Ying Jian: The Income Of New Shares Will Decrease.

Now IPO Every change in detail is moving forward step by step in the direction of registration system. Perhaps by the time the legislation is completed, the registration system has been officially announced, and there has been no major change. Why do we need to register the stock issue? The purpose is to make the stock market serve the real economy. In the final analysis, we need to reduce the demand for multiple shares. This market has already felt that, following the release of 20 in January, 24 in February, and the closing of the first trading day in March, 24 new shares were announced immediately. This rhythm is a bit higher than the market expectation, and the stock market has adjusted so deeply.

The current issue of new shares has already formed such a profit pattern: the issue price earnings ratio is controlled at around 22 times, huge amounts of funds enter into the purchase, the first day is listed on the 44% limit, then the N 10% limit, and then continue to purchase after cash. This mode of new shares has resulted in more than 22 thousand yuan purchase funds to play monthly new shares of new shares, while the two market has formed this cyclical ups and downs of the pulse market. Whenever the issue of new shares is introduced, people are throwing away old stocks to raise money to buy new shares, resulting in a sharp fall in the stock market. When the new stock purchase is completed, the purchase of funds comes back, and the large purchase of old stocks leads to the rise of the stock market. Such impulse market also gives the market more opportunities for gaming.

So far, there are plans to issue 23 new shares next week, and the biggest pressure on market funds is next Wednesday and next Thursday. According to the announced issuance plan, if an account is fully purchased, the market value of Shanghai stock market should be 3 million yuan, and the market value of Shenzhen stock market is 190 thousand yuan. Most people do not have 3 million yuan in Shanghai market capitalization stock in one account, so they can only do their best. However, the success rate of such large cap stocks is easier to calculate. The previous issuance of Guoxin Securities (002736), 1 billion 200 million shares issued, the issue price of 5.83 yuan, the winning rate 1.7972%, and Dongxing securities. Issue shares Number 500 million shares, issuing price of 9.18 yuan, the winning rate is 1.4416%, now the number of shares issued by the Orient Securities is 1 billion shares, the issue price is about 10 yuan, the estimated success rate is more than 1%. If you have 1 million yuan of Shanghai market value, with 1 million yuan of funds, the purchase gets 100 numbers, then the purchase base is a fixed income. As for the purchase of other stocks, it is all luck, and there is no law to follow. Next week ipo This is the largest market cap ever released this year. Next Monday's stock account will need about 6 million yuan if it is fully purchased. This is also the largest demand for capital. In the first two months, the freezing of new shares and the freezing of funds on the Internet will be about 2 trillion and 200 billion yuan. Whether we will create a new high next week is worth watching.

The reason why investors pour so much enthusiasm on new shares is that under the current distribution system, the one or two tier market has formed a huge price difference, and the purchase of new shares has formed a new profit model. But we should pay attention to that, with the continuous and large number of new shares coming to the market, the income of new shares will gradually decrease. After the initial IPO, on the first day of the 44% limit, the next 10 or more transactions are not rare. Now the situation has changed. Let's take a look at the issue of new shares issued last month, and some stocks will stop trading at the five or six level. We can expect that the stock market will gradually decrease in the future, and the impact will be the gradual decline of the new stock earnings and the day when the new shares will not be profitable again or even fall into the issue price again. Finally, the issuance will be blocked and the failure of the issuance will occur again. This will happen again, of course, this is only a trend, and it will not affect the opportunities brought about by the purchase of new shares next week.