Analysis Of Bull Stock Gene In Gem Stock Market

The Shanghai Composite Index has risen by 21% since the low of March this year, and the growth rate of the gem index has been close to 30% during the same period.

The gem index is not far from the 1571.40 highest point in history, and remains in the bull market channel. Compared with the Shanghai Composite Index, it is far from the historical high point.

Local independent bull market

In October 30, 2009, the first 28 companies on GEM were listed on the Shenzhen Stock Exchange, and the curtain on the "China NASDAQ" was opened on the whole line.

Five years later, as a market with its own characteristics, gem has become an important force in China's multi-level capital market.

From the morphological point of view, the gem index was basically in sync with the Shanghai Composite Index before the end of 2012, and there was no obvious difference. After the end of 2012, the stock market went out of the market totally different from the Shanghai Composite Index.

In December 2012, the gem index rose to a trough of 585 points and then rose all the way.

In the first quarter of 2014, the index stood on 1500 points.

In particular, when the stock index fell to a low of 1849 points in June 2013, the gem only went through a short adjustment and continued to climb to the high point.

It was in 2013 that the index of the gem index set off the downturn of the main board index. Investors began to treat the new economy and the gem of independent innovation SMEs as the hope of China's economic pformation and upgrading.

The bull market of GEM has opened up new hope and new space for the downward cycle of macro-economy.

In the first half of this year, the gem index has been adjusted, and now stands at 1500 points, which is only one step away from the peak of history.

It can be said that the gem is currently the only A share market to maintain a bull market access to the local market, in order to create A shares popularity and maintain market activity has made great contributions.

This year, our country put forward the "new economic normality", paying more attention to the quality of economic growth.

The growth enterprise market is characterized by fluctuating market and active stock.

Since its opening, the average daily turnover of GEM has been 4.55%, which is significantly larger than that of the Shenzhen Stock Exchange in the same period of 1.65%.

The above phenomenon appears in the industry. First, the strategic emerging industries and high-tech industries represented by the gem are in line with the general direction of China's economic pformation and upgrading, and have gained a higher degree of recognition; two, the growth of GEM companies is growing rapidly, and the heavyweight shares have maintained a relatively high growth rate, which has strongly supported the rising share prices.

In the top twenty companies of the gem stock price increase, most companies have the performance support that match the stock price increase, or the asset of the epitaxial M & A has the corresponding performance expectation support, showing the function of the rational allocation of resources and market value discovery of the gem.

Fit in with the pformation of economic structure

At present, China is in a critical period of economic pformation, and innovative SMEs in emerging industries are the main driving force for economic pformation in the future.

From the perspective of the industries covered by the gem, most emerging industries and sunrise industries that A share investors love to see are here. The gem has already been a paradise for emerging industries and an important starting point for China's economic pformation.

The gem is characterized by the promotion of the development of independent innovation enterprises and growth oriented entrepreneurial enterprises, emphasizing the core competitiveness of enterprises, forming the situation of the gathering of high-tech enterprises and strategic emerging industries.

The original intention of the gem is to temporarily be unable to be on the motherboard.

Small and medium-sized enterprises and hi-tech enterprises provide financing channels.

Gem's first 28 companies cover new industries such as media, information technology, healthcare and high-end manufacturing.

Over the past 5 years, the total revenue and net profit of the 28 companies have increased by 2.13 times and 1 times respectively, and the annual compound growth rate has reached 33% and 19.4% respectively, which shows the function of the gem to hatch new economy and new technology enterprises.

The growth enterprise market has become an important platform for supporting independent innovation enterprises.

As of October 22, 2014, GEM listed companies had reached 397, and more than 90% were high and new technology enterprises, which were complementary to the dominant board market dominated by traditional industries.

According to incomplete statistics, 90% GEM companies have core patent technology, half of them have the national Torch Program or the National 863 project, and the seven strategic emerging industries encouraged by the state are the main force of the gem. The new generation of information technology, energy saving, environmental protection, high-end equipment manufacturing, new materials, new energy and biotechnology enterprises account for more than 80% of the GEM companies.

The distribution of strategic emerging industries of gem is consistent with the current situation of China's industrial upgrading, which fully reflects the direction of economic structural pformation at this stage, and will become one of the driving forces to boost China's sustained economic development.

However, in our country

Under the background of slowing down, some GEM companies are subject to high R & D and marketing investment, and the growth of net profit is under great pressure.

In the first half of this year, the growth rate of gem's net profit was only 1.51%, significantly lower than that of the main board and small and medium-sized boards.

At the same time, the performance differentiation of GEM has gradually intensified. This new sector needs more fresh blood and fresh troops to enrich and innovate.

In the past 5 years, investors have seen a microcosm of China's multi-level capital market construction, that is, the greatest opportunity for growth enterprise market comes from China's economic pformation, which provides a solid foundation for development of gem.

Since its opening, the gem has been criticized by many markets, such as "three high" and "rich board". However, from the perspective of the functions of the gem, the development of innovative enterprises' R & D ability, the integration of new industries and the formation of industrial chains are all realized through the development of the growth enterprise market.

The growth enterprise market continues to expand, and the coverage of industries and regions is wider and wider.

With more and more listed companies with core innovation capability,

To achieve their own growth, they also inject fresh vitality into the capital market.

Under the capital market platform, some excellent companies also stand out by increasing investment in innovation and accelerating industrial integration, so as to achieve their own rapid growth.

While focusing on endogenous growth, GEM companies are also actively using capital market mergers and acquisitions to seek extension of Shi Kuozhang.

In recent years, GEM companies have developed and expanded themselves through mergers and acquisitions. At the same time, they have also promoted the structural adjustment and pformation and upgrading of their industries, and objectively promoted the pformation of the mode of economic development.