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< p > for last year's single gem bull market, the 5 big organizations did not leave quickly because of the adjustment after the Spring Festival. On the contrary, some institutions increased their investment in GEM stocks by changing positions and changing positions.

From the data point of view, 379 GEM stocks at the end of last year, 313 were involved, of which more than 100 stocks were settled by more than 20 institutions.

From the perspective of the market value of the holdings, blue water sources, blue cursor, tombstone, Hua CE film and technology are the five largest stocks in the growth enterprise market.

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< p > however, with the continuous increase of < a href= "//m.pmae.cn/news/index_s.asp" > share price < /a >, the unilateral bull market makes the valuation of GEM stocks seriously high, and the risk factors also bring about the obvious differentiation of the internal attitude towards the organization, and some stocks are obviously lighten up, which reflects a huge abnormal callback on the stock price.

In the first quarter, the number of GEM companies dropped to 279, and only 25 of the 20 institutions were involved.

Last year's fourth largest five stocks were replaced by blue cursor, Hsin Chuan technology, Ho Jia shares, Wei Ning software and Yi Hualu.

Because Wei Ning software was on the side of the first quarter and pulled up the stock price while shipping, the cumulative risk was fully reflected in April, and the share price continued to drop by nearly 30%.

In fact, if we carefully analyze the specific shareholding structure of the five major institutions, we can see that the real main force that causes the sharp decline of GEM stocks is in the fund. While the other four major institutions continue to be optimistic about GEM stocks, the fund has been fully reduced.

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The number of GEM stocks in the "a href=" //m.pmae.cn/news/index_s.asp "fund" < /a > annual report has reached 309, but has not dropped to 263 in the first quarter. The total stock market value has dropped from 163 billion 780 million yuan to 121 billion 416 million yuan, a decline of 25.9%. During the QFII annual report, 16 GEM stocks were held, and the shareholding market value was 543 million yuan, which rose to 602 million stocks with 21 shares and 10.9% 10.9%. The share holdings of brokerages rose from 37 yuan to only $8 yuan during the annual report, while social security holdings remained unchanged in the first quarter, but the total market value rose to the market value in the adjustment period of the growth enterprise market, and the market value increased by nearly RMB. < p > concrete.

Insurance companies did not hold shares during the annual report. In the first quarter, they bought 418 million stocks, such as Green League technology, Yi Lianzhong, Jinsheng precision, and so on, at a price of $418 million.

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