On November 16, Huaxia, GF, Huitianfu, E Fund, Nanfang, Harvest, Dacheng,Wanjia Fund8 public offerings have released their themes of the Beijing Stock ExchangefundProspectus and share saleannouncement: The minimum subscription is 1 yuan, each product has a purchase limit of 500 million yuan, and a total limit of 4 billion yuan.
The first batch of 8 Beijing Stock Exchange theme funds will be sold collectively on November 19 (this Friday).Analysts believe that the official sale of these funds will inject long-term capital into the market.
From the perspective of the disk, on November 16, the second day of the Beijing Stock Exchange opened, the disk was adjusted.Divide 3SuspensionIn addition to stocks, among the remaining 78 stocks, 7 shares closed up and 71 shares fell.
Judging from the rise and fall of Beijing Stock Exchange stocks on the 16th, 7 shares rose.Kay TimGas(831010.BJ) and Zhisheng Information (832171.BJ) led the way, up 16.47% and 12.71% respectively.Of which Kay TimGasIt is the selection layer that is transferred to the Beijing Stock Exchange, and Zhisheng Information is a newly issued and listed stock.
In addition to the two leading stocks, Senxuan Pharmaceutical, Hanxin Technology, Xin’anjie, Deyuan Pharmaceutical, and Beiterui also closed gains. Among them, Hanxin Technology is a newly issued listed stock, which rose by 4.37% on the 16th.
A total of 71 shares fell on the 16th. Among them, Dadi Electric (87036.BJ), China Engineering Consulting (833873.BJ), and Derui Lithium (833523.BJ) fell the most, with 16.82%, 16.65% and 14.95% respectively.
The closing data of the Beijing Stock Exchange on November 15 is that 10New crotchAll have more than doubled, and the closing price is an average of 199.80% higher than the issue price.
In terms of turnover, the total turnover of the Beijing Stock Exchange on November 16 reached 4.45 billion yuan, a 54% drop from November 15. Beterui (835185.BJ) had the highest turnover, reaching 368 million yuan; Tongxin Transmission (833454.BJ) was the second with a turnover of 288 million yuan. On November 16, there were 13 stocks with a turnover of more than 100 million yuan.
Fundamentals are more important
In the eyes of public funds, Beijing Stock Exchange funds have many advantages, includingPolicy reform opportunities and obtaining cross-market valuation spreads become possible.
China Asset ManagementThe party said, “Before the launch of the select layer, the three-board products of the public offering belonged to the’three categoriesshareholder‘, before many companies apply for IPO, the’three types of shareholders’ are removed, making it impossible for us to invest in the third board and withdraw in A shares. After the reform, public funds can invest in the select layer. At the same time, the select layer can be transferred directly to the Shanghai and Shenzhen Stock Exchanges after meeting the basic market conditions stipulated by the China Securities Regulatory Commission and the Exchange after one year. “
Wind data shows that as of October 31, the NEEQ transferred to the Stock Exchange, Shenzhen Stock Exchange, ChiNext and Science and Technology Innovation Board, and the average increase in stocks on the first day of transfer was 269%, 438%, 804% and 1180%, respectively.
In the view of China Asset Management, cross-market valuation spreads have high investment attractiveness.
In addition, all the three quarterly reports of the Select Layer/Beijing Stock Exchange Enterprises have been disclosed.Net profitIn the first three quarters of 2021, the net profit growth rate of selected companies in the first three quarters of 2021 was 33.33% year-on-year, an increase of 12.31pct compared to 2020, which was significantly higher than that of the main board and ChiNext, and the growth rate showed an upward trend.
In terms of the number of profitable companies, only 2 selected-tier companies lost money, with profitable companies accounting for 97.06%, and A-share profitable companies accounting for 86.49% during the same period.
In addition, in the eyes of many fund managers, companies on the Beijing Stock Exchange have valuation advantages.
Wind data shows that as of October 31, the number of select layer/Beijing Stock Exchange companies with a price-to-earnings ratio (TTM) below 30 times accounted for 61.76%. The proportion is 56.25%. The valuation of GEM companies is mainly concentrated below 60, and this part of the company accounts for 74.19% of the total.
The median price-to-earnings (TTM) ratios of selected tiers, sci-tech innovation boards, and ChiNext companies are 21, 46, and 37 times, respectively.
“This comparison is unfair, because the Beijing Stock Exchange and the ChiNext and the Science and Technology Innovation Board have different listing rules. In fact, if calculated solely by financial data, the latter two are more than 4 times higher than the Beijing Stock Exchange.” Shanghai Said Zuo Jianming, general manager of Xiaoyu Assets.
The reporter checked the listing rules of the Beijing Stock Exchange, the Science and Technology Innovation Board, and the Growth Enterprise Market, and the financial indicators that companies applying for listing should meet.
It can be seen that, regardless of market value or net profit, the Sci-tech Innovation Board and ChiNext Board have higher requirements for companies applying for listing than the Beijing Stock Exchange.
“From the perspective of dynamic price-earnings ratios, the valuation of companies on the Beijing Stock Exchange is already very high,” Zuo Jianming said.
A proposed fund manager of the Beijing Stock Exchange told China Business News that the valuation issue cannot be generalized. There are certain differences between the listed companies of the Beijing Stock Exchange and the main board listed companies, and the characteristics of the listed companies of the Beijing Stock Exchange need to be determined to be suitable. The valuation method of the industry.
From a meso-level perspective, compared with valuation and price, it is the fundamental changes in stocks that determine the trend of stocks. For the study of the Beijing Stock Exchange’s target, it should also focus on comprehensive consideration of the industry’s industrial policies, business models, entry barriers, market space, growth rate, etc. At the same time, under the principle of fully considering the valuation level, focus on the liquidity High-quality listed company.
Gu Xinfeng, the proposed fund manager of China North Exchange’s Innovative Small and Medium-sized Enterprises Selection, expressed similar views that valuation is not the only criterion for fund managers to select investment targets.
“We pay more attention to the company’s fundamentals. We believe that when buying any company, the company’s fundamentals is the first issue we have to consider. Only if the fundamentals are reliable will we enter our screening range. Current valuation is also very important. , But the valuation is the last thing to look at, that is, before you buy, check whether the current valuation level is suitable for the current purchase, wait patiently if it is inappropriate, and buy if it is appropriate. We believe that the market should not overestimate the short-term investment of the Beijing Stock Exchange Opportunities, but we must never underestimate the value of the medium and long-term investment of the Beijing Stock Exchange.” Gu Xinfeng told China Business News.
Wu Yuanyi, the proposed two-year fixed-open mixed fund manager of GF Beijing Stock Exchange, believes that the relevant subject of the Beijing Stock Exchange should be held for a long time to accompany the growth of the company.
Under this logic, the importance of corporate fundamentals is indeed higher than valuation.
In an interview with China Business News, Wu Yuanyi said, “We have classified, and most of the stocks listed on the Beijing Stock Exchange are concentrated in small manufacturing giants, hidden champions, or companies at the top of the tower.”
According to him, some industrial chain investments may be made in the future. For high-quality high-end manufacturing companies, the holding period of the target will be increased, such as extending the holding period to 2 to 3 years, as the company grows from small to large.
Research team configuration issues
In the opinion of some industry insiders, given that public funds have been inadequately allocated to the NEEQ research team in the past, the research depth of public funds on the Beijing Stock Exchange is “not enough to cover these 81 targets.”
“Research coverage is the first problem facing the Beijing Stock Exchange. Among the first batch of 81 bids on the Beijing Stock Exchange, we see seller research institutions, whether it is Anxin orChina Securities, Including Shenwan, so far these seller research teams have not been fully equipped, let alone the configuration of buyer research institutions, so the selection and research work for 81 investment targets is still in the preliminary stage. “Zuo Jianming said.
He said that it is “unthinkable” for general seller research institutions to form a mature research team for less than half a year.
“It’s impossible to start writing individual stocks just after forming a team and without a research framework.research report. And generally speaking, a company’s research report requires at least half a month to a month to complete the process of compiling. After that, there will be internal risk control and compliance work. “Zuo Jianming said.
According to him, there is no way for fund managers to give investment advice to fund managers with insufficient allocation of research institutions, and investment managers are afraid to place orders without getting professional reports.
China Asset Management said: “We actually allocated the NEEQ research work to the company’s research team very early. Although we did not set up a separate NEEQ research team, we have always had a very detailed approach to the various industries and key stocks of the NEEQ. Research and continuous tracking. China Asset Management has always had its own researchers covering all industries in the entire market, and it does not rely solely onBrokerageResearch report. “
In addition, some of the proposed fund managers of the Beijing Stock Exchange have conducted long-term studies on the New Third Board.
For example, Gu Xinfeng, the proposed fund manager of China North Stock Exchange Innovative Small and Medium-sized Enterprises, joined China Asset Management Co., Ltd. in July 2012.Fund researchMember, Investment Manager of China Capital,The administrative person in charge of the NEEQ Management Department,China Asset Management Fund Manager, etc.,The first batch of public funds that can be invested in the selected layers of the New Third BoardFund managers have formed a research framework for NEEQ companies.
China Southern and Beijing Stock Exchange selected two-year fixed-open mixed launch and proposed fund manager Lei Jiayuan, joined in July 2009Southern Fund, Served as a researcher of the Equity Research Department, responsible forPublic utilities, New energy and new three board research work. He was transferred to China Southern Capital, a subsidiary of China Southern Fund in December 2015, as the investment manager of the Investment Management Department, responsible for the investment business of the New Third Board.
Wanjia Beijing Stock Exchange Huixuan will regularly open mixed fund manager Ye Yong for two yearsHe is also the current research supervisor and fund manager of the New Third Board of the Investment Research Department, and has served as the deputy director of the equity investment department, the director of the second equity investment department, and the investment manager.
A proposed fund manager of the Beijing Stock Exchange said in an interview with China Business News that in the future, the scope of research will not be limited to the selected layers of the Beijing Stock Exchange and the NEEQ, but will expand to the broader innovation and foundation layers of the NEEQ. Listed company.
It is worth noting that the first batch of 8 Beijing Stock Exchange funds operated in a rolling closed period and an open period and were not listed for trading. The first closed period was two years, and the redemption business was not processed during the closed period.
“This may solve the problem of insufficient liquidity that the Beijing Stock Exchange may face to a certain extent.” The above-mentioned fund manager told China Business News.
(Source: China Business News)
(Original title: 8 Beijing Stock Exchange theme funds will go on sale on Friday, fund manager: will hold the Beijing Stock Exchange subject for a long time)
(Editor in charge: DF398)
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