On December 15, the Beijing Stock Exchange opened for one month. In the first month of the market opening, the market operation of the Beijing stock exchange was generally stable, and the positive effects of the reform were significant: the collective rise of listed new shares, the active admission of professional institutions, and the increased willingness of investors to enter the market; The innovation layer and foundation layer of the new third board were driven, and the trading activity was effectively improved.
With more “living water” pouring in, the activity of market trading of Beijing stock exchange will be further enhanced. China Securities News reporter learned that long-term funds such as social security fund, insurance fund and QFII are optimistic about the investment opportunities brought by the Beijing stock exchange and are actively preparing to enter the market.
11 new shares rose collectively in the first month of listing
According to the data of the Beijing stock exchange, the total turnover of the Beijing stock exchange from November 15 to December 14 was 47.897 billion yuan. The average daily trading volume of stocks increased by 3.07 times compared with the original selection layer, and the average daily turnover rate of stocks increased by 0.74 percentage points compared with the original selection layer, which is in line with the liquidity characteristics of small and medium-sized market capitalization stocks.
In terms of market performance, 11 new shares of Beijing stock exchange rose collectively in the first month of listing, with an average increase of 110.84%. Since the announcement of the establishment of the Beijing stock exchange on September 2, 71 stocks have increased by an average of nearly 30%.
The daily average amplitude of the stock of the Beijing stock exchange decreased from 25.51% on the first day of opening to 5.28%, and the stock price gradually stabilized; The fluctuation of individual stocks is within the expected reasonable range, the price trend is relatively stable, and the market pricing function is further improved.
Since the announcement of the establishment of the Beijing stock exchange, the cumulative increases of the third board component index, the third board market making index and the innovation component index have been 15.13%, 34.79% and 20.19% respectively; After the opening of the Beijing stock exchange, the average daily turnover of the innovation layer and the basic layer increased from 835 million yuan before the opening to 886 million yuan, an increase of 1.83 times compared with that before the announcement. Overall, the Beijing stock exchange and the new third board will continue to create opportunities for investors to share the development dividends of innovative small and medium-sized enterprises.
the number of accounts opened by qualified investors exceeds 4.6 million
In the first month of the market opening, investors had high enthusiasm to participate in the market of Beijing stock exchange. According to the data provided by the Beijing stock exchange, as of December 14, the number of accounts opened by qualified investors of the Beijing stock exchange exceeded 4.6 million, an increase of about 1.7 times compared with that before the announcement. After the full game between the buyer and the seller, the investors have tended to be rational, and the overall trading heat has maintained a reasonable level.
In addition to direct participation, other channels such as public funds also received high attention. The first eight theme funds of the Beijing stock exchange all realized half day over raising. From the net value, these eight funds have entered the layout. According to the regulations, during the closed period, the proportion of the investment in the eight fund stocks (including depositary receipts) in the fund assets ranges from 60% to 100%, of which the proportion invested in the stocks of the Beijing stock exchange shall not be less than 80% of the non cash fund assets.
Institutional research enthusiasm is high, and the research reports of securities companies are intensively released. According to incomplete statistics by the reporter of China Securities Journal, from November 15 to 19:00 on December 14, 28 companies of Beijing stock exchange disclosed 40 research announcements on institutional investors, covering 34%. With the establishment of the Beijing stock exchange from the announcement to the opening of the market, the types of institutions participating in the research are gradually enriched. The leading institutions of the original research were securities companies and PE / VC. Now large buyer institutions such as public funds, insurance funds, trusts and asset management have also participated.
The main force of the survey was small and medium-sized brokerages, and now many head brokerages quickly follow up. In addition to the eight public funds that issued the first batch of Beijing stock exchange theme funds, many other public funds are also exploring potential investment targets.
sufficient number of backup enterprises
In the first month of opening, the overall system of the Beijing stock exchange operated steadily, and the audit of issuance and listing was carried out in an orderly manner. On November 26, the Listing Committee of Beijing stock exchange held the first review meeting in 2021, and Weibo hydraulic became the first company to attend the meeting of Beijing stock exchange. On December 3, Hujiang materials were reviewed and approved by the Shanghai municipal Party committee of the Beijing stock exchange.
The number of reserve enterprises of the Beijing stock exchange is sufficient. In addition to the above-mentioned two meeting enterprises, the Beijing stock exchange has accepted the listing applications of 57 enterprises; At the same time, there are 187 auxiliary enterprises of Beijing Jiaotong. From the perspective of business performance, the accepted enterprises of Beijing stock exchange have a high profit level and outstanding growth. More “new faces” will further stimulate the market vitality of the Beijing stock exchange.
In terms of profitability, the average and median return on net assets of the audited enterprises of Beijing stock exchange in 2020 are 20.37% and 18.00% respectively, 7.89 and 4.75 percentage points higher than the existing listed companies of Beijing stock exchange. In terms of growth, the audited enterprises of Beijing stock exchange achieved an average operating revenue of 326 million yuan and an average net profit of 41.7136 million yuan in 2020. The compound growth rates of operating revenue and net profit in the past two years were 10.16% and 25.00% respectively. The growth rate of revenue was the same as that of the existing listed companies of Beijing stock exchange. The growth rate of net profit was high, with 3.63 percentage points of the listed companies of Beijing stock exchange.
From the perspective of industry distribution, the audited enterprises of Beijing Jiaotong exchange are concentrated in high-tech emerging industries. The 57 companies under review are mainly concentrated in the manufacturing industry (36, accounting for 63.16%) and the service industry (16, accounting for 28.07%). In the manufacturing industry, there are 11 companies in the high-end equipment manufacturing industry, accounting for 30.56%, and 10 companies have been selected into the list of specialized and new “little giants” of the Ministry of industry and information technology, accounting for 27.78%. Among the service industries, 14 belong to high-tech service industries, accounting for 87.5%, mainly concentrated in information transmission, software and information technology service industries (11).
As a market for service innovative small and medium-sized enterprises, the valuation level of Beijing stock exchange forms a gradient with that of Shanghai and Shenzhen markets. From the perspective of A-share comparable industries, the median P / E ratio of characteristic industries such as information technology, medical care and materials of Beijing stock exchange has been equivalent to the median P / E ratio of the same industry of Shanghai and Shenzhen main board.
(China Securities Journal)
