Core view
1. Plate positioning: serving the “main position” of innovative development of small and medium-sized enterprises
The innovative development of China’s small and medium-sized enterprises has four industrial bases: (1) high policy support; (2) a large manufacturing country & a world-class consumer market; (3) a large and complete industrial chain, and industrial upgrading is imminent; (4) talent bonus. The Beijing stock exchange is committed to building a main service position of “innovative small and medium-sized enterprises” and cultivating a number of “specialized and new” small and medium-sized enterprises.
The industry focuses on “technology + manufacturing” and opens up the listing channel of small and medium-sized enterprises. From the perspective of quantity and market value distribution, the listed companies of Beijing stock exchange are mainly concentrated in mechanical equipment, power equipment and other industries. Following the scientific innovation board, the Beijing stock exchange continued to cultivate listed enterprises around industrial innovation and development, and further expanded its scope to more “wide” fields and “small” enterprises.
2. Investment strategy: grow into the king, tap the “treasure of Beijing stock exchange” with four main lines
The allocation value of leading companies with large market value in the North stock exchange is high. At present, only four companies listed on the North stock exchange have a total market value of more than 10 billion yuan.
Most small and medium-sized enterprises in the North stock exchange are at the head of the subdivided track. According to the plate characteristics, they can select the key layout of high boom track head companies.
Enterprises listed on the Beijing stock exchange are mainly small and medium-sized enterprises. They invest in the initial stage of the company’s growth and need to focus on looking for marginal changes.
The overall valuation level of the Beijing stock exchange is low, and the Davis double-click effect is expected to appear by selecting the growth targets with high undervalued value.
3. Opportunities for new shares: War distribution and innovation are important opportunities to participate in the investment of the Beijing stock exchange
On the corporate side, at present, a total of 51 companies on the Beijing stock exchange are in the application queue, and 209 innovative and basic companies are in the listing guidance of the Beijing stock exchange, and the Beijing stock exchange will continue to expand its capacity.
On the capital side, eight theme funds of the Beijing stock exchange have been established. As of 2021q3, a total of 7 public funds held 20 companies of Beijing stock exchange, with a total market value of 1.1 billion yuan.
4. Prospect: the issuance of high-quality companies is accelerated, and long-term funds enter the market in an orderly manner
Beijing stock exchange sets three pricing issuance methods: direct pricing, inquiry and bidding. At the same time, the subscription of new shares adopts the full payment mechanism. Investors need to pay attention to the occupation of new funds.
In terms of war allocation, the proportion of listed war allocation of companies on the Beijing stock exchange is high, and there is no mandatory follow-up investment requirements of sponsor securities companies, which has a great opportunity for external institutional investors to participate.
In terms of offline innovation, the high tick ratio ensures that the pricing is reasonable. Under the neutral forecast, the new rate of return for class a investors and class C investors of the Beijing stock exchange is 9.9% and 8.5%.
5. Risk tip: policy change risk
