Deep Reform To Stimulate The New Three Board Market Maker Index Jumped 5% Investor Threshold, Selected Layer Standards Or Quotes, "Key Factors"

A long drought brings rain.

After several years of decline, the new three board market finally ushered in a long delayed incremental reform last Friday. In October 28th, the new three board market index came out of the biggest increase since 2015, and many good liquidity targets and targets deemed to be possible or entering the innovation layer appeared a "retaliatory" rebound.

But is it possible for the new three board market to use a positive line to change belief? This surge is only a rebound in the market's long-standing policy dividend or an optimistic expectation of the long-term institutional dividend.

"Skyrocketing is still due to the feedback from the funds on the venue, and there is little access to funds from outside the field. The progress and expectations of the heavy reform that the CSRC mentioned is the key. At the end of the year, there are heavy reforms in other markets, so the national share transfer system must seize the time window. Huang Pu, a senior investor in Beijing, thinks.

Innovation Carnival

At the beginning of the 28 day of the morning, the market index of the third board rose rapidly from 785.72 to 800 at 9:32, rising to 805.32 points, and finally closing at 825.25 points, or 5.03%, which is the biggest increase since 2015. The turnover of the three board market making index was 52 million 400 thousand yuan, up 269.80% from the previous day.

At the close, 609 stocks were traded, of which nearly 400 stocks were red, with the number of innovative stocks rising sharply, and some stocks even more than 50%.

"I haven't seen such a rise for a long time. In the past few years, the new three board two tier market is just like an ice house. Now the policy has really made the market hot." Huang Pu excitedly told reporters that he held many stocks recorded a very good increase.

For the rise, Peng Hai, chief analyst of new third board of allied securities, believes that it is of great significance. "The first big increase is the affirmation of the market for this comprehensive reform, and the valuation of the high-quality leader has been repaired. Secondly, from the perspective of the rise and fall of individual stocks, the innovation level and the market making enterprises are more active than those of some of the oversold stocks.

However, judging from the overall market of the new three boards, the transaction is still relatively light. The rebound is still concentrated on some targets with better liquidity or the expected level of selection and the expected turnover of the board.

The funds that stimulate the market and the index of market making are still on the floor, and the off site funds are still waiting. Most of the targets that have gone up are the enterprises with good liquidity and good quality in the three circles. From the opening situation, the purpose of these funds to go to these targets is still very clear. Many investors who are still playing in the new three board market have bought the head of the joint communications securities, Lei Teng software and so on. Another private partner who is active in the new three board market told reporters.

"The logic of market selection is still looking at the difficulty of exit, so the liquidity target has become the first choice. This is also the investment habit that new three board investors have been forced to develop in the new three board market for a long time." Huang Pu revealed.

Supporting policy conjecture

At present, the vast majority of the funds that participate in the market are still playing the game of the amount of money in the field. The reactivation of the new three boards still needs the dual effects of the wealth effect and the landing of the policy on schedule.

According to the exchange between journalists and many market participants, the market is most concerned about the landing of the two core supporting policies.

First of all, the threshold of investors. Regulators say that they will arrange differentiated investors' thresholds for the selected layers, but the threshold of investors will be adjusted to a very critical level.

The investor threshold for new three boards was 5 million yuan of financial assets. According to the 2018 statistical yearbook of the Shanghai Stock Exchange, the shareholding of various types of investors at the end of the year (2017 data): the ratio of natural persons between 10 million yuan and 3 million -1000 yuan was 0.5% and 1.58%, respectively, accounting for 820 thousand and 900 households; and the number of holding accounts of 1 million -300 million yuan was 2 million 3 thousand and 300.

Therefore, the threshold of new three board investors will be reduced to a positive correlation with the future market activity. "At present, the threshold of selected investors is expected to be around 1 million, with the innovation layer at around 1 million 500 thousand, while the base level or more than 3 million." A broker who was close to the regulatory level told reporters.

According to the statistics above, if the investment threshold of new three boards is reduced to 1 million yuan, nearly 2 million 824 thousand and 200 households can meet the requirements.

Peng Hai said, "if the threshold of the selected layer is reduced to 500 thousand, the number of actual accounts opened by the science and Technology Board will exceed 4 million, which is roughly calculated (the threshold of 500 thousand yuan of financial assets). Theoretically, it will increase about 4 million households. At the same time, the introduction of public funds, and so on, the absolute number of institutional accounts will also increase slightly. It is conducive to improving liquidity. "

Another core policy that affects the market is expected to be the selection criteria.

"At present, we can confirm that the new third board selection layer will be selected from the innovation level enterprise, but at present, the number of innovation level enterprises is less than 800, and the quality of most enterprises is general. Therefore, the selection threshold standard is very important, which directly determines how many enterprises can be selected, and how the market will invest around these targets." Jiang Yuyun, a partner of Tao Yun capital, thinks that

The broker who approached the regulatory authorities told reporters: "at present, the number of enterprises entering the selection layer will not be many, the threshold is still tight, and the standards will refer to several sets of threshold similar to the" Chuang Chuang "board. But it is certain that the number of enterprises competing for innovation will be greatly increased after next year's annual report.