Gem Index Launched &Nbsp, Warning Market High Risk.

Today, another important index of China's capital market is born.

This is a matter to celebrate.

The launch of the gem index indicates that the gem has entered a new period of development after a smooth start, marking the establishment of a multi-level capital market index system.

It will form a core index reflecting the operation of listed stocks in Shenzhen Stock Exchange, together with Shenzhen Composite Index and small and medium board index.

Since October 30, 2009, the gem index has not yet been measured by a unified market index.

The main reason is that the number and size of the listed companies are relatively small at the initial stage of the growth enterprise market, and the stock price fluctuates greatly on the first day of the IPO, so it is inappropriate to compile and publish the index immediately.

Up to now, there are 86 listed companies on GEM, with a total market value of 383 billion 460 million yuan and a circulation market value of 86 billion 247 million yuan.

The structure of investors is improving day by day, and the overall performance of the market tends to be stable.

At this time, the launch of the gem index will not only help investors fully grasp the ups and downs of GEM stocks, but also help fund companies develop investment products related to gem.

The launch of the gem index will warn the market that the risk of overvaluation can play a role of "correcting".

Despite the early launch, the parties concerned are constantly warning of risks.

However, the high valuation of the gem has always been a "heart disease" of the gem.

Compared with the motherboard, gem's 100 times earnings ratio makes it hard for the market to bear its weight.

According to WIND information statistics, the dynamic P / E ratio of GEM stocks in 2010 and 2011 is 60.28 times and 44.45 times, which is far higher than the 23.06 times and 18.88 times of the average value of Shanghai and Shenzhen 300 constituent stocks in the same period.

High estimates should correspond to high growth.

However, relevant data show that there are 78 companies listed on the gem.

Excluding the 20 GEM companies listed this year, the remaining 58 companies achieved a net profit of 1 billion 23 million yuan in the fourth quarter of last year.

In the first quarter of this year, the net profit of these companies was only 720 million yuan, which was nearly 30% lower than that of the A share, which is quite different from the overall growth rate of 23.22% listed companies in the two cities of the stock market.

Today's gem index, including price index and earnings index, is two.

These two indexes comprehensively and objectively reflect the overall price trend of gem stock, highlighting the operational characteristics of gem as an independent market level, and will provide authoritative reference indicators for investors in gem.

It is reported that the gem index compilation scheme combines with the characteristics of the GEM market.

First of all, the index selection is based on the two indexes of the market share of the circulation market value and the market share of the paction volume, which reflects the characteristics of the high market value and high turnover of the Shenzhen stock market. Secondly, the index calculates the "accurate value" of the "free circulating capital" of the sample stock as the weight, eliminating the leverage effect caused by the stock structure, making the index performance more sensitive, accurate and truthful. Third, the index sample stock adjustment is carried out once a quarter to reflect the characteristics of the rapid growth of the growth enterprise market.

Therefore, the gem index, the SME board index and the Shanghai and Shenzhen 300 index not only clearly reflect the overall picture of China's A share market, but also provide investors with a clearer reference frame.

The three index is placed in front of investors. Which market has higher valuations? Which market has more investment value? Investors at a glance.

At present, after the stock market has been fired and returned, the valuation level has gradually entered a reasonable area.

With the introduction of related ETF funds, agencies have entered in succession. On the one hand, the distribution structure of GEM investors is expected to improve; on the other hand, the demand for gem stock allocation will increase.

Specifically, the constituent stocks of the index will be more concerned.

At the same time, with the introduction of the relevant ETF fund, the proportion of institutional shareholding will rise, and the demand for GEM stocks will increase from the total, but it will not necessarily support the overall operation of the gem as a whole.