Key investment points:
From April 6 to April 15, 2022, the Kechuang 50 index fell by 10.6%, expanding the decline compared with the previous two weeks. During the period, the NASDAQ index fell 6.4%, the Shanghai index fell 2.2% and the gem index fell 7.7%. In the past two weeks, the average daily turnover of the section of the science and Innovation Board was 24.8 billion yuan, and the average daily turnover rate was 3.2%, which continued to decline compared with the previous two weeks. The average daily turnover rate of all A-share sections was 3.3%. In the past two weeks, the market sentiment activity fell, and the turnover was relatively light.
From April 6 to April 15, the turnover of the section of the science and Innovation Board was 248.05 billion yuan, and the net inflow was – 2.3 billion yuan. According to the capital scale, the net sales of super large orders (more than 1 million) are 1.64 billion yuan, the net sales of large orders (2 Ping An Bank Co.Ltd(000001) million) are 650 million yuan, the net purchases of medium orders (4 Shenzhen Zhongheng Huafa Co.Ltd(000020) 0000) are 4.9 billion yuan, and the net sales of small orders (less than 40000) are 2.6 billion yuan.
In the past two weeks, the total amount of margin trading and securities lending was 524.6 billion yuan, down month on month, of which the balance of interval financing and securities lending was 421 billion yuan and 103.6 billion yuan, with a net sales of 1.03 billion yuan during the period; The range turnover of the concept fund of the science and Innovation Board was RMB 11.8 billion, with a slight increase on a month on month basis. The range net active sales were RMB 870 million, and the range net sales were basically the same on a month on month basis over the previous two weeks.
In the past two weeks, five new companies have been listed on the science and innovation board, raising a total of 9.7 billion yuan. At present, a total of 410 companies have been listed on the science and innovation board. In the past two weeks, three new companies have been registered for listing, and 11 companies have submitted refinancing applications.
At present, the PE (TTM) of the science and innovation board is 50.8 times, with a slight decline in the ring ratio. It is located at the historical bottom since the opening of the market in July 2019. The high valuation of the science and innovation board has been digested since the second half of 2020. At present, the median valuation of individual stocks in the sector is 36.9 times. Kechuang 50pe (TTM) is 35 times and Pb (LF) is 4.6 times. The absolute valuation is lower than the gem index and higher than most other sector indexes.
