The Beijing Stock Exchange 50 fell by nearly 7%, and the stock of funds gambled on the main board of the Beijing Stock Exchange
Finance Associated Press, December 22 (Reporter Wu Yuqi) The Beijing Stock Exchange 50 staged an independent market again.
On Thursday, the three major A-share indexes collectively opened lower, the Shanghai Composite Index rebounded in a V-shaped rebound after a short loss of 2,900 points, and further strengthened in the afternoon, as of the close, the Shanghai Composite Index rose 0.57% to close at 2,918.71 points, and the Shenzhen Component Index and the ChiNext Index rose more than 1%. However, the trend of the BSE 50 was the opposite of the three major indexes, diving after surging higher during the session, closing down nearly 7%.
In the previous trading day, A-shares fluctuated downward, with the three major indexes all falling by more than 1%, refreshing the low point of the year, while the Beijing Stock Exchange Index rose 2.52% against the trend. In the past two trading days, the BSE 50 has stepped out of the independent market. Previously, some netizens ridiculed that the Beijing Stock Exchange redefined northbound funds: funds leaving the Shanghai and Shenzhen Stock Exchanges to go to the Beijing Stock Exchange. Now some netizens say that the funds that went to the Beijing Stock Exchange before have "gone north" again.
From the perspective of the performance of constituent stocks, Jingsai Technology, Hengjin Induction, Yoshioka Precision, Changhong Energy, Liujin Technology, and Digital People fell by more than 15%, with a total of 227 stocks falling by more than 10%, and only 11 rising.
A number of interviewees pointed out that the decline in the Beijing Stock Exchange stock market or the result of the capital game, some of the Beijing Stock Exchange funds choose to profit, resulting in the decline of the relevant index, overall, the valuation of the Beijing Stock Exchange is still at a relatively low level, is a more reasonable allocation area.
The market participates in the short-term game of funds, and the sentiment is strong
In terms of the extended cycle, the rise of the Beijing Stock Exchange began on October 24, from the low point of 706.34 points at the beginning of the period all the way to the high of 1114.26 points on November 27, and then ushered in a shock adjustment, even if it fell sharply on Thursday, from the end of October to December 21, the Beijing Stock Exchange 50 Index still rose by 39.12%. Compared with other indexes, the BSE 50 has become a beautiful landscape.
In terms of trading volume, during this period, the single-day turnover of the Beijing Stock Exchange market jumped from the initial hundreds of millions of yuan to 10 billion yuan, which indicates that the Beijing Stock Exchange market has gradually entered the realization of mainstream funds. Back on Thursday, the trading volume of the Beijing Stock Exchange market remained high, and as of the close, the trading volume reached 22.719 billion yuan.
On the other hand, there is a "seesaw" effect between the Beijing Stock Exchange 50 and the three major indexes, and the performance of the past two trading days has been confirmed. To sum up the above two points, it is not difficult to find that the stock funds in the market are constantly moving.
Huang Xiaohu, the proposed fund manager of Chuangjin Hexin Beijing Stock Exchange 50 Index Enhancement, also said that the turnover was significantly enlarged, which indicated that the market participated in the short-term game of funds.
Huang Xiaohu explained that the recent trend of the Beijing Stock Exchange 50 Index and the main indices of the Shanghai and Shenzhen Stock Exchanges has shown a relatively obvious differentiation, in the environment of continuous decline in the Shanghai and Shenzhen markets, the Beijing Stock Exchange 50 Index out of the independent upward trend, on the one hand, is the repair of the Beijing Stock Exchange 50 Index before the extremely underestimated, on the other hand, the market funds are optimistic about the long-term growth of the Beijing Stock Exchange enterprises. On Thursday, the Shanghai and Shenzhen stock exchange markets stopped falling and recovered after continuous declines, especially the strong performance of large-cap growth stocks, and some Beijing Stock Exchange funds chose to take profits, resulting in pressure on the Beijing Stock Exchange 50 Index.
Some people in the fund industry also told reporters, "The previous rise is a comprehensive response to the previous over-falling and low-level operation of the Beijing Stock Exchange 50 Index, the increase in the allocation of funds to growth stocks, and the effective implementation of the Beijing Stock Exchange's '19 deep reform' series of measures." The decline is the result of shareholders of some listed companies reducing their holdings and some investors choosing to pocket their previous earnings. ”
The medium- and long-term investment value of the BSE 50 Index remains
A large public offering person from Beijing pointed out to reporters that the fundamental factor of the current round of opportunities of the Beijing Stock Exchange is the policy, that is, the "Opinions on the High-quality Construction of the Beijing Stock Exchange" in September, that is, the "19 Articles of Deep Reform" and a number of policies and systems of the Beijing Stock Exchange, including investor suitability, implementation standards for listing conditions, transfer of boards, issuance floor price, market-making transactions, margin trading, margin trading, etc. After the Politburo meeting in July this year, the regulator itself prepared a series of policies to promote the development of the Beijing Stock Exchange. From a policy point of view, the future opportunities of the Beijing Stock Exchange are not over.
He said that since the end of October, the Beijing Stock Exchange index has risen by 56%, although the index has risen by nearly 40% despite Thursday's decline, and there is a certain risk that the index will rise too high in the short term, but the current absolute point is not high, the base period of the Beijing Stock Exchange index is the market low in April last year, the base period is 1000 points, and the current index is about 982, which is still falling, so there are still opportunities at the absolute point.
As for the long-term value, the above-mentioned interviewee believes that "with the improvement of the liquidity and management of the Beijing Stock Exchange, more and more high-quality enterprises or bright spots in Beijing will be listed here, which will bring about a long-term increase in the investment value of the 50 components of the Beijing Stock Exchange." The BSE 50 Index is the first index of the Beijing Stock Exchange and the only official index of the Beijing Stock Exchange. ”
Huang Xiaohu also said that on the one hand, the constituent stocks of the Beijing Stock Exchange 50 Index gather specialized, special and new high-quality enterprises, which is a small-cap index with the highest proportion of specialized, special and new targets, and the industry distribution is relatively balanced, covering power equipment, basic chemicals, machinery, pharmaceutical industries, etc., which is the key industry for the future economic development of the mainland to shift from the traditional model to high-quality development, and the development opportunities of the future technology-based industry are very large. In the future, some companies listed on the Beijing Stock Exchange are expected to develop into pillar enterprises in China's technology industry. On the other hand, due to its smaller average market capitalization, the BSE 50 Index may be more resilient than ChiNext and STAR Market when the market rebounds.
Li Jialiang, the fund manager of the CSP 50 Component Index Initiator, believes that in the medium and long term, in terms of policy, since the opening of the Beijing Stock Exchange, the relevant support policies of the Beijing Stock Exchange and specialized and special new enterprises have been intensively and continuously introduced, and the policy support is stable; from a fundamental point of view, as of the third quarter of 2023, nearly sixty percent of enterprises have achieved positive revenue growth, nearly ninety percent of enterprises have made profits, and nearly half of enterprises have achieved positive growth in net profit attributable to their parents。 On the whole, the stocks of the Beijing Stock Exchange, which are positioned as specialized and new small giants, have good growth space and development potential.
Wanjia Fund Yang Kun reminded investors that in the short term, we should pay attention to the risk of a pullback in the hot sector and remain cautious. Subsequently, as the recognition and liquidity of the Beijing Stock Exchange market continue to be affirmed by individual investors, its investment value may be further revealed.
The Beijing Stock Exchange Theme Fund performed well during the year
Despite the recent obvious adjustment in the market of the Beijing Stock Exchange, due to the strong trend of the Beijing Stock Exchange 50 Index in the past two months, the theme fund of the Beijing Stock Exchange has also jumped to the forefront of the mixed fund ranking this year.
From the perspective of net value performance during the year, as of the 20th, among the 11 Beijing Stock Exchange theme funds, only one fund net value growth was negative, the net value of ChinaAMC Beijing Stock Exchange Innovation Small and Medium-sized Enterprises Select rose by 49.58% in two years, Taikang Beijing Stock Exchange Select two-year fixed opening A net value increased by 36.26%, Invesco Great Wall Beijing Stock Exchange Select two-year fixed opening A, and Huitianfu Beijing Stock Exchange Innovation Select two-year fixed opening A net value increased by more than 25% during the year.
As of the third quarter, a number of Beijing Stock Exchange stocks have been favored by public funds, including non-Beijing Stock Exchange theme funds, among them, beiteri is heavily held by 23 funds, Harvest Intelligent Vehicle, Pengyang Advanced Manufacturing A, respectively hold 5,904,900 shares and 3,268,600 shares of the stock. Liancheng CNC is also heavily held by 19 funds, and non-Beijing Stock Exchange theme funds such as E Fund Innovation Drive and E Fund Ruicheng are mostly held. Northland, on the other hand, is held by Wells Fargo's active growth for one year and Wells Fargo's innovation and development for two years.
(Finance Associated Press reporter Wu Yuqi)