The A Share Market Is Still Not As Good As Casino.

What is the future market? In December 13th, the Shanghai Composite Index closed at 2248.59 points and returned to the origin of June 14, 2001.

Various kinds of reflection and abuse came one after another, including institutional investors. Capacity expansion Declare war on a country to punish it for its iniquities. For the A share market, the three views are typical: the A share collapse is due to expansion, and the stock market does not walk because of the lack of funds and the majority of retail investors. This is not only wrong in theory, but also extremely harmful for guiding future reform and guiding market operation.

The A share market is based on the wrong foundation. China's launch of the securities market is Bank Finally, there is a supplement to indirect financing. market You can get a steady stream of money without paying back, not paying dividends or paying interest.

The A share market is the world's last resort in terms of integrity and return. It is a global leader in terms of scale expansion. In June 14, 2001, the total number of Listed Companies in the A share market was 1064, with a total market value of 4 trillion and 874 billion 81 million yuan. In December 13, 2011, the total number of A share listed companies has increased to 2329, with a total market value of 21 trillion and 994 billion 209 million yuan, 4.5 times that of 10 years ago. A share market value increased to 16 trillion and 768 billion 581 million yuan, 10.29 times that of June 14, 2001 (1 trillion and 628 billion 455 million yuan).

The expansion of the stock market is not wrong, and the expansion without return is wrong. It is equivalent to transferring the wealth of the people through the legal channels to the hands of the listed companies. These companies become the market rooster on the basis of the rise in share price and dividends, and raise the price earnings ratio. In fact, asset quality falls and profits grow by monopoly and economic money cycle. Such as central aluminum and other central enterprises, most private enterprises do the same.

When the listed banks indicated that they were making money to be embarrassed, the so-called financial stocks of the security moat were falling, and the banks started refinancing competition. Only in the first half of this year, 14 of the 16 listed banks announced the refinancing scheme, with a total scale of 515 billion 650 million yuan, which is not counting the bond financing outside the stock market. According to the requirements of the central transformation of the mode of economic development, assuming that the average annual growth rate of GDP will be 8% or 9% in the next 5 years, the average annual growth of the corresponding loans will be 15% or 18%. In the next 5 years, the banking sector needs to add 22000 to 29000 billion capital, with an average annual 440 billion to 580 billion. Taking the securities market as a drain, as a source of financial aid, the final result is to make the A share market the same as Bohai and become Dead Sea, where all the sewage is draining away, and those engaged in aquaculture will never get a reasonable compensation.

The A share market is going down because resources are mismatched to inefficient executives and dishonest executives. They can turn gold into gold in the stock market at any time by controlling shares. If the majority of A share market can bring returns to investors, expansion and financing will not be a problem.

The latter mistake followed the previous mistake. Because there is no return, because the resource mismatch, resulting in the A share market downward tend to come together with the expansion, and the upward trend with monetary expansion policy.

Under such a strong stimulus, many investors have Pavlov reaction, mistakenly think that the A share market is because of capacity expansion, and the premise of uplink is to relax the currency. Therefore, every time the A share market cycle is attacked, investors call for loosening the currency, suspending the issuance of new shares, and policymakers responding to public opinion, and the administrative decision is to suspend the issuance of new shares. The result of this is that there is no improvement in the A share market system, but only a respite, allowing the powerful enterprises and individuals to reserve the appetite for the next round of gluttonous meal.

Monetary policy is only a precondition for a bull market that is not so important. The reason is simple: inflation has no bull market and stagflation has no bull market. The Nikkei index is still struggling in the mire of 8000. In the 20 years, did the Bank of Japan do not have quantitative easing? In the A share market, M2 accounted for the world's largest share of GDP, and the A share market has formed a long-term healthy bull market? Is the 6124 point loose monetary policy created? No, it is the empty window period that has not yet been fully implemented after the stock reform, giving investors a chance to breathe.

Because the stock market is down, some people accuse Chinese investors of being irrational and too many retail investors. The reason is even more ridiculous. Who is making the trend investment in the name of value investing? Who is investing in Chongqing beer in gambling style? Who is the hundredth price earnings ratio of the gem? Is it an institution, an institution or an institution? In a casino, there can be no rational investors. There are more and more people who want to cheat and profit.

Look at the micro-blog released by micro-blog vice president Zhang Huaxi in December 13th. Its words are fierce. In the world, there is absolutely no unilateral capital market that continues to trample on the interests of investors in the two tier market and lean on the interests of the fundraisers. Under such a bloody market situation, people who still have a huge expansion and high-profile talk about the so-called distribution system market do not understand the basic logic of the market economy. "The market has been so bad that the shrimp has been eaten up and the big fish are in the fire." The joy of stealing is the tens of billions of executives and investors who have already got tens of millions of investment bankers.

Ten years ago, A shares were the gambling houses. Now, A shares are still the gambling houses, and are the most terrible casino. If we do not eradicate the existence of thousands of lives and do not reciprocate, the blue ocean will become Dead Sea.