Tomorrow, the Beijing stock exchange will open! At that time, 81 companies will become the first listed companies of the Beijing stock exchange.
How to layout the investment opportunities of Beijing stock exchange? Institutional analysis believes that the strategy of paying equal attention to value and growth may have strong operability in the Beijing stock exchange. It is recommended to pay attention to companies with large market value, industry leaders and advantages in the industrial chain.
the probability of the opening trend of the Beijing stock exchange is more stable
Zhu Haibin, chief research officer of the new third board of Anxin securities, said that in combination with the historical experience of the science and innovation board and the gem, and by comparing the characteristics of the Beijing stock exchange with the gem and the science and innovation board, the time required for the digestion of the company’s valuation of the Beijing stock exchange may be shorter than that of the gem and the science and innovation board.
First of all, most companies on the Beijing stock exchange have transaction prices before listing, which become the reference anchor for pricing, which can reduce the stock price fluctuation to a certain extent, so as to shorten the digestion time of subsequent valuation.
Secondly, there are many fund-raising activities during the listing of selected companies. Considering the construction cycle of general fund-raising projects of about two years, these projects can enable them to realize the performance realization in the Beijing stock exchange earlier and complete the valuation digestion faster. It is expected that the performance growth rhythm of companies listed on the Beijing stock exchange will be faster than that of companies listed in other sectors.
Finally, the enterprises of Beijing stock exchange have shorter lock-in period and relatively larger initial circulation. Under the superposition of the two, the lifting pressure of major shareholders has less impact on the market, which is easier to speed up the digestion speed of the company’s valuation, making the long and short sides more rational and less prone to overvaluation.
YueKai securities strategy team also believes that after the opening of the Beijing stock exchange, the trend is more likely to be more stable. Compared with the science and innovation board and the gem, most of the 81 initial enterprises of the Beijing stock exchange had transactions in the secondary market before, and the current price can partially reflect their market valuation.
how to choose the first 81 enterprises?
Anxin securities stressed that the investment logic and main line of the Beijing stock exchange market are different from that of the Shanghai and Shenzhen markets, and it should be more rational to participate in the innovation of the Beijing stock exchange. In terms of strategy, based on the company situation of the Beijing stock exchange and the actual operation of the selection layer in the past year, Anxin Securities believes that the strategy of paying equal attention to value growth may have strong operability in the Beijing stock exchange market. According to this strategy, the portfolio is constructed for back test, and the yield range is 170% to 270%.
Referring to the market performance of the selected companies in the early stage, Anxin securities suggests to grasp three main investment lines: first, companies with relatively large market value, industry leaders and industrial chain advantages. At present, the top companies in market value include beiteri, Liancheng CNC, Jilin Carbon Valley and Changhong energy; Industry leading companies include beiteri, Jilin Carbon Valley, Changhong energy, etc; In terms of advantageous companies in the subdivided industrial chain, there are Chuangyuan instruments, Guandian defense, shared technology and other companies.
Second, we can consider actively participating in innovation and strategic placement.
Third, consider the company’s valuation and choose the machine configuration when the value is underestimated.
In terms of investment logic, it is suggested to pay attention to three types of logic. The first is growth investment. The valuation of new shares will not be too high because many companies of the Beijing stock exchange have the characteristics of relatively high transaction price and proportion of circulating shares. At the same time, the Beijing stock exchange has concentrated a large number of Companies in the growth stage, which is suitable for growth investment.
The second is industrial chain investment. Most of the enterprises of the Beijing stock exchange are the leaders in a certain subdivided field, and often belong to a part of a long industrial chain. When the industrial chain has a high view, the leading companies in the subdivided industry will often obtain better growth.
The third is alternative investment logic such as ESG. ESG investment can focus on the company’s sustainable development information in environmental, social and corporate governance beyond financial indicators.
“specialization and innovation” has become a continuous focus
Open source securities statistics show that the growth of “specialized and special new” enterprises is better than the overall level of the selected layer. From the perspective of revenue, the overall revenue growth of “specialized and special new” enterprises on the new third board in 2019 and 2020 was 13.38% and 20.27% respectively, both higher than that of the selected layer; From the perspective of net profit, from 2019 to 2020, the overall net profit of “specialized and special new” enterprises on the new third board increased by 28.43% and 40.76% year-on-year, 13.79 percentage points and 24.67 percentage points higher than the year-on-year growth of the overall performance of the selected layer respectively.
The strategy team of YueKai securities proposes to lay out the Beijing stock exchange according to the following ideas:
First, pay attention to the subject of the concept of “specialization and innovation” of Beijing stock exchange. “Specialized and new” enterprises have the advantages of relatively concentrated core business, horizontal leading profitability, healthy cash flow and strong R & D driving force.
Second, pay attention to the investment opportunities of high growth and low value enterprises of Beijing stock exchange. According to the statistics of YueKai securities, there are 11 enterprises with a year-on-year growth rate of net profit of more than 30% and a P / E ratio of less than 30 times in the first three quarters of 2021. With the official opening of the Beijing stock exchange, these enterprises are expected to usher in the improvement of valuation with the help of the improvement of liquidity.
Third, pay attention to high-quality enterprises with high expectation of board transfer. According to the historical back test, the new third board enterprises that have successfully transferred to the board since 2020 have an average return of more than 200% one month after listing.
Shenwan Hongyuan Group Co.Ltd(000166) believes that the “Nuggets” can be “Nuggets” in the Beijing stock exchange according to three ideas: white horse stocks that benefit from the intervention of new investors and improved valuation; Tap the high-quality stocks in the application and look for strategic placement opportunities; Look for high-quality targets that meet the listing standards of Beijing stock exchange in the innovation layer and foundation layer.
(Shanghai Securities News)
