High-level interpretation: "new rules for delisting" is not for small-cap stocks, JSTC 20CM daily limit, 1000ETF enhanced (159680) rose more than 3%

The interface has Lianyun

2024-04-17 11:34Published in Shanghai

On April 17, 2024, the three major indices collectively rose, with small-cap stocks performing strongly. The CSI 1000 Index rose more than 3%, JSTC rose 19.94%, Pony Test rose more than 14%, and Yihuatong-U, Digital Video, Martian and other stocks rose more than 10%.

As of noon close, 1000ETF Enhanced (159680) rose 3.37%, with a half-day turnover of more than 15.15 million yuan.

Image source: Wind

On the news side, on April 16, the China Securities Regulatory Commission issued an urgent statement, pointing out that the adjustment of the delisting indicators is aimed at increasing efforts to clear out the "zombie shell" and "black sheep", not for "small-cap stocks". Steady arrangements have been made in terms of standard setting and transition period arrangements, which will not have an impact on the market in the short term. There is a view in the market that "this delisting rule change is mainly for small-cap stocks", which is a pure misreading. Industry analysts pointed out that the new regulations issued this time also emphasize the reduction of the value of "shell" resources. The aim is to enable companies with real potential to grow with the support of the capital market.

Huafu Securities believes that from the perspective of cyclical logic, the large-and-small cap style rotation has a strong mean reversion attribute. At present, small-cap stocks in the A-share market have room and possibility for further upward movement from the perspective of mean reversion, whether it is excess return or relative valuation.

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