It has been more than months since the opening of the Beijing stock exchange, and the overall operation is stable. Experts interviewed by the Securities Daily said that as a new stock exchange, the overall performance of the Beijing stock exchange has been in line with market expectations since its opening more than a month ago. In the future, with the continuous emergence of high-quality companies, the gradual admission of investors and the continuous improvement of market construction, the historic investment opportunities of Beijing stock exchange are worth looking forward to.
the annual turnover rate of the full moon is nearly 500%
transaction activity remained high
Horizontally, the transaction activity of the Beijing stock exchange continued to remain high, and the annualized turnover rate of the full moon of the opening market was nearly 500%. According to statistics, the average daily turnover of the full moon of the opening of the Beijing stock exchange is 2.177 billion yuan. Compared with the circulation market value of about 100 billion yuan of the Beijing stock exchange, the average daily turnover rate of the full moon of the opening of the market is 2%, and the annualized level has exceeded 480%.
Vertically, for the newly established market, it is a common phenomenon that the transaction volume is large at the beginning of the market opening and then gradually stabilizes, which needs to be viewed objectively. On the one hand, new shares are often listed in batches at the beginning of the opening of the new market, and new shares will bring a large number of incremental investors to participate in the transaction; On the other hand, in the early stage of the opening of the new market, the market pays high attention, which will bring incremental funds to the market.
Taking the new shares listed on the science and innovation board this year as an example, the average turnover rate of each stock is as high as 75% on the first day, 47% on the next day and 33% on the third day. The daily turnover decreases at a rate of about 30% – 40%. From the operation of the Beijing stock exchange since its opening, it also conforms to this universal law. On the first day of opening on November 15, the stock turnover of 10 newly listed companies totaled 4.113 billion yuan, accounting for more than 40%, and the average turnover rate reached 60%. With the decline in the popularity of new shares, the market turnover will fall normally.
At present, the Beijing stock exchange has a total of 82 stocks. In the case of positioning and serving innovative small and medium-sized enterprises, the scale of the stock plate is relatively small. The total market value of the whole market is only 240 billion yuan and the circulation market value is 94 billion yuan. Zhu Haibin, chief analyst of the new third board of Anxin securities, said in an interview with the Securities Daily that in the future, with the continuous listing of new shares on the Beijing stock exchange and the gradual increase of the market driven by new shares and scale, it is expected that the liquidity and transaction amount will continue to expand synchronously.
“As a new stock exchange, the Beijing stock exchange has been in line with market expectations since its opening more than a month ago.” Zhu Haibin said that overall, the stock liquidity has improved significantly, and the horizontal and vertical comparison has achieved the expected results. The market trading is active. Investors are actively applying for new shares and the theme funds of the Beijing stock exchange. Funds from various professional institutions such as public offering, securities companies, insurance and trust also actively enter the market and carry out research. Recently, some leading companies with high-quality segments have been revalued due to sufficient information disclosure.
higher stock returns
institutional funds actively enter
Unlike other newly established markets, the Beijing stock exchange is established by the selected layer. To observe the rise and fall of the shares of the Beijing stock exchange, we should fully consider the objective situation of continuous stock trading since the establishment of the selected layer in July 2020.
Since the announcement of the establishment of the Beijing stock exchange on September 2, as of December 24, 82 stocks of the Beijing stock exchange have increased by an average of 30%, of which 71 stocks of the selected layer have increased by an average of 22%, and the stocks of 11 newly listed companies have increased by an average of 83%. The overall stock yield of the Beijing stock exchange is good.
However, since the opening of the Beijing stock exchange on November 15, 82 stocks have fallen by an average of 7%. Zhu Haibin believes that “the main reason is the correction after the rapid rise in the early stage. At the same time, during this period, the domestic and foreign capital markets are in a fluctuating adjustment trend under the influence of repeated epidemics.”
At present, the average static P / E ratio of 82 stocks in the Beijing stock exchange is 41 times, and the science and innovation board and gem are 70 times and 60 times respectively. Considering that the growth rate of net profit of shares of Beijing stock exchange in the first three quarters was as high as 33%, it is expected that after the disclosure of annual reports of various companies in early 2022, the growth of performance will further open space for the rise of valuation of listed companies of Beijing stock exchange.
It can also be seen from various recent announcements that in the adjustment stage after the opening of the market, some professional institutions began to actively enter the market.
On December 17, Zhang Mei, member of the Party committee and deputy general manager of the national stock transfer company and deputy general manager of the Beijing stock exchange, said at the discussion on the listing of innovative small and medium-sized enterprises on the Beijing stock exchange and the “Yuying plan” press conference 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. This also means that in addition to the eight theme funds of the Beijing stock exchange, various professional institutions that have attracted much attention have entered the market.
Specifically, listed companies on the Beijing stock exchange recently disclosed a large number of announcements to receive investor research. In just one month since the opening of the Beijing stock exchange, the number of listed companies surveyed by reception institutions has exceeded 35, while before September, only 12 reception institutions were surveyed in the first anniversary of the listing of the selected layer. In addition, the theme public funds of the Beijing stock exchange are also favored by investors. The first batch of 8 theme funds have all realized half day over raising, and have successively entered the position building stage.
initial characteristics of the market
experts say investment opportunities are worth looking forward to
The financing development of small and medium-sized enterprises through capital market has not appeared a mature model in the world. After eight years of exploration, the new third board has gradually walked out of a set of development model. The establishment of the Beijing stock exchange has opened the “ceiling” of public offering and listing for innovative small and medium-sized enterprises. Since the announcement of the establishment of the Beijing stock exchange, it took only 74 days to realize the smooth opening of the market, reflecting the speed of market construction and the strong support of all parties.
“However, the market is still in the early stage of scale accumulation. The overall performance of volume and price in the secondary market reflects that the market is not mature and perfect.” Zhu Haibin analyzed that, specifically, the listed stocks are also dominated by selected layer translation stocks, the supply of new shares is relatively small, and there are not many tradable stocks. Although the number of accounts opened by investors has exceeded 4.6 million, their familiarity with various trading mechanisms and stocks in the market is not high, and there is still much room for improvement in their participation. Various systems supporting the exchange are still under construction, including mixed trading, margin trading, index, index products, etc. With the continuous improvement of market construction, these problems will be solved.
Zhu Haibin believes that in the long run, the reserve force of Beijing stock exchange is rich. The average and median R & D intensity of 57 accepted enterprises and 187 companies in counseling are 4.84% and 4.87% respectively. 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 historic investment opportunities of Beijing stock exchange are worth looking forward to.
(Securities Daily)
