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on september 24, the china securities regulatory commission issued the "guidelines for the supervision of listed companies no. 10 - market value management (draft for comments)" (hereinafter referred to as the "guidelines"). this is the first market value management guidance document for a-shares, which clarifies the specific requirements for market value management of index constituent stocks and net-breaking stocks. a researcher from the investment research institute found that according to the price-to-book ratio data released by china securities securities co., ltd., from september 26, 2023 to september 25, 2024, the closing price of each trading day was lower than the long-term net asset value per share. stocks, a total of 243 stocks.

from the perspective of industry distribution, long-term net-breaking stocks are mainly concentrated in finance, real estate and cyclical industries. specifically: 41 banks, 36 real estate stocks, 34 construction and decoration stocks, 16 non-bank financial stocks, 16 steel stocks, and 13 basic chemicals. only. in addition, there are also many long-term net-breaking stocks in the transportation industry and commerce and retail industry, with 20 and 11 stocks respectively.

based on the mature experience of the japanese and korean markets, combined with long-term data on net-breaking stocks, a researcher from the investment research institute sorted out the opportunities for net-breaking stocks in three investment dimensions for investors: the first dimension is large-cap value stocks, and the selection criteria are: central state-owned enterprises with a market value of more than 50 billion yuan, and their performance in the first half of 2024 maintains growth; the second dimension is low-valuation stocks, the standard price-to-earning ratio (ttm) for selection is less than 5 times, and their performance in the first half of 2024 maintains growth; the third dimension is the first dimension is a high-dividend stock with a standard dividend rate of more than 5% and performance growth in the first half of 2024.

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