Beijing, July 22nd (Reporter Qiu Yu), the client of Zhongxin. com, lasted only 259 days! Since its establishment was announced on November 5, 2018, the first batch of 25 companies in science and technology innovation board were listed on July 22, 2019, that is, science and technology innovation board shares can be officially traded.

　　Science and technology innovation board’s stock trading rules are quite different from the current A-share rules. Since there is no limit on the price increase and decrease in the first five trading days, how the intraday stock price will fluctuate has attracted much attention. So, how do individual investors participate in science and technology innovation board? What problems should we pay attention to?

　　How do individual investors participate?

　　If individual investors want to participate in science and technology innovation board stock exchange, there is a certain threshold, and they need to meet the following conditions:

　　The daily average assets in the securities account and capital account in the 20 trading days before the opening of the application authority are not less than RMB 500,000 (excluding the funds and securities that the investor has integrated through margin financing and securities lending); Participated in securities trading for more than 24 months.

　　In other words, you must have not only two years of experience in securities trading, but also at least 500,000 yuan in your account. The relevant person in charge of the Shanghai Stock Exchange said at the end of June that there are about 3.2 million investors who meet the requirements of appropriateness.

　　It doesn’t matter if the above conditions are not met. According to the Shanghai Stock Exchange, small and medium-sized investors who don’t meet the requirements of investor suitability can participate in science and technology innovation board through products such as Public Offering of Fund.

　　At present, Bosera Fund, Yin Hua Fund, Dacheng Fund, China Europe Fund, Caitong Fund, CICC Fund and other fund companies have launched science and technology innovation board-related theme funds.

　　How do individuals participate in innovation?

　　Playing new means that investors use funds to participate in the subscription of new shares. If they win the lottery, they will buy the shares that will be listed soon, mainly through online and offline channels.

　　Since the offline subscription object does not include individual investors, for ordinary individual investors, they can only participate in innovation through online subscription.

　　If you want to purchase online, the first step is to open the science and technology innovation board trading authority, that is, to meet the above conditions.

　　The second step is to meet the requirement of holding market value, that is, the total market value of the unrestricted A shares and unrestricted depositary receipts held by individual investors who participate in the subscription of new shares in science and technology innovation board is more than 10,000 yuan (including 10,000 yuan).

　　For example, if you have bought more than 10,000 yuan of Shanghai Pudong Development Bank (stock code: 600000.SH) shares in your stock account, and meet the above conditions for participating in science and technology innovation board, you can participate in the IPO in science and technology innovation board. Because the stock codes 601 and 600 start with the Shanghai Stock Exchange. The stock at the beginning of 000 is the main board stock of Shenzhen Stock Exchange; 002 starts with small and medium-sized stocks of Shenzhen Stock Exchange, and 300 starts with GEM stocks of Shenzhen Stock Exchange.

　　In addition, there is another way to invest in bank wealth management and fund participation in innovation. For example, at present, Bank of China, China Merchants Bank, Postal Savings Bank and other banks have launched science and technology innovation board-themed bank wealth management products, mainly by investing in innovative funds to indirectly participate in innovation in science and technology innovation board.

　　Are new shares "bought as earned"?

　　Many people think that buying new shares means earning, just like winning the lottery. The data shows that the number of investors participating in online innovation has exceeded 3.1 million. This means that almost all individual investors who have opened the trading authority in science and technology innovation board have participated in the innovation.

　　In fact, science and technology innovation board’s new shares are not cheap.

　　Price-earnings ratio (PE) is the ratio of stock price divided by earnings per share, and it is one of the most commonly used indicators to evaluate whether the stock price level is reasonable. Generally speaking, the higher the P/E ratio, the more overvalued the stock is.

　　The upper limit of 23 times P/E ratio has been cancelled in the issue price of science and technology innovation board shares, so the average P/E ratio obviously exceeds the overall level of A shares.

　　According to the statistics of Pacific Securities Research Report, the P/E ratio of 25 companies is between 18.86 and 170.75 times, with an average of 49.16 times and a median of 42.14 times.

　　Among them, the highest P/E ratio is Zhongwei Company, 170.75 times; The lowest is China’s through number, 18.8 times. The P/E ratios of China Tonghao, Wald, Tianyi Shangjia and Aerospace Hongtu are lower than the industry level, and the remaining 21 companies are all higher than the industry valuation.

　　Judging from the issue price, according to Wind data, the average issue price of the first batch of 25 new shares listed in science and technology innovation board is 29.20 yuan/share. As of July 15th, of the 87 A-share new shares issued this year, only 21 were issued at a price exceeding 29.20 yuan/share.

　　In addition, in terms of winning rate, the average winning rate of the first batch of 25 science and technology innovation board new shares is nearly 0.06%, which is higher than the overall level of A shares.

　　What problems should we pay attention to in trading?

　　Science and technology innovation board’s trading rules are different from the current rules of A shares.

　　First, the price rises and falls. There is no price limit in the first five trading days after the listing of science and technology innovation board stock, and a 20% price limit is set from the sixth trading day.

　　In the first five trading days, science and technology innovation board also set up a temporary suspension system. When the intraday share price rises or falls by 30% or 60% compared with the opening price for the first time, it will be suspended once respectively.

　　In this regard, some market analysts have warned that if there is no price increase or decrease, it is very likely that investors will be "hung at high altitude" after buying; The price limit of 20% is twice as large as the current limit of 10% A shares, and the trading risk is higher.

　　Secondly, the number of single declared shares in science and technology innovation board is different from the current 100 shares in A shares, and its starting number is 200 shares. Moreover, as long as each declaration exceeds 200 shares, it can be increased by 1 share, for example, 201 shares and 202 shares can be purchased.

　　Finally, it should be noted that science and technology innovation board has not introduced the T+0 trading system, but still adopts T+1. T+1 means that stocks bought on the same day cannot be sold on the same day, and cannot be sold until the next trading day.

　　The relevant person in charge of the China Securities Regulatory Commission said earlier that at this stage, China’s capital market is still immature, the proportion of small and medium-sized retail investors in the investor structure is relatively large, the characteristics of the unilateral market have not fundamentally changed, and the market monitoring means are still insufficient. Starting from maintaining the stable operation of the market and protecting the interests of small and medium-sized investors, science and technology innovation board has not introduced T+0 trading system yet.

　　What is the impact on the trend of A-share main board?

　　Essence Securities pointed out that assuming that the turnover rate of most companies in science and technology innovation board reached 89% on the first day of trading, it is estimated that the turnover of science and technology innovation board on the first day will be about 31.394 billion yuan (assuming that the average transaction price exceeds the issue price by 35%), then science and technology innovation board will account for about 6.56% of the total turnover of the two cities, with little liquidity impact.

　　Huatai Securities analyzed that science and technology innovation board’s influence on the liquidity of the A-share main board mainly has two aspects, namely, the bottom warehouse drainage effect and the diversion effect.

　　On the one hand, science and technology innovation board’s increase in stock supply has created a certain diversion pressure on the trading volume of the existing A-share sector, which is in the two stages of issuance and listing; On the other hand, participating in the subscription of science and technology innovation board new shares requires the market value of A-share bottom positions, which is expected to increase the allocation funds of existing sectors.

　　Regarding the "diversion pressure on the existing A-share sector", GF Securities believes that the diversion effect brought by science and technology innovation board is limited and controllable due to the comprehensive mechanism and volume factors.

　　From the mechanism point of view, the Growth Enterprise Market (GEM) adopted the new subscription of new shares in advance, and the first batch of frozen subscription funds reached one trillion yuan, while science and technology innovation board only adopted the market value placement method, which greatly weakened the diversion effect; In terms of volume, the financing scale of science and technology innovation board is expected to be 80 billion to 90 billion yuan in 2019, and the overall pace is controllable.

　　Li Chao, vice chairman of the China Securities Regulatory Commission, said earlier that science and technology innovation board has strict corresponding standards and procedures, which does not mean that anyone who wants to go public can go public. At the same time, science and technology innovation board pays attention to the market mechanism, which includes market constraints. As long as all parties in the market, including intermediaries, issuers, investors, and regulatory authorities, return to their posts and do their duty, I believe there will be no flooding in science and technology innovation board. (End)

Hold the "skin" of innovation

Lack of self-confidence and responsibility.

And Gree, who was still unknown in 1994, desperately resisted in the face of strong acquisition in 2005. Since then, Guangdong Province has sent an investigation team, and the acquisition plan finally came to an abrupt end.

This year, Gree’s annual sales amounted to 15.6 billion yuan, and now it has exceeded 200 billion yuan.

The key reason for the stubborn resistance 19 years ago is that "the brand has been accepted, and what innovative research and development capabilities do we have?" Isn’t it a production base for others? "

The brand is like skin. If the skin doesn’t exist, how can the hair be attached?

It was hard to keep the "skin", and Gree tried hard to innovate. As Dong Mingzhu’s speech theme:Innovation is the soul of brand..

When the air conditioner blows out scapulohumeral periarthritis and cervical spondylosis, and the peers are still boasting that its air conditioner can blow 15 meters, Gree has developed the technology of "the wind does not blow people" in ten years.

When many air-conditioning brands "turned down" in the Middle East where the high temperature exceeded 60 degrees Celsius, the dual hydrogen compressor independently developed by Gree properly lowered the room temperature to 20 degrees Celsius. On the contrary, in the extremely cold zone of MINUS 40 degrees Celsius, Gree is self-sufficient.

In addition, as early as 2012, Dong Mingzhu opened its mind to develop air conditioners that don’t consume resources. After iteration, Gree’s "light storage and flexibility" air conditioning system integrated clean photovoltaic power generation, safe energy storage and electricity regulation, and intelligent system management. "Not only does it not use electricity, but it can also produce electricity. In this case, is it necessary to turn off the air conditioner at home? " Dong Mingzhu is so Versailles.

"Darkness" creates innovation

Go back to 2005 when Gree turned the wheel of his destiny. At that time, the country just started to implement the air-conditioning energy efficiency rating, in which key technologies such as air-conditioning compressors were in a state of following. When faced with a question from the provincial investigation team, Dong Mingzhu said frankly that he had "no skills".

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This can explain why Edison was not only the inventor of electric light, but also one of the founders of General Electric.

This is why, after four waves of entrepreneurship, namely, self-employed entrepreneurship in the early days of reform and opening-up, "going into the sea within the system" in the early 1990s, overseas returnees’ entrepreneurship in the early 21st century, and "internet plus" business model in 2015, China entrepreneurs are now moving towards the stage of devoting themselves to scientific research.

In Shanghai, such cases are numerous. In the field of synthetic biology, Guo Min, a postdoctoral fellow at Scripps Institute in San Diego, USA, founded Kangma Biology; In the field of photonic chips and quantum computing, Jin Xianmin, a professor at Shanghai Jiaotong University, founded Turing Quantum; In the field of artificial intelligence, Zhang Jianzheng, a doctor of engineering at Shanghai Jiaotong University, founded Sazhi Intelligence …

But innovation is not limited to hard-core technological breakthroughs. In the forum, Dong Mingzhu also shared a story that she has been obsessed with for more than 20 years-a 5-year-old child used a curved straw instead of a spoon to feed water, so that her mother who was lying in bed and could not move could drink water. This story has greatly inspired Dong Mingzhu: "Innovation is everywhere, and it is to change the pain points in a down-to-earth manner."

For example, Vipshop, the "TOP100 Brand Value List of China" released by this forum, has interpreted an innovative story of covering "cost performance" with a more advanced "quality-price ratio". In recent years, the brand discount format has become popular. If the social consumption trend is regarded as a coordinate axis, the abscissa is price and the ordinate is quality, then consumers often hope to realize the "left shift" of the abscissa on the premise that the ordinate remains unchanged.

In line with the trend of "quality-price ratio", Vipshop has established cooperation with 44,000 brands around the world, and its 1,000-person buyer team has set up offices in Britain, the United States, Italy, France, Germany, Japan, South Korea, Singapore, China and Hong Kong and other countries and regions. After capturing the key market information, buyers directly negotiate with the brand and its designated official sales channels and purchase goods, eliminating redundant middleman links, shortening the supply chain and reducing the procurement cost.

"Quality-to-price ratio" also includes services that exceed expectations without extra expenses. In addition to seven days of unreasonable return, there are a series of service guarantees such as ten-day price guarantee, quick refund, door-to-door return, and worry-free damage.

It is the ultimate attempt to figure out the consumer psychology that Vipshop will win the user’s stickiness. According to the financial report, in 2023, the GMV (total merchandise turnover) of Vipshop will exceed 200 billion yuan, up 18.7% year-on-year, of which the growth rate of GMV for wear category is as high as 24%.

In the Red Sea, a consumer e-commerce company whose traffic almost peaked, it still won high growth, which is the power of innovation. Sang Dawei felt from this: "The dark moment will force enterprises to pay attention to innovation. When consumption is weak and growth slows down, it is precisely the time for outstanding enterprises to stand out. "

Specialized and special concentration

The reporter found that both Gree Electric, a keynote speaker, and the TOP100 enterprises in China Brand Value List, which came to receive the prize, were mostly specialized and innovative enterprises with high innovation concentration.

Inspired by Germany’s rich "invisible champions", Shanghai began to cultivate specialized and special new enterprises as early as 2011. Sang Dawei surveyed 2,500 specialized and innovative enterprises in Shanghai, and found that more than 40% of enterprises’ R&D investment accounted for more than 20% of their revenue, and 8.3% of enterprises’ R&D investment even exceeded 100%. This means that some enterprises invest in research and development with financing, which is deeply admirable.

Just like the domestic large aircraft C919 will be "Take-off at a large elevation angle and turn at a small angle pave the way for its commercial operation abroad in the future. Shanghai specialized and special new enterprises have also branded a deep understanding of China brand for overseas markets with a high innovation concentration.

For example, in 2021, it was selected as the first batch of state-level specialized and special new "Little Giant" enterprises supported by the Ministry of Industry and Information Technology.Zhongke Xinsong, focusing on the independent research and development and production of cooperative robot series products, won the first seven-axis cooperative robot in China, the first two-arm cooperative robot in China, the first 25-kilogram large-load cooperative robot in China, and the first 2-meter long-arm exhibition robot in China. Its products are widely used in automobile, 3C, semiconductor, medical and health industries, and exported to dozens of countries and regions such as Southeast Asia, North America and Europe.

Application of Duoke @ Dual-arm Cooperative Robot Coffee Making

ChatDUCO intelligent robot calligrapher

Yang Wei, president of Zhongke Xinsong, has never forgotten that when he purchased a motor from an American brand, the other party’s arrogance and price were not negotiable. After three months, Zhongke Xinsong successfully independently developed the motor at a cost of only a quarter of that of the other party. "Now we have more than half of our overseas customers. Without the unique skills of independent innovation, we will never survive in the harsh environment of competing with the first echelon of foreign countries. " Yang Wei said.

According to Zhao Yi, deputy director of the Shanghai Coordination Office for Promoting the Development of Small and Medium-sized Enterprises, after 13 years of incubation, the total number of specialized and innovative enterprises in Shanghai has reached 10,087, including 685 "little giant" enterprises.

Shield machine is called "the king of construction machinery" and is an important symbol to measure the manufacturing level of a country. Today, seven out of every ten shield machines in the world come from China. What kind of industrial chain support is behind this? Look at the reporter’s first-line research.

In the assembly workshop of China Railway Equipment, the largest shield machine enterprise in China, the reporter saw that a number of shield machines exported overseas were being delivered centrally. If this shield machine is disassembled, there are more than 10 thousand parts. As can be seen from this industrial chain map, cutters and main bearings are mainly concentrated in Henan, motors are mainly located in Shanxi, and gears are mainly distributed in the Yangtze River Delta and Chongqing. And if we go back to 10 years ago, these key components still have to rely on imports.

Cutters, like teeth, determine the tunneling speed of a shield machine. The materials used as cutters should be high in hardness, corrosion resistance, good in flexibility and fatigue resistance. In order to overcome this special material, China Railway Equipment and Tsinghua University jointly tackle key problems, and conducted thousands of tests on more than a dozen additive elements, finally solving the problem of high strength and toughness of superhard materials.

As the "chain length" in the industrial chain, China Railway Equipment has driven the development of more than 1,200 enterprises through this collaborative innovation mechanism for many years. In this warehouse, the reporter saw that there were fifty or sixty rows of shelves with accessories such as motors and hydraulic pumps, just like a "parts supermarket for shield machines". Now more than 160 local enterprises provide supporting products and services for shield machines.

At the same time, engineers are constantly promoting the renewal and upgrading of shield machines. The types of shield machines have increased from two 10 years ago to 15 now. Originally, they can only move horizontally, but now they can go up and down slopes, turn corners and operate vertically. Now, the shield machine in China is still developing towards intellectualization and "unmanned tunneling".

Thanks to China’s complete industrial chain and continuous iterative technological innovation, today, China’s shield machine has occupied 70% of the global market, with thousands of upstream and downstream enterprises. Only China Railway Equipment and shield machines have received more than 1,600 orders, which have been exported to more than 30 countries and regions around the world, ranking first in the world in terms of production and sales for six consecutive years.

For military fans, it is definitely their dream car, and the arrival of it makes them dreams may come.

Although it is different from the military warrior’s purely functional orientation.,Warrior 917 focuses on luxury electric off-road, but the door handle with the shape of "desert eagle", the handle with the shape of airplane lever and the door closing also simulate the sound of pistol loading.Waiting is enough to make military fans ecstatic.. The key warrior 917 also inherited the cross-country gene of military vehicles.Hardware blessing such as 31 approach angle, 31 departure angle, 100% maximum climbing degree and 335mm maximum ground clearance.There is no need to say more about strength.

For this reason, I mainly drove it in Guangzhou this time. Look at this car’s width of nearly 2.1m, and it is inconvenient for a big guy with a curb weight of over 3.1 tons to pass through the city. As it turns out, the return rate of Warrior 917 on the road is really high, and the driving perspective of pickup truck with the same paragraph gives me a strong sense of security and satisfaction. besidesBenefit from10.6 rear wheel steeringThe turning radius of Warrior 917 is only 5.1mEven the old city can easily turn around, and there is no pressure on urban use.

However, if you want to enter the underground garage, you must remember to adjust the air suspension back to the standard height, just like the underground garage with a measured height limit of 2.2m m. When the air suspension is at the off-road height, it will scratch the height limit pole, and when passing through the underground garage, it will also scratch the sign. What happened specifically, you can open the video to see ~