Public Fund "Holding Hand" Science and Technology Board Three -year Road: Anchor Core Tech

14jun

Wen | Wang Siwen

As an important institutional force in the capital market, public funds play an important role in the science and technology board market. In the past three years of public funds "holding hands" science and technology board, the fund size of investment science and technology boards has become larger and larger. Fund products, the number of high -quality stocks of heavy warehouse science and innovation boards is increasing year by year, especially the science and technology board enterprises represented by the Science and Technology 50 Index are relatively high. The progress of the nationalization of core technology on June 13, the science and technology board ushered in the third anniversary of the opening board, and will usher in the third anniversary of the opening of the market on July 22. As of June 13, 2022, a total of 428 listed companies in the science and technology board. These science and technology board companies that represent domestic scientific and technological innovation, domestic alternatives, and industrial upgrading have also been favored by many investors in the market. As of June 10, the average stock price of Science and Technology Board has increased by an average of more than 107%since its listing. Among them, there are many companies with a stock price of 5 to 10 times in 2 years, reflecting the market's recognition of such scientific and technological growth companies. As a professional institutional investor, the science and technology board in the eyes of public fund managers is not only market conditions, but also the investment logic behind it. Zeng Peng, director of the director of Boshi Fund and the integrated director of the Investment Research and Research, said in an interview with a reporter from the Securities Daily that "the science and technology board is mainly semiconductor and high -end manufacturing industries, and the responsibility of the core technology domesticization is the heavy responsibility. Therefore, The future market performance of the science and technology board will be related to the process of localization of the core high -tech, and will enter the long -term good pattern with the rise of the Chinese science and technology industry. " "Securities Daily" reporter said, "The establishment of different sectors in the capital market is to meet the financing needs of enterprises at different stages of enterprises and the investment needs of investors at different risk appetite. Compared with the GEM and motherboard More accurate, its enterprises that accept domestic red -chip structures and allow non -profit enterprises to list, serve high -tech companies with core technologies, and prepare for technology companies that really promote development by technology. " It is the logic of the core technology, not over -declined valuation repair, nor the so -called high -profile track+performance. As investors, more attention to the progress of the core technology and the corresponding potential market space. This is Grasp the core of the investment logic of the science and technology board. "Zeng Peng said. The iterative technology industry's investment research capabilities science and technology board is further strengthening and stronger, and public fund managers are also stealing the ability of investment and research. Qi Teng revealed to reporters that "scientific and technological innovation will be one of the main investment lines of the future market. In recent years, the team has increased its research and investment in the science and technology industry, and in new energy, new materials, high -end manufacturing, semiconductor and other industries There have been investment involved in investment. The technology industry has higher technical barriers and longer investment cycles. It is necessary to deeply cultivate the industry on investment and research. Leading companies that move from low -end to high -end and from imports to localization. With the continuous improvement of the richness of the science and technology board, the requirements for the professionalization of investment and research teams are also increasing. "" The science and technology board and GEM after the registration system are the new stage of the fund manager. The science and technology board provides us with a large number of high -R & D intensity companies. In the next time, structural factors will replace the cycle of cycle. Factors have become the leading pricing factor in the stock market. "Zhou Keping, the manager of Huaxia Science and Technology Innovation Hybrid Fund, who participated in the first batch of science and technology theme funds, said frankly:" In 2019, when we do roadshows for the first batch of science and technology theme funds, many How many science and technology boards will be configured? Our answer is to observe first, not in a hurry, mainly because the valuation at that time was too expensive. From the public operation records of the Huaxia Science and Technology Innovation Fund The top ten heavy warehouse stocks can hardly see the science and technology board company. As of the first quarter of 2022, the top ten heavy stocks had two science and technology board stocks, and the overall allocation ratio of the science and technology board also reached its highest history. "Objectively treating the problem of lifting the ban, where is the follow -up investment opportunities of science and technology board and which areas are more opportunities? According to the latest financial report in the first quarter of 2022, the net profit of the listed company of science and technology 50 listed companies increased by 78.5%year -on -year, and the net profit of the mother increased faster. Industry insiders believe that as a science and technology board that undertakes the national core high -tech, it is expected that long -term matching has a high level of valuation premium level. Therefore, the current valuation level of science and technology innovation boards is reasonable and attractive. Zeng Peng said, "The future market performance of science and technology board will be more related to the process of localization of core high -tech domesticization. With the rise of the Chinese science and technology industry, it will enter a long -term good pattern, and it will be optimistic about the localization of the semiconductor chip industry. Logic, grasp of the related industries of the core technology in the field of pharmaceutical and biology, and related investment opportunities such as equipment manufacturers who master the core technology in the field of high -end manufacturing. "However, the science and technology board company will enter the peak of the ban on the ban on the ban on the third anniversary of listing. This is also particularly concerned about the current market. One of the topics. A number of fund managers told the Securities Daily reporter that "the capital market as a platform for equity circulation needs to dialectically treat the problem of lifting the ban.

"" Lifting the ban will increase the pressure on the short -term market, which is also an important way for early investors to withdraw, but we need to see that the early investors may still invest in the first and secondary market investment. This is also an important cycle of the first and secondary capital market. "Zeng Peng said," The market value of circulation after lifting the ban has increased, and investors' transactions will also be more active, which is also one aspect of the secondary market. Of course, many science and technology board companies also need to announce the repurchase intention, which will be hedgedly solved. In general, the reasonable stock price of listed companies depends on long -term value. The short -term lifting of the ban constituted some disturbances, but it does not affect the long -term value discovery function of the market. Yang Delong, managing director and chief economist of Qianhai Open Source Fund, told a reporter from the Securities Daily that "the pressure of some major shareholders may have a certain impact on the trend of short -term stocks, and investors need to pay attention. However, from the long -term perspective, the development of science and technology board is still worth looking forward to, especially the leading science and technology board enterprises represented by Science and Technology 50; science and technology boards are an important aspect of supporting new economic development and promoting economic transformation. "Recommended reading

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Picture ｜ Bag Picture Network Station Cool Hero Production | Zhang Xin

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