The opening moon of the Beijing stock exchange. In the past month, the total market value of 82 companies of the Beijing stock exchange was 261.194 billion yuan, with a total turnover of 47.897 billion yuan. The average daily turnover rate of stocks was 1.46%. The fluctuation of individual stocks was within the expected reasonable range, and the price trend was relatively stable. The number of qualified investors of the Beijing Stock Exchange opened more than 4.6 million accounts, an increase of about 1.7 times compared with that before the announcement of the reform news.
The person in charge of relevant departments of the Beijing stock exchange said that the market operation of the first month of the opening of the Beijing stock exchange was generally stable, and the positive effect of the reform was significant. The market turnover increased significantly compared with that before the reform, the collective rise of listed new shares, the enthusiasm for market participation increased, professional institutions actively entered the market, and investors’ willingness to enter the market increased. The innovation layer and the foundation layer were driven, and the trading activity was effectively improved.
investors have high enthusiasm for participation
In the past month since the opening of the Beijing stock exchange, the market turnover has increased significantly, the activity has increased, and the price trend is stable as a whole.
From November 15 to December 14, the total turnover of Beijing stock exchange was 47.897 billion yuan, including 21.249 billion yuan in the first week. The subsequent transactions gradually narrowed as the opening effect subsided, and the change trend was in line with the general law of newly established plates. The market liquidity has improved compared with that of the selected layer. Since the second week, the average daily turnover has been RMB 1.568 billion, an increase of 3.07 times compared with the previous selected layer. The average daily turnover rate of stocks is 1.46%, an increase of 0.74 percentage points compared with the original selected layer, which is in line with the liquidity characteristics of small and medium-sized market capitalization stocks.
Among them, 11 new shares rose collectively, with an average increase of 110.84%; Most of the 71 translation stocks were corrected from the high level before the opening of the market, but they were still up 29.97% compared with that before the announcement of the reform news. In terms of market performance, the daily average amplitude 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.
At the same time, investors have high enthusiasm for participation, and professional institutions actively enter the site. As of December 14, the number of qualified investors in the Beijing stock exchange has exceeded 4.6 million, an increase of about 1.7 times compared with that before the announcement of the reform news. 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, and the first eight theme funds all realized half day over raising.
Since the opening of the market, the intensive release of institutional research reports and the upsurge of research heat have driven the expected rise of individual stocks in biomedicine, information technology, new energy, new materials and other fields.
The back feeding effect of the Beijing stock exchange showed, and the trading of the innovation layer and the foundation layer improved significantly. The price and volume of basic layer and innovation layer increased significantly. Driven by the guidance of the Beijing stock exchange, the trading activity of the foundation layer and innovation layer has improved significantly. Since the announcement of the reform news, the cumulative increases and decreases of the third board component index, the third board market making index and the innovation component index were 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 of the reform news.
The person in charge of relevant departments of the Beijing stock exchange said that the innovation layer and foundation layer of the Beijing stock exchange and the new third board show a certain investment rotation effect. 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.
sufficient number of backup enterprises
With the release of the reform effect of the Beijing stock exchange, more and more enterprises are waiting to be listed on the Beijing stock exchange. As of December 10, the Beijing stock exchange has accepted a total of 57 enterprises. In terms of operating performance, these enterprises have high profitability and outstanding growth: in terms of profitability, the average and median return on net assets in 2020 are 20.37% and 18.00% respectively, 7.89 and 4.75 percentage points higher than the existing listed companies on the Beijing stock exchange; In terms of growth, in 2020, the average operating revenue was 326 million yuan and the average net profit was 41.7136 million yuan. The compound growth rates of operating revenue and net profit in recent two years were 10.16% and 25.00% respectively. The growth rate of revenue was the same as that of the existing listed companies on the Beijing stock exchange, and the growth rate of net profit was 3.63 percentage points higher than that of the listed companies on the Beijing stock exchange. From the perspective of R & D, the average R & D cost of 57 audited companies of Beijing stock exchange is 16.0487 million yuan, and the average and median R & D intensity are 4.84% and 4.87% respectively, 0.62 and 0.41 percentage points higher than the existing listed companies of Beijing stock exchange.
Among them, the operating revenue of 32 companies has continued to grow in recent three years, and the net profit of 26 companies has continued to grow and expand in recent three years. In the first half of 2021, the enterprises under review achieved an average operating revenue of 175 million yuan and an average net profit of 16.971 million yuan. The average growth rates in the past two years were 17.41% and 21.09% respectively. 37 companies (accounting for 64.91%) achieved double growth in revenue and net profit, and the growth rate remained high.
In addition, there are 187 subsidiary enterprises of the Beijing stock exchange. 62 companies submitted materials after September 2, including 6, 15 and 21 in September, October and November respectively, and 20 in early December. The listed companies have gradually strong willingness to prepare for the Beijing stock exchange, and the preparatory process has been significantly accelerated, which has reserved sufficient strength for the listed companies of the Beijing stock exchange. According to preliminary statistics, as of December 14, there were more than 1200 listed companies meeting the financial conditions of the Beijing stock exchange, with an average net profit of 36.6613 million yuan, and sufficient reserve resources for reserve enterprises.
market liquidity to be improved
Up to now, the Beijing stock exchange has cultivated four stocks with a market value of more than 10 billion yuan, namely beiteri, Liancheng CNC, Jilin Carbon Valley and Changhong energy, with a total market value of 77.754 billion yuan, 22.204 billion yuan, 19.325 billion yuan and 11.159 billion yuan.
The overall performance of 82 listed companies is also good. As of December 10, the total market value of these 82 companies was 261.194 billion yuan; The average value of the total market value is 3.185 billion yuan; The median market value is 1.312 billion yuan. 91.46% of the companies have a total market value of less than 5 billion yuan, and 41.24% of the companies in Shanghai and Shenzhen have a total market value of less than 5 billion yuan in the same period.
Meanwhile, the overall static P / E ratio of Beijing stock exchange is 45 times, and the P / E ratios of science and innovation board, gem, Shanghai main board and Shenzhen main board are 72.15 times, 61.11 times, 16.69 times and 26.45 times respectively. 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. The market turnover rate reached a new level. Vertically, since July 27, 2020, the annualized turnover rate of stocks in the Beijing stock exchange (selected layer) has been 208.72% (daily average 0.86%); Since the opening of the Beijing stock exchange, the annual turnover rate has been 497.93% (daily average 2.68%).
The establishment of the Beijing stock exchange has greatly driven the attention of all parties in the society to relevant concepts such as small and medium-sized enterprises, specialization and innovation, and local governments and intermediaries have focused on the Beijing stock exchange. Li Xudong, member of the investment bank management committee, said that the Beijing stock exchange is an important link driven by innovation in the capital market and an important starting point for securities companies to serve scientific and technological innovation and develop Inclusive Finance. It will bring new opportunities and put forward new requirements for investment banks, investment, research, brokerage and other business sectors of securities companies, especially to promote investment banks to be research driven Cognitive drive.
Li Xudong believes that the enterprises served by the Beijing stock exchange have the characteristics of earlier, smaller and newer. Therefore, in terms of system design, it should be tailored. The inclusive system construction of the Beijing stock exchange is a bolder breakthrough and the core feature of the Beijing stock exchange.
The reporter learned that relevant departments are studying more policies and measures to stimulate market liquidity, further improve the system construction of the Beijing stock exchange, and constantly improve the fit and adaptability between the market and innovative small and medium-sized enterprises.
(Securities Times)
