Seven-week Trading Record of Kechuang Board: Small and Medium-sized Families Play New Big Families Game in Secondary Market

category:Finance
 Seven-week Trading Record of Kechuang Board: Small and Medium-sized Families Play New Big Families Game in Secondary Market


However, the hard science and technology orientation of the company is no longer the carnival scene when the market opened. Under the background of science and technology investment craze, the companys turnover is flat, and the turnover of two consecutive days (9-10 days) has been below the 10 billion level. Among them, Amberton has gathered popularity for the reasons of new shares, with turnover ranking first with 750 million.

Industry insiders said that, on the one hand, the risk preference of A shares has risen, and the funds are piled up in the science and technology sector to speculate; on the other hand, the valuation of Kechuang board is high, while the liquidity is low, so the speculation heat is difficult to warm up.

Some people in the business department of securities firms told reporters that after seven weeks of smooth operation, investors returned to rationality, mainly for large-scale capital game; while small households above the threshold of 500,000 assets did not participate in secondary investment, leaving the market one after another and mainly participated in innovation.

Decreasing heat of wound plate

In the near future, the technology sector has attracted enough investorsattention, and related conceptual stocks have risen in an all-round way.

According to Wind statistics, the A-share communications equipment sector rose 17.16% from September 2 to 9, the 5G sector rose 15.94%, and the marginal computing sector rose 15.5%. On the 10th day, the above-mentioned plates adjusted for breathing, falling by 1.36%, 1.70% and 0.44% respectively.

One side is sea water, the other side is flame.

In the same period, there was no investment banquet of science and technology stocks in the hard science and technology self-proclaimed science and technology innovation board.

On September 10th, the turnover of 29 KSCM stocks totaled only 8.1 billion, which was lower than 10 billion on the second day in a row (7.2 billion on the 9th day). This was also the lowest level in KSCMs seven-week operation, about a quarter of that in the first week.

Looking back on the performance of the seven-week GEM market, the investment enthusiasm gradually returned to normal.

Wind data show that the average daily turnover of Kechuang board in the first week of opening is 28.6 billion, and the peak in the third week is 34.6 billion. In the fifth week, turnover fell to 15 billion yuan a day.

In addition, turnover index can also confirm the reduction of market heat from another angle. Among them, the average turnover rate was 46% on the first day of the market, and declined with the passage of time, 14% and 15% on September 9-10 respectively.

Tianfeng Securities said that the proportion of trading volume of the GEM/A stock market has gradually declined, and the current situation is basically the same as that of the GEM in 2009, with limited diversion effect.

A Private Equity Analyst in Shenzhen added that in addition to valuation reasons, it was also related to earning effect and liquidity. Stimulated by the news of lowering the benchmark, the market risk preference of other A-share plates has rebounded, which has a profit-making effect, so there is a lot of speculation of funds; on the other hand, the liquidity of other A-share plates is higher than that of Kochs.

However, an investment manager of Shanghai Private Equity Fund is optimistic about the next market of Kechuang Group. A-share technology stocks have entered the stage of adjustment, and the companys stock creation board has been adjusted; in addition, four new shares of the company will be listed in September, which will bring popularity to a certain extent.

Big family game

Economic reporters in the 21st century have learned from securities dealers that the turnover of KIB is low, and most of the small and medium-sized qualified investors leave the market one after another. At present, the main market is the large-scale capital game market.

According to the 10-day performance, 90% of the shares rose within half an hour of opening, reached the intra-day high, and then continued to fall. According to the flow of Winds capital, the major sellers are the big ones. The net active selling volume of large households was 274 million yuan, that of institutional investors was 54.45 million yuan, and that of retail investors was 32.68 million yuan.

A person from the business department of a brokerage company in Guangzhou also said that the risk of investment in Kechuangbao is relatively high, and small and medium-sized households are withdrawing one after another. The market was very busy in the first two weeks of the market. Some customers I met followed the trend on the first day of the listing of new shares and were soon locked up. These small and medium-sized households would not participate after they had suffered losses.

In the case of ABT, which was listed on September 6, the opening price of ABT was 189.99 yuan on the first day of listing, then it rose to 210 yuan. However, the stock price continued to decline and fell to 165.5 yuan on the third trading day (10 days). This means that if you buy at 210 yuan on the first day of listing, it has risen 21% so far.

According to a branch of a listed securities firm in Shenzhen, investorsmain enthusiasm for the GEM is to innovate. After all, the profit certainty of the new shares is very high. Because most investors dont understand the fundamentals of SCM, they are not enthusiastic about investing in the secondary market.

According to the statistics of Tianfeng Securities analysts, the first day after the listing of the company has a considerable return relative to the issuing price, but the return relative to the opening price is general, and the first week of listing is dominated by consolidation. Up to September 2, 28 listed companies had increased by 400.15%, 84.22% and 116.332% on the first day of listing.

Source: Yang Qian_NF4425, Responsible Editor of Economic Report in the 21st Century