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


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.

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.

Zhang Ting, a researcher of GESHANG research and GESHANG wealth, further pointed out that the growth enterprise market index rose sharply on the 19th, and the short-term driving factor was the increase of the expectation of the recent reduction in accuracy. The loose liquidity continued to stimulate the growth of science and technology sector. In the medium and long term, the growth enterprise market has gradually improved since last year, and has gradually occupied the dominant position since this year.

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 stable 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.

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.

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.