1. Performance of Kechuang emerging track: the performance of China’s core index is generally weak, and the weighted index of Beijing Jiaotong University mostly fell. In the past two weeks, China’s core index has been relatively dominant overseas, and the collective decline of China’s core index, while the cumulative rise and fall of Kechuang 50, Kechuang weighted index and Beijiao weighted index are about – 5.36%, – 4.62% and – 6.21% respectively. Settled in the emerging fields of science and innovation, most of the tracks fell, with UHV (+ 4.31%), 5g (+ 1.57%) and virtual reality (+ 1.16%) leading the gains, while lithium batteries (- 10.30%), new energy vehicles (- 7.89%) and photovoltaic (- 7.18%) mostly fell.
2. Tracking of scientific innovation board: 1) in terms of market performance, the automobile industry led the increase, while the food and beverage industry was weak; Only the high-end equipment manufacturing industry closed up, while the performance of new energy vehicle industry was weak; Suzhou Sonavox Electronics Co.Ltd(688533) led the increase and Guangdong Jiayuan Technology Co.Ltd(688388) mostly fell. 2) In terms of valuation changes, the absolute and relative valuation levels of Kechuang 50 continued to decline; Most of the industry valuations fell, and only the automobile valuation rose; Most of the subject valuations fell, and only the valuations of new energy automobile industry and high-end equipment manufacturing industry rose. 3) In terms of transaction structure, the transaction volume and transaction proportion of the science and Innovation Board continued to decline. In the past two weeks, the science and innovation board obtained financing net purchase of about 252 million yuan, and the financing balance fell somewhat. The science and innovation 50ETF was net redeemed for six consecutive weeks, and foreign capital continued to increase the allocation of science and innovation. 4) In terms of IPO tracking, the pace of IPO on the science and Innovation Board slowed down, and five new IPOs were added, with a financing scale of 31.906 billion yuan.
3. Tracking by the Beijing stock exchange: 1) in terms of market performance, most of the targets of the Beijing stock exchange fell in the past two weeks, and the weighted index of the Beijing stock exchange fell by 6.21% in the past two weeks; At the level of individual stocks, digital people led the increase, while Longzhu technology mostly fell. 2) In terms of valuation changes, the valuation of the Beijing stock exchange continued to adjust downward and fell slightly month on month, but it is still at an all-time high. 3) In terms of transaction structure, the turnover of the Beijing stock exchange fell slightly, while the turnover rate increased slightly. The cumulative turnover in the past two weeks was 112.52 yuan, which is still significantly lower than the turnover rate of Wande all a in the past week. 4) In terms of IPO tracking, the Beijing stock exchange has no new IPO companies in the past two weeks.
4. Industrial prosperity
1) Semiconductor: in November, the year-on-year growth rate of China’s integrated circuit output dropped significantly, and DRAM prices and flash memory prices have risen recently in the past two weeks.
2) Consumer electronics: global shipments of PCs, tablets and smartphones increased in the third quarter, but tablets and smartphones turned negative year-on-year.
3) New energy: in November, the output of moonlight volt picked up month on month, with a year-on-year high increase, while the output of wind power increased slightly in November, with a year-on-year increase.
4) New energy vehicles: in November, the sales volume of new energy vehicles and the loading volume of power batteries increased month on month, but the year-on-year growth rate decreased.
5) Communication services: in November, the average household mobile Internet access traffic fell slightly month on month.
6) Software services: in October, the revenue from software services increased by 0.8 trillion, reaching 19.2% year-on-year, slightly lower than that in the same period of previous years.
Risk tips: 1. Increased volatility in overseas markets; 2. Macro liquidity fluctuates more than expected; 3. Sino US trade frictions intensified.
