Original title: The Science and Technology 50 Index has risen sharply. It is said that the investment threshold can be reduced to 100,000 yuan. Is there still a market maker system coming to the era of the Science and Technology Innovation Board?
On June 2, the three major indexes fluctuated and strengthened throughout the day and continued to rebound, led by the ChiNext Index. Individual stocks on the Science and Technology Innovation Board exploded. The Science and Technology Innovation 50 Index rose nearly 5%, and hit a new high this year with a turnover of 65.5 billion yuan. Nearly 40 individual stocks on the Science and Technology Innovation Board rose by more than 10%.
After the STAR Market fell below 1,000 points for the first time on April 11, starting on April 27, the STAR Market Index seems to have shaken off the downturn and bottomed out. As of June 2, the Science and Technology Innovation 50 Index has risen by more than 20%.
The driving force behind the sharp rise is speculative. On the one hand, after the previous oversold process, the current science and technology innovation board has ample room for rebound. On the other hand, in July this year, the Science and Technology Innovation Board will usher in a wave of lifting the ban during the year, and the scale of lifting the ban will exceed 270 billion yuan. There is a view that some shareholders also have the motivation to raise the stock price at the current point in time to prepare for the subsequent reduction.
The more explicit stimulus may come from the recent multi-faceted expectations for the improvement of the liquidity of the Science and Technology Innovation Board. This includes not only the introduction of the stock market maker mechanism on the Science and Technology Innovation Board, but also a recent rumor that “the entry threshold for the Science and Technology Innovation Board will be lowered to 200,000 or 100,000 yuan”.
On June 2, the Science and Technology Innovation 50 Index rose nearly 5%, and nearly 40 stocks on the Science and Technology Innovation Board rose more than 10%. Specifically, of the 424 stocks traded, 417 rose and 7 fell. Among them, Wright Optoelectronics, Xinguang Optoelectronics, Huayi Technology, Jingjin Electric, Zhuoyi Information, Canqin Technology, Zhengyuan Dixin and other stocks have a daily limit of 20CM, and more than 20 stocks such as Longteng Optoelectronics and Youkede have risen by more than 10%.
As of the close on June 2, Wright Optoelectronics (688150) closed at 31.66 yuan, an increase of 20.02%, and has been up for 4 consecutive days, with a turnover rate of 59.32%, a trading volume of 193,900 lots, and a turnover of 571 million yuan. In terms of capital flow data, on June 2, the net inflow of main funds was 15.3065 million yuan, the net inflow of hot funds was 5.4528 million yuan, and the net outflow of retail funds was 20.7593 million yuan.
Wright Optoelectronics issued an announcement on abnormal fluctuations in stock trading. The company’s main products are OLED terminal materials, and its downstream customers are mainly domestic OLED panel manufacturers. The company’s operating performance is affected by various factors such as the national macro-economy, market environment, the company’s product competitiveness, and customer recognition, and there are certain uncertainties. Investors are advised to pay attention to investment risks.
Judging from the Kechuang 50 index, the volume in the past three trading days can show a trend of continuous increase. The large influx of funds and the medium-term trend has just turned more. The probability of Kechuang continuing its upward momentum next week is not low.
Guosheng Securities believes that there are three major reasons why the market favors the direction of science and technology innovation in the near future: First, the Q1 performance of the Science and Technology Innovation Board has rebounded against the trend, and the prosperity is still expected to continue in the future. Under the background of maintaining a certain performance growth, there is more room for market imagination; Second, the position of institutional allocation of science and technology innovation has continued to rise, but so far the low-allocation status has continued; third, the valuation has generally been revised down to historical lows, and the valuation is more cost-effective. Comprehensive performance trends, institutional positions and valuation levels, high growth + underestimation + low allocation of the Science and Technology Innovation Board has entered the window of strategic layout, electronics, intelligent manufacturing, software information services, biomedicine and new materials sectors “high growth + undervalued” stocks Mostly.
Driven by the combined force of three factors, the Science and Technology Innovation Board ushered in a surge
Since April 27, the Sci-tech Innovation Board Index hit a new intraday low of 853.21 points, and it has begun to bottom out. As of the close on June 2, the Science and Technology Innovation Board Index has risen 24.4%.
What is the driving force behind this sharp rise? The impetus may come from three aspects.
The first is that the Science and Technology Innovation Board has experienced a round of oversold processes in the past two years, especially this year, which has ushered in a sharp rebound.
The second is about 3 years after the listing, many stocks began to face lifting of the ban. Some market participants believe that before the arrival of the lifting of the ban, some shareholders have the motivation to increase their share prices and reduce their holdings. According to WIND statistics, 622 stocks will be lifted in 2022, with a scale of 1.09 trillion yuan. Among them, July will usher in the peak of lifting the ban during the year. A total of 77 stocks will be lifted, and the scale of lifting will reach 271.141 billion yuan.
The third is the high expectations for the improvement of the liquidity of the Science and Technology Innovation Board. On the one hand, the China Securities Regulatory Commission recently issued the “Regulations on the Pilot Program of Stock Market Making Transactions on the Science and Technology Innovation Board of Securities Companies” (hereinafter referred to as the “Regulations on Market Making”), introducing a stock market maker mechanism on the Science and Technology Innovation Board.
On May 13, the China Securities Regulatory Commission issued the “Regulations on the Pilot Program of Stock Market Making and Trading on the Sci-Tech Innovation Board of Securities Companies” (hereinafter referred to as the “Regulations on Market Making”), which set out the requirements and procedures for market makers’ access, internal control, and risk monitoring on the Sci-tech Innovation Board. Regulations on monitoring, supervision and law enforcement.
On the same day, the Shanghai Stock Exchange issued the “Detailed Rules for the Implementation of the Stock Market Making and Trading Business on the Sci-Tech Innovation Board of the Shanghai Stock Exchange (Draft for Comment)” (hereinafter referred to as the “Implementation Rules”) and the “Guidelines for Securities Trading Business of the Shanghai Stock Exchange No. X – Science and Technology Innovation”. Market Making for Board Stocks (Draft for Comments)” (hereinafter referred to as the “Business Guidelines”), which will be open to the market for comments from May 13 to May 28.
The Shanghai Stock Exchange stated that since the opening of the market, the Sci-tech Innovation Board market has been running smoothly and orderly, the performance of listed companies has grown steadily, the investor structure has been continuously optimized, and it has actively supported the listing and financing of “hard technology” companies. . In the context of deepening the reform of the capital market and strengthening the construction of the basic system, the Science and Technology Innovation Board will continue to play the role of “experimental field”, and the introduction of a market maker mechanism on the basis of auction transactions will help increase the depth of market orders and reduce large-scale orders to a certain extent. The impact of a single transaction on the market improves market stability, reduces the market bid-ask spread, and reduces investor transaction costs.
The CSRC stated that the next step will be to guide the Shanghai Stock Exchange to formulate and release supporting business rules, do a good job in risk monitoring and daily supervision, and steadily promote the pilot program of the market-making and trading business of stocks on the Science and Technology Innovation Board. The Shanghai Stock Exchange also stated that it will release relevant business rules in a timely manner after the collection, evaluation, absorption and adoption of relevant feedback and other preparations, promote the smooth implementation of the market maker mechanism on the STAR Market, and continue to promote the high-quality development of the STAR Market. .
What impact does the introduction of the market maker mechanism have on the market? Several industry experts said that the introduction of the market maker mechanism is expected to improve the liquidity of the Sci-Tech Innovation Board market, maintain active trading, and at the same time stabilize market volatility and further promote the value discovery function of the market.
On the other hand, it points to the long-rumored rumors that the Science and Technology Innovation Board will lower the entry threshold for investors to 100,000 yuan.
According to the requirements of the Sci-tech Innovation Board for investor thresholds, individual investors’ securities accounts and capital accounts have assets of not less than 500,000 yuan and have participated in securities transactions for 24 months. This entry threshold, which is significantly higher than the ChiNext, has also been regarded as a “stumbling block” in terms of liquidity on the STAR Market.
Lowering the threshold has always been the voice of the market. Recently, there have been rumors in the market that the STAR Market will reduce the investor threshold from 500,000 yuan to 200,000 or 100,000 yuan in the near future.
Is this rumor true?
The reporter consulted relevant regulators on this, and the reply was that there was no news for the time being.
The effect of the market maker system should be viewed rationally
Some people in the industry believe that the market maker system is also a “double-edged sword”. For poorly managed companies and securities companies with insufficient market making capabilities, the market value will fluctuate, and securities companies and investors also need to bear the corresponding risks. The implementation of the system will make investment choices more market-oriented, and professional investment research capabilities will become more important. Ping An Securities analyst Wang Weiyi also pointed out in the research report that the market-making business also puts forward higher requirements on the capital strength, pricing, internal control compliance and other capabilities of securities companies, and leading securities companies with stronger comprehensive strength may have more competitive advantages.
“Market makers may also bring additional risks to market liquidity.” Xu Yin, an analyst at Industrial Securities, said that when market makers suffer losses, the capital of market makers decreases, their ability to take risks decreases, and it is difficult to raise sufficient funds in the short term. Therefore, the willingness and ability to provide liquidity to the market also declines, creating a “loss cycle”. The existence of this phenomenon places extremely high requirements on the capital adequacy of market makers and the market making ability of market makers.
In this regard, Zhou Yunnan reminded that the market should also rationally view the effect of the market maker system. The introduction of market making transactions is only an optimization and supplement to the trading system, and will not bring fundamental changes to the intrinsic value of listed companies and secondary market funds. Moreover, the market must also guard against the side effects of market-making transactions that help rise and fall and aggravate market volatility under special circumstances. At the same time, regulators must prevent market makers from transferring interests, insider trading, market manipulation and other violations of laws and regulations.
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