The current valuation level of the Beijing stock exchange (January 2022) is significantly lower than that of the gem and the science and innovation board.
On the evening of September 2, 2021, the Beijing stock exchange was announced to be established. On November 15, the Beijing Stock Exchange opened. Taking this as a boundary, the overall performance of listed companies on the Beijing stock exchange is divided into two stages: 1) from September 3 to November 12, the average increase of listed companies on the Beijing stock exchange is 44.0%, and the daily average turnover rate is 2.4%, which is higher than that of the Shanghai Stock Exchange Index in the same period. However, during the whole month of October, the turnover rate basically remained below 1%, and the market activity increased again in November. 2) From November 15 to January 18, the Beijing stock exchange fluctuated as a whole, with an overall increase of 4.9%. The average daily turnover rate of the market was 3.9%, and the daily turnover rate was more than 1%. The market was relatively active.
Public funds are overweight. According to the third quarterly report of the public fund, the total market value of the shares held by the public fund is 629 million yuan. On November 19, the first batch of eight Beijing stock exchange theme funds were sold, with a total issuance scale of 4 billion yuan. In only half a day, the eight funds reached the upper limit of 500 million yuan. Institutional investors continue to overweight the Beijing stock exchange, which is more conducive to the rational valuation level of listed companies on the Beijing stock exchange.
The average daily increase of new shares listed on the Beijing stock exchange was 131% in the first five days, and small and American companies are expected to usher in a new era
Since the opening of the Beijing stock exchange, the growth of new shares has been excellent. Since the opening of the market on November 15, there have been a total of 13 new shares in the Beijing stock exchange, with an average increase or decrease of 130.5% in the five trading days after the listing of new shares. Among them, Tongxin transmission, Dadi electric and Zhisheng information increased by 318.5%, 185.4% and 180.4% respectively, and Zhonghuan shares increased by 55%. The return of new shares of the Beijing stock exchange is worth looking forward to.
According to our calculation, there are 31 small leaders in the subdivided fields of photovoltaic, medicine, high-end manufacturing, agriculture, food and other sectors, including 6 national "specialized and special new" small giants, including "high rate lithium battery small giant" Changhong energy, "anti drug UAV small leader" concept defense, "China's RF connector small giant" Fujida Xingchen technology, a pioneer of military servo system, runnong water saving, one of the leaders of China's water-saving irrigation industry, and Jinhao medical, a leading enterprise of China's hearing aids. According to the third quarterly report of 2021, the operating revenue of the 31 small leaders increased by 31.5% and the net profit increased by 19.6% in the first three quarters. The performance grew rapidly and the future earnings can be expected.
There are a lot of entrants to the Beijing stock exchange. The establishment of the Beijing stock exchange has ignited the enthusiasm of the new third board companies for listing. From September 2021 to January 2022, a total of 30 companies have entered the listing guidance stage and intend to apply to enter the selection layer, including the selection layer of "leapfrog sprint" of two basic layer companies. As of January 18, 2022, 202 companies have applied for listing on the Beijing stock exchange, of which 84 have been successfully listed, 2 have been submitted to the CSRC, 2 have passed the meeting and 34 have been inquired.
Risk warning: macroeconomic downside risk; Risk of insufficient liquidity; Large fluctuations in performance and the risk of delisting of the company
