The "Safe Haven" In Mega Earthquake Market: The New Three Boards Are Deep In The Market And The Scenery Is Good.

In March 10th, affected by the external market, A shares suffered a sharp fall in early trading. However, they quickly recovered land lost and rebounded in the afternoon. The main indexes finally ended up with the "big ups and downs" of the day with nearly 2% gains.

In fact, since the opening of February 3rd, A shares have experienced several giant earthquakes under the complicated evolution of the epidemic. At the same time, another important component of the capital market, the new three board market, is "good scenery" and has won the attention of investors.

Because of its own market characteristics, the new three board market continued to rise in the process, did not appear to investors volatile market, on the other hand, in 2020, the new three board comprehensive deepening reform policy landing, also further strengthened the market upside logic.

Under the stimulation of various favorable factors, some market participants even started shouting that the new three board market is the place where current assets avoid risks.

Scenery is good.

Two sets of data can see that the new three board market is hot.

According to the twenty-first Century economic report reporter statistics, with the beginning of February 4th, as of March 10th, the new three board market making index and the new three board activity index rose by 12% and 16% respectively, only behind the gem index and Shenzhen stock index 19% and 17%, but higher than the Shanghai Composite Index less than 9%.

If the timeline is lengthened, the new three board market will be more than the A stock index. According to the statistics of reporters, since October 28, 2019, the new three board market making index and the three board activity index have increased by 38% and 55% respectively, while the gem index rose 28%, while the Shanghai Composite Index rose by only about 1%.

"It is expected that the release of the steering board will further enhance the attention of the new three board market." Shen Wan Hongyuan new three board research director Liu Jing said.

From the perspective of the new three board market, the performance of individual stocks is mainly concentrated in the two major sectors, one is the expected plate of the selected layer, and the other is the expected plate of the transfer board.

Since the "deep reform", the core logic of the new three board market has been unchanged. It is the expectation of the selected layer, and the logic of the transition that runs through the past two years. However, after the new rules of the transfer board, the possibility that the selected stocks and the key stocks of the transfer boards may overlap may further strengthen the trend of some stocks. Huang Pu, a senior three board investor in Beijing, told reporters.

As it has said, the selection of floors has solved many institutional problems that plagued the new three Board companies for many years, such as the improvement of investors' structure, the mode of transaction and exit expectations. Recently, in addition to attracting the market stock funds, there are also a lot of off court funds coming in.

Under the pursuit of capital, the growth of some new three board leading enterprises is shocking, and even a few "ten times shares" have appeared, such as the selection of leading Bates, the stock price in October 30, 2018 is only 5 yuan, and as of March 10, 2020, the company's stock price has been close to 60 yuan.

And a number of innovative layers, which are expected to be selected by the selection layer, have completed the double valuation and share price in the past six months. According to the twenty-first Century economic report reporter statistics, from October 28, 2019 until now, the number of enterprises that make innovations in the market making enterprises has doubled to 36, which is 15% of the number of enterprises making the innovation layer.

In March 6th, after the SFC issued the "steering board opinion", the stock with the expected transfer board will be a hot spot in the market.

According to Liu Jing's analysis, investors can focus on companies whose market value is greater than 1 billion and have already announced the selection of layers. At the same time, the revenue and net profit growth rate of these companies is more than 0.

At the same time, Liu Jing also pointed out that attention should be paid to the situation of some listed companies when paying attention to the transfer board.

For the independent market of the new three boards, Peng Hai, a senior researcher at new three board, also said that the major fluctuations of the main board were mainly affected by the expected economic bottom and the expected easing of money. The recent major international epidemic spread intensified. The logic of the rise of the new three boards is related to the valuation restoration brought about by the deep reform. Although the epidemic will have a slight impact on the selected enterprise process, the logic of market growth has not changed, and the policy of turning over last Friday is expected to further support the market.

Advantage and hidden danger.

However, some market participants began to shout that the new three boards could be used as a hedge for assets, not just because of the recent good two tier market performance of the new three board market, but more importantly, its anti volatility.

In fact, not only in March 9th, the recent fluctuations in the A share market caused by the external market did not affect the new three boards, which are forming their own independent reform market, behind the reasons or their liquidity and investor structure.

At present, the process of internationalization of A shares is accelerating. Foreign capital has become an important investor in A shares. With the gradual maturity of interoperability mechanism, the relationship between A shares and overseas markets is getting higher and higher. Therefore, the impact of the external market will quickly and sensitively feed back to the A share market.

"But in contrast, the new three board market is more like a domestic securities market. Although there is no strict restriction on foreign investment in the new three boards, there is no data showing that foreign capital has entered the new three board market. This makes the relationship between the new three board market and the external market not as strong as A shares. " Ze Hao investment partner Cao Gang thinks.

Secondly, even after the reform, the new three board market has not seen a large degree of liquidity improvement. Therefore, compared with the A share market, the three board market transactions are less full and insensitive, which also makes the new three board market rarely synchronized with A shares.

However, the above two factors are the core factors of the new three board market against external risks, but they are also the key problems restricting the development of the new three board market.

"The new three plate trading volume is much worse than that of A shares, and at the same time, investors have a single structure. In the short and medium term, such market characteristics can withstand the market uncertainty caused by changes in external market, but in the medium to long term, the market capacity is limited, which is absolutely bad for businesses and investors. However, regulators are also aware of the need to improve these problems. Foreign investment in the new three board market has been encouraged by policies, and the appropriateness of investors has been substantially reduced. Public funds are also ready to enter the market. At this stage, the new three boards are an independent market full of opportunities and challenges. " A fund manager in Beijing has long been concerned about the new three board market.

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