1. What is the impact of the upcoming market making of the science and innovation board? The market making pilot of science and Innovation Board emphasizes "seeking progress while maintaining stability", and the reform of registration system goes further. In the short term, Kechuang board is expected to benefit from the improvement of liquidity introduced by market making after the Spring Festival; In the medium and long term, the abundance of liquidity channels will also help the financing and growth of small science and innovation enterprises.
First of all, the introduction of market makers will not only enrich the trading system of Kechuang board, but also provide new channels for liquidity injection. The market maker system will provide a deterministic counterparty for stock trading and provide a new channel for liquidity injection beyond competitive trading. It will not only enrich the trading system of the science and innovation board, but also help to improve the liquidity of the science and innovation board.
Secondly, from the experience of the new third board, market making does not necessarily lead to active transactions, and companies with poor liquidity benefit more. Referring to the previous experience of introducing the market making system into the new third board, before and after the introduction of market making, the trading volume and turnover rate of most companies have not been improved, and the benefiting companies are more concentrated in a few companies with poor liquidity, accounting for only about 2-30%.
Finally, based on two differences, we are optimistic about the introduction of market making to improve the liquidity of science and innovation board. The first mock exam is that the new three board market maker system is a single mode, that is, the new three Board companies can only choose to adopt the market maker mode or other modes, while the market making of the science and technology board should be a supplementary mode. The original poor liquidity company is expected to fully benefit. Second, the improvement range of market making liquidity mainly depends on the participation willingness of securities companies and the supply of securities sources. When the overall valuation of the former science and technology innovation board was generally at a historical low, the PE valuation of nearly 70% of companies hit a new low, and the system setting provided a richer channel for securities sources. Both the valuation and the system environment were favorable for the active participation of securities companies.
2. Performance of Kechuang Xinxing track: China's core index is generally weakening, led by Beijiao weighted index. The cumulative increase and decrease of Kechuang 50, Kechuang weighted index and Beijiao weighted index were about - 3.92%, - 2.22% and 6.03% respectively. Settled in the emerging fields of science and innovation, most of the tracks fell, with network security (+ 3.47%), big data (+ 3.10%) and cloud computing (+ 1.03%) leading the gains, while UHV (- 8.09%), wind power (- 7.40%) and photovoltaic (- 5.32%) mostly fell.
3. Industrial prosperity tracking:
1) semiconductor: the year-on-year growth of China's semiconductor sales accelerated in November, and the prices of DRAM and flash memory have increased recently.
2) consumer electronics: in the third quarter, global shipments of PCs, tablets and smartphones increased month on month, but tablets and smartphones turned negative year-on-year.
3) new energy: the output of 11 kV continued to increase year-on-year, and the output of wind power continued to rise year-on-year.
4) new energy vehicles: in December, the sales volume of new energy vehicles continued to increase year-on-year, while the loading volume of power batteries decreased slightly year-on-year.
5) communication service: in November, the average household mobile Internet access traffic decreased slightly month on month.
6) software service: in November, the software service revenue increased by 0.9 trillion, reaching 18.3% year-on-year.
Risk tips: 1. Increased volatility in overseas markets; 2. Macro liquidity fluctuates more than expected; 3. Sino US trade friction intensifies
