Sub-new shares continue to strengthen, ready to launch, welc

Last week, the new stocks continued to strengthen, especially Xinjiang Jiaojian (002941, diagnostic stocks) achieved six consecutive boards, which greatly stimulated the outbreak of the new stocks sector. Last Friday, a total of 16 new stocks rose daily. According to industry analysis, when the previous market volatility is repaired, the sub-new shares tend to have good performance due to their greater flexibility. In addition, the sub-new share price has a relatively obvious February effect, and it is easy to obtain excess returns during the announcement of the annual report in 2-4 months.

On the other hand, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the 23rd China Capital Market Forum on January 12 that the price of the first day of the new shares rose by 44%, no trading volume, no trading. The price of the quantity is an illusory inaccurate price, and it is recommended to cancel the limit of the first day daily limit of the new shares.

The sponsorship of the new fund ushered in a big outbreak

Last Friday, the new infrastructure leader Xinjiang Construction was making a big splash. After the opening price of the early trading, the price was slightly adjusted, and the daily limit was once again closed. The realization of the six-link board has become the leader in leading the batch daily limit of the new shares. This new stock listed on November 28, 2018, started its daily limit on January 4, and the cumulative increase since this year has reached 88.26%.

Under the stimulation of Xinjiang Jiaotong Construction, the sub-new stocks were active, and one of the 5G concept leaders, Beibei Communication (603220, Diagnostics), also achieved three consecutive boards, which has increased by about 30% since this year. At the end of last year, the star demon stock Taiyong Long March (002927, diagnostic stocks) after a shock adjustment, last Friday, once again strong daily limit, turnover rate as high as 50.61%. In addition, the next day's new stocks include Chinalco International (601068, diagnostic stock), Hunan Salt Industry (600929, diagnostic stock), Hanjia Design (300746, diagnostic stock), Jinli permanent magnet (300748, diagnostic stock), Great Wall military (601606, medical stock) and so on.

On the other hand, the general rise in new stocks in recent days is behind the increase in the participation of various hot money in the current market. An investor with a high level of interest in hot money said that in general, the new stocks are small and easy to be controlled. Most of the new stocks have a market capitalization of about 1 billion yuan when they are open; and the new stocks have just been listed, generally not big. The main force, the hot money is easy to trade.

Taking Xinjiang Jiaotong Construction as an example, the top three most popular travel funds this year have appeared in the stock market. Among them, straight flush(300033, diagnosis stocks) statistics show that Eastern Fortune (300059, Diagnostics) Securities Lhasa Jinzhu West Road, the second securities business department is still the champion of the transaction volume ranking this year, its operation method for Xinjiang Jiaojian is back and forth Turning up, this year, I bought a total of 79.84 million yuan in Xinjiang, and sold 74.91 million yuan.

Huatai Securities (601688, Diagnostics) Shenzhen Yitian Road Rongchao Business Center Securities Business Department followed the transaction volume rankings this year, the business department is also the main target of the new three-day exchange in Xinjiang Hand, the cumulative purchase of 82.14 million yuan, the cumulative sale of 26.06 million yuan. The largest stock that has been bought this year is Xinjiang Jiaotong Construction, with a total purchase of 207 million yuan, a sales of 0.6 billion yuan and a net purchase of 147 million yuan. In addition, the business department favored the new shares, and the recent sub-new shares include Zijin Bank (601860, diagnostic stock), Hanjia Design, Taiyong Long March, Yujing (002943, diagnostic stock), Jinli permanent magnet.

Caitong Securities (601108, Diagnostics), which has ranked third in the transaction volume this year, is the securities business department of Hangzhou Gymnasium. The largest stock in the purchase is also Xinjiang Jiaotong Construction, with a total absorption of 96.83 million yuan, net purchase. The amount of investment also reached 28.7 million yuan.

The valuation of new shares is at a low level

For the new stocks that have been quiet for a long time since last year, the stocks have been ushered in in recent days. Some institutions believe that the new stocks have small plates, high turnover rate and market conditions. The characteristics of the activity, as the last week continued to strengthen, the sub-new stock index has gradually stepped out of the bottom.

The Tongda Xinxin Index (880529) fell 45.78% last year, the biggest decline since 2010. Some of the new stocks fell below the offer price. The index has come out of the repair market this year, has risen 4.47%. Individual stocks are even better. The new stocks that have risen more than 20% this year, in addition to the above-mentioned Xinjiang Jiaojian and Beibei Communications, there are also Zijin Bank, Roberto (300757, diagnostic stock), Zhongshan Jinma (300756, diagnostic stock) , Jinli permanent magnet, CITIC Jiantou (601066, diagnostic stock) and so on.

Changjiang Securities (000783, Diagnostics) believes that the sub-new stocks represent the industry attributes of economic transformation, strong profitability and low institutional holdings, and have good thematic genus.Sex, when the market turned from weak to strong, the performance of new stocks was more active, and the performance of new stocks at the end of the main rising market was also better.

China Merchants Securities (600999, Diagnostics) proposed that the performance of sub-new shares is greatly affected by risk appetite. When spring intrusion occurs in February-April every year, due to the small market value of sub-new shares, there is a transfer expectation. The stock price performance is relatively strong. From the monthly performance, the sub-new shares increased in proportion in February, and the sub-new stocks have a significant February effect relative to the excess returns of the Shanghai Composite Index and the Shanghai and Shenzhen 300 Index.

In fact, the recent enthusiasm for market trading has improved significantly. After some adjustments to the quality standards of some new shares, the current valuation has come to a lower level. China Merchants Securities recommends that investors can pay attention or layout in advance in January due to the small capital stock of the new shares.

So, what are the characteristics of sub-new shares with higher growth after listing? China Merchants Securities stated that there are two types: First, the shareholders' motives are obvious, and the proportion of companies with higher gains corresponding to the company's stock incentives and mergers in the year of listing or one or two years after listing is higher than the total number of new stocks. Second, from the performance point of view, the short-term increase in the number of sub-new shares and performance relationship is relatively small; the mid-term increase in the number of new shares tends to dominate the performance, meaning that the sub-new shares after the listing of one to two years, the market begins Pay more attention to the growth ability of the new stocks.

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