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Ouke cloud Chain Research Institute: decoding blockchain concept stock

Time : 07/12/2021 Author : l5u8tn Click : + -
        [Abstract] listed companies in the securities market have always been the representative forces in all walks of life in the national economy. As early as the beginning of 2018, relevant blockchain concept stocks have appeared in China's securities market. After the blockchain technology was set as the national strategic height, China's blockchain industry ushered in a new development stage, and the listed companies related to blockchain technology began to receive the attention of the market. This report will study the blockchain concept stocks in China's securities market to better reflect the current development of China's blockchain industry. In recent years, blockchain technology is considered to be one of the most subversive technologies, and has emerged in various industries, including finance, logistics, supply chain, credit and many other fields.
 
        On the afternoon of October 24, 2019, the Political Bureau of the CPC Central Committee conducted a collective study on the current situation and trend of the development of blockchain technology. Xi, general secretary of the CPC Central Committee, stressed that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation; We should take the blockchain as an important breakthrough point for independent innovation of core technologies, clarify the main direction of attack, increase investment, focus on tackling a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. Listed companies in the securities market have always been the representative force in all walks of life in the national economy. As early as the beginning of 2018, relevant blockchain concept stocks have appeared in China's securities market.
 
        After the blockchain technology was set as the national strategic height, China's blockchain industry ushered in a new development stage, and the listed companies related to blockchain technology began to receive the attention of the market. This report will study the blockchain concept stocks in China's securities market to better reflect the current development of China's blockchain industry. This report selects the wind blockchain index as a sample for in-depth analysis. The wind blockchain index contains 97 blockchain concept stocks distributed in 8 different industries. Among them, there are 66 information technology enterprises, 13 optional consumption enterprises, 11 industrial enterprises, 3 medical care enterprises, 1 real estate enterprise, and 1 public utility, daily consumption and materials.
 
        It can be seen that most of the constituent stocks of the blockchain index come from the information technology industry. However, due to the wide application of blockchain technology, there are also many industries such as medical care and real estate participating in the strategic layout. From the perspective of market value distribution, at present, the market value of most blockchain concept stocks is less than 10 billion yuan, accounting for 73.2% of the total number of samples, while only three have a market value of more than 100 billion yuan, namely, SF holdings, 360 and UFIDA network; From the perspective of geographical distribution, there are currently the largest number of enterprises in Guangdong and Beijing. Among them, 31 Listed Companies in Guangdong are involved in blockchain related businesses, while 22 listed companies in Beijing. In addition, although it is impossible to know the relevant R & D investment of each listed company in the blockchain technology at present, we can infer the R & D investment of relevant companies in the blockchain field from the R & D expenditure of each enterprise and the proportion of R & D personnel.
 
        According to the financial report data in 2019, among the current blockchain concept stocks, the three companies with the highest R & D investment are SF holdings, 360 and Inspur information, with R & D investment of about 2.5 billion yuan; In the proportion of R & D personnel in the total number of the company, the proportion of R & D personnel in most companies is between 20% and 30%; Secondly, there are about 18% of blockchain concept listed companies, and their R & D personnel account for less than 10%. From the perspective of the development of the blockchain strategy of each listed enterprise, the office of network information technology issued three batches of "domestic blockchain information service filing lists" on March 30, 2019, October 18, 2019 and April 24, 2020 respectively, which involved many A-share listed companies. In the blockchain index, there were also listed companies that completed the blockchain filing.
 
        Sifang Jingchuang, Yuanguang software, Annie Co., Ltd., radio and television express, Runhe software, Donggang Co., Ltd., SF holdings, Chenxin technology, Huada gene, hande information, Shunli office and Hailian Jinhui have all completed the blockchain filing. Among the top ten blockchain concept stocks in circulation market value, Hang Seng electronics, as a financial technology company, launched four blockchain products in December 2019: hsl2.0 platform, FanTai chain (ftcu), trade finance platform and supply chain finance blockchain service platform. After that, the stock price has risen from about 70 yuan to 103 yuan today. It is a company that really conducts blockchain technology research and development. BGI, as a medical and health care company, uses blockchain technology to apply genetic data services and further promote the standardization, standardization and compliance of genetic testing methods. After the release of the application guide of blockchain genetic data services in December 2019, its share price rose from around 60 yuan to 102 yuan.
 
        Other listed companies with high circulation market value, except yonyou network, which invested in blockchain startups, and Shenzhen technology, which is one of the largest manufacturers of bitcoin mining mechanism in China, have blockchain technology. However, some blockchain concept stocks have not actually made blockchain technology investment and layout. Among the 97 constituent stocks, 11 concept stocks have not actually made blockchain technology investment and layout. Similarly, there are 8 concept stock companies that have conducted research on the blockchain business, but no relevant technology has yet been formed. The blockchain business is still in the research stage. Therefore, the research in the blockchain field does not have a substantial impact on the company's operating income and profits.
 
        In the second half of 2019, the market performance of blockchain concept stocks began to significantly outperform the market. In particular, after October 2019, blockchain, as an emerging technology, has attracted the attention of the market. Blockchain concept stocks have been trading for many times, and their market changes are often directly related to the favorable policy news. On October 28, 2019, the trading volume of the blockchain index reached the highest value in the near future. This was mainly due to the 18th collective learning on the development status and trend of blockchain technology by the high-level on the afternoon of October 24, and the affirmation of the application of blockchain technology, which led to the Carnival of blockchain concept stocks. At the same time, many listed companies also announced that they were involved in blockchain technology, and the blockchain index increased by 8.85%.
 
        In December 2019, the central bank's digital currency retransmitted progress, and the pilot project was expected to be implemented. Affected by this news, the blockchain index rose. On December 24, Shenzhen Stock Exchange launched the first blockchain index. The market is optimistic about the blockchain as a whole, so the blockchain index ushered in another wave of market. In February 2020, the blockchain index began to rebound, which was mainly driven by the digital currency market. At the beginning of 2020, the price of many cryptocurrencies rose to a certain extent. On February 9, the price of bitcoin broke the 10000 yuan mark for the first time in five months. The continuous rise of the price of bitcoin promoted the rise of blockchain concept stocks in the US stock market and the rise of A-share blockchain concept stocks.
 
        On April 7, 2020, another wave of market appeared in the blockchain index, which was mainly related to the requirement of the central bank to unswervingly promote the research and development of legal digital currency in the teleconference on April 3. The introduction of the central bank's digital currency is beneficial to the concept of digital currency, and the concept of blockchain has been pursued. By analyzing the daily returns of the blockchain index from October 2019 to may 2020, we can get the distribution diagram of the daily returns of blockchain concept stocks as follows. The peak of the daily returns of the blockchain index is in the range of 0.11% - 1.11%, with obvious left deviation. Generally speaking, the "thick tail" of the financial market tends to the left, while the "thick tail" of blockchain concept stocks tends to the right.
 
        This means that when blockchain concept stocks fluctuate abnormally, the market performance tends to rise. This conclusion is consistent with our previous analysis: when favorable policies suddenly appear, blockchain concept stocks tend to rise by the limit. From the perspective of industry horizontal comparison, the P / E ratio of the current blockchain index is far higher than other indexes, which is twice that of the information technology index and eight times that of the industrial index; However, the earnings per share of the blockchain index is only 0.12 yuan, far lower than the industrial index of 0.35 yuan and the public utility index of 0.27 yuan. This shows that blockchain concept stocks are popular in the market, and PE valuation is far higher than other industries. From the perspective of net assets per share, the gap between blockchain concept stocks and other industries is not large, which is around 3.8 yuan. Therefore, at the level of the company's net book value, the investment value of blockchain concept stocks is not much different from that of other industries; However, from the return on net assets of last year, the return on net assets of blockchain concept stocks was only 3.1%, far lower than 7.59% of the industrial index, 4.53% of the information technology index and 7.28% of the public utilities. From this indicator, the overall profitability of blockchain concept stocks is lower than the average level of other industries, and the overall operating performance is poor.
 
        In recent years, many companies have announced to join in the R & D and application of blockchain technology. On the one hand, some companies are really making use of the advantages of blockchain technology to improve the shortcomings of traditional industries and increase the research on the application of blockchain technology; On the other hand, there are still some companies with a high degree of enthusiasm, which have not actually formed any blockchain research and investment. In addition, although many companies laying out blockchain technology have realized the technology landing, they have not formed major operating income and profits. Therefore, the development of domestic blockchain industry has a long way to go. With the development of digital economy, the future economy is likely to transition from technology driven to data driven. Data will become a necessary factor of production and data will generate value.
 
        At present, the Internet only realizes the transmission of information, which can realize information exchange and data sharing, but can not transmit the value of data. The blockchain network can precisely confirm the ownership of data, fundamentally ensuring the uniqueness of digital objects, which can not be copied and tampered with, so as to realize the transmission of value. Therefore, with the development of the next generation of high-tech industries and the gradual completion of the data infrastructure, blockchain technology will play a more important role in the digital economy.
 
        
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