The A-share market is changing.
Under the registration system, new shares have become the new normal, and the impact on many businesses of securities companies should not be underestimated.
Conversely, as an important participant in the market, securities companies should also take the initiative to establish a concept that matches the registration system, and be fully prepared for possible market ecological changes in the future.
Securities Times reporter Liu Yiwen
Since the beginning of this year, new stocks have frequently broken, which has brought a lot of challenges to the brokerage business of securities companies.
According to what a Securities Times reporter learned from a number of securities companies, its brokerage business is also trying to adapt to the new situation, constantly improving its work, and striving to provide better services for investors.
In terms of investment education, existing securities companies have focused on guiding investors to rationally view breakouts and not give up food because of choking. At the same time, they reminded investors to abandon the past blindly playing new models, and advocated investors to do their homework and strengthen their ability to identify and analyze the market.
In addition, brokerage investment advisers have also begun to strengthen their research on new stocks, and some investment advisers even directly advise investors not to subscribe. This is not very common in the history of A-shares, and it requires investment advisers to have greater courage.
To teach:
Make new decisions and then move
New stocks break frequently and have received more and more attention.
According to data from Oriental Fortune Choice, the number of new shares that broke on the first day of listing at the end of last year accounted for less than 15% of the new shares of the month, exceeded 20% in January this year, and reached 35% in March.
As of the 15th, nearly 60% of the new shares in April had broken on the first day of listing.
Some investors said that winning the lottery for new shares now means a high probability of being "shot".
In this context, many brokerages have reminded investors to do their homework in advance and view the breakout rationally, such as comparative analysis in terms of price-earnings ratio, listing board, and fundamentals.
Taking CITIC Securities as an example, the company reminded investors to pay attention to the type of new shares in the investment education.
Since October 2021, all the new shares that broke on the first day of listing came from the Growth Enterprise Market and the Science and Technology Innovation Board, while the new shares on the main board under the approval system did not break.
Second, pay attention to the price-earnings ratio.
According to the research data of CITIC Securities, the price-earnings ratio of new shares on the first day of listing has certain characteristics - either higher than 23 times, or not yet profitable.
Excluding new stocks that have not yet made a profit, 82.61% of individual stocks issued a price-earnings ratio higher than the industry.
Finally, focus on profitability.
Among the unprofitable new stocks, 40% of the individual stocks broke on the first day, while only 4% of the profitable new stocks broke.
CITIC Securities reminded that in the face of changes in market conditions, investors should respond more rationally.
It is the correct way to do your homework, make a rational choice, and apply for a purchase calmly before starting a new one.
It is not wise to participate in blindly following the trend and abandon the purchase due to dazed worries.
According to the regulations, abandoned purchases may also be put on a new "blacklist", so it is necessary to make decisions.
Huachuang Securities also pointed out to investors that, according to the analysis of new share subscription data from last year to the present, from a probability point of view, the profit from "new" may still be greater than the loss.
However, investors should also pay attention to the fact that the first day of listing of new shares this year has occurred from time to time. In addition to the impact of the general environment, it is also closely related to the quality of the new shares themselves.
Huachuang Securities once again reminded investors that the stock market is risky, investment needs to be cautious, and there is no business of "stable profit without loss"; but on the other hand, investors cannot "give up food because of choking", because some new stocks break Not participating in the new game is too absolute.
Regarding the subscription of new shares, it is still necessary to analyze specific issues in detail. Investors need to enhance their ability to identify and analyze the market. Whether to insist on or abandon the subscription of new shares, you can consult the brokerage where the account is located before making a decision.
Guosheng Securities said in the investment education that the effect of making new money is still there, but serious decisions are needed.
Specifically, there are few new shares on the main board that break, and stocks with higher issue prices, higher valuations, and still losing money at the time of listing have a higher break rate.
In addition, when investors choose to subscribe for specific new shares, it is best to combine the industry preferences of the current market.
Investor:
It is recommended to abandon part of the subscription for new shares
The frequent breakout of new stocks also makes the investment advisors of securities companies "broken hearts".
The Securities Times reporter noticed that some brokerage investment advisors directly suggested giving up the subscription of some new shares in their advice to investors, and gave very clear reasons.
A brokerage person said that at present, it is relatively rare in the industry to recommend abandoning new shares, and it takes a certain amount of courage for investment advisors to make this recommendation.
Recently, there were 6 new shares available for subscription on the same trading day.
For these 6 new shares, the above-mentioned brokerage investment advisors have given suggestions, of which 2 are recommended to subscribe, and the remaining 4 are recommended to be abandoned.
As for the specific reasons for abandoning the purchase, the investment advisor said that although a new stock has achieved rapid growth in performance, its cash flow is poor, accounts receivable are high, the issue price is too high, and the issue price-earnings ratio is not low. The company plans to raise 750 million yuan. , and was finally raised to 5.811 billion yuan by the institution, so investors are advised to give up the subscription.
For another new stock, the investment advisor said that the company is a leading company in a certain market segment. During the reporting period, its performance has maintained rapid growth and the issue price is not high. However, the issue price-earnings ratio is too high, and there is a certain risk of breakout on the first day of listing. Therefore, investors are also advised to abandon the subscription.
"There are a lot of new stocks breaking now. Brokers dare to give advice on abandoning purchases at such a moment and reveal investment risks in a timely manner. It can be said that it is not easy." An investor said.
Industry insiders believe that the era of "laying and earning" with closed eyes and new ideas is over in the past, and the risk of investors facing losses is increasing. This also provides market opportunities for investment advisors in the era of wealth management to serve customers. Investment advisory institutions that are centered and responsible to customers are expected to win more trust from investors.
Brokerage APP:
Transform one-click new functions
The continuous break of new shares also revealed that some functions of the brokerage APP are out of date.
"In the past, new shares were guaranteed to make a profit without losing money. It is most important to insist on the subscription guarantee to win the lottery. The more subscriptions can be used to win the lottery. For the convenience of investors, brokerage APPs have launched a one-click new function, and some also have appointments. , the subscription subscription function." A person from a securities firm in Beijing told the Securities Times reporter.
The person said that now the situation has changed, and new shares can no longer be subscribed blindly. Investors need to carefully study the fundamentals and other situations, and they must subscribe for specific points instead of one-click subscription.
"We are now studying and optimizing the one-click new function. The new stocks on the main board have not broken yet, mainly because the new stocks on the Science and Technology Innovation Board and ChiNext are breaking. This requires some differentiated treatment." A person related to the brokerage business of a brokerage told the Securities Times reporter said.
In addition to the one-click new function that needs to be optimized, some brokerages said that the service of freezing funds in advance of investors' new shares also needs to be optimized.
Recently, a short message notification from a brokerage company aroused the attention of investors.
The text message said, "If you have won the lottery for new shares and the funds in your account are sufficient, the securities company will freeze the funds in accordance with national regulations and shall not give up shares." Customer funds will be frozen in the evening on the matching date).
If there are still funds in the client's account (whether it is full or not) before this time point, it will be frozen and cannot be unfrozen.
The reason why the incident quickly aroused heated discussions on the Internet is that it touched the vital interests of investors - can securities companies freeze funds for investors in advance to ensure the success of the subscription and deduction?
Can investors decide at the last minute whether to abandon their purchases?
Now that new shares are generally broken, not abandoning the purchase may mean a loss.
The funds that were supposed to be transferred at the end of the day on T+2 were frozen in advance at the close of the market on T+1, which led to the investors who won the lottery who wanted to abandon the purchase, so it was inevitable that they would have disputes with the brokerage.
How to provide services to customers in a more humane way and to independently decide the thawing of funds according to the wishes of customers has also become a pain point in the transformation of securities companies' APPs.
Some brokerages have gone ahead of their peers in this business.
A securities company provides a new service on the APP - the freezing service of funds for winning new shares.
After the investor activates this function, if he subscribes for new shares on T day, the brokerage will freeze the funds paid by the winning investor on the evening of T+1 until the payment is made on T+2.
If the investor has other uses for the frozen funds on the payment date (T+2 day), they can revoke the frozen funds and release the funds before 15:30 on the same day.
This function is valid for a long time after it is turned on, and can also be turned off at any time.