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【300054股票】网下打新进入“薄利”时代(2017-05-17)

300054股票——300088

  在近期市场震荡回调中,风光无限的亚新盘在年初也逐渐沉寂。经过一段时间的IPO,连续交易日减少,而开盘前涨幅也有所下降。相关统计显示,C类投资者网下交易新年收益率已降至个位数水平,受底部仓位波动影响较大。
  而打新收益率的下降也直接引发了市场对线下玩家持有的成交量上千亿元市值底仓的担忧。对此,接受采访的业内人士表示,上述底部仓位不存在大规模减持的风险,投资者也不必过于担心。同时,数据显示,在门槛较高、收益率较低的背景下,仍有各类投资者和更多资金涌入线下市场。

  新收益率突破个位数

300054股票
  多位受访者告诉记者,由于他们普遍采取新股上市首日卖出的策略,影响其绝对收益率的主要因素之一就是上市后的表现。Under the background of market adjustment, it has become an indisputable fact that the number of consecutive days before the opening of the secondary new stock market and the cumulative increase have declined.

300054股票——好听网游名字

  Oriental Wealth choice data shows that a total of 40 new shares opened the trading limit in March, with an average of 13.9 consecutive days before the opening.Based on the closing price of the opening day, the average cumulative increase of the above stocks before the opening day was 430.44%.Among them, the gem sub new shares of Kangtai biological trading limit for 23 consecutive trading days before the opening, the share price soared from 3.29 yuan to the highest of 38.54 yuan on the opening day, the largest increase of more than 10 times.

  With the overall adjustment of the market in late April, the rise of secondary new shares in the opening of the month was also significantly limited.Among them, a total of 44 new shares opened in April.The average number of consecutive days before the opening fell to 9.6 days.The average cumulative increase before the opening fell to about 239%, which was 190 percentage points lower than that in March.
  On the other hand, driven by many factors, such as the expected lifting of the ban, some of the sub new shares listed for one year or nearly a year also showed significant correction, which also affected the performance of the sub new shares to a certain extent.

300054股票——金晶科技股票

  According to the latest statistics of Shenwan Hongyuan securities, based on the data of new shares from January to April of this year, the annualized rate of return of class C investors (mainly individual investors) participating in the offline game has dropped to about 5.6%.In the middle of last year, the figure was once more than 20%.
  ”Considering the hedging cost of the bottom position, there is almost no yield left for offline new business.”Shanghai a private fund investment manager reluctantly told reporters.

  According to reports, the products under its management selected nearly 100 stocks with good fundamentals for bottom position allocation.After meeting the market value threshold of 60 million yuan, it applied for off-line purchase in Shanghai stock market.At the same time, in order to reduce the risk of bottom position fluctuation, it also sells CSI 300 index futures for hedging.”The annual cost of hedging is about 3% to 4%.Considering the cost factor, there is almost no profit in offline new business.”The investment manager said.

300054股票——202005

  The number of new players under the net is increasing instead of decreasing
  However, although the overall rate of return has dropped significantly, and the new threshold has been gradually raised, it still can not stop the enthusiasm of more funds to participate in the offline new business.

  数据显示,今年2月以来,网下交易门槛普遍提高到5000万元以上,部分个股甚至达到6000万元。在市值门槛的初期,有一个比较明显的挤出效应,就是很多投资者因为不符合高市值的要求而退出。

  一位市值约3000万元的个人投资者告诉记者,他从去年6月开始参与线下创新,半年内获得了近200万元的绝对回报,整体年化收益率在13%左右。不过,今年年初门槛提高后,由于不愿承担融资增值带来的成本增加和高杠杆风险,他选择退出线下市场开拓新市场。
  最新情况是,门槛效应出现短时间后,参与新股网下申购的对象数量继续保持快速增长。同一门槛下,两市网下配售新股数量普遍比年初翻了一番。

  以大千生态和金能科技为例,这两只股票在上海证券交易所上市,市值门槛为6000万元。前者于2月底完成下线安置,最终共分配对象2579个。两个月后,金能科技4月底完成线下配售,最终配售对象增至5046个,增长速度近一倍。
  纵观数据不难发现,在上述两家公司的配售对象中,A、B、C类投资者数量明显增加。其中,参与金能科技网下申购的a类投资者(公募基金和社保基金)数量由844家迅速增加到1414家。同时,C类投资者由1533户大幅增加到3299户,其中个人自有资本投资账户由1049户增加到2164户。

  申万宏源证券分析师林进告诉记者,一些受到门槛限制的投资者改变了退市方式,以联合设立基金专户的形式回归线下市场,成为重要增量之一。此外,部分个人投资者调整市值,部分持仓市值接近门槛的投资者为了保住新资格,选择增仓。
  “对于仓位在5000万元左右的投资者来说,在6000万元的一般门槛下,大部分新的机会都会失去。对他们来说,只需增加1000万左右的投资就能享受到新的利润。如果以1000万元的新市场价值作为边际成本,相应的年化收益率会更高。”林进向记者分析。

  持仓底部位置变化幅度有限
  虽然仍有新人涌入,但市场也非常关注新投资者的退出。这些投资者是否会放弃底部仓位,造成更大的市场波动?对于这个问题,很多受访者表示不必过于担心。

  “今年以来,几乎没有纯粹为了新产品而进行的市值配置。”上述私募基金投资经理表示,在“一涨一跌”的门槛提高和收益率下降的情况下,底部仓位的波动对新收益率影响很大。现在很少有投资者会冒着高市值底部头寸波动的风险,专门进行线下新盘交易。
  在上述投资经理看来,如果说线下大新是去年没有开采过的“金矿”,是吸引增量资金的催化剂,那么现在已经演变成仓位市值的“附加产品”和保护持股的稳定器。

  对此,林进表示,这符合监管部门制定市值配售规则的初衷。“线下创新更适合有二级市场投资经验的人,而不是为大量纯套利基金赚取无风险收益。”
  在此背景下,不少受访者认为,线下新投资者大多以二级市场为主,因此不存在因新收益率下降而大规模抄底的可能。

  当然,也有部分投资者在未达到市值门槛时选择减仓。接受采访的个人投资者表示,今年年初,他们退出网下市场,将约一半资金转为产业投资,其余资金转为小规模调仓。不过,他们继续持有银行、汽车等蓝筹股,这些股票此前是为市场创新而配置的。

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