Financial Investment News commentator Liu KeSince the beginning of the new year, the A-share CSI index has continued to diverge from the world's major capital markets. At the same time, the S&P 500 and Nasdaq 100 hit record highs at the end of January, and the Dow Jones broke through 38,000 points. The rise and fall of heavyweight stocks is an important reason for the rise and fall of the index. The reason why the U.S. has been able to sustain in recent years is because the stock prices of the top companies by market capitalization have been rising, which has driven the index. Since 2017, the U.S. has been led by a group of big tech stocks, starting with the "Five Golden Flowers" (or "Faang") including Facebook, Apple, Amazon, Netflix and Google. Now, the "five golden flowers" have become the "Big Seven", Apple, Amazon, Google, and Facebook remain unchanged, and Nvidia, Tesla, and Microsoft have come up as substitutes. From the changes in the market value of these companies, we can see the core driving force of the United States, that is, technology. Whether it is the cutting-edge Nvidia in computing power, or the strong return of the old IT giant Microsoft, including the steady development of Apple, Amazon, and Google, it is one wave after another. As of this Wednesday, Microsoft, which ranks first in the United States in terms of market capitalization, has a market capitalization of 2$95 trillion, an annual increase of 136% in 2023; The second-ranked Apple has a market capitalization of 2$85 trillion, an annual increase of 48% in 2023; Google, which ranks third, has the latest market capitalization of 1$74 trillion, an annual increase of 59% in 2023; The fourth-ranked Amazon has a latest market capitalization of 1$6 trillion, an annual increase of 74% in 2023; Nvidia, which ranks fifth, has the latest market capitalization of 1$52 trillion, with an annual increase of a staggering 240% in 2023; In sixth place is Meta, with the latest market capitalization of $1 trillion and an annual increase of 194 in 202313%；Tesla's latest market capitalization is 0$59 trillion, an annual increase of 101 in 202372%。Returning to the domestic market, an important reason why the main A-share indices have stagnated in recent years is because of the sluggish stock price performance of large-capitalization companies, most of which belong to traditional industries and are greatly affected by the economic cycle. Among the top 10 companies in terms of total market capitalization of A-shares, only China Mobile, Industrial and Commercial Bank of China and China Construction Bank performed slightly stronger, while the rest such as Kweichow Moutai, PetroChina, CNOOC, Chinese Life and China Merchants Bank performed poorly. If we look at the ChiNext Index and the Science and Technology Innovation Board Index, it is even more obvious. The ChiNext Index will be **19% for the whole year of 2023, and the STAR 50 Index will be **11% for the whole year24%。There are several factors in this, one is that the "double creation" index has not fallen as much as the Shanghai Composite Index in previous years, and it will be regarded as making up for the decline in 2023; Second, although the "double creation" sector has a relatively high technology content from the inside, if it is viewed from a global perspective, there is a lack of world-class technology giants, and from the comprehensive perspective of industry and market value, the ability to resist risks is relatively weak. The performance of heavyweight stocks is particularly important for A-shares to get out of the downturn, and China's economy is now facing a critical period of industrial transformation, and it is in urgent need of large-capitalization companies with high technology attributes to act as leaders. From this point of view, whether it is PetroChina or the banking sector, it is difficult to shoulder the heavy responsibility. In fact, this situation also exists in the United States, where the stock price performance of traditional large-capitalization companies, such as banks, large consumer companies, and petroleum and petrochemical companies, has also been sluggish in recent years. Throughout 2023, the "Big Seven" of U.S. stocks** will rise by as much as 688%, while the S&P 500 rose just 215%, and the other 493 ** had a comprehensive increase of only 75%。The original intention of China's regulators to launch the registration system is indeed to attract more high-quality companies to land in the capital market and use the value discovery function of the capital market to feed back the real economy. However, the registration system should be deepened and realized, and improving the quality of listed companies is an indispensable and important factor. Therefore, we must make great efforts to solve the problem on two fronts:First of all, it is necessary to concentrate on the development of science and technology central enterprisesAfter all, the central technology enterprises have the first-mover advantage of industrial integration and technology research and development, and the asset quality is relatively high-quality. Recently, the State-owned Assets Supervision and Administration Commission emphasized the market value management of central enterprises, in fact, it also takes into account that central enterprises, especially science and technology central enterprises, want to participate in global competition, and the market value is too low to lack confidence. Secondly, it is necessary to vigorously support private science and technology leaders that have competitive advantages in subdivided fields。The private technology market has strong competitiveness, and the scientific research strength of some enterprises in subdivided fields is not weak, so they should use the capital market to become bigger and stronger, rather than just looking at valuation. If you only look at valuation and profitability, Amazon, Tesla, Meta, etc. are unlikely to become the hegemon of the global technology field, and we must look at technology companies from the perspective of development, which is actually an important factor affecting the current A-share "double creation" sector.
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