Creating A Full Moon Or Entering The "800 Era"

June 30 is GEM On the day of the full moon when the index was released, however, it once fell below 900 points in the intraday, opening the era of the eight word beginning of the index. The lowest GEM index fell to 881.36 points, a new low since its listing. However, the board soon appeared a trend of oversold rebound. The tail market closed at 919 points, up 0.66%, with a vibration of 4.43%.

27 GEM shares broke

It has been a full month since the GEM index was listed on June 1. The trend of the index in 19 trading days can be described as a roller coaster: on the first day of listing, there was a decline of nearly 2.7%, which can be described as a bad opening. However, in the next few days, the GEM began to rise in a wave of momentum. On June 7, against the background of the Shanghai Composite Index falling 1.64%, there was still more than 4% of the rise. On June 17, the index hit the peak of 1129.69, but then there was a diving market, falling 5.11% that day.

Growth Enterprise Market (GEM) has been basically a synonym for sharp rise and fall since its listing. In 19 trading days, there were 3 trading days with an increase of more than 3% and 3 trading days with a decrease of more than 5%, with the largest single day decline reaching 7.54%. In the list of ups and downs of the concept board, the GEM always ranks at both ends, showing its unique characteristics of high risk and high return.

As of yesterday, 27 stocks in the GEM had broken, accounting for 30%, the most in all sectors. Except for the listing of Zhongke Electrical Appliances on December 25 last year, the rest 26 stocks have landed on the GEM this year. The latest breaking stocks are Xinda Xincai and Great Wall Group, which just listed on June 25. Among the breaking stocks, the discount of Nandu Power Supply, which was listed on April 21, was the largest, having reached 22%. The stock was out of time. When it was listed, the new policy of 415 Real Estate was implemented soon, and it was basically in a unilateral downward trend. According to wind consulting statistics, there are 4 GEM stocks with a discount of more than 20% compared with the issue price, namely, Auck, Jinsheng, Longke Technology and Nandu Power Supply, and 22 stocks with a discount of more than 10%.

The shrinking king dropped 47% in half a year

Since June, GEM The trend of the stock of Golden Dragon Electromechanical, which gained the most in one month by 23%, also took the second place in the growth enterprise market in the first half of the year, with an increase of 43% in the first half of the year; The champion was ranked by the latecomers of Aier Ophthalmology, and won the first place with an increase of 67.5%. However, the national technology with the largest decline has seen its share price shrink by 28%, and the performance of the first and last two listed companies is quite different, with the difference in earnings more than 50%. Although the performance of National Technology in June was "the worst", it was not the shrinking king in the first half of the year. The title was won by Sanchuan Shares at one fell 47% in six months.

According to wind statistics, 74 of the 90 stocks traded in June had negative returns and only 16 had positive returns, of which 6 were the first listed companies listed on the GEM on October 30 last year.

Distinctive characteristics of the market vane

The Growth Enterprise Market Research Group of Soochow Securities Research Institute recently issued a paper saying that the growth enterprise market in the first half of the year showed the characteristics of "market vane", "high policy sensitivity", "funds following hot spots, fast in and out", "obvious overall trend of the plate", and "initial differentiation of individual stock trends". In the first half of the year, the growth enterprise market became a "leading" "indicator" to predict the market trend The adjustment always occurs several trading days before the market. However, they believe that the wholesale lifting of the ban on restricted shares in the second half of the year will bring unprecedented crisis to the GEM, and may even endanger the A-share market.

Tianxiang Equity Investment also said that the valuation level of the GEM has dropped significantly in the near future. At present, the dynamic P/E ratio is less than 70 times, which is below the historical average valuation. In the second half of the year, the GEM will show a differentiated trend.