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Active trading, strict supervision tends to be rational
The first week of implementation of the GEM registration system has three characteristics
In the first week of implementation of the ChiNext reform and the pilot registration system, the ChiNext index rose 4.76% and recovered 2,700 points. The general functioning of the market is stable, and the market has tested various systems, showing the three characteristics of active trading, strict supervision, and the tendency to rationality.
In the next step, there will be a series of new registered GEM shares listed and traded one after another. According to industry experts, investors who participate in GEM investing should increase their awareness of risk, defend sound investment concepts, and avoid blindly chasing the rise and fall.
Trading conditions are in line with expectations
The first batch of 18 companies under the GEM registration system was made public on August 24. ChiNext reform and pilot registration system have been implemented steadily, and the relaxation of the limit on the rise and fall of individual shares has not changed the stable operation of the market, and trading activity has increased.
Qin Peijing, CITIC Securities Chief Strategist, noted that in the first five trading days after the price cap was relaxed, the percentage of shares in the GEM with a rise or fall of more than 10% accounted for 2% to the 4%, and the percentage of capped stocks was around 1%. , Compared to before the reform, little change. ChiNext activity has increased, the ChiNext index has risen 4.76% in the last five business days, and average daily turnover has risen to 257.7 billion yuan.
“The changes in the trading mechanism are fully reflected in the market.” Li Xing, a strategic analyst at the Yuekai Securities Research Institute, said that in the short term, increase and decrease restrictions have been relaxed to enhance market activity and improve the price efficiency of the ChiNext. It is reflected in the price changes of the new shares. From a long-term perspective, once the rise and fall restrictions are relaxed, the company will basically face a greater impact on the share price, and high-quality companies that meet ChiNext’s positioning will be more likely to be favored by long-term funds.
Yang Delong, chief economist at the Qianhai Kaiyuan Fund, believes that the reform of ChiNext and the pilot registration system will help increase market activity and will not cause market ups and downs. Judging from the operation of the Science and Technology Innovation Board for more than a year, few shares have risen or fallen by 20% on any given trading day, and most shares have risen or fallen no more than 10%. %.
“Zero tolerance” for abnormal transactions
In the first week of the implementation of the ChiNext reform and the pilot registration system, the market as a whole performed smoothly, but there were also large fluctuations in some stocks. In this regard, the regulatory authorities have taken appropriate measures.
From August 24 to August 28, the Shenzhen Stock Exchange took self-regulatory measures against a total of 60 abnormal securities trading activities, including abnormal business situations such as intraday lift and suppression, false statements, etc. The animal husbandry industry continues to carry out key monitoring and timely oversight measures.
In the past week, the share price of Tianshan Biotech has doubled, which has attracted a lot of attention. In this regard, the Shenzhen Stock Exchange issued a letter of concern on August 26, requesting further verification of the reasons for the company’s large short-term rise in share price and whether there is inside information. Tianshan Biotechnology issued an announcement about abnormal fluctuations in stock trading, severe abnormal fluctuations and verification of commercial suspension on August 28.
Maintain the rational investment philosophy
Industry insiders noted that the account of individual investors in the China stock market is relatively high, and there is a more obvious “herd effect” in trading behavior. Under the overlapping effects of abundant funds and good policy guidance, small and medium investors are not precluded from buying or selling. In the case of rapidly changing stock prices, rational investment concepts must be adopted to accommodate the new ChiNext ecology.
“Some individual stocks have been sought after by funds recently, and large fluctuations are a manifestation of the commodification of trading. Investors should maintain a rational investment philosophy and avoid blindly chasing high and following the trend,” Yang Delong said.
Tian Lihui, dean of the Financial Development Institute at Nankai University, suggested that investors should pay attention to business fundamentals and avoid blindly chasing ups and downs. You need to understand the fair value of the business and make a rational investment, a value investment and a long-term investment.
“As the capital market reform deepens, institutional investors who insist on long-term performance will become mainstream and guide the market back to the concept of value investing,” said Guo Yiming, director of investment advice from Jufeng Investment.
According to the analysis by industry experts, judging by the performance of the new shares, the intraday volatility of the first batch of shares listed under the GEM reform and the pilot registration system has gradually decreased, and the suspension of trading in the market has shrunk significantly. Existing stocks have been actively traded recently and their volatility has been kept at a more reasonable level compared to before the reform. There have been no large-scale rises or falls. Stocks with a rise or fall of more than 10% in one day accounted for a relatively small proportion. Active trading has become more normalized. (Zan Xiuli)
