A vivid risk education course! Select layer open board has a big rise and fall

 A vivid risk education course! Select layer open board has a big rise and fall

Temporary suspension triggered by multi share decline

9: From 15:15 to 9:25 call auction stage, 32 selected layer stocks rose generally, with the highest increase of more than 100%.

However, 9:30 continuous bidding began, many stocks began to turn green.

During the period, many stocks temporarily suspended trading due to the drop of 30% or more than 60% of the opening price, including more than 10 stocks such as n hengtuo, n Kaitian and N Guoyuan. After the end of the suspension, the decline of related stocks has convergence.

Why will the first day of large-scale differentiation? Yin Yue, an analyst at the new third board of YueKai securities, said that the fundamental conditions of different companies are different. Under the market-oriented trading mechanism, it is a normal phenomenon under the market-oriented mechanism to guide the companys share price to match the valuation, and the stock price performance of the selected layer on the first day of opening the board is differentiated.

At the same time, she said, the trading mode of the select layer is different from that of other levels of the new third board, which requires a certain process of adaptation. The short-term fluctuation of the selective market is large, so investors should be more rational and choose the company with good profit expectation from the companys fundamentals.

Rational view of stock price fluctuation

Analysts said that some investors expectations of the new third boards selection layer are too high, and they think that the first day of the selection layer will be at least 200% higher than that of the current first day of listing on the science and technology innovation board. This is not rational and optimistic.

Zhou Yunnan, a senior commentator on the new third board and founder of Beijing Nanshan investment, believes that there is still a big gap between the selection layer and the science and technology innovation board in terms of plate attributes, number of investors, amount of funds, style of speculation and market expectations.

According to our statistics, the average initial PE (in 2019) of the first batch of 32 selected layer companies is 31 times, which is really significant compared with the PE of nearly 90 times of the current science and technology innovation board. But the low price earnings ratio does not mean that enterprises are more likely to become dark horses. Moreover, within the first batch of selected companies, the first PE varies greatly, from 15 times to 90 times

Sun Jinju, assistant president of Kaiyuan securities and director of the Research Institute, believes that the price earnings ratio is only a way to value the company, and the value of the company needs to be evaluated from more dimensions. It is suggested that investors should pay more attention to the fundamentals of selected companies. Companies with excellent Fundamentals are more likely to be recognized by investors.

Sun Jinju said that companies with a relatively low proportion of the first day of listing, high participation of public funds and low proportion of allocation, low online winning rate, excellent fundamentals and high popularity are more likely to become hot spots in the market.

Zhu Haibin, chief analyst of Anxin securities new third board, also said that some stocks may fluctuate greatly at the initial stage of the market opening. However, as all parties in the market fully play the role of price discovery, the market will gradually become stable. The core of investment is enterprise value. Investors need to study the enterprise and industry in detail, and make judgment based on the liquidity difference of the selected layer compared with the main board, gem and Kechuang board.