The Two Major Positive Rumors Are "Fetal Movement" &Nbsp, And The Capital Market Will Be Supported By Policies.

　　 Guide: Chinese version of "401K" fetal movement to promote long-term capital market, the central enterprises "mandatory dividend" policy brewing blue chip valuation will significantly improve.

　　 First, the Chinese version of "401K" fetal movement is urging long-term capital to enter the market.

Sources told reporters that during the "12th Five-Year" period, the parties concerned will actively attract long-term attention. capital Entering the market, encouraging pensions and Insurance Capital is actively entering the market. For this reason, relevant parties are actively studying the Chinese version of the 401K plan in recent years, supporting capital. market At the same time, the "401k" program is a kind of social security and pension system developed by the United States from seven and 80s of last century. That is, every American has a pension plan, and individuals and their enterprises put in part of their funds every month. These funds are invested by professional institutional investors. The state provides policy support for delaying taxation and preferential taxation.

Relevant people said, "speed up the construction of multi-level capital market system, significantly improve the direct financing The "proportion" is an important direction for the development of the capital market in the 12th Five-Year. Therefore, we must actively guide long-term capital into the market, so as to achieve a two-way balance of market supply and demand. We should consider relaxing the access of fund companies. tax revenue Preferential policies to encourage pensions and insurance funds to enter the market.

It is reported that the relevant parties are actively studying the related topics of the Chinese version of "401K" and will actively promote the implementation of this plan by all sectors of society.

People pointed out that the United States encouraged the social security and pension funds to enter the capital market through the "401K" plan, and invested them by professional institutional investors to achieve a positive interaction between capital market development and national wealth appreciation.

"We studied the data from 1984 to 2008 in the United States, and found that the average balance of each year's personal pension accounts for the average American has reached 98% relative to that of the Dow Jones index. That is to say, the pension system in the United States relies solely on the growth of the domestic capital market to build up. At the same time, the US capital market in recent decades has been developed only because of the continuous influx of long-term funds and long-term institutional investors. "The man said.

As to whether China can implement the plan similar to that of the United States, the people concerned said that the Chinese version of the "401K" plan is a systematic project, which requires the joint efforts of many functional departments including the SFC, and requires a series of institutional arrangements from the national level. He suggested that in the capital market "12th Five-Year plan", we should write a policy of encouraging and forcing dividends on listed companies, combine the conditions of refinancing with the dividends of listed companies, so as to better promote long-term funds to obtain stable returns, and achieve steady growth in national wealth, and consolidate China's pension system. (Shanghai)

　　 Little information: what is the 401k plan?

The 401k plan is also known as the 401K clause. The 401k plan started in the early 1980s. It is a fully funded old-age insurance system established by the employees and employers together. It refers to the provisions of the 401st K clauses added to the domestic tax law in 1978, which was approved by law in 1979, and implemented in 1981. It has developed rapidly in 1990s and gradually replaced the traditional social security system, becoming the preferred social security plan for many employers in the United States. For private profit companies.

The 401k plan is a DC plan. The implementation of personal account accumulation system needs to meet certain conditions. The 401k plan is jointly paid by employees and employers, taxpaying and investment income tax exemption, and only personal income tax is collected at the time of collection. The amount of employees' retirement pension depends on the amount of payment and investment income. The terms of the 401k plan are: 59.5 years of age; death or permanent disability; medical expenses greater than 7.5% of the annual income; leaving, laid-off, dismissal or early retirement after the age of 55. Once the withdrawals are made in advance, punitive taxes will be levied, but loans and difficult withdrawals will be allowed. {page_break}

　　 Two, the central enterprises "mandatory dividend" policy brewing blue chip valuation will significantly improve.

The recent weak trend of the broader market, the heavyweight performance is more difficult to shoulder the heavy responsibility of the stability index, but in such a weak environment, China's oil nearly three spanactions in three successive lines, and repeatedly in the weak trend of the market, may come down to the critical moment to come forward. There is an industry view that the intervention of China's oil fund may be paved the way for future issuance of large cap stocks. However, according to our reporter, there are indeed some agencies in the recent six months, which are constantly declining to absorb heavy weights such as finance, petro chemical and other plates. According to well-informed sources, what these institutions really value may be the "mandatory dividend policy of central enterprises under way". It is learnt that once the policy is launched, the image of the weighted blue chips will be greatly improved, and the valuation level should also have a distinct improvement.

On Thursday, the stock market fell sharply by 21.72 points from the European and American stock market crash, the CBRC's latest announcement on the local debt, and once slumped to 2684.66. But the magic thing happened again: at half past two p.m., the main oil hit, the stock pulled from nearly 2% of the position to the red market and maintained to close, and directly promoted the stock index rally. There is a view that PetroChina has repeatedly acted as a paving for the launch of China's water conservancy IPO and international board. A private fund manager in Shanghai thinks that in the context of the overall weakness of the whole market, the news of big cap IPO is likely to become an excuse for the market to weaken. But if PetroChina is paving the way for the international board, it is somewhat "far away". According to well-informed sources, as a link and means to stabilize and encourage the development of the securities market, relevant parties are brewing the relevant policies of compulsory listed companies' dividends (especially the central enterprises).

For a long time, the cash dividend policy of the vast majority of A share listed companies is half done. According to the analysis, once the central enterprises level has pushed aside compulsory dividends in large areas, the long-term investment value of listed companies will be highlighted. This newspaper has already pointed out that as a medium and long term planning, regulators will spare no effort to promote institutional investors, especially long-term investors' willingness to enter the market. For shareholders holding only ordinary shares in the two tier market, it is an important yardstick to measure the long-term investment value of a market that they can get regular cash dividends from the listed companies. The cash dividend policy, which is brewing, is undoubtedly the key to deciding the value of A share investment.

A large public fund manager in Shanghai told the investment express that once the relevant policies are implemented, the attractiveness of the blue chip stocks of A shares will increase significantly, especially those with abundant cash flow and abundant stocks and stocks with low price earnings ratio.

But there are also concerns in the industry. Historically, many large cap stocks represented by bank stocks tended to show a tendency to "take the first place". First, a large proportion of dividends were paid, and a larger proportion of financing was announced. Therefore, when the management launched the "active stock market policy", we must also consider the passive situation of preventing "having policies and having countermeasures".