The Stock Market Of Shanghai Science And Technology Co., Ltd

On July 22, the revised "Shanghai Composite Index 2.0" officially landed.

Thirty years after its release, the Shanghai Composite Index ushered in a new starting point. The newly compiled Shanghai Composite Index eliminates risk warning stocks, extends the time for new shares to be included in the index, and also includes the listed securities on the science and technology innovation board and CDR related stocks.

On the same day, a shares opened low and went high. The newly revised Shanghai Composite Index rose by nearly 2% in the morning, then fell back. As of the end of the day, it rose 0.37% to 3333.16 points. The turnover of the two markets exceeded 1.2 trillion yuan, and the net purchase of funds from the North exceeded 4 billion yuan.

"From 2000 to 2020, GDP has increased 10 times, while the Shanghai Composite Index has only increased by 50%, which completely fails to keep up with the growth of GDP. A very important problem is the distortion of the Shanghai stock index," Yang Delong, chief economist of Qianhai open source fund, said in an interview: "the overall consideration is to eliminate risk warning stocks, extend the time for new shares to be included in the index, and include the revision of listed securities on the science and technology innovation board The continuity of the Shanghai Composite Index, so the trend is still relatively stable. "

Revision of Shanghai Composite Index

One of the highlights of the revised Shanghai composite index is the elimination of ST and * ST stocks.

According to the arrangement, if the index sample is subject to risk warning, it shall be removed from the index sample from the next trading day on the second Friday of the month following the implementation of risk warning measures. The securities whose risk warning measures have been withdrawn shall be included in the index from the next trading day on the second Friday of the month following the withdrawal of risk warning measures.

As of July 21, there were 95 st and * ST stocks in Shanghai Stock Exchange A shares, accounting for 0.68% of the original Shanghai composite index weight.

After removing the index, it will also help to improve the rationality of the market.

"St stocks are easy to zombie, they are no longer actively traded, nor do they represent an organic part of the economy. As a matter of fact, there is no good way to eliminate the zombie market when it is close to the market Shao Yu, chief economist of Orient Securities, pointed out in an interview.

In order to stabilize the market value of other new stocks, the new index is required to be included in the market value of the new listed securities.

"Delaying the incorporation of new shares is to reduce the drag on the index caused by the decline of stock price after the IPO boom. Before the revision, the index began to enter the index on the 11th trading day of listing. After IPO, the new shares will often suffer from fund speculation. If it is included in the index too soon, it may continuously drag down the index performance in the subsequent falling process. PetroChina is a classic case. Therefore, the extension of the new stock count time reduces the drag on the index of the stock price decline after the new stock speculation. " Yang Delong said.

Shao Yu also pointed out: "the extension of the time for new shares is mainly due to the fact that there are some new adjustments in the trading rules, especially in the case of the science and technology innovation board, which may take a longer time for the value to become more stable. If the index is included after stabilization, the impact of short-term bias will be reduced, which can more truly reflect the overall market and the situation of these stocks in the medium and long term. "

Increasing the weight of science and technology

At the same time, the Shanghai Composite Index has also brought a lot of fresh blood.

It coincides with the first anniversary of the opening of the science and technology innovation board, and the Shanghai Composite Index has also included the deposit receipts issued by red chip enterprises listed on the Shanghai Stock Exchange and the securities listed on the science and technology innovation board.

Over the past year, the science and technology innovation board has grown rapidly, and the number of listed enterprises has exceeded 140, with a total market value of 2.92 trillion yuan as of July 22. Among them, Jinshan office, SMIC international, Zhongwei company, Shanghai silicon industry, LanChi technology, etc., with a total market value of more than 100 billion yuan, are prominent in leading and exemplary sectors.

According to the arrangement, 25 sci tech Innovation Board securities listed for more than one year are included in the index sample, accounting for 1.51% of the weight of the Shanghai Composite Index.

Many market participants pointed out to reporters of the 21st century economic report that with the inclusion of the relevant stocks of the science and technology innovation board, the weight of science and technology shares in the Shanghai Composite Index will be increased.

"From a long-term perspective, these companies will be listed on the Shanghai Stock Exchange (SSE) stock market, which will promote the long-term development of some high-tech companies on the Shanghai Stock Exchange." Yang Delong said.

"The science and technology innovation board company is originally listed on the Shanghai Stock Exchange, of course, it should be included in the Shanghai Composite Index. To some extent, it is of great significance to improve the industrial structure of listed companies. The companies included in the science and technology innovation board may gradually increase the influence of the weight of high-tech companies in the whole Shanghai stock index, which is of certain significance in effectively improving the industrial advancement of the Shanghai Composite Index. " Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said.

Lin Xiaoming, financial engineering industry analyst of Huatai Securities, also pointed out that if the stocks listed less than one year are not excluded, the revised industry weight will show a more obvious change trend, which can be used to predict the future change direction of industry weight of Shanghai stock index.

According to Lin Xiaoming's team, "the weights of bank stocks and non bank financial stocks have decreased to a certain extent, although after excluding the ST shares, Shanghai Securities a The total market value of the shares decreased, but the total market value of the newly issued stocks on the science and technology innovation board increased after being included in the statistics for nearly a year, so the weights of bank stocks and non bank financial stocks were diluted; the weights of pharmaceutical, electronic and computer industries were greatly increased; the weights of other traditional industries were mostly decreased due to the impact of the inclusion of the science and technology innovation board, and only the basic chemical industry and machinery industry slightly increased. ”

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