The Gem Registration System Boosts The Survival Of The Fittest And Concerns The Leading Effect.

The registration system reform of gem is coming.

In April 27th, the thirteenth meeting of the Central Committee for comprehensive deepening reform and deliberation adopted the implementation plan of the gem reform and the pilot registration system. The SFC and the Shenzhen Stock Exchange began soliciting opinions on the relevant rules and regulations.

In April 28th, the three major indexes of A share went out of the "V" trend. At the close, the Shanghai Composite Index fell 0.19%, Shenzhen Composite Index and gem index rose 0.47% and 0.6% respectively.

The shock pattern of A shares is just like the sharp collision of market views on that day.

"After the opening of April 28th, the gem did show a relatively large decline. The problem of market capital worries was mainly due to the large scale listing of enterprises to the existing enterprises after the registration system was implemented. But in fact, the impact of reform is more differentiation. The performance of this leading differentiation is in our expectation, although there will be some game in the intraday, but the results are in line with expectations. Pang Yaping, chief investment officer of China investment fund, pointed out.

Venture capital and securities dealers benefit

From the point of view of the industry, the registration system of GEM has brought greater stimulation to securities companies, venture capital and other sectors.

"Registration system has more investment banking business for the securities companies, and there is more room for development. For venture capital companies, venture capitalists and emerging technology companies are likely to land in the capital market, which is also advantageous; in addition, it is conducive to some business spin offs. After splitting up, it is possible to register on the gem." Yang Delong, chief economist of Qianhai open source fund, said.

Data show that in April 28th, there were 4 industries in the Shen Yi class industry, which rose by more than 1%, of which the non silver financial industry rose by 1.13%, and the concept of venture capital rose by more than 2% on the same day.

On the basis of the relevant stocks, many stock trading stocks such as Jiuding investment, Huazhi Seg, venture black horse and other stocks were also on the same day. Huajin capital, Huaxin shares, Yuexiu gold control and other stocks were also among the top gainers.

"Registration system, good brokerages and Vc firms, increase capital withdrawal channels, and also drive venture capital institutions to evolve continuously." Noah fund analysis.

Historically, the capital market has responded positively to every reform. The direct investment beneficiaries have a high degree of certainty in the leading securities firms with strong investment banking. It is expected that the registration system reform of the gem will accelerate the concentration trend of investment banking. In addition, A shares venture capital, new shares mapping or equity participation, intends to split the listing of A shares are similar. Sun Qi, a researcher at the Research Institute of rights and interests of Founder Fubon fund, told the twenty-first Century economic news reporter.

Sun Qi believes that from a longer period of view, the institutional survival of the fittest will enhance the valuation of blue chips, and the ease of listing profit conditions will help fast growing enterprises, especially those with light assets, to gain better support from the capital market.

In terms of the performance of the technology sector, the electronics industry rose more than 1% in April 28th, reaching 1.47%, second only to the food and beverage industry.

In fact, from the trading situation of stock ETF on that day, funds also focus on technology and brokerage sectors. Wind data show that in April 28th, Huaxia chip ETF, Huaxia 5G ETF, Cathay semiconductor 50ETF, Cathay Pacific Securities ETF4 ETF fund transactions amounted to more than 1 billion yuan, ranking the forefront of the stock market ETF trading, and 4 ETF also showed a rise.

"Because technology stocks occupy a big weight in the gem, registration reform has the power to boost the bull market of gem, so it is good technology stocks. At the same time, technology stocks are flexible and can be digested for the 20% rise and fall. In addition, for some good companies, such as chip stocks and food stocks, in April 28th, they did not flicker, but it was a reflection of the accumulation of funds to high-quality companies. Kang Shuiyue, chairman of Danyang investment, told the twenty-first Century economic news reporter.

"Under the influence of the new policy, brokers, venture capital, semiconductor and other industries are rising, which are within expectations. In addition, some consumer stocks such as liquor and other annual reports or quarterly forecasts are also outstanding, while most of the larger ones are just released performance or performance expectations are not satisfactory. It is expected that the current market thinking will continue in the next one or two months, that is, before the global epidemic has yet to fundamentally improve, the market will carefully choose the plate with higher certainty or its own business characteristics to decide whether the company is affected by the epidemic or will be strongly supported by the policy. Sun Qi said.

Leading effect aggravated

In addition to the promotion role of brokerages, venture capital and science and technology sector, the market differentiation effect of the registration system is also highly concerned by the respondents.

"The launch of the gem registration system will accelerate the survival of the gem, and the shell companies with lower quality will be cleared quickly. It is expected that investors will pay more attention to the quality of the company itself, and the quality of the leading effects will be further strengthened." Yin Hao, ETF fund manager of the gem, told the twenty-first Century business reporter.

In Yin Hao's view, for example, the leading stock index, represented by the gem, is more beneficial to the registration system. On the one hand, the gem refers to adjusting the stock market once every half year, and has a better survival mechanism. The registration system is conducive to expanding the sample space of the gem. Therefore, the long-term performance of the gem is better than that of the gem. And from the profit situation, the ROE of gem in recent two years is also much higher than the ROE level of gem composite index.

The Noah fund also pointed out that the registration system restricted speculative behavior represented by fried shell, and the value of small companies with poor quality will be further diluted.

"Referring to the trading experience of the science and technology innovation board in the past year, the majority of companies will fluctuate at the beginning, but the final volatility will tend to be smooth and return to a reasonable price. At the same time, the quality of leading companies may raise their share prices faster. Haitong fund quantitative investment department investment manager Shi Hengzhe believes.

For subsequent market feedback, many agencies also expressed positive interest in investment opportunities.

"Generally speaking, we are very optimistic about the development opportunities of the gem in the next one or two years. We should adhere to the idea of selecting the best and selecting the best, mainly invest in good companies with strong profitability, high barriers to competition, perfect corporate governance and reasonable valuation. Shi Heng said.

In fact, the disk in April 28th is very representative. After the implementation of the gem registration system, it will show the characteristics of the differentiation of the market value of large and small plates, and high-quality enterprises can achieve bigger and stronger with the help of policy system and dividend policy. In the future, the trend of market differentiation and the trend of capital flow will be the normalization feature. The head enterprise will be strong and the capital market will be willing to give these enterprises a higher premium. Pang Yaping thinks.

"Gem reform will have a more profound impact on market investment ecology." Shi Heng Jie said, "on the one hand, in recent years, market aesthetics has been greatly influenced by public offering funds, and more favored companies with strong profitability and excellent texture. The market has shown a more obvious stratification. In the future, with the advance of reform, the market is stratified or more obvious. On the other hand, there are more companies in the GEM listed companies, such as new energy, medical devices, biomedicine, and so on. In terms of liquidity improvement and national policy support, these companies will perform better in the future.

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