Special topic: The uncertainty of long-term growth of the stock market still exists. Institutions suggest looking for pricing opportunities in two aspects
◎ Journalist Chang Peiqi
On the first day of listing and trading, ultra long term special treasury bonds were active and fluctuated to some extent during the session.
On May 22, 24 Teguo01 and Teguo2401 of the Shanghai and Shenzhen Stock Exchanges were temporarily suspended twice in the session due to their excessive gains. Among them, the market of 24 Teguo01 has attracted wide attention due to the ups and downs of the market trend: it rose rapidly within one minute of the morning opening, with an increase of more than 10%, triggering the temporary suspension of trading; After the resumption of trading at 10 o'clock, it rose again quickly, and the intraday increase was as high as 25%, triggering the second intraday temporary stop at 125 yuan. After the resumption of trading at 15:27, the price quickly declined and returned to rationality, closing at 101.316 yuan, up 1.32% on the day.
Teguo2401 also rose sharply: it rose by more than 10% in the morning of the 22nd, triggering the first suspension; After the resumption of trading at 13:14, the intraday increase was up to 23%, triggering a second suspension. After the resumption of trading at 15:27, the price corrected slightly and finally closed at 119.7 yuan, up 19.7% on the day.
The reporter learned that yesterday's fierce market was mainly affected by the enthusiasm of some individual investors. For 24 Special Countries 01, the price rose by 25% in the first session. Some market participants said that the pricing had deviated to a certain extent. Maybe some individual investors were "speculating on national debt" by "speculating on new shares".
Many market participants said that individual investors should not engage in bond trading with stock speculation. "National debt is a kind of bond with high reliability and stable return, but its market pricing is mainly based on the bond valuation level, and the excessively high transaction price will lead to a significant decline in the bond yield." A bond trader said that if purchased at a high level, the investment value of the bond will be significantly reduced. For example, the yield to maturity of 24 Teguo01 at the time of issuance is 2.57%, corresponding to the par price of 100 yuan; For every 10 yuan increase in the trading price of its bonds, the yield to maturity will drop by more than 40 basis points.
A fixed income investment manager of a securities firm said that for individual investors who buy bonds from the secondary market, they should pay attention to distinguish the coupon rate and the yield to maturity. "Suppose an individual investor buys 24 Teguo01 at a price of 125 yuan today, the corresponding yield is 1.53%. If the holding matures, the final annualized yield is 1.53%, and the investment value has no obvious advantage over other types of government bonds; if you want to seek price difference through band trading, you need to take some risks," said the person.
It is worth noting that the inter-bank market "24 special treasury bonds 01", in which institutional investors participated, traded steadily yesterday, with the highest yield of 2.58% and the lowest yield of 2.566%, which did not deviate much from the coupon rate of 2.57%, indicating that the trading was more rational.
"It is reasonable that the price of ultra long term special treasury bonds fluctuates on the first day of listing, but it is rare that the price rises by 25%. Individual investors should treat this phenomenon rationally and not follow the trend of speculation." Zhou Yiqin, founder of Guantiao Consulting and a senior financial regulatory policy expert, said.
It is reported that the regulatory authorities will pay close attention to the trading of 24 Teguo01, and will quickly investigate and deal with abnormal trading behaviors such as illegal lifting or self buying and self selling of individual investors.
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Editor in charge: Jiang Yuhan
