Gem refers to a 4-year high! 50 index stocks will continue to be popular

category:Finance
 Gem refers to a 4-year high! 50 index stocks will continue to be popular


In terms of individual stocks, 80 of the 100 gem constituents rose and 20 fell. Among them, four stocks, including Jiejia Weichuang, Mike biology, OPP CommScope and BGI, have increased by more than 100%. Gem refers to the top 10 in total market value, with pharmaceutical biology accounting for half of the seats. The number one is Ningde times, which is up 56.15% this year, with its market value soaring to 366.160 billion yuan.

Four factors boost the growth enterprise market

Based on the analysis of the industry, the main reasons for 2300 points on GEM include four points.

First of all, on June 18, CICC announced to further loosen the trading limit of Shanghai and Shenzhen 300 stock index options. YueKai Securities believes that the adjustment of the trading limit has improved the market participation and influence of this product. At the same time, the stock index has reached a critical stage. Relaxing the trading limit of 300 stock index options in Shanghai and Shenzhen can effectively improve the market confidence of investors.

Secondly, in terms of capital, the last expansion of the first phase of FTSE Russell will take effect at the opening of trading on June 22. On June 19, the net flow of capital from the north to the North reached 18.2 billion per day. The incremental passive capital tracking the relevant index poured into A-share, bringing incremental liquidity. Xingshi investment pointed out that in terms of the industry of A-share, there are a large number of shortlisted companies in pharmaceutical biology, food and beverage, electronics and other industries, especially some gem heavyweights.

Third, on the policy side, the relevant system and rules of gem reform have been officially implemented, which will form a significant benefit for both the primary and secondary markets. YueKai Securities believes that for the primary market, further opening of corporate financing channels can facilitate the sharing of policy dividends brought by the reform of capital market. For the secondary market, this years growth enterprise market has shown a higher flexibility compared with the main board market, with clear reform expectations, which has improved the overall risk preference of the growth enterprise market, and is conducive to the index value center The gradual rise of.

Finally, from the perspective of industry boom, Chinas science and technology stocks are in the boom upward cycle, with strong earnings improvement expectations and long-term space for gem. According to Xingshi investment, the concerns about the marginal contraction of monetary policy in the early stage of the market also eased, especially the statements of the senior leaders of the national regular meeting and Lujiazui Forum on relevant policies were more positive. According to the calculation, the annual increase of 20 trillion yuan in credit and 30 trillion yuan in social finance can be reversed, and the annual growth rate of social finance is expected to maintain around 12%-13.5%. According to historical experience, growth stocks represented by gem will receive more attention when market sentiment improves significantly. Therefore, the growth of related enterprises on GEM will be more obvious.

Zhang Ting said that since the first quarter of last year, the growth rate of gem profits compared with that of Shanghai and Shenzhen 300 began to improve, and it began to have support basically, especially the growth rate of high-tech industry remained at a high position all the time; the reform of gem and the implementation of pilot registration system, the new refinancing regulations, and the policy promotion of M & A and restructuring have greatly improved the financing environment of science and technology innovation enterprises; In addition, since October 2019, with the reduction of MLF interest rate, the central bank has taken the position of stabilizing growth as the main goal, and the liquidity has been opened with marginal easing, especially since the epidemic, the liquidity release speed has been greatly accelerated, and the interest rate has been significantly reduced. This is the strong performance of the growth enterprise market, which is dominated by the market.

Gem market will continue

It is worth noting that the growth rate of gem 50 index was even higher on that day. By the end of June 19, the growth rate of gem 50 index was 2047.57 points, up 2.95%, a new high since September 8, 2016, with a cumulative increase of 35.45% this year.

Zhang Ting believes that since this year, in addition to the large differentiation of market style, the differentiation before individual stocks has been more prominent. At present, the growth rate of leading individual stocks with high profit certainty and premium is higher than that of other stocks in the board. For example, the growth rate of gem 50 index is 5% - 7% higher than that of gem index, which shows that in the context of abundant funds and downward and large differentiation of corporate profits this year, The capital is more willing to look for individual stocks with higher certainty, while the leading individual stocks have higher certainty premium, and their advantages are relatively prominent. Looking forward to the future, Xingshi investment believes that the current economic fundamentals and market sentiment are gradually improving, and the possibility of monetary policy tightening substantially in the short term is not very likely, and a shares should be supported in the future. From the perspective of investment opportunities, science and technology, cycle and consumption are worth exploring. Select high-quality companies with good competition pattern, strong moat and core competitiveness. Zhang Ting predicted that in the context of maintaining loose liquidity, the GEM market will continue. Although the central banks attitude towards monetary policy has been slightly adjusted in the near future, in the context of ensuring employment and peoples livelihood this year, broad credit is still the main direction. In this environment, the cooperation of loose monetary policy is needed. Source: surging news editor: Yang Bin_ NF4368

Zhang Ting believes that since this year, in addition to the large differentiation of market style, the differentiation before individual stocks has been more prominent. At present, the growth rate of leading individual stocks with high profit certainty and premium is higher than that of other stocks in the board. For example, the growth rate of gem 50 index is 5% - 7% higher than that of gem index, which shows that in the context of abundant funds and downward and large differentiation of corporate profits this year, The capital is more willing to look for individual stocks with higher certainty, while the leading individual stocks have higher certainty premium, and their advantages are relatively prominent.

Looking forward to the future, Xingshi investment believes that the current economic fundamentals and market sentiment are gradually improving, and the possibility of monetary policy tightening substantially in the short term is not very likely, and a shares should be supported in the future. From the perspective of investment opportunities, science and technology, cycle and consumption are worth exploring. Select high-quality companies with good competition pattern, strong moat and core competitiveness.

Zhang Ting predicted that in the context of maintaining loose liquidity, the GEM market will continue. Although the central banks attitude towards monetary policy has been slightly adjusted in the near future, in the context of ensuring employment and peoples livelihood this year, broad credit is still the main direction. In this environment, the cooperation of loose monetary policy is needed.