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本文的核心观点来源于广发证券股份有限公司资产管理部的研究成果总结。作为资产管理部的分析师,总结了行业研究的基本办法,并结合实际的投资实践,将证券投资的行业研究办法进行了总结。创业板从2009年10月从深交所上市后,成为了中小企业的重要快捷融资渠道,也为风险资本营造一个正常的退出机制。但随着创业板3年来的发展,遇到了“高估值”、“业绩下滑”、“造福潮”、“高管离职潮”以及“解禁潮”等问题,如何理性地采用价值投资方法分析创业板证券是证券市场一个重要的课题,作为一名证券分析师,本文通过对创业板的特点与问题进行分析,结合行业研究的基本理论、方法进行论述总结,并辅以创业板行业最新的实践案例,以期用最新的行业动态、投资现状和未来发展趋势与理论界和实践者共享。
The core point of this paper comes from the summary of the research results of Asset Management Department of GF Securities Co., Ltd. As an analyst of asset management department, it summarizes the basic methods of the industry research and summarizes the industry research methods of securities investment with the actual investment practice. Since its listing on the Shenzhen Stock Exchange in October 2009, the GEM has become an important and quick financing channel for SMEs and a normal exit mechanism for venture capital. However, with the development of the GEM over the past three years, it has encountered such problems as “overvaluation”, “declining performance”, “blessing”, “leaving” and “lifting the ban”. As a securities analyst, this paper analyzes the characteristics and problems of the GEM, combined with the basic theories and methods of the industry research, discusses how to rationally use the method of value investment to analyze the securities of the GEM, which is an important issue in the securities market. Summed up, supplemented by the latest practice of the GEM industry case, with a view to the latest industry trends, investment status and future trends and theoretical circles and practitioners to share.