Key investment points:
From April 18 to April 29, 2022, the Kechuang 50 index fell by 21.3%, expanding the decline compared with the previous two weeks. During the period, the NASDAQ index fell 3.3%, the Shanghai index fell 11.6% and the gem index fell 15.6%. In the past two weeks, the average daily turnover of the section of the science and Innovation Board was 32.29 billion yuan, and the average daily turnover rate was 3.4%, which was higher than that in the previous two weeks. The average daily turnover rate of all A-share sections was 3.3%, and the market emotional activity and turnover increased in the past two weeks.
From April 18 to April 29, the turnover of the science and Innovation Board was 322.94 billion yuan, and the net inflow was - 650 million yuan. According to the capital scale, the net sales of super large orders (more than 1 million) are 900 million yuan, the net purchases of large orders (2 Ping An Bank Co.Ltd(000001) million) are 260 million yuan, the net purchases of medium orders (4 Shenzhen Zhongheng Huafa Co.Ltd(000020) 0000) are 1.57 billion yuan, and the net sales of small orders (less than 40000) are 920 million yuan.
The balance of margin trading and securities lending in the past two weeks totaled 643.29 billion yuan, up month on month, including 521.49 billion yuan of interval margin trading and 121.81 billion yuan of margin trading, with a net sales of 3.28 billion yuan during the period; The transaction volume of the section of the concept fund of the science and Innovation Board was 69.75 billion yuan, which increased significantly month on month. The net active sales of the section was 2.1 billion yuan, which increased month on month compared with the previous two weeks.
In the past two weeks, 10 new companies have been listed on the science and innovation board, raising a total of 19.6 billion yuan. At present, a total of 420 companies have been listed on the science and innovation board. In the past two weeks, the initial registration of five new companies has taken effect and is pending listing, and 22 companies have submitted refinancing applications.
At present, the PE (TTM) of Kechuang board is 43.5 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 Kechuang board has been digested since the second half of 2020. At present, the median valuation of individual stocks in the sector is 34.5 times. Kechuang 50pe (TTM) is 36 times and Pb (LF) is 4.1 times. The absolute valuation is lower than the gem index and higher than most other sector indexes.
Risk tip: liquidity tightening exceeded expectations, overseas black swan
