟利东指出。　　数据显示，在A股融资排名前十的股票中，截至今年5月末，中际旭创融资余额高达353.61亿元、澜起科技为172.46亿元、兆易创新达到182.77亿元、寒武纪为242.9亿元、胜宏科技达到235.73亿元、佰维存储达到110.28亿元。　　从整个5月的行情表现来看，上述个股远远跑赢板块指数。融资前十的个股中，除中国平安外，其他个股5月份最低涨幅15%，最高涨幅达到80%，这也意味着融资客们获得了相当不错的浮盈。　　事实上，热门板块中的热门融资标的，进入6月份有杠杆资金进一步涌入的迹象。6月3日，Wind数据显示，上交所融资余额报14742.44亿元，较前一交易日增加52.2亿元；深交所融资余额报14100.81亿元，较前一交易日增加32.75亿元；两市合计28843.25亿元。A股一日新增融资达到84.95亿元。　　“从资金流向上看，融资资金应该仍在继续对电子芯片、半导体的标的加仓。”A股半导体行业分析师刘伟对本报记者指出。　　热门标的“高处不胜寒”　　值得一提的是，对于热衷于看资金流向的投资人来说，热门股票被融资客们不断增仓的行为，是买入的信号还是风险预警呢？　　“融资大幅买入本身无好无坏，关键看时机、标的质地与杠杆风险。融资买入的行为是放大器，不是信号灯。比如说在牛市初期或低位温和放量、基本面支撑强劲时，融资大幅买入可视为市场信心增强的助推器，能加速上涨并提升流动性，属良性杠杆。但是在当下结构性牛市的行情下，电子芯片半导体整体板块已大幅上涨后的融资高位急增、脱离业绩支撑、融资余额占流通市值超10%—15%，尤其大于20%时，往往预示情绪过热，极易引发上涨–加杠杆–踩踏平仓–暴跌的恶性循环，风险远大于收益。”上海国翔私募投资投研总监蓝伟特别提醒道。　　蓝伟表示，对于中小投资者，不建议融资，即使有能力加融资杠杆的也需要避开融资金额占比市值超过10%的个股。　　“一个很有意思的现象，从当前融资余额排名前十的标的看，这些股票市值已经非常大。比如中际旭创市值高达1.42万亿元，而它的融资余额为三百多亿元，绝对值高、相较市值又不足3%，但是公司的股价已经非常高，也可以说股价已经脱离基本面在运行了。其他标的也是类似情况，融资是工具，买卖规律并非只看单个指标，还要结合市场情绪等多维度来观察，用得好是加速器，用得不好则是自爆装置，不仅出现亏损还要偿还利息。”蓝伟表示。　　上海资深股民赵如云（化名）告诉《华夏时报》记者，无论何时，融资都自带利息成本和强制平仓风险，通常维持担保比小于130%时触发，亏损会被成倍放大，不适合风险承受力低或缺乏交易纪律的投资者。　　赵如云指出，真正决定走向的不是融资额的多少，而是是否与趋势共振、是否由机构理性资金推动、是否具备业绩或行业逻辑支撑，以及自身能否承受潜在30%+回撤。单纯追高融资大幅买入的股票，通常是接盘而非跟风。　　“我主要从两个层面来观察它：第一个层面，是把融资当作一个重要的情绪指标，当一只股票的融资买入余额持续、稳定地增长，往往意味着有越来越多的资金愿意付钱来表达看多观点，这股力量本身会形成一定的支撑。但如果融资余额在短期内暴增，尤其是股价已经经历了一大波上涨之后，这时候我反而会警惕。这很像一个派对到了最高潮，最兴奋、最大胆的人都挤进来了，往往也意味着派对接近尾声。这种过热的信号，在我看来，潜在的短期风险大于机会；第二个层面是理解它的助涨助跌效应。在上升趋势中，我发现融资盘的存在确实能强化趋势，因为上涨会带来浮盈，吸引更多融资盘加入，形成正循环。但正因为带着杠杆，这个循环非常脆弱。一旦股价回调达到某个临界点，触及部分融资盘的平仓线，就会引发强制卖出，这种卖压又会引发更大范围的下跌和更多的平仓。所以，我观察融资买入数据时，一定会同步看股价所处的位置。在高位伴随融资余额猛增，我把它看作是提醒我注意风险，而不是追涨的信号。”赵如云向记者分享他的经验。（文章来源：华夏时报网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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