谁在卖出老登股

Core Viewpoint - The market is experiencing a reversal in style and risk appetite, with previously outperforming stocks now underperforming, particularly in the blue-chip category, which is becoming a refuge during the bull market [1][2]. Group 1: Definition and Performance of "Old Blue-Chip Stocks" - "Old blue-chip stocks" are defined as large-cap stocks that have not shown significant price increases, including sectors like banking, consumer goods, and utilities, which have lagged behind the market [2][3]. - From April 11 to the present, the ChiNext Index has risen nearly 70%, while the Shanghai Composite Index has increased by 30%, with "old blue-chip stocks" failing to match these gains [2][3]. Group 2: Market Trends and Sector Performance - Sectors with income and consumer attributes have performed the worst, with many small-cap consumer and income stocks underperforming even more than large-cap stocks [4]. - The performance of various sectors from April to June shows a significant rebound, but since June, "old blue-chip stocks" have stagnated despite the Shanghai Composite Index rising from 3,300 to 3,900 points [5][6]. Group 3: Valuation and Earnings - "Old blue-chip stocks" typically have low valuations, dividends, and safety margins, but their earnings have not deteriorated significantly, with only cyclical sectors like coal and petrochemicals showing poor performance [8][9]. - The revenue growth rates for sectors like home appliances and food and beverage are still respectable, indicating that the underperformance of "old blue-chip stocks" is not solely due to earnings or valuation issues [8][9]. Group 4: Selling Dynamics and Investor Behavior - The selling of "old blue-chip stocks" is primarily driven by funds moving towards technology stocks, with passive index funds being significant buyers of these stocks [15][16]. - The current sellers of "old blue-chip stocks" include domestic active funds and foreign investors, with the latter showing a tendency to reduce holdings in A-shares while maintaining positions in H-shares [28].