The anniversary of the establishment of the Beijing Stock Exchange: the capital market accurately empowers the specialty new

Dreams are reality, and a large number of specialized new enterprises have benefited from the establishment of this historic opportunity to set up the Beijing Stock Exchange. As the intermediate newspaper season came to an end, the 106 listed companies that should be disclosed in the first Central report season of the Beijing Stock Exchange were all completed, and nearly 90 % achieved profitability. Nearly 40 % of net profit increased year -on -year. Essence

Author: Liang Ji Jiang Xin

Figure: Tuwa Creative

Guide

One || In the first report season, the "Period Examination" of the Beijing Stock Exchange's listed company was dazzling. The growth of listed companies in the Beijing Stock Exchange has been favored, and the institutions have also deployed heavy positions.

设 || The establishment of the Beijing Stock Exchange has opened up a main position of service innovation for SMEs such as Special Specialty. "Standing in the development cycle of an enterprise, listing is only a node for the development of enterprises. It is the beginning of the new stage, but in the future, there will still be huge unknown and challenges waiting for the company to overcome."

Third || The Bei Stock Exchange entered the second year, and the outside world also had higher expectations for its support for the new "little giant" and creating service innovative SMEs; but the opportunities and challenges coexisted.

Last year's scenery, Tang Xuwen still remembered. On September 2, 2021, several people from Tang Xuwen were going out of dinner to celebrate a colleague; just at this time, the China International Service Trade Fair came out a message that made his mobile phone busy. The institute (hereinafter referred to as the "Beijing Stock Exchange"), build a service innovative SME main position.

After a few calls, Tang Xuwen gradually understood the significance of the news. The Rongyi Precision he led has a special listing channel for specialized new enterprises. On June 9, 2022, Rongyi Precision, which focused on precision metal parts, officially landed on the Bei Stock Exchange; and Tang Xuwen, as the chairman, was also happy because of the establishment of the North Stock Exchange as the new development opportunity brought by the Precision of Rongyi Precision.

Dreams come into reality. Not only is Rongyi Precision, a large number of specialized new enterprises have benefited from the establishment of this historic opportunity to set up the Beijing Stock Exchange. As the intermediate newspaper season came to an end, the 106 listed companies that should be disclosed in the first Central report season of the Beijing Stock Exchange were all completed, and nearly 90 % achieved profitability. Nearly 40 % of net profit increased year -on -year. Essence

On September 2, 2022, the Beijing Stock Exchange ushered in the first anniversary of its announcement. Adhering to the mission of supporting the innovation and development of small and medium -sized enterprises and deepening the reform of the New Third Board, the North Stock Exchange's service innovative SMEs' main positions. On August 23, Yang Jinbai, deputy mayor of Beijing, introduced at the press conference of the National New Office that in the past year, the Beijing Stock Exchange successfully established the market and operated smoothly. , Early realized the expected goal of reform.

Zhou Yunnan, the founder of Beijing Nanshan Investment, told the Economic Observer that the government's announcement has been promoted steadily in the past year, the infrastructure has been steadily advanced, the market development has achieved obvious results, and the market ecological virtuous cycle is basically in line with market expectations and achieved a good start. First, listed companies have begun to take shape and accelerate listed on the market. The pilot plan and fast lane plan are being promoted. The number of listed companies is expected to exceed 150 during the year. Guide, increase the supply of characteristic systems, steadily promote the innovation of trading mechanisms, and strengthen the supporting role in market investment and financing functions; third, the number of investors has increased significantly, enthusiastic funds are enthusiastic, institutional investors are actively entering the market to make good market investment and financing ecosystems Continue to introduce the source of living water. With the increase of investors and the influx of entry funds, the liquidity and activity of the Bei Stock Exchange market will definitely increase significantly, and it will also bring rich investment opportunities and money -making effects to the market.

For example, from the "opening of the door" in the reporting season, including the "sense of gain" of an enterprise, this fact and trend can be proved.

However, the liquidity of the secondary market that is lower than the market expectations, as well as objective factors such as the opening of the transaction system and the need to improve the ecological construction of investors. It also shows that the opportunities and challenges of the North Stock Exchange's anniversary test coexist.

"Open the door" in the newspaper season

In the first report season, the "Period Entrance Examination" of the Beijing Stock Exchange's listed company was dazzling. As of August 31, 2022, the semi -annual report of 106 listed companies in the Beijing Stock Exchange was disclosed, of which 95 were profitable, accounting for nearly 90 %; 40 net profit increased year -on -year, accounting for nearly 40 %.

According to data from the China Securities Association, as of August 31, a total of 4,825 listed companies of Beijing, Shanghai, and Shenzhen Exchange disclosed the 2022 semi -annual report. During the reporting period, A -share listed companies achieved total operating income of 3.454 trillion yuan, an increase of 9.24%year -on -year; net profit was 3.25 trillion yuan, a year -on -year increase of 3.19%. The revenue and net profit of listed companies in the Beijing Stock Exchange reached 33.04%and 19.71%year -on -year, respectively, significantly winning the broader market.

According to Wind data, 75 listed companies in the Beijing Stock Exchange reported revenue of more than 100 million yuan, of which 9 of them exceeded 1 billion yuan; Betry became the only company with a revenue of more than 10 billion yuan, and at the same time, it was also the Beijiao of the Beijiao. The company with the highest net profit recorded 10.2 billion yuan and 918 million yuan, respectively.

In addition, eight companies such as Yingtai Biological, Haitai New Energy, Tongli, Changhong Energy, Dezhong Motor, Crown Cable, Liancheng CNC and Jilin Carbon Valley also revenue also exceeded 1 billion yuan. In terms of net profit, in addition to Bearing, the net profit of five companies including Biotai Biology, Jilin Carbon Stocks, Tongli Co., Ltd., Liancheng CNC and Changhong Energy exceeded 100 million yuan.

According to the China Securities Association data, in the first half of 2022, the average R & D expenditure of listed companies in the Beijing Stock Exchange accounted for 4.58%of revenue, which was significantly higher than the average R & D intensity of 1.69%of A shares, but it was still lower than 8.62%and science and technology boards. The average level of 4.82%of GEM. In the first half of 2022, the overall profit growth rate of the Peking Stock Exchange was less than that of the science and technology board and the GEM, but the performance of the 35 State -level specialized new enterprises of the Bei Stock Exchange showed better growth. Data show that the median net profit growth rate during the period of the Beijing Stock Exchange, the science and technology board and the GEM period was -9.5%, 2.15%, and -6.85%, respectively; and the three markets of Chinese home-level specialized new enterprises in the same period of net profit The median growth rate was -5.61%, 5.79%, and -0.36%, respectively.

The open source securities teams believe that the overall profit growth of the Peking Stock Exchange is not as good as the science and technology board and the GEM. It is still caused by the influence of the complicated macro environment. Under the influence of the complex macro environment, its own ability to resist risks is weak. As the enterprises of the Peking Stock Exchange continuously improve their operating capabilities, and continue to develop and innovate to enhance their core competitiveness, the future is expected to be upward, and the ability to resist external interference is expected to strengthen.

Zhou Yunnan pointed out that there are three characteristics of the first semi -annual report of the Beijing Stock Exchange: First, the time of time is back, and the overall disclosure time of the first semi -annual report season is relatively backward, reflecting the principle of caution; The company's scale gap is obviously consistent, and business differentiation and secondary market differentiation will be the norm; third, the volatility is large. Because the Beijing Stock Exchange serves innovative SMEs, the ability to resist risk is insufficient and the operating volatility is high. I believe that in the second half of the year, many companies in the second half of the year It will be able to achieve stable growth throughout the year.

The growth of listed companies in the Beijing Stock Exchange has been favored, and the institutions have also deployed heavy positions. According to the data of Soochow Securities, public funds continued to increase their positions in the first half of the year, and the total market value of heavy warehouses accounted for the market value of the fund stock investment in the fourth quarter of last year to 0.0548%of the second quarter of this year. The recognition of companies with "beauty and exquisite" continued to increase.

As of June 30, 2022, the total market value of the listed company of the Beijing Stock Exchange was 3.628 billion yuan, an increase of 159.84%, accounting for 0.0548%of the fund stock investment, an increase of 0.03%compared with the first quarter. From the perspective of heavy warehouse stocks, the public funds holding the top five market value shares of the Bei Stock Exchange are Betry, Jilin Carbon Valley, Liancheng CNC, Changhong Energy and Yingtai Biological. , 305 million yuan, 246 million yuan and 127 million yuan.

In July of this year, the second batch of three Beijing Stock Exchange special funds was approved, namely Jingshun Great Wall Fund, Taikang Fund, and CITIC Construction Investment Fund. In addition, many securities firms also stated in the semi -annual report that in the second half of the year, they will actively deploy the New Third Board and the North Stock Exchange business.

Great Wall Securities stated that the New Third Board of Municipal Investment seized the opportunity of multi -level capital markets for the establishment of the Beijing Stock Exchange, the New Third Board, and the turn of the board. Innovate projects, at the same time, do a good job of preparing for the mixed business qualification declaration of the Beijing Stock Exchange, and simultaneously start the research of potential markets such as the Bei Stock Exchange to do market and reserve related projects.

Enterprise "gain"

As of August 31, 108 companies have been listed on the Beijing Stock Exchange, of which SMEs accounted for 77%, and strategic emerging industries and advanced manufacturing industries accounted for more than 80%. The listed company of the Bei Stock Exchange publicly issued a cumulative financing of 22.7 billion yuan, with an average of 210 million yuan. The establishment of the Bei Stock Exchange opened a service innovative main position for SMEs such as specialized and new. "Standing in the development cycle of an enterprise, listing is only a node for the development of enterprises. It is the beginning of the new stage, but there will still be huge unknown and challenges waiting for the company to overcome in the future." Tang Xuwen told the Economic Observer. He introduced that after the listing of Rongyi Precision in the Bei Stock Exchange, with the in place of the raised funds, the construction of new factories, the procurement of new manufacturing equipment, and the contracting of new customers are undergoing steady development. The exchanges made listed companies experience a real sense of gain.

The Economic Observer learned that the funds raised by Rongyi Precision were replaced in the early stage, and some returned bank financing reduced the asset -liability ratio, and most of them invested in fundraising projects. After the company was listed, it enjoyed the special listing of 6 million yuan provided by the local government, which has now been in place, which has reduced the pressure of high cost of listing.

However, on the other hand, the company will still face the impact and challenges of uncertain factors such as the macroeconomic situation, changes in the market environment, and the global new crown epidemic. To strengthen operation management capabilities, improve professional technical level, and product innovation capabilities to cope with changing market demand, the company also needs to establish a talent training mechanism with relevant universities and scientific research institutions to attract more professional talents to join; second, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company, the company. It also needs to balance the relationship between input and output. While ensuring the efficiency of the company's funds, avoid entering the misunderstanding of blind expansion. Furthermore, the company also needs to ensure the quality of information disclosure, maintain the company's stock price stable, scientific and reasonable feedback small and medium -sized feedback small and medium Shareholders, discovering the highlights of the company's value and attracting industrial funds to invest, are all challenges facing the company.

Zhang Keliang, the person in charge of the market business of Bohai Securities, told the Economic Observer that the Bei Stock Exchange is a newly established exchange. The relevant system construction is actively promoted. The market ecology is different from the Shanghai and Shenzhen Exchange. The difference. For example, the listed entity is mainly a new SMEs, and the investment entities are mainly qualified investors above 500,000 thresholds; on the Shanghai and Shenzhen Exchange, their listed companies are large -scale mature companies. Investors have a large number of retail investors and public funds, including investors, including public funds, and intermediaries, including brokers, have a path dependence. In the process, we need to see this development trend and should be patient and confident in response to the development of the Bei Stock Exchange. The person in charge of the listed company of the Beibei Stock Exchange told the Economic Observer that the establishment of the Bei Stock Exchange opened a new path to the capital market for a special specialty. Starting point, follow -up also needs to face issues such as company research, market value management, investment and financing, and acquisition and purchase.

He said that the first listed companies are not familiar with and are good at the language of the capital market, so they need to actively discover and spread the investment highlights of listed companies to gain the favor of institutional investors. In addition, after the company is listed, there will be more strategic demand for investment and mergers and acquisitions of foreign industries. However, because the investment itself is a very professional behavior, the Beijing Stock Exchange enterprises that have conducted mergers and acquisitions are generally less experienced, the challenges are greater, and they are more challenging. It is difficult to get the blessing of industrial funds.

Zhang Keliang believes that, on the one hand, after the company's listing and financing on the Beijing Stock Exchange, we must first focus on their main business, put the raised funds into research and development, do a good performance, enhance their own ability to resist risks and profitability, and go to a step as soon as possible as soon as possible. ; On this basis, we must pay attention to more than the capital market communication, do a good job of investor relationship maintenance, and convey a good company image to the market, rather than focusing on the stock market of capital operation. Zhang Keliang emphasized that investors of the Peking Stock Exchange are institutional investors and qualified investors. They are not ordinary retail investors. They have relatively professional investment analysis capabilities and have the ability and ability to learn from enterprises.

Zhou Yunnan believes that wine is also afraid of deep alleys. Enterprises must attach importance to investment relationship management, and through the annual report performance explanation, investor reception day, institutional research, brokerage research report, media reports and other channels entering the market and approaching investors. Listed companies need to strengthen communication with intermediary agencies and regulatory authorities, maintain standardized operations, and improve the quality of information disclosure.

Opportunities and Challenges

The North Stock Exchange has entered the second year, and the outside world also has higher expectations for its support for the new "little giant" and creating service innovative SMEs; but the opportunities and challenges coexist.

The data shows that compared with the science and technology board and the GEM, the liquidity of the Beijing Stock Exchange is obviously less liquid. Taking July 2022 as an example, the total transaction volume of the Bei Stock Exchange was 822 million shares, with a transaction value of 9.367 billion yuan. At the same time, the two data of the science and technology board were 22.948 billion shares and 1.12 trillion yuan, and the GEM was 2272.56. 100 million and 4.09 trillion yuan.

Insufficient liquidity has made the market look forward to new investors to pay attention to the Bei Stock Exchange, and the mixed market and margin margin system is highly expected by investors. Zhou Yunnan pointed out that at present, the liquidity of the secondary market of the Beijing Stock Exchange is indeed lower than market expectations. By reducing the cost of transaction tax, the introduction of hybrid transactions, improving the transaction interface, improving transaction convenience, the normalization of theme funds, and the financing and securities securities and financing financing. Continuously increase the activity of the secondary market.

On May 13, 2022, the CSRC issued the "Regulations on the Pilot of the Stocks of the Securities Company's Science and Technology Board of Science and Technology", which aims to play a positive role in improving the liquidity of the market and enhancing the toughness of the market. Zhou Yunnan is optimistic that Article 3 of the "Regulations on the City" stipulates that "those who have obtained listed securities as a market trading business with the China Securities Regulatory Commission can conduct securities on the market trading business in accordance with regulations." This also means that the Beijing Stock Exchange and the Shenzhen Stock Exchange GEM will also launch market transactions, and the pilot qualification of the market transaction business is "through three universal".

It is reported that after the opening of the Beijing Stock Exchange, various market entities have participated in enthusiastically. The number of qualified investors has exceeded 5.1 million, which is nearly three times that before the establishment of the establishment; Investment (PE) increases investment, social security funds, insurance funds, qualified foreign institutional investors (QFII), and RMB qualified foreign institutional investors (RQFII) have all entered the market; 112 securities companies have in -depth exhibition industry, and a group of small and medium -sized enterprises have been initially cultivated. The special intermediary of the capital market, 21 commercial banks actively docking to jointly explore the new path of supporting SMEs and developing inclusive finance.

In addition to liquidity, the transfer system of the Beijing Stock Exchange has also paid special attention to the market. In January 2022, Guan Dian defense transfer was passed by the Science and Technology Board Municipal Party Committee, becoming the first transfer company in the Chinese capital market. In August of the same year, Hanbo High -tech landed on GEM, becoming the first listed company of the Bei Stock Exchange of the GEM. Zhu Haibin, chief analyst of the New Third Board of Anxin Securities, said that the gradual normalization of the Bei Stock Exchange's transfer board is more conducive to its long -term development.

It is worth noting that the Code of Defense submitted the application document to the Shanghai Stock Exchange to the science and technology board on October 20, 2021 on October 20, 2021. The Beijing Stock Exchange opened the market on November 15 of the same year; The 71 new third board selection companies, including the Code of Code Defense, moved to the Beijing Stock Exchange. Therefore, strictly speaking, as of now, the companies that have completed the transfer board have been listed on the New Third Board before the establishment of the Northern Stock Exchange of the New Third Board, and there is no company that has completed the start of the starting board. In this regard, Zhou Yunnan said that many companies applying for transit boards have successfully met the Shanghai -Shenzhen Exchange, indicating that the Beipai Stock Exchange has opened; at the same time, listed companies, investors, and Beijing and Shenzhen. The angles are different, especially investors are most looking forward to turning boards. Because the secondary market continues to decline, the investment of investment reverses the hope of the market on the turn. Optimistic estimation is that since the gate of the turn of the board is open, after the system landing, enterprise growth, and supervision are mature, the transfer will be made in water.

Shen Wanhongyuan's small and medium -sized report also pointed out that considering the risk and income of the board, the enthusiasm of the enterprise needs to be observed. In terms of risks, the listed company of the Beijing Stock Exchange is small and the performance fluctuates. There are also differences in the audit diameter with the Shanghai and Shenzhen Exchange through the stock transfer. Under the transition mechanism, the company still faces a high risk of review; At present, the legal status of the Peking Stock Exchange has improved. In terms of trading rules and liquidity levels, it is converged with the Shanghai -Shenzhen Exchange's market. The valuation of cross -market is to be verified. At the same time, due to the differences in investor structure and investment style, the valuation judgment of individual stocks also needs to be verified. In addition, the key nodes of the turntable process are consistent with the direct IPO and do not take the advantage of time. However, considering that the direct IPO of the major shareholders and the actual controller needs to lock for 36 months, and the listing of the transfer has a liquidity advantage.

Those who disappear in the list of Fortune 500 companies take care of infants and young children: high -priced education or "kidnapping" the old man, the United States restricts high -performance semiconductor exports, which areas will be affected?

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