流动性差异如何继续增加新三板的活动？ _东方财富网

概要

[HowdoestheliquiditydifferentiationcontinuetoincreasetheactivityoftheNEEQ?】WiththedeepeningoftheNEEQdeepeningreformtheloweringofinvestorthresholdsandtheimprovementoftradingsystemstheoverallliquidityoftheNEEQhasbeensignificantlyimprovedIn2021theNEEQreformwillcontinueandimprovingmarketliquidityisstillamajorfocusoftheNEEQreform

With the in-depth reform of the New Third Board,investmentThe lowering of the barriers to entry, theimprove, The overall liquidity of the New Third Board has been significantly improved. In 2021, the NEEQ reform will continue and improvemarketLiquidity is still a major focus of the NEEQ reformthe work。

The liquidity of the New Third Board is clearly differentiated

On the whole, the overall liquidity of the New Third Board in 2020 is not as good as the peak period from 2015 to 2017, but it has recovered to a certain extent compared with 2018 and 2019.

According to official statistics from the National Equity Exchange System, the entireNew Third Board MarketoverallDealThe amount was 129.464 billion yuan, an increase of 45.79% and 56.79% from the 88.801 billion yuan and 82.569 billion yuan in 2018 and 2019, and it returned to 56.98% of the peak value of 227.18 billion yuan in 2017.In addition, the overall NEEQ market in 2020Turnover rateIt is 9.90%, which is 86.44% and 65.00% compared with 5.31% and 6.00% in 2018 and 2019.

On July 27, 2020, the selected layer opened for trading, bringing a turnover of 27.389 billion yuan to the NEEQ. The number of transactions and the turnover rate were 2.019 billion shares and 103.66% respectively, which were significantly higher than the innovation layer and foundation of the NEEQ. The average level of the layer.

But it can also be seen that the liquidity of the New Third Board is further differentiated.Featured stocks’ “February 8” phenomenon is prominent, the headthe companyDayVolumeAround 1 million shares, whilebottomofenterpriseThe daily trading volume is less than 100,000 shares.The turnover of innovative enterprises increased by 79.62% compared with the same period last year, while the turnover of basic enterprisesYoYA decrease of 29.40%.

In this regard, market participants said that the increase in the turnover of the innovation layer was due to the fact that many stocks in the selection layer experienced a wave of upswing before the official landing of the select layer, while the decline in the turnover of the basic layer was due to more funds. The Matthew effect is becoming more and more obvious as the leading high-quality companies are moving closer.

How to continuously improve liquidity

How to further improve the New Third Board on the basis of last yearMarket liquidity? Many experts put forward their own suggestions.

Intime Securities Stock Transfer Business DepartmentGeneral managerZhang Keliang believes that from a strict definition of financial asset liquidity, the liquidity of the NEEQ Selected Layer is not bad. “We have always believed that its poor liquidity is only compared with the A-share market, but the A-share market is highly active due to the existence of a large number of retail investors. Therefore, the selection layer can continue to increase the mixed market making and other related trading systems to improve the marketPricingEfficiency and liquidity. “

Research on Essence Securities’ New OTC MarketteamBelieve that the hybrid trading system,Margin tradingThe implementation of the system will play a role in improving liquidity, but the real effect is the cooperation and linkage of various systems. This conclusion has been verified in the market performance of the second batch of selected enterprises. “The first batch of selected enterprises was listed, and there was a large-scale break. Therefore, before the second batch of selected enterprises was listed, the cornerstone investors’endorsed’ + issue price control +’green shoes’mechanismThe implementation of the joint launch of related policies such as the implementation of the second batch of selected-tier companies generally performed smoothly on the first day of listing, and companies such as Vantone Hydraulics showed outstanding performance on the first day. But it needs to be clear that the most important thing is whether there are high-quality companies in this market. Typical representatives such as Liancheng CNC, as the first batch of listed companies, have increased by more than 200% from the issue price, driven by fundamentals. “

At the end of last year, relevant parties issued a voice to further lower the threshold for investors on the New Third Board.In this regard, experts believe thatFixed investmentOn the one hand, the threshold for investors needs to be set according to the different characteristics of different levels.Positioning。

Founding of Nanshan InvestmentpartnershipRen Zhou Yunnan believes that lowering the investor threshold is a sufficient and necessary condition for increasing the number of investors, but it is not a sufficient condition for liquidity. “To solve the liquidity dilemma of the New Third Board, we cannot bet on continuing to lower the threshold. What is needed is to deepen the reform of the New Third Board to the end. It cannot be achieved by the sudden advance of any policy, but can only rely on continuous policy innovation. Perfect and accumulate positive benefits, and wait for the market confidence to continue to increase and the money-making effect to appear, and then to realize the accumulation of the new third board market.”

Based on the experience of studying overseas emerging markets, the Zhu Haibin team believes that it is meaningless to use a single amount of funds to set the threshold. “Compared with the capital threshold, we believe that the investor’s risk rating is a more worthy reference indicator, including its investment experience, investment knowledge reserves, age, and so on. From the actual experience, overseas emerging markets have gradually eliminated the’funding threshold ‘.”

(Source: Shanghai Securities News)

(Editor in charge: DF520)