Three sets of data reflect the vitality and resilience of the capital market
The implementation of a series of deepening reform measures, such as fully implementing the stock issuance and registration system, improving the multi-level capital market system, improving the quality of listed companies, and expanding high-level two-way opening, will certainly further stimulate the momentum of the capital market to serve high-quality development. So today, Xiaobian is here to sort out the relevant knowledge of stocks for everyone. Let's take a look!
profound changes have taken place in the structure of listed companies
In the past ten years, companies with a market value of "1 billion" and "trillion" have emerged continuously in the A-share market, which not only reflects the improvement of the overall quality of listed companies, but also witnesses the optimization of China's industrial structure and sends a signal that the capital market supports scientific and technological innovation and promotes high-quality economic development. A remarkable change is that in recent years, enterprises in the "new economy" field are gradually becoming the "main force" among the A-share companies with large market capitalization.
"In the past ten years, the operating income of Zhongwei Company has been growing at an average annual growth rate of more than 35%. In July 219, the company was fortunate to be one of the first 25 listed companies in science and technology innovation board. " Yin Zhiyao, Chairman and General Manager of Zhongwei Company, introduced it at the third anniversary of science and technology innovation board recently.
established in 24, Zhongwei Company has been deeply involved in the fields of chip manufacturing, etching and MOCVD equipment, and its market value once exceeded 1 billion yuan, reaching this level earlier among the first 25 science and technology innovation board companies. The semi-annual report recently released by Zhongwei Company shows that in the first half of 222, the company realized non-net profit deduction of 441 million yuan, a year-on-year increase of 615.26%.
Contemporary Amperex Technology Co., Limited, founded in 211, with its deep cultivation in the field of new energy technology, has created the record of the first GEM company with a market value of one trillion yuan. Contemporary Amperex Technology Co., Limited is now the third largest company with market value in the A-share market, and the first "hardcore technology stock" with market value exceeding one trillion yuan in the history of A-shares. Its rise has become a microcosm of the structural changes of A-share listed companies.
"The role of listed companies as the' basic disk' of the real economy and the' leader' of transformation and development is more prominent." Yi Huiman, Chairman of China Securities Regulatory Commission introduced that by the end of June, 222, there were more than 2,2 listed companies in A-share strategic emerging industries, and the market value of high-tech industries such as new-generation information technology and biomedicine increased from about 2% at the beginning of 217 to about 37%, and the R&D investment of listed companies accounted for more than half of the national R&D expenditure.
according to the experience of mature market development, with the continuous improvement of China's multi-level capital market system, more "hundreds of billions of market value" and "trillions of market value" companies will emerge in the market. In this process, the A-share market will grow in size.
in the past ten years, in the process of sprinting to a market value of tens of billions, the structure of listed companies in the A-share market has undergone profound changes, and listed companies have increasingly become an important power source for economic transformation and upgrading; In the future, in the process of transforming into an innovative economy dominated by high-tech industries, the capital market will continue to help the economy develop with high quality.
"Whether BYD, Contemporary Amperex Technology Co., Limited and Longji Green Energy in A-shares or Tesla, NVIDIA and Amazon in US-shares,
a group of scientific and technological enterprises are leading the change of human lifestyle, subverting the original industrial structure, and further highlighting the main line of scientific and technological progress throughout previous industrial revolutions." Zhang Wei, chairman of Cornerstone Capital, said that technological innovation is inseparable from the support of capital, and the capital market plays a pivotal role in promoting the high-level circulation of science and technology, capital and the real economy.
institutional investors continue to grow
it exceeded 1 million in January p>216 and 2 million in February 222? By July 222, the number of investors in the domestic securities market has reached 27 million. In the past ten years, while the number of investors has successively crossed the 1 million and 2 million mark, the trading structure of investors in the A-share market has also undergone profound changes.
"In 221, the proportion of individual investors' transactions fell below 7% for the first time, and the concepts of value investment, long-term investment and rational investment were gradually established." Li Chao, vice chairman of the China Securities Regulatory Commission, said a few days ago.
It is understood that in the past ten years, the total assets of China's securities and futures institutions have increased by about 5.5 times, and the management scale of Public Offering of Fund has increased to 26.79 trillion yuan, an increase of about 8 times, and the industry strength has been greatly enhanced. At present, the proportion of domestic professional institutional investors and foreign positions in circulation market value has increased from 15.8% at the beginning of 217 to 23.5%.
It is the general trend that the proportion of institutional investors' transactions will increase in the future A-share market. He Tao, head of the investment advisory team of soochow securities Wealth Management Department, said that the market pricing power has shifted from retail investors to institutional investors. Since 216, the shareholding ratio of public offerings, private equity funds and overseas investors has steadily increased, and this trend will continue in the future.
"Compared with previous years, the investment style of individual investors has gradually become rational and long-term, and the investment field focuses on growth stocks and core assets, and the trading frequency has gradually decreased." Xue Kaiqiang, a senior investment consultant of open source securities, said in combination with the analysis of customers' situation.
Gong Fang, director of policy and development research at Shenwan Hongyuan Research Institute, said that the systematic reform of the capital market has greatly promoted the development of professional investment institutions, and its shareholding ratio has risen from about 15% ten years ago to the current level of 2% to 25%. Public offering, foreign investment, private placement and insurance have become the "four pillars", accounting for more than 9% of the total shareholding of professional investment institutions.
In the past ten years, the strength of professional institutional investors has continued to grow, and the concepts of value investment, long-term investment and rational investment have been gradually established; In the future, with the strengthening of the investment side of the capital market, a healthy investment culture will be promoted and a benign market ecology will be conserved.
compared with the equity markets of overseas developed countries, the A-share market is in the process of institutionalization, and institutional funds will remain an important variable in the future. "Resident deposits' moving' and Public Offering of Fund's development have provided basic support for the long-term development trend of institutionalization, and follow-up pensions may become an important connecting force." Chen Guo, chief strategy officer of China Securities, said.
the ecology of survival of the fittest has been accelerated
While the structure of listed enterprises and investors has been gradually optimized, the "entrance" and "exit" of the A-share market have been continuously unblocked, the degree of marketization has been enhanced, and the function of resource allocation has been enhanced, which is also one of the remarkable changes in the A-share market in the past decade.
at the "entrance", with the steady progress of the reform of the registration system, debt financing has grown steadily in the past decade. According to statistics, from 217 to 221, the initial public offering (IPO) and refinancing amount totaled 5.2 trillion yuan, and the exchange bond market issued 33.9 trillion yuan. Among them, in 221, the total amount of IPO and refinancing was about 1.5 trillion yuan, and the total amount of financing in the stock and exchange bond markets exceeded 1 trillion yuan, both hitting record highs.
Liu Feng, chief economist of china galaxy Securities, said that in the past ten years, the construction of the rule of law, marketization and internationalization of the capital market has been continuously strengthened, and the direct financing function of the stock and bond markets has been fully exerted, which has solved the current situation of "no shortage of funds and capital" in the China market from the source.
at the "export end", the delisting system has been further improved, and the market ecology of orderly advance and retreat and survival of the fittest has gradually taken shape.
When talking about the perfection of delisting mechanism, Chen Li, chief economist and director of research institute of Chuancai Securities, felt deeply. He introduced that from 212, when the par value delisting standards were formulated, the financial, transactional and normative delisting index systems were basically formed. By 214, the active delisting system was improved, and the mandatory delisting system for major violations was clearly implemented. In 218, the mandatory delisting system for major violations was improved, and then the "Implementation Plan for Improving the delisting mechanism of listed companies" was promulgated. In the past ten years, the construction of the normalized delisting mechanism has been steadily and steadily maturing.
Guo Jun, deputy director of the listing department of the CSRC, said recently that the CSRC will promote the improvement of merger and reorganization rules, strengthen corporate governance supervision, strictly implement the delisting system, support listed companies to do a solid job in fine merger and reorganization, and help stabilize the macro-economic market.
in the past ten years, the effect of the survival of the fittest in the market has been accelerated, and the benign ecology of "there is progress and exit, and there is progress and exit" has been accelerated; In the future, the capital market will be ready to start again, and a new round of "deep reform" will continue to exert its strength in the reform of registration system, the implementation of strict delisting system, and the cultivation and development of institutional investors.
"The CSRC will solidly promote the full implementation of the reform of the stock issuance registration system, take the reform of the registration system as the traction, and make overall plans to promote the key reform tasks such as the construction of the basic system of the capital market, the improvement of the rule of law system, the regulatory transformation and the improvement of capacity, further enhance the adaptability and inclusiveness of the basic system, continuously optimize the market structure and ecology, and give full play to the functions of capital formation and resource allocation." For the next step of reform and development, Yi Huiman's words are sonorous, and the direction of deepening the reform in the capital market will not change.