Guide
● The headwind period has not yet ended, the index continues to shrink and adjust, and the dividend and high dividend strategy is once again dominant
● Zhou's view: The "Special Guarantee Plan for Supporting Scientific and Technological Innovation" was released, and we continued to increase scientific and technological innovation
● Market situation: The overall PE of BSE A-shares fell to 19.3X, and the average daily turnover fell to 4.6 billion yuan
● New shares: Taihu Yuanda has been registered + Chengdian Guangxin submitted for registration, and 31 companies have made inquiries and updates
⭐ A collection of research at the end of the article | We have focused on the research of the New Third Board and the Beijing Stock Exchange for 10 years 🏆
Summary of the report
● Zhou's view: The "Special Guarantee Plan for Supporting Scientific and Technological Innovation" was released, and we continued to increase scientific and technological innovation
On July 26, 2024, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the State Administration of Financial Supervision issued the Special Guarantee Plan for Supporting Scientific and Technological Innovation. The plan is an important support for China's small and medium-sized enterprises, especially scientific and technological innovation enterprises, and clarifies the five major scope of support objects, aiming to reduce their financing costs and improve financing efficiency through financial means. In the process of implementation, the science and technology department, the industry and information technology department to determine the list of enterprises, banks and government financing guarantee institutions in accordance with the principle of marketization to make independent decisions to select objects to support, mainly including: (1) the national financing guarantee fund risk ratio increased from 20% to a maximum of 40%; (2) gradually reduce the average guarantee rate to less than 1%; (3) Raise the upper limit of the guarantee amount for a single household from 10 million yuan to 30 million yuan; (4) The upper limit of the compensation rate will be increased from 4% to 5%. In addition, the central government arranges funds to give certain risk compensation every year to the new compensation of the National Financing Guarantee Fund to increase the risk sharing of small and medium-sized enterprises in the field of scientific and technological innovation, so as to effectively alleviate the problem of difficult financing and expensive financing for relevant enterprises. On the whole, the Special Guarantee Plan for Supporting Scientific and Technological Innovation will help build a healthier and more active SME ecology and promote scientific and technological innovation and industrial upgrading. Through financial support, SMEs can better respond to market changes and achieve sustainable development, and the Beijing Stock Exchange market is the main front for innovative SMEs, and related companies are expected to receive relevant support. The Beijing Stock Exchange is gathering a number of specialized and special new enterprises with new productivity, one is the semiconductor recovery and domestic substitution chain, including CapitaLand Quartz, Hualing Co., Ltd., Wuxin Tunnel Installation, etc.; the second is equipment renewal and robot industry chain, including Kleite, Kekang Instrument, Tiangang Co., Ltd., Naconoer, Langhong Technology, Suzhou Co., Ltd., etc.; the third is in the intelligent network industry chain, including Audiwell, Yishi Precision, Weimao Electronics, etc.; Fourth, in the computing service industry chain, including parallel technology, Guangmai technology, Haidar, etc.; Fifth, in the new material industry chain, including Jinbo Biotechnology, Meibang Technology, Tianli Composite, CommScope Chemical, Tianma New Materials, etc. In addition, this week, 2 more companies (Patel and Huilong Pistons) disclosed their 2024 semi-annual performance forecasts, including 1 pre-increase and 1 slight increase, and a total of 13 companies have disclosed 2024 semi-annual high-growth performance forecasts. With the advent of the disclosure window of the interim report, it is expected to open the interim report market of the Beijing Stock Exchange, and it is recommended to pay attention to the high-quality companies with high-quality performance + low valuation and high profit quality.
● Market situation: The overall PE of BSE A-shares fell to 19.3X, and the average daily turnover fell to 4.6 billion yuan
This week, the overall PE of the Science and Technology Innovation Board, ChiNext and Beijing Stock Exchange A-shares have all fallen, with the overall PE of the Science and Technology Innovation Board falling from 35.17X to 33.78X, the overall PE of ChiNext falling from 27.56X to 26.85X, and the overall PE of Beijing Stock Exchange A-shares falling from 19.79X to 19.25X. From the perspective of liquidity performance, the average daily turnover rate of Beijing Stock Exchange A-shares was 3.93%, the average daily turnover rate of the Science and Technology Innovation Board was 1.58%, and the average daily turnover rate of ChiNext was 3.99%. In terms of indexes, the ChiNext Index, the Beijing Stock Exchange 50, the Science and Technology Innovation 50 and the CSI 300 Index fell this week, and the Beijing Stock Exchange 50 PE TTM was 29X.
● New shares: Taihu Yuanda has been registered + Chengdian Guangxin submitted for registration, and 31 companies have made inquiries and updates
Update information from July 22, 2024 to July 26, 2024: Taihu Yuanda updated its review status to registration; Chengdian Optoelectronics updated the review status to submit for registration; 31 companies, including Sunshine Precision Machinery, Yawei Software, Arrail Jingda, Dana Biotechnology, Haijinge, Kunlun Unicom, Dingjia Precision, Dexin Technology, Lintai New Materials, Hongyuan Shares, Aide Technology, Jiachuang Biotechnology, Kuangshun Technology, Zhigao Machinery, Honghai Technology, Chicheng Biotechnology, Meiya Technology, Shichang Shares, Konghui Shares, Jiaoda Tiefa, Kema Materials, Jianyuan Shares, Chuda Intelligence, Nengzhiguang, Guoliang New Materials, Aishelun, Dongshi Environment, Sirui Optics, Youli Intelligence, Jet New Materials and Jingchuang Electric, updated their audit status to have been inquired; Oriental Wisdom updates the review status to termination.
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01
Zhou's view: Four ministries and commissions issued the "Special Guarantee Plan for Supporting Small and Medium-sized Enterprises in Science and Technology Innovation"
On July 26, 2024, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the State Administration of Financial Supervision issued the Special Guarantee Plan for Supporting Scientific and Technological Innovation. Small and medium-sized enterprises in scientific and technological innovation are the main body of innovation with great vitality and potential, and they are an important force for cultivating new drivers of economic development and promoting high-quality development. The Special Guarantee Plan for Supporting Scientific and Technological Innovation is an important support for China's small and medium-sized enterprises, especially scientific and technological innovation enterprises, aiming to reduce their financing costs and improve financing efficiency through financial means. The plan precisely focuses on the target of support, and small and medium-sized enterprises that meet the basic conditions and meet one of the following conditions can be used as policy support objects.
The "Special Guarantee Plan for Supporting Scientific and Technological Innovation" clearly classifies and increases the proportion of insurance. The bank and government financing guarantee systems share the risk liability at a rate of not less than 20% of the loan amount and no more than 80% of the loan amount respectively. The proportion of insurance sharing of financing funds has been increased from 20% to a maximum of 40%. The proportion of provincial re-guarantee institutions shall not be less than 20%. Qualified provincial-level re-guarantee and guarantee institutions can increase the proportion of risk sharing and reduce the risk-sharing pressure of municipal and county-level guarantee institutions.
In terms of the rate level, the "Special Guarantee Plan" proposes that if the single guarantee amount of the re-guarantee business of the financing fund is more than 5 million yuan, the re-guarantee rate shall not be higher than 0.5%; If the single guarantee amount is 5 million yuan or less, the re-guarantee rate shall not be higher than 0.3%. Encourage cooperative institutions to implement differentiated guarantee rates for business entities with different risk levels and different qualifications, and gradually reduce the average guarantee rate charged to small and medium-sized enterprises in the field of scientific and technological innovation to less than 1%. In addition to loan interest and guarantee fees, cooperative institutions shall not charge unreasonable fees in the name of deposits, commitment fees, consulting fees, consulting fees, registration fees, information fees, etc., so as to gradually reduce the comprehensive financing costs of small and medium-sized enterprises in scientific and technological innovation.
At the same time, the amount of guarantee should be appropriately increased. The upper limit of the balance of a single household of small and medium-sized enterprises in the field of scientific and technological innovation will be increased from 10 million yuan to no more than 30 million yuan. Government financing guarantee and re-guarantee institutions at all levels shall steadily carry out the guarantee business for medium-sized enterprises in scientific and technological innovation under the premise of meeting the requirements for the proportion of guarantee business for small and rural enterprises. Appropriately raise the upper limit of compensation. In accordance with the principle of co-ordinating support for scientific and technological innovation and risk prevention, the upper limit of compensation agreed between the financing fund and the provincial re-guarantee agency has been increased from 4% to 5%. The part of the financing fund that exceeds the upper limit will not be compensated.
On the whole, the "Special Guarantee Scheme for Supporting Scientific and Technological Innovation" is an important measure of the Chinese government to support small and medium-sized enterprises and promote scientific and technological innovation. The plan will help build a healthier and more active SME ecosystem, and promote scientific and technological innovation and industrial upgrading. Through financial support, SMEs are better able to respond to market changes and achieve sustainable development. The Beijing Stock Exchange market is the main position of innovative small and medium-sized enterprises, and related companies are expected to receive relevant support. The Beijing Stock Exchange is gathering a number of specialized and special new enterprises with new productivity, one is the semiconductor recovery and domestic substitution chain, including CapitaLand Quartz, Hualing Co., Ltd., Wuxin Tunnel Installation, etc.; the second is equipment renewal and robot industry chain, including Kleite, Kekang Instrument, Tiangang Co., Ltd., Naconoer, Langhong Technology, Suzhou Co., Ltd., etc.; the third is in the intelligent network industry chain, including Audiwell, Yishi Precision, Weimao Electronics, etc.; Fourth, in the computing service industry chain, including parallel technology, Guangmai technology, Haidar, etc.; Fifth, in the new material industry chain, including Jinbo Biotechnology, Meibang Technology, Tianli Composite, CommScope Chemical, Tianma New Materials, etc.
Judging from the Beijing Stock Exchange market this week, 2 more companies (Patel and Huilong Piston) disclosed their 2024 semi-annual performance forecasts, including 1 pre-increase and 1 slight increase. Overall, a total of 13 companies on the Beijing Stock Exchange have disclosed their 2024 semi-annual performance forecasts, with high performance growth.
02
Beijing Stock Exchange Market Performance: The overall PE valuation of Beijing Stock Exchange A-shares fell back to 19.3X
This week, the overall PE valuation of the Science and Technology Innovation Board, ChiNext and Beijing Stock Exchange A-shares has fallen, with the overall PE of the Science and Technology Innovation Board falling from 35.17X to 33.78X, the overall PE of ChiNext falling from 27.56X to 26.85X, and the overall PE of Beijing Stock Exchange A-shares falling from 19.79X to 19.25X.
From the perspective of liquidity performance, the average daily turnover of Beijing Stock Exchange A-shares this week (2024.7.22-2024.7.26) was 4.559 billion yuan, down 40.31% from last week. The average daily turnover rate of BSE A-shares decreased this week, reaching 3.93% (-2.6pcts); The average daily turnover rate of the Science and Technology Innovation Board this week was 1.58% (-0.05pcts); The average daily turnover rate of GEM this week was 3.99% (+0.15pcts). Note: The turnover rate is the interval turnover rate (arithmetic mean).
From the perspective of the BSE 50 Index, the BSE 50 Index rose as a whole this week, and the BSE 50 Index PE TTM was 29.33X. Judging from the performance of the rise and fall of several major indexes, the Science and Technology Innovation 50, CSI 300, and ChiNext indices fell this week. As of this week (2024.7.26), the Beijing Stock Exchange 50 Index reported 701.51 points, down 3.14% from last week's closing price; The CSI 300 Index was at 3,409.29 points, down 3.67% from last week's close; The STAR 50 Index was reported at 719.87 points, down 3.95% from last week's closing price; The ChiNext index was at 1,659.53 points, down 3.82% from last week's close.
03
Listing on the Beijing Stock Exchange: The average first-day increase of newly listed companies in 2024 is 115%
From January 1, 2023 to July 26, 2024, a total of 87 companies were newly listed on the Beijing Stock Exchange. Among them, no new companies will be listed on July 22 ~ July 26, 2024.
From January 1, 2023 to July 26, 2024, the average price-to-earnings ratio of 87 listed companies is 16.82X, and the median value is 15.99X (Kangle Guardian and Parallel Technology are loss-making companies, not considered for the time being), the average first-day increase and decrease is 63.60%, the median first-day change is 34.66%, and the average first-day increase of 10 listed companies in 2024 is 115%; Among them, the top 3 companies with the largest increase on the first day so far in 2023 are maintained by Awite (+1008.33%), Kunbo Seiko (+244.46%), and West Magnetic Technology (+237.45%).
04
List of IPO reviews on the Beijing Stock Exchange: A total of 31 companies have made inquiries and updates this week
According to the latest audit status, the information will be updated from July 22, 2024 to July 26, 2024: Taihu Yuanda 1 company updated the audit status to registration; 1 company updated the review status to submit for registration; 31 companies, including Sunshine Precision Machinery, Yawei Software, Arrail Jingda, Dana Biotechnology, Haijinge, Kunlun Unicom, Dingjia Precision, Dexin Technology, Lintai New Materials, Hongyuan Shares, Aide Technology, Jiachuang Biotechnology, Kuangshun Technology, Zhigao Machinery, Honghai Technology, Chicheng Biotechnology, Meiya Technology, Shichang Shares, Konghui Shares, Jiaoda Tiefa, Kema Materials, Jianyuan Shares, Chuda Intelligence, Nengzhiguang, Guoliang New Materials, Aishelun, Dongshi Environment, Sirui Optics, Youli Intelligence, Jet New Materials and Jingchuang Electric, updated their audit status to have been inquired; Oriental Zhihui 1 company updated the audit status to termination.
Risk Warning:
There is a risk that the policy will not meet expectations
Risk of statistical error in data
Macro environmental risks
Report date: July 28, 2024
Analyst (Certificate Number):
诸海滨（S0790522080007）
赵昊（S0790522080002）
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