Public Offering Industry News 2023 11 27-2023 12 3
The scale of new issuance has returned to the 100 billion mark
According to wind data, as of November 30, based on the date of establishmentIn November, the number of new ** issuances reached 142, and the issuance scale reached 13109.7 billion yuan, a new high in the past eight months。Compared with October, the number of new ** is only 64, and the issuance scale is only 5450.3 billion yuan, the number and scale of new ** in November increased month-on-month respectively53%, which can be said to have come out of the stage of "trough".
The first batch of 4 Venture 200 ETFs was approved
On November 23, the first batch of 8 Beijing Stock Exchange themes** ushered in the first lifting of the ban. In the past month, with the Beijing Stock Exchange 50 Index **2779%, these 8*** are all over 10%. However, judging from the performance since its establishment, these 8 ** are in a state of floating loss. Hence the expert tip,The risks involved in investing on the Beijing Stock Exchange are relatively high, and investors are advised to carefully evaluate the relevant risksInvest through the logic of value investment, and avoid chasing up and down. (Data**: wind).
The brokerage department is a public offering
According to the official website of the China Securities Regulatory Commission, the application for the establishment of Peng'an** Management***, which is 100% owned by Kaiyuan**, has been approved recently, becoming the 71st domestic securities company to be publicly offered.
There are two major signals behind this: FirstThe public offering layout of "one participation, one control and one license" of securities companies is continuing to advance。It is reported that in addition to the absolute control of Peng'an**, Kaiyuan** also has Qianhai Open Source**, which holds 25% of its equity. The second isUnder the attraction of tax incentives in the Hainan Free Trade Port, the public offering began to sink from the first-tier cities and began to sink to the place of registration。According to estimates, Peng'an** registered in Hainan can receive a reward of 5.5 million yuan and a 15% corporate income tax reduction.
Institutions look at the market outlook
Shenwan Hongyuan** activates the capital market and "turns defense into offense".
The main contradiction at the end of the year and the beginning of the year is the expectation of domestic policy stimulus. However, in the context of investment in the transition period, the market has both expectations and doubts about the effect of the policy. Before the actual implementation of the policy and the verification of the effect, the domestic policy stimulus is expected to mainly bring about the event of "buying expectations, selling and cashing". Activating the capital market "turning defense into offense":The implementation of policies to activate the capital market has been accelerated。Stabilize capital market expectations, from passive defense of the bottom line, to active offense, long-term allocation. In line with the long-term trend of special valuation and technology independent and controllable, the short-term ushered in the incremental game, ** ongoing.
The relative value of short-term growth and the relative cost performance of small caps are not high, but the domestic policy stimulus is still only an event, and the opportunity elasticity of the "high and low cut" of plate rotation is limitedSmall-cap growth** driven by lower interest rates remains a resilient direction. We still recommend focusing on medium-term trends:It is an inevitable trend for new industry trends to emerge (there are still many highlights of Huawei's chain innovation).Thinking about the direction of the boom from the new paradigm of China's economy (export chain, new multinational corporations, new consumption);Emphasizing corporate governance and shareholder returns is becoming a trend of thought, and the valuation of special valuations in a broad sense can be expected
Excerpted from the 20231202 of "Activating the Capital Market "Turning Defense into Offense".
Caitong**: Focus on SSE 50
At the end of the year, ** is expected to lead the way, focusing on the SSE 50 (big finance + core assets).: The policy has landed in the economic recovery period, and the ** value stage is expected to lead, with the SSE 50 exceeding 9% from November to December 22. At the end of the year, the winning rate of the style is more obvious, the winning rate of the first month in December is as high as 71%, and the market is trading along the "small size" under the framework of "downward + downward movement of national bonds", and if the 10-year treasury bonds go up again, the style will go to ** in December.
Specific sectors pay attention to: Big Finance: At the end of the year, the policy may exert force (14 years of 930 real estate monetary policy is favorable, financial leadership), the current position is low (bank non-bank Q3** position 05 years since 12% 21% quantile), high dividends (advance can be attacked, retreat can be defended);Core Assets:After the downward trend of the U.S. debt center, foreign capital is expected to return, and core assets will benefit more
Looking forward to the next year and the next stage of the long-term industry, we have summarized two directions in the annual strategy:"Re-globalization".(automobiles, machinery, etc. exports) andScientific and technological innovation(Huawei AI robots, etc.).
Excerpt from the 20231203 of "Back to the Offensive SSE 50".
Risk Warning: Investment is risky, and you need to be cautious in making decisions.
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