The new direction of the new three board or asset allocation

With the development of China's capital market becoming more and more perfect, three major levels of capital market systems such as the main board, small and medium-sized and new three boards have been formed. The emerging new three board market is expected to become an important direction of the next capital allocation.
In the first four months of 2016, although the Shanghai Composite Index showed a certain decline, the market operation was clear. In the main board, with the improvement of the cyclical industry boom and the strong expectations of state-owned enterprises, investment opportunities for liquor, home appliances, paper, aviation, commodities and blue chip stocks are frequent; in the small and medium-sized sectors, driverless, new energy vehicles, VR, Hotspot concepts such as OLEDs continue to be sought after by the market. However, from a long-term perspective, we believe that tapping the market opportunities of the New Third Board may be a rare investment opportunity for current investors and it is worthwhile to focus on it.
The New Third Board represents the direction of China's economic restructuring. At present, China's economic growth mode is gradually shifting from investment and export-oriented to consumption and innovation. The transformation of macro-economy will open a new world of micro-economic development. At the same time, the continuous introduction of a series of administrative reform measures by the government, including the proposal of "mass innovation, entrepreneurship", has created a new policy environment for the development of microeconomics. Among them, the launch of the New Third Board is, to a certain extent, a capital service platform that promotes economic transformation, encourages enterprise innovation, and motivates mass entrepreneurship. This capital platform is tailor-made for innovative enterprises, including the issuance system, performance requirements and other indicators are clearly different from the A-share listed companies, the overall system design is relatively loose. At present, the number of listed companies on the New Third Board has surged from more than 4,000 to more than 7,000, and the development momentum is very rapid.
The New Third Board is in line with the new theme of innovation and transformation. Although there are a large number of new three-board enterprises, each company has different stages of growth and different business cycles. However, a small number of small and beautiful enterprises will emerge, which can conform to the social demographic structure and consumption patterns. Change and change, and gradually grow into a valuable company, and even the leader of emerging industries.
Nowadays, as a new generation of young people, the 90s have gradually become the most active force in social life, and a new market created for the post-90s is also growing. Because of the huge differences in the background, economic conditions, education level and the age of the past 90s, these decided to differentiate the consumption concept and values ​​after the 90s, and gave birth to new consumer demand. Fashion culture, personal value, and sports consumption are the cultural consumption labels of the post-90s. These are also emerging markets that are currently growing and growing, and the New Third Board is the most important platform for these emerging market enterprises to achieve innovative development.
The development potential of the cultural consumer industry is huge as an emerging industry, and the future development potential of the cultural consumption industry is huge. At the same time, cultural consumption is also an industry in which the profitability of the New Third Board is rising rapidly. Among them, the concept of e-sports is worthy of close attention.
The first e-sports Olympics will be held concurrently with this year's Brazil Olympic Games. From the point of view of consumption, the post-90s group is generally keen to watch e-sports competitions, which has become their attitude towards life. In 2016, the "League of Legends" 2016 mid-season championship is very popular, which fully shows that the e-sports industry has a very strong explosive power, and there is huge room for development in the future.
It is worth noting that some of the listed companies in the A-share market are beginning to enter this emerging field. Companies such as Huayi Brothers, LeTV, Storm Technology have seized large IPs and entered sports, variety shows, events, animation and other fields. At the same time, Zhefu Holdings, Perfect Global, and Contemporary Oriental have also entered this emerging field through transformation. It is precisely because of the influx of these large companies that the future of the e-sports industry is full of hope.
From the perspective of the new three-board enterprises, social media and online video have once again become important channels for the follow-up of the 90s after the re-launch of the "Super Girl", the originator of the Chinese draft. Among them, Mango TV uses pure net live broadcast to create a new model of idol development. Or it will bring huge development opportunities to companies such as culture, video, mobile games and VR related to the new board.
In addition to the bus online, Zhejiang Daily Media is a traditional super girl concept stock, and some new three board companies have begun to join the industry. For example, Beepai Technology, according to the company's recent announcement, the company has signed relevant agreements, and will participate in this major event in the future. It is expected that the signing of the agreement will bring more room for development.
In addition, we have seen a large number of cultural innovations, performances, sports, and mobile games listed companies in the New Third Board. These companies have content or resources, and they are all in line with the transformation of the economy to meet the advent of the new era of consumption. In this regard, we believe that in the new IPF IP field, a number of high-quality companies with broad development prospects are expected in the future.
Investing in the New Third Board requires careful stock selection. Due to the large number of listed companies on the New Third Board, low listing thresholds and different development stages, the transactions are relatively inactive. If investors blindly participate in the New Third Board investment, they may face certain investment risks. Therefore, investors should carefully select stocks when investing in the New Third Board listed companies, focusing on those companies with high growth, clear main business, clear strategic positioning, core competitiveness, and expected future performance release.