The index rose sharply in the first week of the launch of the GEM registration system
Reform has a certain effect on boosting the A-share market
The GEM registration system has been implemented for a week, and its reform results are obvious to all. From the weekly observation, the ChiNext index has become the focus of market attention this week after the adjustment of the previous week, with a weekly increase of 4.76%, which is relatively significant compared with 0.68% of the Shanghai Composite Index and 2.77% of the Shenzhen Component Index.
The turnover of the ChiNext Index rose sharply during the week, which was a 48% increase from last week. In contrast, the Shanghai Composite Index fell 22% from last week.
On the disk, Tianshan Biotech was suspended, to a certain extent, the speculation of low-priced stocks that had not been supported by fundamentals before, the return of funds to value stocks. Liquor, food and beverage, securities and other sectors were among the top gainers.
The reform of the ChiNext registration system boosts the A-share market
Market analysis believes that the reform of the ChiNext registration system has a certain effect on boosting the A-share market. First, Changniu relies on the continuous improvement of the profitability of listed companies. At present, consumer industries with relatively stable ROE (return on equity) and high-growth technology industries account for increasing proportions in the A-share market, and the implementation of the ChiNext registration system and the relaxation of corporate listing profit restrictions, etc. It will also increase the proportion of technology companies, which will help provide more high-quality targets for A shares.
Secondly, Slow Bull depends on the optimization of trading mechanism and investor structure. From the perspective of the trading mechanism, after the reform of the ChiNext registration system, the fundamental factors of listed companies will be more concerned by investors. At the same time, the increase in the degree of opening up of A shares and the increase in the capital of public funds will continue to increase institutional investors in the A share market. % Of.
Going back to the valuation of the ChiNext, in general, it is still hard to say that the valuation of ChiNext is at a historically high level. The conventional valuation calculation methods need to be considered. The epidemic has had a major impact on corporate earnings in the first quarter of this year, which has increased the presentation of valuation data in disguise. If one considers that the growth rate of listed companies will rebound next year under the low base effect, it is hard to say that the valuation of ChiNext is at a historically high level.
Relaxing the rise and fall may trigger subsequent fluctuations
Gong Lili, head of the investment department of Shenwanlingxin Fund Index, said that the registration system of the ChiNext was successfully implemented this week, and A shares have taken another step towards the "registration era". In addition to concern, the market is generally worried about two issues: First, after the registration system is fully implemented, the accelerated expansion of listed stocks will impact the stock market; second, the trading system reform, especially relaxing the rise and fall to 20%, triggering subsequent fluctuations on the GEM Intensify or even suppress investor risk appetite.
In particular, the reform of the trading system. On the one hand, under the registration system, it is expected that the cost of investment and acquisition of information will be greatly reduced, and the market's own "arbitrage efficiency" and "pricing power" will be improved. , Return to the source of value investment, and earn return on investment brought by the profit growth of high-quality companies.
On the other hand, investors' own trading behavior patterns have changed. Under the registration system, the trading performance of different quality companies will diverge significantly. The investment risks brought by chasing hot spots and speculation will expand, and even if you are not careful, you may encounter delisted stocks. In fact, if we look at mature markets such as the United States, delisting companies is the norm. Investors will gradually find that the difficulty of investing in individual stocks increases and the winning rate decreases.
Pay more attention to long-term value mining
The trend of low-priced stocks represented by Tianshan Biology has aroused market vigilance this week. Finally ended the 20% continuous rise with a special stop. How should investors understand this phenomenon?
CCB believes that low-priced stocks are mainly composed of some procyclical sectors, and the nature of the rise of low-priced stocks stems from the gradual recovery of the macro economy after the epidemic. With the gradual implementation of fiscal policies in the second half of the year, the macro environment is still favorable for the procyclical sector. However, it should be noted that some procyclical industries have entered a mature period, and investment opportunities in leading stocks in sub-sectors are more worthy of attention.
Currently, the main reforms of the new GEM regulations include no increase or decrease in the first five trading days of new stocks, and adjustment of the increase or decrease of all companies listed on the GEM to 20%; adding a temporary suspension mechanism; and IPOs can be used as financing and financing on the first day of listing. Bond subject; optimization of delisting mechanism, etc. On the whole, the new regulations will help the ChiNext price to become more market-oriented and accelerate the survival of the fittest in the capital market. Investor participation should focus more on the long-term value of listed companies, so as to avoid short-term hype.
Text/Reporter Liu Shenliang