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Previous article, we introduced the concept much cattle and index funds.
Index funds: white and master can buy funds
The cattle greatly introduce one of them Index: GEM index.
01. GEM reorganization of new regulations
Yesterday (18 October 2019), the introduction of the GEM on the latest policy to allow high-tech industry and strategic emerging industries related assets in line with the national strategy of restructuring and listing on the GEM. The above measures for GEM listed companies is a "double-edged sword", it is considered an important measure of good mid-GEM market.
Allow GEM GEM backdoor listing is a perfect institutional market, but also support the implementation of high-tech, emerging industries of strategic initiatives important policies.
On the one hand: be really good support for high-tech industries listed companies through backdoor way of financing in the secondary market, thereby serving the real economy, and at the same time Kechuang board are complementary, jointly support the development of new industries.
On the other hand: also on the GEM profitability is weak, the poor performance of listed companies in a disguised form of survival of the fittest.
The policy so that part of the GEM "salted" enterprises with an opportunity to turn around through restructuring, but the situation will not rule out speculation poor fundamentals of the GEM stocks. There is no good assets in line with national strategic direction loaded into, which is the key to the success of backdoor listing. Speculation is inevitable, but for companies there is a clear need to focus on operations expected for the company based on hearsay evidence we need to be careful to distinguish.
02. GEM and GEM index
Next, the cattle greatly friends tell us about the GEM and GEM index corresponding.
GEM known as second board (Second-board Market) i.e. a second stock market, is the Main Board (Main-Board Market) different type of stock market. Temporarily unable listed on the Main Board of entrepreneurial enterprises, small and medium enterprises and high-tech industries, the need for financing and development of enterprises to provide financing and growing space specifically for the market. GEM is an important complement to the main board market, it occupies an important position in the capital market. GEM stock code "300" at the beginning.
创业板与主板市场相比，上市要求往往更加宽松，最大的特点就是低门槛进入，有助于有潜力的中小企业获得融资机会。在创业板市场上市的公司大多从事高科技业务，具有较高的成长性，但往往成立时间较短规模较小，业绩也不突出，但有很大的成长空间。
为了更全面地反映创业板市场情况，向投资者提供更多的可交易的指数产品和金融衍生工具的标的物，推进指数基金产品以及丰富证券市场产品品种，深圳证券交易所于2010年6月1日起正式编制和发布了创业板指数。基点为1000点，共包含100只创业板股票。
其最新（2019年10月19日）的指数月线走势见下图。2015年牛市最高点位4037.96，当时创业板可谓风靡一时，是大家追捧的投资对象。当前点位1648.63点，目前来看虽处于上升趋势，但牛大认为短期上升空间有限，未来还会继续调整。
由于创业板企业大多盈利较低，但发展预期不错，因此大家会看到，创业板指数市盈率偏高。
2009年01月11日至2019年10月19日期间，创业板的市盈率平均值为52.52倍，其市盈率的历史最高值出现于2015年01月05日，达到133.76倍，而历史最低值则出现于2012年01月11日，为26.91倍。也就是说创业板市盈率历史市盈率在26到134之间。但大家注意这个只能作为参考，不能代表未来的市盈率。
从牛大的每日估值表可以看出，市盈率在53左右。因此目前创业板市盈率为适中，并不高估。
目前，跟踪创业板指数的基金有42只（A类、C类基金分开计算），多集中在跟踪创业板指数。等到创业板低估时，牛大建议大家选择易方达创业板ETF联接A（110026），是一款老牌基金，还比较靠谱。
03. 总结
本文，牛大为大家分析了最新的创业板重组消息，并详细介绍了创业板与对应的创业板指数。
牛大后面会给大家介绍几个重点行业的行业指数，比如医药、消费、银行、证券等行业，请大家拭目以待！
相信牛大：一起坚持定投，咱们终将富有！