Since the New Year, the CBSE market has picked up significantly, with the CBSE 50 up 11.13%. Private equity believes that economic recovery, investor sentiment has improved, and the Beijing Stock Exchange has rebounded after experiencing a sharp drop last year. In addition, incremental funds such as public offerings have entered the market, and favorable systems such as market-making transactions have been implemented, and liquidity has been improved. This wave of market.
The Beijing Stock Exchange has unique characteristics. Private equity is optimistic about its valuation discount advantage, and a considerable number of companies have strong growth, which is worthy of latent deployment.
Funds enter the market, and the favorable system will be implemented
The North Exchange rebounded strongly
“Currently, the valuation advantages of CBSE companies are obvious. As the domestic economy and investor sentiment pick up, the CBSE 50 IndexFund issuancedriveCash flowA number of favorable measures, such as investment, will gradually be implemented, and stocks on the Beijing Stock Exchange continue to rise. “guidefundChairman Wang Junguo said.
After rising to a high in late June last year, the North Composite 50 Index has corrected for several months. Xinjiang Investment stated that in the year after the launch of the Beijing Stock Exchange in November 2021, the market was weak and most stocks fell sharply. This year’s surge is largely a retaliatory rebound after a severe sell-off. Funds continued to flow into the entire stock market, and part of the funds overflowed from the Shanghai and Shenzhen Stock Exchanges to the Beijing Stock Exchange.In addition, CBEX has successively announced the 2022achievementExpress, many companies have performed well.
He Jinlong, general manager of Umily Investment, analyzed that at the end of last year, the North Exchange experienced a wave of breakouts, and the breakout rate on the first day was as high as 87%. In order to solve the liquidity problem this year, the CBEX has issued a series of detailed rules, and the improvement of liquidity has driven the CBEX to strengthen.
Chenming Asset Management believes that the listing and trading hours of companies approved in January are staggered, and some companies need to submit annual reports before they can enter the review and issuance process, and the issuance speed has slowed down slightly. At the same time, a number of companies planning to go public have lowered their reserve prices, lowering their valuations. The Beijing Stock Exchange 50 public offering fund began to operate, and incremental funds entered the market. Overlaying the bottoming out of the domestic economy, the recovery of the capital market, optimistic investor sentiment, and the release of the market-making trading system by the Beijing Stock Exchange on January 19, market sentiment gradually recovered.
Licheng Assets pointed out that this year’s strength is mainly due to the impact of changes in investors’ macroeconomic expectations, as well as domesticsecuritiesThe impact of market activity and changes in global liquidity. “The three markets of Shanghai, Shenzhen and Hong Kong rebounded at the same time. As the exchange with the smallest trading volume, the upward fluctuation of the Beijing Stock Exchange is more reflected in the Beta of the exchange industry.”
Significant valuation discount and strong growth potential
Private equity actively deploys Beijing Stock Exchange
Many private equity firms believe that the current valuation of the Beijing Stock Exchange is cheap, and there are many outstanding companies that deserve attention.
“The quality of individual stocks on the Beijing Stock Exchange is relatively good, and the valuation of companies with similar quality is 30% or even 50% lower than that of A-shares. The investment value is great. We have already bought 5 companies’ stocks, and all of them have floating profits.” Investment general manager He Li told reporters.
Wang Junguo said that CBEX is positioned asSpecialized and newSmall and medium-sized enterprises are small in size but stronger in growth. Compared with listed companies in the same industry in Shanghai and Shenzhen, the valuation of most companies on the Beijing Stock Exchange is at a substantial discount.
Xinjiang Investment has been deeply involved in the NEEQ and the Beijing Stock Exchange for 7 years. It believes that the stock valuation of the Beijing Stock Exchange has reached an absolutely undervalued level. Although the Beijing Stock Exchange company is not as imaginative as the Science and Technology Innovation Board, its competitiveness is not bad. “This type of company has a certain scale and is systematic. After listing and financing, the performance flexibility will be very large, and the growth rate may be better than that of ChiNext companies.”
Chenming Asset Management stated that considering investment institutions, market liquidity,Restricted sale liftedInstitutional arrangements and enterprise scale and other factors, the valuation of listed companies on the Beijing Stock Exchange and the valuation of the secondary market have a certain linkage effect, which is relatively reasonable overall, and the valuation of individual stocks has fluctuated, and the liquidity discount effect is obvious. The quality level of the Beijing Stock Exchange is neutral. The quality of newly listed companies declined in the fourth quarter of last year, and the overall trend is still upward.
position”Specialized and new“SMEs
Private equity is optimistic about the investment potential of Beijing Stock Exchange
Compared with other markets, Star Rock Investment stated that the GEM is positioned as “three innovations and four new” to support business model innovation and the integration of old and new industries; the Science and Technology Innovation Board is positioned as “hard technology” to enhance financial service technology capabilities; “Specialized and new“And small and medium-sized enterprises, deepen the construction of multi-level capital market.
Starstone Investment analyzed the data: the market’s recognition of the Science and Technology Innovation Board and the Growth Enterprise Market is higher than that of the Beijing Stock Exchange A-shares. From the perspective of valuation, the GEM and Science and Technology Innovation Board have been open for a long time, and the overall valuation is significantly higher than that of the A-shares of the Beijing Stock Exchange. As of February 1, the price-earnings ratios of the Growth Enterprise Market and the Science and Technology Innovation Board were 39 times and 39.7 times, respectively, while the A-shares of the Beijing Stock Exchange were only 19.2 times. Compared with the Shanghai and Shenzhen A-shares, the Growth Enterprise Market and the Science and Technology Innovation Board have a style premium of growth stocks, while the Beijing Stock Exchange, which is also a gathering place for growth companies, has a discount. Although the Beijing Stock Exchange 50 recorded the largest increase on January 31 this year, the daily turnover of the index is below 3 billion, the liquidity is obviously weaker than that of the Science and Technology Innovation Board and the Growth Enterprise Market, and investor participation is low.
He Li said that the positioning of CBEX is to work with the national stock transfer system to jointly create a position for the owners of innovative service-oriented small and medium-sized enterprises, which is obviously different from the positioning of the main board, science and technology innovation board and ChiNext. The prices of stocks of similar quality on the Beijing Stock Exchange are relatively cheap, and their valuations are similar to those of Hong Kong stocks, and some are even lower than Hong Kong stocks.
He Jinlong said that the scale of companies listed on the Shanghai and Shenzhen Stock Exchanges is larger than that of the Beijing Stock Exchange.net profitAnd revenue and compliance are strictly regulated. The industries covered by the Beijing Stock Exchange, such as medicine, biology and computer, accounted for more than 30%, and their overall valuation was different from that of the stocks on the Shanghai and Shenzhen Stock Exchanges.
Private equity is optimistic about the investment prospects of the Beijing Stock Exchange.Xinjiang Investment believes that the companies on the Beijing Stock Exchange have many advantages: for example, the stock market value of individual stocks is significantly lower than that of Shanghai and Shenzhen, and the stock with the largest market value on the Beijing Stock ExchangeBetrayclose to 40 billion, and the smallest market value is only a few hundred million; the trading rules are flexible, the Shanghai and Shenzhen main boards have a rise and fall of 10%, the Science and Technology Innovation Board and the Growth Enterprise Market 20%, and the North Exchange has a rise and fall of 30%; A group of medium-sized high-quality enterprises that are not as large as the main board, but have begun to take shape and have profits, and are more specialized and special. In terms of technology and advanced manufacturing, including silane gas, electric toolsBatteryMedical refrigeration refrigerator freezer industry leading enterprises all have very good investment value.
(Source of article: China Fund News)
(Original title: Beijing Stock Exchange has made a strong start, private equity is optimistic about investment opportunities this year)
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