On February 23, Huaxing Capital released “CR Index Huaxing Primary Market Temperature Index (Phase Four)” (hereinafter referred to as “CR Index Report”). The report pointed out that the overall primary market has ushered in recovery from all aspects after the beginning of the year and recovery.
Compared with the end of last year,The current trading activity of each track and the expectation of future activity are allSignificantly increased, and the average range of the inversion of primary and secondary valuations also showed an overall narrowing trend, showing that investors have strong expectations for this year’s bottoming out. RMB funds represented by the national team will generally significantly increase the frequency of sales this year and shorten the project execution cycle to further improve investment efficiency. Although the overall US dollar fund still has a wait-and-see attitude, it also shows cautious optimism and strives for change. .
This CR Index report also innovatively added the views of various overseas secondary market investors on the Chinese market and Chinese stocks after the beginning of the year. It is expected that the secondary market will drive the primary market and provide you with more diversified perspectives. basis for judgment. From the presented results,Investors in the secondary market are gradually picking up their investment sentiment towards China and Chinese stocksit is generally expected that Chinese stocks will perform well this year and will gradually increase the proportion of holdings;At the same time, everyone generally has a more positive attitude towards participating in the issuance of IPOs in Hong Kong stocks and US stocks this year.looking forward to digging out more investment opportunities.
From the perspective of subdivision of different tracks, compared with last year, the current market presents a situation where hotspots are more scattered and more blooming:The fire of ChatGPT continues to detonate AIGC and other related hotspotsthe market activity of the AI technology track has improved significantly:All kinds of fund investors have increased their attention to this field, and many top VCs are actively investing in this field. In addition, strategic investors have also expressed a stronger willingness to deploy this track;The enthusiasm for the track supported by policies such as new energy and industrial intelligent manufacturing remains high:The new energy and new material track, as the most concerned investment line in the current market, has become the only track where investors score more than 8 points in the current track activity. Energy and innovative materials in multiple vertical industries are still the most important investment directions;Tracks that continued to slump last year, such as consumer retail, corporate services, and healthcare, are also showing different degrees of recovery and improvement at present: Taking consumption as an example, the current trend of some consumption data has shown signs of recovery. Upstream supply chains and raw material companies, agricultural companies, and old brands started off-line are all hot areas mentioned by investors; from different transactions In terms of types, early-stage projects can focus on exploring new categories and new ways of playing that are driven by certain technologies. Listed companies may have bargain-hunting opportunities. At the same time, attention should be paid to some industrial integration mergers and acquisitions.
In addition, Huaxing Capital analyzed the project valuation stage that each track focuses on and the requirements for project financial data thresholds when investing.It is found that projects with a valuation of less than 3 billion yuan have become the focus of the market as a wholeconfirming that the overall investment stage of the market has moved forward; at the same time, Huaxing Capital found that for consumer retail, new energy, advanced manufacturing and semiconductors and other hard technology tracks, most investors require that they have achieved financial profitability or have a clear possibility of profitability. However, in the fields of enterprise service, AI technology, medical treatment, metaverse, etc., most investors can still continue to accept a certain degree of loss.
source:Huaxing Capital
