Recently, under the warm wind of regulators supporting the new economy and encouraging the A-share listing of "unicorn" companies, A-share enthusiasm for small and medium-sized stocks has been ignited again. According to statistics from Caihui Big Data terminal, since February 10

Recently, under the warm wind of regulators supporting the new economy and encouraging the listing of "unicorn" company A shares , A-share enthusiasm for small and medium-sized stocks has been ignited again.

Caihui Big Data terminal statistics show that since February 10, the ChiNext Index has risen by more than 12%, and the SME Index has also increased by nearly 10% during the same period.

Professionals analyzed that promoting the new economy to enter A-shares is of great benefit to improving the A-share structure and enhancing the capital market's ability to serve the real economy, and it will also help improve funds' risk preference for small and medium-sized entrepreneurs in the short term. Under this premise, some institutions began to adjust their stocks and change their positions to find opportunities. On the one hand, they increased the positions of small and medium-sized startups directly corresponding to the new economy, and on the other hand, they directly participated in the investment of the concept stock related to the listing of new economy companies. However, industry insiders remind that there is overexploration and speculation of related concept stocks, and investors need to be vigilant about risks.

"Sharing stocks and changing stocks" Capture the trading opportunities of "new economy"

A-share market is showing great enthusiasm to embrace the new economy.

From the Shanghai Stock Exchange's "New Blue Chip" action to the Shenzhen Stock Exchange's emphasis on "expanding the inclusiveness of GEM ", the exchanges have successively issued olive branches to new economy enterprises.

htmlOn March 5, the 2018 government work report clearly mentioned "supporting high-quality innovative enterprises to go public and financing", and the policy signals of A-shares for the new economy are becoming clearer.

"The acceleration of new economy IPO is the specific implementation of the national innovation strategy and has positive guiding and effective in promoting the development of new industries." Wang Jianhui, director of the Shouchuang Securities Research Institute, said.

As the trend of supporting the new economy was established, the market also gave a positive response. Since February, the ChiNext Index has risen sharply under the driving force of the new economy concept, and some "unicorn" concept stocks have continuously hit the daily limit.

Driven by the market, some institutions have also rushed to "adjust positions and exchange stocks" and increase their positions in small and medium-sized startups.

"We reduced our blue chip positions a lot before the New Year. Since the beginning of the year, we mainly laid out small and medium-sized entrepreneurs," a Shanghai medium-sized private equity investment director told the China Securities Journal (public account: xhszzb) reporter. "The new economy is not only a conceptual benefit to small and medium-sized entrepreneurs. We believe that under the catalysis of the concept, the undervalued small and medium-sized entrepreneurs in the past two years will also be tapped, and high-quality stocks are now worth laying out."

A Shenzhen private equity investor also stated that it has increased the positions of small and medium-sized entrepreneurs. , "We have gradually increased our positions since January, and in February there were several relatively large increases. Now, the small and medium-sized enterprise holdings account for about 40% of our positions." Tang Tao, chief investment officer of Shanghai Fuju Investment, said that the rise in the small and medium-sized enterprise market has indeed received support from some incremental funds, "Our quantitative products have also made corresponding adjustments."

From the perspective of market capital flow, the inflow of small and medium-sized enterprise funds has accelerated significantly since the new year.

Caihui Big Data terminal shows that starting from February 22, the inflow of small and medium-sized capital inflows has accelerated significantly. The daily capital inflow of the SME Board increased from about 29.3 billion yuan on February 22 to 48.7 billion yuan on March 6, and the daily capital inflow of the GEM increased from 17.4 billion yuan to 31.6 billion yuan. During the same period, the daily capital inflow of the Shanghai Stock Exchange A-shares remained between 110 billion yuan and 130 billion yuan.

"Chicken and Dogs Go to Heaven" concept stocks are over-explored

analysts stress that whether it is a large-scale increase in positions in small and medium-sized enterprises or directly participating in concept stock trading, there are currently certain risks.

For example, driven by the IPO of Foxconn , Ancai Hi-Tech's stock price soared from the lowest 5.08 yuan on February 9 to the highest 9.26 yuan on March 7; rumors that Xiaomi will IPO on both Hong Kong stocks and A-shares have caused Jingda shares to close three daily limits in three trading days after March 1.

New economic concept stocks with outstanding performance in the market recently

Data source: Caihui Big Data Terminal

But from the perspective of related businesses, the impact of the listing of "unicorns" on the performance of related concept companies is very limited, and the market is suspected of excessive speculation.

Jingda Co., Ltd. clarified on the evening of the 5th that the company's share of investment in Xiaomi through its Hong Kong subsidiary is low, and this investment has little impact on the company's production, operation and investment.

htmlOn the evening of March 6, Ancai Hi-Tech, which hit the daily limit for two consecutive trading days, issued the "Stock Price Volatility Risk Warning Announcement", saying that it has no connection with Foxconn's IPO-related matters and tried its best to clarify its "ambiguous relationship" with Foxconn. Ancai Hi-Tech said that Foxconn's IPO has no connection with the company and has no impact on the company's production and operation. In addition, the company's second largest shareholder, Fuding Electronic Technology ( Jiashan ) Co., Ltd. and the aforementioned Foxconn company are both Hon Hai Precision Industrial Co., Ltd., but so far, the company has no business cooperation with the second largest shareholder Fuding Electronic Technology (Jiashan) Co., Ltd., and has no investment intentions.

Not only that, Ancai Hi-Tech also stated that the company's net profit attributable to shareholders of listed companies in the first three quarters of 2017 was -6.4592 million yuan, and the net profit attributable to shareholders of listed companies in the first three quarters of 2016 was 1.5943 million yuan, with an increase or decrease of -505.14%. On January 31, 2018, the company disclosed its 2017 annual performance forecast, and it is expected that the net profit attributable to shareholders of listed companies will be about 9 million yuan in 2017, which is basically the same as the same period last year. The company has weak profitability, so investors are asked to pay attention to operating risks. On March 7, Ancai Hi-Tech's stock price fell -2.62%.

"The direction of the new economy is right and should be advocated, but for the GEM, there will inevitably be differentiation in the relevant targets," Tang Tao believes that only companies with core technologies and core business models can invest as real new economic targets, and beware of "wolf in sheep's clothing". For investors, stocks such as Ancai Hi-Tech will inevitably have large fluctuations and have greater investment risks due to lack of performance support.

, chief strategy analyst of Huachuang Securities, believes that the new economic concept has increased the risk preferences of small and medium-sized entrepreneurs to a certain extent and has become the fuse for the recent small and medium-sized entrepreneurs market. However, small and medium-sized entrepreneurs have not seen trends such as overall improvement in performance. Except for some leaders with high-quality performance, most stocks do not have a trend of reversal. Be more cautious about concept stocks that directly chase the rise.

However, Wang Jianhui said that in addition to the promotion of the country's encouragement of new economic policies, the rise of the GEM also has its own logic. "After the release of risks in the previous two years, the bubble has been digested more fully. It is expected that the overall return this year will be better than the market."

This article comes from China Securities Journal

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