一周21只科创板新股扎堆申购,科创板对A股影响是否被放大

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Science and Technology Board

Science and Technology Board has become one of the hottest topics in recent times. It is only two weeks since the official opening of the science and technology board on July 22, but there are obvious differences in the attitude of the market to the science and technology board.

The pilot registration system of Science and Technology Board is expected to move closer to a highly mature market. However, at this stage, Science and Technology Board is only a pilot area for domestic capital market reform and innovation. The useful experience of the registration system is still in the process of continuous exploration. However, from the analysis of the development trend of the future capital market, in the future, the A-share market may present a trend of high-quality listed companies with US stocks, poor performance losses and even homogenization enterprises.

Although there is still a certain time gap between the centralized listing of the science and technology board, the release rhythm of the science and technology board is indeed faster. Among them, from June 27th to July 3rd this year, four Kechuang boards have completed online and offline subscriptions, but from the actual situation analysis, even if the entry threshold of the Kechuang board is higher, the winning rate remains. Very low, from the initial market liquidity premium, Science and Technology Board is still a feast for issuers and winners.

It is worth mentioning that in the trading period from July 8th to 12th this week, the science and technology board is in a situation of getting together, and there are 21 companies in the week to purchase online and offline. This is also rare in recent years. Market phenomenon.

Originally, drawing on the phenomenon of the first batch of listings on the GEM a decade ago, the scene of the first batch of 25 companies listed on the Science and Technology Board on July 22 was still within the market affordable range. However, for a total of 21 companies in the week to buy together, it will inevitably cause market anxiety. It is undeniable that with the deepening of the science and technology board pilot registration system, the capacity scale of the future science and technology board market will be further expanded. If the A-share market still dominates the stock funds, then the sustainable development of the science and technology board Expansion will still have the effect of diverting market liquidity.

xxOn July 8, the A-share market experienced a one-day drop of more than 2%, and this was also interpreted by the market as a shocking portrayal of the rapid expansion of the board.

In fact, 21 new stocks in the week will be put on the market, which will pose a psychological impact on the market. However, in the context of the market being enlarged and narrow, this phenomenon is easily interpreted by the market as a negative factor. However, in the actual situation, in the context of the subscription of new shares of the science and technology board, several issues need to be considered.

Among them, the arrival of the science and technology board itself needs to set a certain threshold for participation, and in the A-share market, the number of investors who meet the corresponding investment threshold is not much. However, under the influence of the effect of the new stocks, the investors are interested in the profit-making effect of the board of the company. In a short period of time, the number of investors who opened the board of the board has reached more than 3 million, and still There will be a tendency to continue to climb. In a way, this is conducive to bringing incremental liquidity to the market.

In addition, the company is still taking the market value placement method. However, due to the high density of IPOs, investors can meet the demand for multiple new uses with the same market capitalization, and the issuance of new shares of Kechuang Board is not large. The stock market value that investors need to use is not much. As a result, the market value of the Shanghai stock market is locked in by way of market value placement, and the phenomenon of stock market stocks will be diverted, but it may not be as obvious as the market expects.

xx不过,需要注意的是,对于科创板的开市,不仅仅是科创板打新需求的升温,部分中签者不排除通过抛售其余市场板块的股票来达到缴款的目的,而且科创板战略配售基金同样会存在分流市场资金的可能性。但是,归根到底,还是取决于当前的股票市场究竟属于以存量资金作为主导,还是以增量资金作为主导。退一步思考,假如甲股市场仍以存量资金作为主导影响,那么在科创板颇具赚钱效应的影响下,对甲股其余市场板块的资金分流压力还是会存在的。

然而,对于近期股市的大幅波动,显然并不能够完全归咎于科创板市场。作为利率敏感性强的股票市场,美联储降息预期的变化,同样会带来较大的波动率。与此同时,从全球股票市场的走势分析,同样与降息预期变化有着紧密的联系性。

除此以外,影响甲股市场的因素很多,利率环境,市场资金偏好等,同样会影响着股票市场的波动率,而一周21只科创板新股扎堆申购,或许属于恐慌投资情绪的放大效应,而现阶段市场仍然处于“放大利空,缩小利好”的脆弱投资环境之中。

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