It has been more than a month since the opening of the Beijing Stock Exchange, and the overall operation has been stable. accept”SecuritiesAn expert interviewed by a reporter from the Daily said that as a freshmanSecuritiesThe overall performance of the exchange and Beijing Stock Exchange has been in line with market expectations since the opening of the market for more than a month. In the future, with the continuous emergence of high-quality companies, the gradual entry of investors and the continuous improvement of market construction, the historic investment opportunities of the Beijing Stock Exchange are worth looking forward to.
The full moon annualized turnover rate is nearly 500%
Transaction activity continues to remain high
From a horizontal perspective, the trading activity of the Beijing Stock Exchange continues to remain high, with an annual turnover rate of nearly 500% at the full moon. According to statistics, the average daily turnover of the Beijing Stock Exchange on the full month of opening was 2.177 billion yuan. Compared with the market value of around 100 billion yuan on the Beijing Stock Exchange, the average daily turnover rate at the full month of the market was 2%, which has exceeded the annualized level. 480%.
From a vertical perspective, it is a common phenomenon for newly established markets to increase the volume of transactions at the beginning of the market opening and then gradually stabilize, which needs to be viewed objectively.On the one hand, there will often beNew crotchMass listing, and new stocks will bring a large number of incremental investors to participate in the transaction; on the other hand, the new market has a high degree of market attention at the beginning of the market opening, which will bring incremental capital to the market.
Take this year’s sci-tech innovation board as an example, the average turnover rate of each stock on the first day of listing is as high as 75%, the average of the next day is 47%, and the third day is 33%. The daily turnover is declining at a rate of about 30%-40%. . Judging from the operation of the Beijing Stock Exchange since the opening of the market, it also conforms to this universal law. On the first day of the market opening on November 15, the stock turnover of 10 newly listed companies totaled 4.113 billion yuan, accounting for more than 40%, and the turnover rate reached an average of 60%. As the enthusiasm for new stocks declined, market turnover subsequently fell normally.
Currently, the Beijing Stock Exchange has a total of 82 stocks. In the case of location-based innovative small and medium-sized enterprises, the scale of stocks is relatively small, with a total market value of only 240 billion yuan and a circulating market value of 94 billion yuan.AnxinSecuritiesChief of New Third BoardAnalystIn an interview with a reporter from the Securities Daily, Zhu Haibin said that in the future, as new shares of the Beijing Stock Exchange continue to be listed, the market is expected to continue to increase in liquidity and transaction value as the market gradually increases as the new shares drive and scale.
“As a new stock exchange, the Beijing Stock Exchange has been in line with market expectations since it opened for more than a month.” Zhu Haibin analyzed that overall, stock liquidity has improved significantly, and the horizontal and vertical comparisons have achieved the expected results.Market trading is active, investors subscribe for new shares and the theme of the Beijing Stock ExchangefundAre all active, public offering,Brokerage、insurance, Trusts and funds from various professional institutions are also actively entering the market to carry outResearchWork. Recently, some high-quality segmented leading companies have been revalued due to sufficient information disclosure.
Higher stock yields
Active entry of institutional funds
Different from other newly established markets, the Beijing Stock Exchange is set up by the selection layer. To observe the rise and fall of the stocks of the Beijing Stock Exchange, we must fully consider the objective situation of continuous stock trading since the establishment of the selection layer in July 2020.
Since the announcement of the establishment of the Beijing Stock Exchange on September 2nd, as of December 24, the 82 stocks of the Beijing Stock Exchange have risen an average of 30%. Among them, 71 stocks in the selection layer have risen by an average of 22%, and 11 newly listed companies. The average increase was 83%. The stock yields of the Beijing Stock Exchange are generally good.
However, since the opening of the Beijing Stock Exchange on November 15, 82 stocks have fallen by an average of 7%. Zhu Haibin believes that “the main reason is the correction after the rapid rise in the early period. At the same time, the domestic and foreign capital markets have been in a trend of volatility adjustment during this period under the influence of repeated epidemics.”
At present, the average static P/E ratio of 82 stocks on the Beijing Stock Exchange is 41 times, and that of the Sci-tech Innovation Board and ChiNext is 70 times and 60 times respectively.Considering the stocks of Beijing Stock Exchange in the first three quartersNet profitThe growth rate is as high as 33%. It is expected that after the annual reports of various companies are disclosed in early 2022,PerformanceThe growth of CBEX will further open up space for the valuation of companies listed on the Beijing Stock Exchange to increase.
From the recent variousannouncementChina can also see that in the adjustment stage after the market opened, some professional institutions began to actively enter the market.
On December 17, Zhang Mei, member of the Party Committee, deputy general manager of the National Equities Exchange and Quotations, and deputy general manager of the Beijing Stock Exchange, said at the launch seminar of innovative small and medium-sized enterprises on the Beijing Stock Exchange and the launch of the “Yuying Plan” that since the opening of the Beijing Stock Exchange , Stock public offering funds,QFII、Social securityProfessional institutions such as funds continue to enter the venue. This also means that in addition to the eight Beijing Stock Exchange themed funds, various professional institutions that have attracted everyone’s attention have already entered the market.
Specifically, listed companies on the Beijing Stock Exchange have recently disclosed a large number of announcements about receiving investor research.Beijing Stock Exchange opened its market in just one month to receiveInstitutional researchThe number of listed companies in has exceeded 35, and before September, only 12 reception institutions were investigated in the first anniversary of the selection of the listing. In addition, the Beijing Stock Exchange theme public offering funds are also favored by investors. The first batch of 8 theme funds all achieved half-day over-raising, and they have gradually entered the stage of opening positions.
Early characteristics of the market appear
Experts say investment opportunities are worth looking forward to
The development of financing for small and medium-sized enterprises through the capital market has not yet emerged a mature model in the world. After 8 years of exploration, the NEEQ has gradually come out of a set of development models. The establishment of the Beijing Stock Exchange has opened the “ceiling” for innovative small and medium-sized enterprises for public offering and listing. Since the announcement of the establishment of the Beijing Stock Exchange, it took only 74 days to achieve a stable market opening, reflecting the speed of market construction and the strong support of all parties.
“However, the market is still in the initial stage of scale accumulation, and the overall performance of the secondary market’s volume and price reflects that the market is not mature or complete.” Zhu Haibin analyzed that, specifically, the listed stocks are mainly selected-level translation stocks. The supply of new shares is low, and there are not many tradable stocks. Although the number of investor accounts has exceeded 4.6 million, the level of familiarity with various trading mechanisms and stocks in the market is not high, and there is still a lot of room for improvement in participation. Various systems supporting the exchange are still under construction, including mixed trading,Margin trading, Index, indexed products, etc. With the continuous improvement of market construction, these problems will be solved.
Zhu Haibin believes that in the long run, the Beijing Stock Exchange has a rich reserve army. The average and median R&D intensity of 57 companies that have accepted and 187 companies in counseling are 4.84% and 4.87%, respectively. There is reason to believe that with the continuous emergence of high-quality companies, the gradual entry of investors and the continuous improvement of market construction, the historic investment opportunities of the Beijing Stock Exchange are worth looking forward to.
(Source: Securities Daily)