On the last trading day of 20 18, the National Stock Transfer Company issued and implemented the Measures for the Administration of Securities Indexes of the National Small and Medium-sized Enterprises Share Transfer System (Trial) (hereinafter referred to as the "Index Measures"), and at the same time, jointly with the China Securities Index Company, officially released the compilation plan of the three-board leading index series.

The five indices will be officially released on June 4th, 2009+2065438+2009.

According to the reporter's understanding, the newly launched five indexes include the innovation layer component index, the leading index of private enterprises, and the three-board manufacturing, three-board service and three-board medicine in sub-sectors.

A stone stirs up a thousand waves, and the leading index scheme has become one of the hottest topics in the New Third Board recently. Most people in the industry interviewed by the reporter believe that leading the index release is of great significance to the construction of the New Third Board market: some new third board head enterprises will benefit, improve the investment efficiency of investors, and pave the way for Public Offering of Fund to enter the market for a long time.

Historical statistics show that the potential constituent stocks leading the index are ahead of the market. However, many institutions interviewed by the reporter have a wait-and-see attitude towards related investments.

Li Hao New Third Board

Although the identification of high-quality enterprises has been improved through market stratification in the early stage, there are still some leading enterprises in sub-sectors that have not been tapped by the market. It is necessary to further improve the efficiency of market investment and financing docking through the guidance of indicators.

This is the main reason why the stock transfer system introduces the index.

As of 20 19 1.2, there are 10685 listed companies in the New Third Board, which is equivalent to three times the sum of listed companies in Shanghai and Shenzhen stock markets. The cumulative turnover of 20 18 of the New Third Board was 88.8 billion yuan, which was 60% lower than that of 20 17, and the turnover rate was greatly reduced.

The introduction of the leading index will make the investment choice of the New Third Board relatively easy. 6543810.2, Zheng, general manager of the industrial investment department of Jiutai Fund, told reporters: "The leading index can enrich the investment varieties of the New Third Board, reduce the cost and difficulty of investors' stock selection, and improve investment efficiency, which is of great significance to the construction of the New Third Board market. "

The launch of the leading index also brings benefits to the head enterprises of the New Third Board. Cui Yanjun, secretary general of North and South Sky, told reporters, "The release of the leading index will first benefit some head enterprises. Personally, these industries are the main pilot areas of the upcoming selection layer. "

In the longer term, the leading index will lay a good foundation for public offering and other funds to enter the New Third Board. Article 12 of the Index Measures clearly points out that fund management companies and their subsidiaries and other institutions "develop all kinds of index funds with the three-board series index as the target, including non-exchange-listed index funds, closed-end funds, listed open-end funds, exchange-traded funds, graded funds and other products" must be approved by the national share transfer company.

In this regard, Zhu, chairman of Zhongke Wotu Fund, believes that when the leading index of the Third Board has played a role in leading professional investors to indirectly invest in the Third Board with the help of indexed products, Public Offering of Fund's entry into the market will come naturally. "If you are in full bloom, butterflies will come."

However, some insiders believe that the leading index series only guides the investment direction of the new third board stock funds, and will not increase the new market funds for the time being, but it can improve the liquidity of some targets by guiding the market capital flow and market investment concept.

Potential constituent stocks led the gains.

Zhao Qiaomin, Hang Seng analyst of Guangzhou Securities, screened out the potential market performance of the five indexes according to the compilation scheme of the five indexes of the stock transfer system. According to her statistics, the performance of these five indexes is far superior to the overall market performance of the New Third Board in terms of the median price increase and decrease of each potential index in 20 18 years.

In 20 18, the overall performance of the new third board dropped by 23. 16%, while the median decline of the potential target of the three-board leader was only 0.78%, ahead of other sectors, followed by three-board medicine (-2.5 1%) and three-board service (-7.0 1%).

However, even if the performance of potential constituent stocks is much better than that of the market, many investment institutions interviewed by reporters have indicated that they will not consider making investments related to the New Third Board Leading Index for the time being.

A fund person who has invested in the New Third Board for a long time said, "These indexes are not attractive to investors at present because the trading of the New Third Board is too light, and it is very difficult to allocate stocks according to these indexes."

"At present, it should be difficult to allocate NEEQ stocks according to the index. Even if it is allocated, it is likely to have a great impact on these stock transactions, so it may not be feasible to invest in these indexes." The above-mentioned fund industry sources said.

Another Public Offering of Fund executive also said that only index funds can invest in the index investment led by the New Third Board, but the CSRC has not "opened its mouth" yet, so it is meaningless to buy only the potential stocks led by the New Third Board to buy the index.

Zhou Yunnan, the founder of Nanshan Investment, pointed out that "the landing of leading index is still far from the design of leading index products, and there is still a long way to go before the official launch of index products. It is still a little premature to talk about the investment of index products."

Many institutional sources interviewed by the reporter said that the current liquidity of the New Third Board is poor. 20 15 most of the funds invested in the new third board are due at present, and they are basically at a loss and cannot be retired. Now investors talk about the discoloration of the investment in the New Third Board and are unwilling to invest in the New Third Board. Investors tend to take a wait-and-see attitude towards related investments that lead the index series.

"Once the index is launched, there may be some small market, but it still depends on the follow-up of supporting policies. The valuation of some high-quality enterprises is already in the bottom area, so you can choose the best among them and choose the best low position for proper layout. Of course, due to the long winter of the New Third Board, whether the New Third Board can get out of the downturn has yet to be launched. " A person from the New Third Board industry said.

Then the launch of the leading index is just around the corner. Will the New Third Board enterprises seize the opportunity and strive to be selected into these leading indexes?

Cui Yanjun said: "Judging from the reaction of enterprises, everyone still has a process of understanding and accepting, just like when the innovation layer was launched. Some companies are enthusiastic, while others will take a wait-and-see attitude. Therefore, further publicity is needed. Of course, the most important thing is the reaction of the secondary market. "

In this regard, the chairman of an innovative company also expressed a wait-and-see attitude to reporters: "The launch of the New Third Board Leading Index shows that the policy is being reformed and changed, and it is better to change it than not to change it. Talking is better than nothing, but what has finally become, let's leave it to the market to test. "

(Article source: 2 1 Century Business Herald)