強勢股集中殺跌，誰在拋？為何拋？
作者：汪友若
來源： 上海證券報
這幾日，市場中個股走勢分化加劇的現象越發顯著，指數小有反彈，高位個股卻紛紛跳水。且在強勢個股的殺跌中，不乏機構席位的集中拋售。
強勢股集體殺跌
長安汽車19日盤中觸及23.67元的高點後跳水，收出一根放量陰線。當日午後該股一度跌停，全天收跌9.31%，成交71.70億元，換手率8.52%。
數據顯示，10月以來長安汽車整體漲幅達50.78%，是近期強勢的汽車板塊的領漲龍頭。
除長安汽車外，前期漲幅較為靠前的掌閲科技、華峯鋁業、潤禾材料、小康股份等多隻個股昨日盤中均大幅回撤。
這還只是這些天強勢股集體殺跌的一個縮影。
週三（11月18日），多隻醫藥白馬股集體跳水，其中不乏千億市值的白馬龍頭，如歐普康視、康龍化成、藥明康德、泰格醫藥等多隻個股就發生了閃崩。
以藥明康德為例，該股週三盤中一度跌停，為上市以來所罕見，收盤時下跌9.13%，成交額達37.6億元。而就在11月11日，藥明康德盤中剛創下121.80元的歷史新高。
機構席位集中拋售
上述強勢個股高位回撤的走勢中，不乏機構席位集中拋售的痕跡。週四盤後數據顯示，長安汽車龍虎榜中，一機構席位淨賣出4.31億元，佔總成交額的6.01%。此外深股通席位賣出3.98億元同時買入1.34億元。
贛鋒鋰業11月17日創歷史新高，隨後在18日便重挫8.22%，全天成交33.1億元。從盤後龍虎榜情況看，贛鋒鋰業同樣遭遇機構賣出。賣出前五席位中，機構佔據賣二和賣四席位，合計淨賣出1.20億元。買入前五席位中，未出現機構席位，買一的深股通席位買入2.86億元，同時賣出2.20億元。
四季度風格分化劇烈
部分市場觀點認為，近期市場風格在科技和週期之間反覆切換，主要受機構年底調倉換股影響，不少科技、消費、醫藥白馬股近幾個交易日出現集中補跌。由於科技和醫藥在創業板指數佔較大權重，也導致創業板指數走勢偏弱。預計強勢股補跌完成後，市場將逐步企穩回升。
招商證券此前研報分析認為，四季度的風格整體會更加穩健。機構投資者四季度往往加倉金融地產，而降低對TMT、消費、醫藥的倉位。
招商證券表示，從過往經驗看，四季度的風格分化往往較前三季度更為劇烈，表現最好的風格與表現最差的風格的收益率之差明顯擴大。
整體來看，之前15年間，四季度的市場風格呈現四個特點：第一、金融與必選消費板塊的表現往往好於其他風格；第二、成長與價值風格出現的機率相近；第三、大盤股風格出現機率較高；第四、低估值風格出現機率非常高。
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