Select layer nearly 70percent of the first day break, investors adjust strategy focus on selling pressure release

category:Finance
 Select layer nearly 70percent of the first day break, investors adjust strategy focus on selling pressure release


Why did the first day of the opening of the board appear breaking the tide? The reason for this is that people in the industry believe that the flight of profit taking, the selling pressure caused by the reduction of old stocks, and the failure of new investors to become secondary market investors are all the influencing factors of the market differentiation on the first day. Moreover, the market is also exploring a new valuation system.

The reporter learned that affected by the market, individual investors and institutional investors are adjusting their investment strategies.

Open an hour: high open, turn green, decline narrowed

High open, performance is relatively low, individual stock trading volume and activity are differentiated. The first day of selected layer opening board presents such market performance.

The stock price rose, only a few minutes later, the stock quickly turned green and burst. Around 9:32 am, n hengtuo, n runnong, n Jianbang and other stocks fell slightly. After that, the decline expanded rapidly. Within 10 minutes of opening, many stocks fell deeper, triggering a temporary suspension. N taixiang fell 63.28%, n Jiaxian, n Liujin, n Datang and other intraday declines of more than 20%.

An hour after the opening, the decline narrowed. As of midday trading, 12 of the 32 stocks closed up, n-share ranked first with 64% increase, and 10 stocks including n taixiang, n Kaitian and N Guoyuan fell more than 10%.

By the end of the day, the three major A-share indexes fluctuated throughout the day, and the Shanghai composite index was close to 3200 points. Only 10 of the 32 selected stocks rose, but the decline was generally narrowed.

According to wind, at the end of the day, five stocks rose by more than 10%, namely n-share (+ 55.4%), n Yongshun (+ 39.86%), n senxuan (+ 17.59%), n Yintu (+ 12.22%) and N beiteri (+ 10.43%). Four stocks fell by more than 20%, including n taixiang, n hengtuo, n Jianbang and N Liujin.

Individual stock activity and trading volume differentiation is obvious. N Bertrand ranked first with a turnover of 846 million yuan, with the turnover of n Guandian, n Sen Xuan and N Yingtai exceeding 200 million yuan on the same day; the turnover of nteda was less than 30 million yuan, including the turnover of 11 stocks such as n Xujie and N Fangda less than 50 million yuan.

Why did the first day break out?

The main reason given is that the fundamentals of the first batch of 32 companies in the selected layer are in good condition and the issuance valuation is not expensive. At the same time, combined with the previous opening experience of the science and technology innovation board and the growth enterprise market, it is expected that the overall performance of the selected layer may be more positive. However, considering the differences in industry distribution, company qualification and issuance pricing of the first batch of 32 companies, the first day performance of individual shares may be differentiated.

It is worth noting that the new third board trading is different from the A-share market - there are both new shares and old stocks issued publicly, which has a certain pressure on the market.

Different shareholder structure leads to more complex game factors. There are differences in the cost of holding shares, investment purposes and valuation standards between new and old shareholders, which leads to more complex market game factors and different stock price performance in the early stage of selected stocks. There are new three board industry insiders said.

There are four reasons for the first days high opening and low going: first, the markets lack of confidence in the second level of the selected layer; second, the price of the first batch of public offerings is too high; third, the old shareholders before the public offering took profits; fourth, the stock broke immediately after the opening, resulting in panic selling in the secondary market. Zhou Yunnan, founder of Beijing Nanshan investment, told reporters.

In addition, some people in the industry believe that the circulation of some stocks is too large.

This also reflects the marketization and return to the origin of value investment. Zhang Keliang, general manager of Yintai securities stock transfer system business department, told reporters. He predicted that the share prices of most of the first companies in the secondary market would gradually rise.

Will it fall further?

The market is highly concerned, will the decline of the selected layer continue? Has the selling pressure of old shareholders been gradually resolved?

Since the stock price has not entered the bubble area, the subsequent sell-off of high-quality stocks will be smaller and smaller. Xi Qingqing thinks.

Cui Yanjun, the founder of the Dong secretarys family, told reporters that at present, the valuation of individual stocks in the selected layer has been more reasonable, and it is expected that there will be no further deep decline, and it is still necessary to pay attention to the overall performance of the market.

If a shares continue to rise, the current valuation of the selected layer can be maintained, otherwise the price earnings ratio of the subsequent issuance may be reduced. He said.

From the perspective of historical experience, some people in the industry believe that there is a certain proportion of first day breakouts in markets such as NASDAQ and the Hong Kong stock exchange, and allowing stock breaks is one of the signs of market maturity.

The characteristics of small and medium-sized enterprises determine that valuation and pricing are difficult. Investors valuation differences of selected companies can better balance through price competition. It is expected that the price limit is only a short-term phenomenon and will not last. The person said.