GEM refers to standing at 2100 points, which is a bit fierce.
Source: Xiaoji Quick Run Today (February 17) A shares have risen strongly, and the GEM is ahead.
GEM index rose 3.
72%, a new high since May 25, 2016.
GEM index performance in the past year 20190218-20200217 Data source: Many people in Wind have raised the GEM today, “attribution” to the new rules of refinancing.
On the evening of February 14 (Friday), the CSRC issued the revised “Administrative Measures for the Issuance of Securities by Listed 杭州桑拿 Companies,” the “Interim Measures for the Administration of Securities Issuance by Listed Companies on the Growth Enterprise Market,” and the “Implementation Rules for Listed Companies’ Non-public Issuance of Shares” ((Hereinafter referred to as “the new rules for refinancing”).
The amendments include lowering the issuance conditions, releasing restrictions on holdings, optimizing the non-public issuance system arrangement, and extending the validity period of approval documents.
Source: The website of the China Securities Regulatory Commission actually introduced the new rules for refinancing, which is conducive to improving the construction of the capital market system, enriching related financial products, and boosting the popularity of market investors. The scope of application includes the entire A share.
But why 夜来香体验网 does GEM stand out?
Under the new rules, how many companies can be added that meet the requirements of the new refinancing rules?
Which industries might benefit from this?
Which companies are more market-focused?
Today, we find the latest opinions of brokers for reference.
1 GEM has become the biggest focus of the new refinancing rules Why is the new refinancing rule good for GEM?
One of the main points of the new refinancing regulations is to moderately relax the refinancing of the GEM.
Source: Monita Industrial Securities believes that the GEM has become the most important point of the “new rules for refinancing”, and the New Deal may help this round of market.
Since the beginning of this year (February 17), the GEM Index has increased by as much as 19.
36%, the previous Shanghai and Shenzhen 300, CSI 500 rose significantly.
At the same time, the New Deal has reduced the performance of GEM companies’ participation in refinancing, which is conducive to expanding the refinancing function of GEM enterprises, supporting physical financing, and has a positive role in promoting corporate development.
Industrial Securities also calculated the average increase and decrease of major indexes since 2018, 5 days, 10 days, and 20, 60 days after the release of favorable policies related to refinancing.
Can be polished, GEM refers to relatively speaking, the average gain is the best performer.
Combined with the moderate loosening of GEM refinancing by this policy, GEM refers to the current round of market is expected to continue further.
May be able to “unbind” 419 GEM companies Tianfeng Securities statistics show that for the GEM companies, after the release of the new rules, there are mainly the following effects: For public offerings, the old rules require that both the profit andAsset-liability ratio requirements. After the new regulations cancel the asset-liability ratio requirements, it will be able to untie 347 GEM companies.
For non-public offerings, which do not involve changes in asset-liability ratio requirements, the new rules have cancelled the last two profit requirements, and the new rules have modified the terms to unbundle 72 GEM companies.
On the upper limit of the issuance scale, the new rules have made significant changes earlier in the draft, from 20% to 30% of the total share capital.
This is an incremental benefit for improving the liquidity of GEM companies.
Earlier consultation draft, the interruption of the new and old cut off from the approval of approval to the completion of the issuance, meaning that more cases apply the new rules.
The specific benefit is the cases that have been approved within the past 6 months, but have not yet been issued.
As far as non-public offerings are concerned, this change may affect 62 fixed increase cases.
2 Technology and securities sector or more benefit from the refinancing needs of certain industries. According to the refinancing announcement of listed companies, Monita has divided the refinancing purpose into two categories: major asset restructuring and supplementary cash flow.
Major asset restructuring: Under this category, it is basically the supporting financing needs for M & A and restructuring.
From historical data, from 2009 to the present, there have been 116, 92, 84, 80, 67, and 66 refinancings for the purpose of reorganization in the media, machinery, equipment, computers, medical biology, chemicals, and electronics industries, and these industries haveThe amount of refinancing is also higher than in other industries.
In addition, considering the major assets reorganization of a listed company from the board of directors to completion, it usually takes 6-7 months.
According to calculations, the current industries with a large number of merger and reorganization plans are chemical industry, medicine, machinery and equipment, real estate, media, electronics, and computers.
Supplementary cash flow: Concerning the replenishment of working capital, the relevant demands of the pharmaceutical, chemical, building decoration, electrical equipment and other industries are contradictory.
From the perspective of industry demand, Monita believes that refinancing loosening is expected to significantly improve the media, computer, and electronics industries; while the benefits of the mechanical equipment and electrical equipment industries mainly come from the decline in refinancing issuance conditions.
In some industries, Everbright Securities believes that in the first half of the policy period, certain industries with higher policy sensitivity will generate structural investment opportunities.
Among them, trade and retail, power equipment and new energy, real estate, basic chemicals, comprehensive, computers, consumer services, securities firms and other eight industry sectors, the change in relative income seems to have a certain relationship with changes in the direction of supervision of the regulatory layer.
From historical data, when the supervisory authorities tightened the fixed-income market, the eight industries mentioned above underperformed the market significantly within six months after the policy was introduced. When the regulatory authorities loosen the supervision of the fixed-income market, the above eight industries can significantly outperform the Shanghai Composite Index within half a year, among which the securities companies and the computer industry have relatively high returns.
Certain industries may directly benefit from the refinancing business. CITIC Securities believes that the marketization and relaxation of the long-established issuance system may further stimulate the short-term market.
From a short-term perspective, the probability of incremental allocation of funds is an estimated depression that flows to this round of rebound.
From the perspective of risk-benefit ratio, pay attention to the opportunities for rotation in the securities brokerage, automobile, real estate, upstream industrial products, building materials and banking industries.
When the market digests the policy, it will realize that the refinancing policy is more structured and market-oriented, rather than treating all companies equally, and the market will return to the mode of physical financing efficiency rather than idling.
In the GEM and technology industries, industries that are asset-heavy and have positive capacity cycles will benefit more.
In addition, with a large amount of stock financing needs, the income of investment banking and asset management businesses in the securities industry will increase, and the estimated level of the non-banking industry may also increase.
In the long run, technology is still the main line, and adjustment is the allocation opportunity.
3Some companies are worth watching?
Anxin Securities: Investors in the secondary market of the three types of companies that are being followed by the market should look for high-quality companies that have significantly benefited from policy support and have reasonable financing needs.
What specific companies are there?
The companies that have passed the Dingzeng meeting have passed the review by the CSRC. The company is closest to the implementation of Dingzeng. The certainty is relatively the largest and the market can easily find these companies.
However, since such companies have already been set to increase by wholesale banks, the marginal benefit to the new regulations is not great.
High-tech companies with fixed-income plans Among the many fixed-income plans, the fixed-increasing plans involving mergers and acquisitions of high-tech companies have attracted much attention.
Historical experience also shows that the constant increase in the direction of science and technology often brings higher excess returns.
However, similarly, since the company in this category has already issued a fixed increase plan, the overall marginal benefit of the new regulations is not great.
Those who can benefit from the new regulations can be issued. The better companies were unable to issue fixed gains in the past.
It is expected that the types of companies may have higher demand.
How to choose these companies?
One of the screening strategies is to replace the 2017 technology companies that are profitable in 2018, or the 2017 technology companies that are profitable in 2018, but are expected to be profitable in 2019.Since then, the fundamentals will go up for high-quality companies.
Such companies should have excellent quality, broad industry prospects, and refinancing needs, but they cannot be increased by gradually increasing market rules.
Now that it has become the new regulations, among these companies, there are likely to be some companies that will issue fixed growth plans in the future.
Shen Wanhongyuan: Adhering to the two investment ideas on February 15, 2020, there are currently 90 existing bidding projects that have passed the conference and have been approved. The total amount of pre-disclosed funds raised is 178.4 billion.
From the perspective of selected individual stocks, there are two ways to grasp the investment with a fixed increase: discount security mat + stable dividend payout + stable growth in performance; industry prosperity change + high growth expectations + possibility.
With the increase of market concentration, industry leaders or leading companies will enjoy higher growth.
In terms of investment strategy, you can focus on the long-term economic boom, the relative certainty of performance growth and the segmentation that has both growth and profitability, as well as the fixed growth opportunities of some high-scoring and high-scoring dividends.
GF Securities: Give priority attention to democratically determined increments. Enterprises can focus on companies that meet these conditions: free cash flow is higher than the average in the same industry: swap and acquisition capabilities; low PE value: market size management space size, estimated and fixed value appreciation rate historyThe negative correlation law presented above; the high proportion of major shareholders: the smaller the shareholding change, the appeal conversion; the low proportion of pledged deposits: low implementation defects; growth stocks: growth stocks with higher performance growth in the next 1-2 years, flexibilityCoefficient, historically small and medium-sized market value-added growth rate win rate; priority attention to emerging growth enterprise two types of fixed increase plan companies; priority attention to advanced manufacturing, national reform and other national strategic directions, especially “light assets, high research and development” enterprises Tianfeng Securities: NoSmall companies can grow indifferently. Small and medium-sized companies in the technology sector after 2016 have almost no opportunity. The industry cycle has declined, financing, and merger and acquisition policies have tightened. Eventually, the prosperity has fallen for three consecutive years.
Beginning in the second half of 2019, experiencing a resonance explosion in the global cloud service, semiconductor, and 5G industry cycles. Both head companies and small and medium-sized companies can enjoy dividends, overlapping mergers and acquisitions, and financing. The prosperity of the technology sector will show a trend of diffusion.
But not all small companies can grow without differentiation.
The current liquidity environment, market size, and investor structure are significantly different from 2014-2015. Considering that the market has undergone a round of ups and downs from “M & A Feast” to “One Place Feather”, small and mediumThe company has reasonable participation in screening.