Last week, there were nine articles out of the country, and there was a lot of analysis on the Internet, in fact, I also took the time to read it over the weekend, and I don't think it has a particularly big impact on the stocks that have been traded over and over recently in the strategy, and then, today, the three small market capitalization in my hand 2 closed the fall limit, and 1 -9.5% ran away. The tragedy is comparable to that on February 28, when all three stocks in hand fell to the limit. The only difference is that when the market opened on February 28, the real income of the small market capitalization strategy this year was exactly the return on investment, and the closing loss was more than 9 points, and there were more than 9 points of profit when the market opened today, and it was exactly 0 this year when it closed, and it was 3 and a half months of white play.
I have to take a hard look at the nine articles of the country, and go through it again in accordance with the delisting and ST requirements of the new regulations:
1. Market value delisting
For 20 consecutive trading days, the total market value of the Shanghai and Shenzhen main boards was less than 500 million yuan, and the GEM and science and technology innovation board were 300 million yuan.
Whether it is the Shanghai Index or the Shenzhen Composite Index, none of the 20 smallest circulating market capitalizations have reached it after excluding ST, and they are still far away. This has no effect on the strategy of using the circulating market value as a stock pool.
2. The dividends are not up to standard
1) On the main board of the Shanghai Stock Exchange, ST will be implemented for companies that meet the basic conditions for dividends, the cumulative total cash dividends in the last three fiscal years are less than 30% of the average annual net profit, and the cumulative dividend amount is less than 50 million yuan.
Let's take a look at a clever logic first:
Also excluding ST shares, the vast majority of shares have not been listed for three years, and it should not be possible to trigger the conditions for dividends for three consecutive years, what are these stocks worried about today? Is it possible to say that the stocks within 3 years will be a safe stock pool in the future, or that the third year annual report is safe before it comes out, and then it is not good to limit the listing of the stock pool to 2 years, and the data of the third year can basically be estimated to be kicked out if it cannot be reached.
Calculating the requirement of 50 million dividends, it is equivalent to the total net profit in the past three years to be 167 million, with an average of 56 million a year, which is indeed a threshold, and most of it cannot be reached.
The stocks that have reached it are indeed significantly less than other stocks that have fallen much less today, such as Southern Roadbed, Shimao Energy, and so on.
Therefore, the conclusion of the above is: either stock selection and add a condition, filter out the sum of the net profit of the previous three years is less than 1.67, less than 3 years (especially for 2 years, the basic financial data has been finalized), and filter according to the average value of 56 million. Or just remove all the old stocks that are more than 2 years old.
At the same time, I think that today's tragedy is probably caused by panic, and I haven't carefully calculated the real impact on small-capitalization stocks, of course, having said that the short position in April is always right, but I am not available, and the profits in early April were obtained, and I was beaten today.
The point is that yesterday's policy was actually still an opinion draft, and the market reaction was so big, I always felt that it was being used by the main force, or the main ambition wolf of the empire did not die to short China.