The issuance registration system and the normalized delisting
registration system have been piloted on the Science and Technology Innovation Board for more than a year, and nearly 200 companies have successfully IPOs. These companies generally have advantages in technology research and development. The IPO will prompt these 200 companies to enter the fast lane of development.
The impact on the valuation of A-shares The
implementation of the registration system has a dynamic impact on the valuation of a-shares. In the final analysis, the stock market is supply-creating demand. Continuous supply, even cost-effective supply, will stimulate subsequent demand.
The supply and demand relationship is a dynamic balance of two-way mutual influence. If the overall asset environment is more conducive to the allocation of stocks, and the supervisory authority’s policies on the stock market are also more effective and in place, do I think that A-shares may form a supply and demand in the future? Two-way benign expansion.
Although in the short term, more than 200 companies will go public within half a year, which will put downward pressure on the overall valuation of the stock market. However, after the supply increases, the price of the stock supply will actually be after August 24. In the past few months, both the issue price and the opening price tended to be more reasonable and paid. Under such a general environment where the allocation of large-scale assets is conducive to the stock market, it is quite conducive to stimulating the entry of new over-the-counter funds.
Therefore, the impact of the registration system on the valuation of A shares must be viewed from a dynamic perspective on the one hand, and on the other hand, it must combine the short-term impact on the market with the mid-term impact.
Impact on market investment style
-speculative behavior is suppressed, short-term new developments become hot
-long-term fundamentals trend investment becomes more and more common
A-share registration system is fully implemented, which is conducive to holding high-quality assets in the medium and long term, and is not conducive to Shareholders who are keen to chase hot spots in the short-term, in the short-term without incremental funds, are still the era of stock funds, with mixed performances of ups and downs.
The target of market investment is gradually focusing on three aspects. The first aspect is that short-term new launches will become more hot; the second aspect is that due to emergencies, the liquidity is reduced. The main shareholders defend the status of actual controllers and cause short-term "explosive speculation", such as Vanke, China Resources, and Baoneng. , Shenzhen Railway's equity dispute; the third aspect is that after market education, most investors gradually turn to adhere to the fundamental trend of long-term investment, or the trend of individual entrusted investment advisory is strengthened, forming a confrontation of different strategies in the market.
Impact
on listed companies The
first impact of the registration system on listed companies is to rapidly increase the polarization of listed companies:
for a newly listed company, it is possible that this IPO financing will be the only financing opportunity for a long time in the future. But the attention of investors, whether it is institutions or retail investors, may still be concentrated on a very small number of listed companies.
Therefore, a listed company's ability to sustainably operate and develop may become the core element of this stock. For a large number of newly listed companies, if they fail to show the ability to continue operations and performance improvement, they may gradually become marginalized.
For the A-share market, reliable and timely data and information are becoming more and more valuable. If listed companies want to gain a firm foothold in the A-share market for a long time, they can no longer arbitrarily conduct short-term money-making behaviors. They should be more inclined to become "century-old stores", driving innovation, crisis management, and brand public relations capabilities within the company. more and more important.
Impact on Institutional Investors The
probability that institutions with excellent investment and research capabilities will continue to make profits increases, and institutions with poor investment and research capabilities will have an increased difficulty in survival.
Regarding investment targets, there are many alternative targets. Essentially speaking, the probability of stock picking failure has increased. The winning rate of investment is declining significantly. Under this circumstance, the professionalism of stock selection has been increasingly challenged.
Conversely speaking, the process of advancing the registration system is also a process of continuous growth of institutional investors. Generally speaking, the institutional investors' stock selection framework standards are relatively consistent, but their views may be different.
If it is proved after the fact that the organization is optimistic about the company, and finally it really matches the expected growth, then the company will be unanimously recognized by more organizations.
By investing in stock picking, the winning rate of stock picking has been reduced. However, if you choose the right one, the odds may actually rise. After institutional investors choose stocks successfully, their timing evaluations may be more consistent.
Impact on retail investors
For ordinary retail investors, due to insufficient stock picking ability and insufficient valuable information in their possession, the probability of retail investors stepping on thunder in A shares is increasing.
We all know that the probability of gold rushing? Or the probability of stepping on thunder? It depends on one's own knowledge structure, cognition of China's securities market, information screening, stock selection logic, timing ability and so on. For individual investors, they often do not have enough time to learn, and it is difficult to conduct investment, research and control management like an institution. After the normalization of registration, it is easy for the big fish to eat the small fish and the small fish to join the big fish. The proportion of individual investors in the A-share market should gradually decrease. Asset custody and investment advisory in the securities market The service has been active for a long time.