Comparison Of Index Performance And Valuation Between Gem And Main Board And Small And Medium Board

In the first week of the new year, the market showed a trend of high and low in the 4 trading day, while the stock market of the main board rose slightly, while the small cap stocks appeared. Callback The gem index fell 0.98% weekly, becoming the worst performing stock index. In addition, driven by the transformation of market style, anjubao dropped 2.65% on the day of listing, and the second day of the second half of the gem appeared again.

Gem market value shrank by 5 billion 400 million yuan

The strong influence of overseas stock market and the easing of liquidity pressure at the beginning of the year, A shares The market has come to a good start, but since then, the market has fallen into a trend of concussion and consolidation. Judging from the performance of the major indexes, Shanghai Composite Index rose 1.09% this week, the Shenzhen index rose 0.93%, and the Shanghai and Shenzhen 300 index showed a slightly stronger or 1.23% increase. In the general situation of the motherboard is generally high, the performance of small cap stocks is very weak, the SME board index fell 0.45%, while the gem index was more depressed, or 0.98%.

It continued the good performance of the pre holiday index, and the gem started a strong start at the beginning of the new year. In January 4th, the gem index rose 1.53%; in January 5th, Market In the event of a callback, the gem index is still up 0.02% against the trend. However, since then, the performance of GEM has been on the decline. On January 6th and 7, the growth enterprise index continued to fall, and it continued to lose the market. On Friday, the gem index fell 0.73% against the market, closing at 1126.52 points, which is the three week decline in the gem composite index.

As the index first wins and loses, the price of the gem also shrinks. Statistics show that comparable 153 GEM stocks (excluding newly listed shares) totaled 731 billion 154 million yuan in January 7th, a decrease of 5 billion 369 million yuan from 736 billion 523 million yuan in December 31st last year.

Although the market value has dropped slightly, the valuation pressure of the gem has not been effectively alleviated. As of January 7th, the average price earnings ratio of the 153 stocks was 70.42 times, still far higher than that of the Shenzhen board 28.29 times.

Six months later, break the hair.

In January 7th, the GEM market ushered in 5 new stocks including Anju Bao, Tianli environmental protection, Hengtai IPU, Zhendong pharmaceutical and new research stock, so far the total number of shares has reached 158.

New research shares are undoubtedly the "stars" of these new shares. They are also outstanding representatives of the high price issue. The first price earnings ratio is 150.82 times higher than that of the Xinghe (300143, stock bar) listed in December last year, becoming the highest share price issue of IPO. But what surprised the market is that such a high valuation does not make new research stocks burden, but instead becomes the best performing new stock on the first day. The new research stock opened at 96 yuan. After that, the share price climbed all the way, ending at 106.62 yuan and gaining 52.36% throughout the day.

On the first day of the listing of anjubao, it was quite unsatisfactory. Although the market opened slightly earlier in the morning, it fell below the issue price in one minute, and then continued its low concussion, ending at 47.70 yuan, which was lower than the issue price of 49 yuan. Looking back, a new breakout on the gem is listed in the League of nations aquatic products (300094, stock bar) listed in July 8, 2010, while the small and medium-sized board is the run share (002483, stock bar) listed in September 29, 2010.

In fact, in the last batch of GEM stocks, the first day gains of Ketai power (300153, stock bar) and Rui Ling stock (300154, stock bar) were only 1.95% and 3.12%, respectively, and the trend of new shares' performance dropped was already very obvious. Market participants pointed out that since the fourth quarter of last year, the issuance of new shares has become increasingly fierce. With the strong rebound of the stock market, there has been no break in the new stock market. Now, under the influence of monetary tightening, whether the tight market environment can support the high-risk behavior of the primary market is worth worrying.