Recently, investors’ enthusiasm for participating in stock trading on the Beijing stock exchange has remained at a high level. Data show that in the last week (December 20-24), the average daily turnover of the Beijing stock exchange was 1.091 billion yuan, with an average daily turnover rate of 1%, equivalent to an annualized turnover rate of 243%.
Zhu Haibin, chief analyst of the new third board of Anxin securities, believes that as a new exchange, the overall market performance of the Beijing stock exchange since its opening is in line with expectations. It is reasonable to believe that with the continuous emergence of high-quality companies, the gradual admission of investors and the continuous improvement of market construction, the investment opportunities of Beijing stock exchange are worth looking forward to.
look at callback objectively
Observing the operation of the Beijing stock exchange since the opening of the market, it is found that it is in line with the operation law of large transaction volume in the initial stage of the new exchange and gradually stabilizing after that. On the first day of opening, the overall turnover of the Beijing stock exchange was 9.576 billion yuan, with a turnover rate of 8.42%. After that, the market heat decreased and the transaction fell to a certain extent.
It should be noted that, unlike other new markets, the Beijing stock exchange is established by the original selection layer. Therefore, when evaluating the market performance of the Beijing stock exchange, it is necessary to consider the operation of the original selection layer.
According to the choice data, as of December 24, the average increase of 82 shares of the Beijing stock exchange over the public offering price was 80%, of which 69 shares were higher than the offering price, with an average increase of 97%; The prices of 13 stocks were lower than the issue price, with an average decline of 11%. Since the announcement of the establishment of the Beijing stock exchange on September 2, the average price of the above-mentioned 82 stocks has increased by 30%.
However, since the opening of the Beijing stock exchange on November 15, the share prices of 82 stocks on the Beijing stock exchange have fallen by an average of 7%. Market participants believe that the main reason is that most stocks accumulated a large increase before the opening of the market, and there was a correction after the opening of the market; At the same time, under the influence of repeated epidemic, the domestic and foreign capital markets were in a fluctuating adjustment trend.
The aforementioned market participants said that in the case of positioning to serve innovative small and medium-sized enterprises, the plate size of the stock of the Beijing stock exchange is relatively small. At present, the total market value of the whole market is 237 billion yuan and the circulating market value is 94.5 billion yuan. With the increasing number of new shares, it is expected that the absolute transaction scale of the Beijing stock exchange market will gradually increase.
Zhu Haibin believes that the Beijing stock exchange has a number of small and medium-sized innovative enterprises with rapid growth, including specialized and new “little giant” companies leading in subdivided industries, as well as reserve forces with potential to grow into “invisible champions”, and the Beijing stock exchange has a number of characteristic systems. It is suggested to pay strategic attention to the investment opportunities of the Beijing stock exchange.
market construction continues to advance
With the strong support of all parties, in only 74 days, the Beijing stock exchange realized from the announcement of its establishment to the smooth opening of the market. In view of the fact that the Beijing stock exchange is in the early stage of scale accumulation, the market characteristics are also obvious: first, the listed stocks are mainly translational stocks, the supply of new shares is relatively small, and there are not many tradable stocks. Second, investors have opened more than 4.6 million accounts, but their familiarity with various trading mechanisms and stocks in the market is not high, and their participation has great room for improvement. Third, various systems supporting the exchange are still under construction, including mixed trading, margin trading, index, index products, etc.
According to Zhu Haibin’s analysis, the above problems are common problems in the early stage of the new market. With the continuous improvement of market construction, these problems will be solved.
For example, in attracting professional investors into the market, Zhang Mei, deputy general manager of the Beijing stock exchange, recently publicly said that since the opening of the Beijing stock exchange, professional institutions such as stock public funds, QFII and social security funds have continued to enter the market. In addition, the net value of the first eight Beijing stock exchange theme funds has fluctuated, which means that they have begun to build positions.
At the same time, institutional investors are also doing their homework for entering the market through intensive research on Beijing stock exchange companies. According to incomplete statistics by the reporter of China Securities Journal, since the opening of the Beijing stock exchange more than a month ago, the number of listed companies of the Beijing stock exchange investigated by institutions has exceeded 35, with a coverage of more than 40%. More than half of the research institutions are public funds and securities companies, and there are also large-scale insurance, private placement, trust, QFII and other institutions.
Fu Lichun, founding partner of Yuntai capital, said that the market of Beijing stock exchange will gradually mature. He expects that the Beijing stock exchange will further improve relevant policies, and the mixed market making system expected by the market may take the lead in landing.
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(China Securities Journal)
