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"Is the chain going up?" The first batch of filings, the blockchain concept stocks were again sizzled

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2019-04-15 07:16:39 source:International financial newspaper Author:Yu Jichao

"You sing me to debut,"BlockchainThe craze swept the world.

April 11th, withBitcoinStrong, US stocksBlockchain conceptStocks rose. RiotBlockchain closed up 10.38%, MarathonPatent closed up 42.44%, ChinaNet Online rose more than 3%, and Thunder rose 2.66%.

  A-share marketIn respect, previously, with the release of the first batch of 197 blockchain information service filing numbers in the territory, blockchainConceptual sectionIt has also skyrocketed for several consecutive trading days, and individual concept stocks have gained "eight links". The phenomenon that “the chain is rising” has caused the regulators to pay close attention, and related companies have also issued risk warnings.

Securities analysts and blockchain industry insiders have suggested that "the blockchain technology that can be seen now is basically concentrated in the exploration stage."Event drivenThe type is dominant, mainly based on the concept of hot money in speculation, investors should not blindly follow the trend, so as not to step into the air.

  Stock price rise

On March 30th, the official website of the National Internet Information Office (hereinafter referred to as “National Internet Information Office” officially released the first batch of 197 blockchain information service registration numbers in the territory, involving 164 enterprises in 18 provinces and municipalities directly under the Central Government, including Baidu. Jingdong,AliBlockchain projects of well-known companies such as Tencent and Aiqiyi.

According to incomplete statistics, among the 197 filing projects, there are direct or indirect shares in the blockchain filing project.Hailian Jinhui(Quotes002537,Medical stock),Advanced data communication(Quotes300541,Medical stock),Easy to see shares(Quotes600093,Medical stock),Anne shares(Quotes002235,Medical stock),Chen Xin Technology(Quotes002447,Medical stock),Run and software(Quotes300339,Medical stock),Giant Network(Quotes002558,Medical stock),UF Network(Quotes600588,Medical stock),Zhejiang University Network New(Quotes600797,Medical stock),Hang Seng Electronics(Quotes600570,Medical stock),SF Holdings(Quotes002352,Medical stock),Quartet(Quotes300468,Medical stock),Huada Gene(Quotes300676,Medical stock),Ping An(Quotes601318,Medical stock),Xinhua Net(Quotes603888,Medical stock),Successfully(Quotes000606,Medical stock),Qingdao Haier(Quotes600690,Medical stock) and other A sharesListed company.

Although the National Network Office emphasized that the filing is only the registration of the relevant information on the main blockchain information, it does not represent the recognition of its institutions, products and services, but the filing news has played a positive role in boosting the market.

According to Wind data, the blockchain concept index has risen by 11.73% in the past three trading days after the release of the filing information. Among them, 20 stocks such as EasyShare and Anne have gained more than 10%.

The reporter noticed that in addition to the stock price of the company directly or indirectly participating in the blockchain filing project, such as Easy View shares and Anne shares.Continuous daily limitAlso includes likePrecise information(Quotes300099,Medical stock),Jin Yi Technology(Quotes002869,Medical stock),Royal Bank(Quotes002177,Medical stockBlockchain stocks with no direct project filings have also been trading daily.

Among them, the accurate information reported by the media as the “leading” of the blockchain is the pioneer in the daily limit, and has won “eight boards”. From March 28th to April 9th, the accurate information was updated for eight consecutive trading days, and the stock price rose from 5.5 yuan to 11.83 yuan, an increase of 114.7%.Hand turnover rate61.1%, the daily amount is 1,247,300.

  Guoyuan Securities(Quotes000728,Medical stock) Wo Zhongyuan’sInternational financeReporter said that the recent promotionBlockchain blockThe reason for the skyrocketing was mainly due to the release of the first batch of domestic blockchain information service filing numbers at the end of March. The first block trading day after the list was issued, the blockchain concept sector led the gains.

In addition, Wo Zhongyuan said that the recent rise in Bitcoin also injected strong momentum into the blockchain concept stocks. As one of the representatives of blockchain technology, the rapid rise in bitcoin prices has brought significant boost to global blockchain concept stocks.

With bitcoin station on 5400DollarThe US stock blockchain concept stocks have ushered in a big rise. On April 11, RiotBlockchain closed up 10.38%, MarathonPatent closed up 42.44%, ChinaNet Online rose more than 3%, and Thunder rose 2.66%.

In fact, in the early 2018, the blockchain concept stocks also had a collective rise. On January 10, there was a collective ups and downs of 11 blockchain concept stocks including Easy View and Quartet. The total net inflow of funds was 2.02 billion yuan.

  Hype concept

At a time when blockchain technology has not yet reached a large scale, the blockchain concept stocks have been pushed up collectively, which inevitably raises questions about the concept of hype.

As early as the beginning of 2018, the Shanghai and Shenzhen Stock Exchanges noticed that some listed companies' blockchain technology did not land, but they were borrowing the concept of blockchain. At that time, the Shanghai and Shenzhen Stock Exchanges had sent inquiries to nearly 20 blockchain concept companies, asking relevant listed companies to respond to questions such as the rationality of their valuations and the actual situation of technology development, and prompt investors to prevent concept speculation and attention. Investment risk, the company that received the inquiry letter at that time included the company that has the first batch of projects to record the easy-to-see shares, and the chain technology.

The CSI Small and Medium Investor Service Center also issued a document in February 2018 saying that the number of companies actually involved in the blockchain business is limited, and more is the edge of the blockchain concept, in the market to pursue the concept of the blockchain concept. Under the information disclosure of some listed companies is rather vague, and it is suspected of taking the opportunity to speculate.

Today, in the blockchain industry and securities analysts, the blockchain technology is still in the collective exploration stage. At present, the main reason for the blockchain concept stocks to strengthen is the concept of event hype.

After the release of the first batch of blockchain filing information, Li Feng, head of Baidu Financial Blockchain, told the International Finance News reporter that more truly valuable applications and scenarios could be highlighted and matured. The basics are all concentrated in the exploration phase."

For the reasons behind the recent rise in the blockchain concept stocks, Li Feng bluntly said, "In addition to the speculation, we did not see the real (factor) push."

Wo Zhongyuan also pointed out to reporters that the current market is mainly driven by events, with hot money speculation as the main.

Wind shows that a number of well-known hot money have appeared in the recent continuous update of the limit informationDragon and Tigeron. The top three in the buy list on April 9Guotai Junan(Quotes601211,Medical stock) Securities Shanghai Jiangsu Road Sales Department,GF Securities(Quotes000776,Medical stockXi'an Nanguangji Street Sales Department, Anxin Securities Xiamen Hubin South Road Sales Department, the purchase amount is 51.457 million yuan, 39.945 million yuan, 35.958 million yuan.

The top three in the buy list on April 4 wereHuatai Securities(Quotes601688,Medical stockShanghai Fengxian District Wangyuan South Road Sales Department, Huaxin Securities Zhuhai Haibin South Road Sales Department, Huatai Securities Guangzhou Tianhe East Road Sales Department; the top three selling charts are Zhongtai Securities Taian Yuzong Street Sales Department,Guohai Securities(Quotes000750,Medical stockJinan Lishan Road Sales Department, Zhongtai Securities Taian Dongyue Street Second Sales Department.

It is worth mentioning that the sales department of GF Securities Shenzhen Mintian Road has appeared on the accurate information selling list twice recently. On April 9, GF Securities Shenzhen Mintian Road Sales Department ranked third with 33.431 million yuan; on April 1, GF Securities Shenzhen Mintian Road Sales Department topped the list with a sales of 10.755 million yuan.

In addition, Dongguan Securities Sichuan Branch,Ping An SecuritiesShenzhen Shekou Merchants Road China Merchants Building Sales Department,Caitong Securities(Quotes601108,Medical stockThe business department of Shangtang Road in Hangzhou has appeared on the Dragon and Tiger list on April 1st.

  Regulatory concern

In the face of the blockchain market that has been stirred up, the regulatory authorities are highly concerned.

On April 9th, the Shenzhen Stock Exchange issued a letter of concern to Anne's shares, requesting the necessity of entering into the blockchain industry in conjunction with the main business description, whether there is synergy with the existing main business, and whether the company has a blockchain. Business capabilities. At the same time, the letter of concern asked Anne to explain the impact of the “Annie Copyright Blockchain” service platform on the financial status and operating results of the company in 2019.

Earlier, Anne shares inStock tradingThe abnormal fluctuation announcement mentioned that on March 30, the National Network Information Office released the first batch of 197 blockchain information service names and filing numbers, and the company’s wholly-owned subsidiary Beijing Edition Family Technology Development Co., Ltd. The blockchain service platform was approved for filing.

The stock price change of accurate information has also attracted regulatory attention. April 5, Shenzhen Stock ExchangeGEM companyThe management department issued a letter of concern to the accurate information, requiring accurate information to explain the technical basis of the company's blockchain business, the order of the blockchain business, the sales confirmation, whether it has core competitiveness, whether it has a significant impact on the company's performance, and the national network. The specific impact of the office cloth blockchain information service name and the record number on the company's operation and performance, and fully inform the relevant risks.

On April 8th, the accurate information release risk warning announcement stated that the company had fewer blockchain customers, less revenue from the blockchain business, and had a lower impact on the company's performance, and the blockchain was not announced in the National Network Office. Information service name and filing number in the business directory.

However, the voice of the regulatory attention letter and the risk warning did not fall. On April 9, the accurate information stock price closed again, and closed at 11.83 yuan per share. In this regard, in the April 9th ​​Announcement on Stock Price Changes, accurate information once again prompted five major risks, such as the company's decline in performance, high valuation, less revenue from blockchain business, and reduction of senior management of the company. .

Accurate information indicates that the company expects a loss of 3 million yuan to 4 million yuan in the first quarter of 2019. the companyStock priceIn the near term, the continuous increase is large, and the rolling P/E ratio is significantly higher than the industry P/E ratio, and the valuation is relatively high. In particular, investors are reminded to pay attention to investment risks, rational decision-making, and prudent investment.

The reporter learned that in addition to the letter of concern and requiring companies to fully indicate the risks, the exchange has also implemented measures of “suspension cooling”. At the beginning of January 2018, the stock price of Yijian shares rose for four consecutive days, with a cumulative increase of 46%. In response to this situation, on January 11 and 12, the Shanghai Stock Exchange implemented a suspension of trading on the shares of the company, and requested the company to disclose in detail the development of the company's blockchain business. After the resumption of trading on January 16, the stock was once again daily limit, and on January 17, it was implemented a second suspension of cooling.

Under the "cooling" measures, starting from April 3, the stock price of the blockchain concept stocks began to differentiate. At the same time that the stock prices of companies such as EasyShare, Anne and others continued to rise, Hailian Jinhui, Chenxin Technology and Quartet Jingchuang and other companies began to show a decline. As of April 3, the three companies fell by 2.6%, 6.64% and 3.84% respectively.

In addition,Oriental wealth(Quotes300059,Medical stockThe data shows that the blockchain concept showed signs of “cooling down” on April 8, and the overall sector fell by 1.98%. As of the close of April 11, the accurate information closed down, the stock price fell to 10.2 yuan / share; easy to see shares also fell 3.06% to 15.86 yuan / share.

  Beware of the air

"International Finance News" reporter interviewed many senior people in the industry learned that blockchain technology has a long way to go before large-scale commercial use.

Securities analysts who are unwilling to be named told reporters of the International Finance News that in the market, for the new things such as blockchain, the concept of using event-guided speculation is not uncommon. The hot money is fierce and short-term, and there are many people who make quick money.

The above-mentioned securities analysts pointed out that investment is not speculative, speculation can make quick money, but when there is a look at it, investors should try to avoid speculative profits, so as not to go to the air. For the blockchain, it is more important to look at the application prospects of enterprises, and to do long-term value investment, value investment is far more profitable than speculation.

Wo Zhongyuan also said that from the experience of the past, the concept of hype is often how to go up and not last. Only companies that have real performance support and have substantial projects can maintain a relatively high valuation.

“The blockchain technology has unique advantages, but as far as the actual application and development are concerned, there is still a lack of a complete value visualization closed loop from product development and use demonstration to user recognition and economic value. At present, the blockchain is still The concept of speculation is the mainstay, and the application of specific projects will take time.” Wozhong said.

In fact, it is also known from the announcement of listed companies that the current blockchain technology is still in the early stage of exploration.

Anne shares has announced that the company's research on blockchain technology is still only in the early stage, and has not yet had a material impact on the performance. Yijian shares also said that the company's exploration and application of the blockchain is still in its infancy, and has not yet had a significant impact on the company's performance.

In addition, the scale of operations and benefits have not yet been formed. In the first batch of filing companies, the same interesting chain technology was also received. The Shanghai Stock Exchange pointed out that the chain technology mainly provides blockchain network solutions for enterprises and the like through the platform technology of the blockchain. Among them, in 2017, the operating income was only 1,846,400 yuan, and the net profit was 15.1 million yuan, which did not form a business scale and income.

Through the accurate information disclosure information that is hailed by the media as the “leading” of the blockchain, it can also be found that its blockchain revenue accounted for a small proportion. According to accurate information disclosure, the blockchain business has achieved less than 5 million yuan in revenue since 2016, accounting for a very low proportion of the company's revenue. In 2018, the income was 1.957 million yuan, accounting for 0.41%. In addition, as of April 9, the precision information blockchain customer is only one of China Tower, and there are no new customers and no new orders.

However, the blockchain is expected to be in the future. Wo Zhongyuan believes that the concept of investment blockchain not only depends on the ability to land, but also needs to look at the application scenarios. For example, the application scenario of security will be a relatively large market in the future.

Zhao Yanlong, CTO of Xinyan Technology, also pointed out that as long as the blockchain technology is used, the future must be a practical technology that can generate economic value, and the application prospect is also very broad.

Zhao Yinlong told the International Finance News that the decoupling characteristics of the blockchain, the inability to modify, the traceability and the safeguards for data reliability have made blockchain technology widely concerned. "The current industry is responsible for blockchain international remittance, financial blacklist control, system security audit, enterpriseCreditThere are experimental scenarios or cases for applications in other fields. In the form of the blockchain, the way of the alliance chain is relatively more acceptable. Zhao Yinlong said.

Editor in charge: Li Limeng RF13188
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