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The Third Plenary Session Of The Three Key Words Is The Turning Point Of The A Share Market.
< p > the exhibition of the new central leadership's reform and roadmap in the third Plenary Session of the 18th CPC Central Committee was held today. Investors are looking forward to the new three carriages era of economic spanformation, industrial upgrading and speed up reform. In the history, the third plenary session is often the starting point for starting the important economic system reform, and the important economic system reform is the key to decide the fate of the capital market. In this sense, the third plenary session will lead the development direction of < a href= "http://sjfzxm.com/news/index_f.asp" > stock market < /a >. < /p >
< p > < strong > three key words < /strong > < /p >
< p > the current market expectations for the third Plenary Session of the 18th CPC Central Committee are concentrated on three key words: "comprehensive reform, economic spanformation and industrial upgrading". In fact, this is also a new "three carriages" of economic growth. As president Xi Jinping said, where does the power of growth come from? Only from reform, from adjustment, from innovation. He said that "greater political courage and wisdom" should be displayed in the reform. < /p >
Li Keqiang, premier of the State Council, stressed in March this year that reform is China's largest dividend and that the water will get deeper. In October this year, he reiterated at the economic situation conference that we should continue to deepen reform. < /p >
< p > Li Keqiang also put forward the concept of < < a href= > http://sjfzxm.com/news/index_cj.as > China's economic upgrading version < /a >, which means that China will have stronger innovation strength, more optimized economic structure, fairer and efficient market environment, higher income and full employment, more beautiful natural environment and more stable livelihood guarantee in the future. < /p >
< p > < strong > two consensus > /strong > /p >
< p > at present, the central high level has reached a consensus: first, decentralization and decentralization. Reduce the government's participation in specific economic activities. The government will no longer strictly control commercial projects by mastering the power of administrative examination and approval. The two is to break monopoly. In some strategic industries, the state monopoly is broken, and they are allowed to open up, allowing private sector participation in competition. At the same time, state-owned enterprises will be seriously reformed. < /p >
< p > China's economy must return to the orbit of the market. Market is the basic mechanism for effective allocation of resources. However, as a dynamic process, economic development needs to undergo structural adjustment, including upgrading of industrial upgrading, diversification and matching of hardware and software facilities. In addition to effective market mechanisms, the government should play an active role in the process of structural spanformation. Li Keqiang emphasized that the market is an invisible hand, and the government is a visible hand. We can not let visible hands become "restless hands". The government's management is well managed, and the government should not let go of the market management. A very promising and able government to promote economic development, and economic development must be based on the market -- this is the "China consensus". < /p >
< p > < strong > four points of concern < /strong > < /p >
The convening of < p > the third Plenary Session of the 18th CPC Central Committee will undoubtedly boost the popularity of the market. What is more worthy of our attention is the implementation of the spirit of the Third Plenary Session of the Central Committee and the far-reaching impact of the following policies on the stock market. From the perspective of stock market investment, there are four major concerns that deserve attention. < /p >
< p > focus: First Plenary Session of the Third Plenary Session boosts the top-level design of A shares and promotes the relocation of capital market. A few days ago, the SFC spokesman responded to the market rumors that the Commission was deliberate on the "nine new countries". It said that the work arrangements of the State Council on capital markets were being carried out urgently, and various long-term and strategic investigations and studies were carried out to strengthen the top-level design and push forward the development direction of marketization, legalization and internationalization. < /p >
< p > the IPO reform is the focus of the market. The "383" reform plan said that we should deepen the marketization reform of the distribution system, and focus on the substantive examination of the issuance links to the information disclosure. The focus of supervision should be shifted from administrative approval and protection of financial institutions to risk prevention and control and protection of financial consumers. The formulation of "protecting financial consumers" is quite new. To protect financial consumers is to protect financial institutions themselves, that is, to maintain financial stability, to protect financial security and economic security. If the top-level design of this reform is implemented, it is expected to change the long-standing phenomenon of "emphasizing financial institutions rather than financial consumers". < /p >
< p > concern two: the driving force of economic spanformation has led to the rise of growth industries represented by the growth enterprise market, and the stock market has shown structural characteristics under economic spanformation. Since 2013, the structural characteristics of A share market have become more and more obvious. The industry characteristics of growth industry cycle and stock market quotation are: the growth rate of growth industry will be faster than the growth rate of national economy in the next few years. < /p >
< p > there is inevitability in the structural characteristics of the market oriented industry boom. As the industry structure of listed companies tends to be reasonable, the "top-down" asset allocation method based on industry value is gradually accepted and recognized by the market. In this context, stock prices will increasingly reflect the intrinsic value of listed companies. China's stock market will also play a role in macroeconomic barometer, and industry investment has become a synonym for value investing. < /p >
< p > there is no doubt that economic spanformation and structural adjustment are conducive to the growth sector represented by the growth enterprise market. In fact, market spanformation is often ahead of economic spanformation. In other words, in the short term, stock prices have fully reflected the expectation of spanformation and even bubbles. But in the long run, there is still great room for growth in technology, media and communications (TMT) industry and Internet finance. Under the trend of financial disintermediation and mixed operation, the development of Internet has accelerated the pace of spanformation. Third party payment, balance treasure, Ali finance and other Internet banking become an important booster factor for disintermediation and mixed industry. The new Internet finance will bring about the evolution of business mode. In addition, the expansion of prosperous industries and mergers and acquisitions of depressed industries will run through the whole economic spanformation period. < /p >
< p > concern three: the deeper meaning of comprehensive reform is to benefit all people and enterprises, and the release of dividend is a long-term process. The so-called "comprehensive reform" is not only a detailed reform roadmap and timetable delineated by the "Trinity reform ideas, eight key reform areas, and three related reform combinations", or the "383" plan. The deeper meaning of comprehensive reform is that reform should benefit all people and enterprises. Gold spanformation, land reform, electricity reform, oil reform, health care reform, state owned enterprise reform and other favorable benefits to the Shanghai and Shenzhen stock market are good for the traditional pillar industries that reflect the national economy and the people's livelihood. For example, preference shares promote the overall rise of Finance represented by banks, and energy liberalization drives oil and gas sectors to take the lead. < /p >
< p > we noticed that the two words of "reform" not only added "comprehensive", but also deepened "deepening". The so-called "deepening reform" is to break through institutional obstacles, break monopoly in monopoly industries, and bring reform into deep water area. From a long-term perspective, the reform at this stage will be very beneficial to the development of China's economy in the future. < /p >
< p > concern four: small and medium-sized enterprises, represented by small and medium-sized boards, benefit from industrial upgrading. At the present stage, the comparative advantage of labor force in China's labor-intensive industries has weakened. The development of capital intensive industries is constrained by the environment. China wants to continue to maintain a relatively high growth rate, and industrial upgrading is imperative. < /p >
< p > industrial upgrading in the spanitional period of economic spanformation, first, we must digest and solve the problems left behind in the last round of growth cycle, such as overcapacity and serious shortage of natural resources. Two, we need to nurture and wait for a new round of growth cycle to form a pillar industry. Medium and small plates are the latter. For example, Xin He Cheng is the largest producer of vitamin A and vitamin E in China. Weixing shares is one of the largest button manufacturers in the world. Hua Bang pharmaceutical is a leading enterprise in the field of skin diseases in China. Hua Lan is a leading enterprise in the domestic blood products industry. Dazu laser is the largest laser processing equipment manufacturer in Asia. Statistics show that 701 small and medium-sized board companies accounted for about 70% of the number of manufacturing listed companies, almost all the leading enterprises in the industry. < /p >
Compared with the Third Plenary Session of the a href= "http://sjfzxm.com/news/index_cj.as" and the stock market < /a > after the establishment of the Third Plenary Session of the Third Plenary Session of the P, 2013, it did not face severe inflation as in the third Plenary Session of the 14th CPC Central Committee, nor did it face severe deflation as in the third Plenary Session of the 15th CPC Central Committee. Neither did the listing pressure of the super large cap stocks after the third Plenary Session of the 16th CPC Central Committee, nor did the pressure on the rescue market in the third Plenary Session of the 17th CPC Central Committee. In the wake of the new three carriages, the third Plenary Session of the 18th CPC Central Committee is sure to lay a solid foundation for a new long bull market the starting point is the 1849 point. < /p >
< p > < strong > the five year plan for the past 20 years < /strong > < /p >
< p > the formulation of economic spanformation < /p >
< p > 1 and "95" planning (1996 to 2000): it is clearly proposed to "spanform the mode of economic growth from extensive to intensive". < /p >
< p > 2 and "fifteen" plan (2001 to 2005): the adjustment of economic structure and the upgrading of economic structure are the main line of five years' economic development. < /p >
< p > 3, 11th Five-Year plan (2006 2010): spanforming the mode of economic development as the strategic focus of this period. < /p >
< p > 4 < a href= "http://sjfzxm.com/news/index_q.asp" > "12th Five-Year" plan < /a > (2011 2015): the mode of economic development changes from resource dependent, investment driven to innovative driven development mode. < /p >
< p > < strong > three key words < /strong > < /p >
< p > the current market expectations for the third Plenary Session of the 18th CPC Central Committee are concentrated on three key words: "comprehensive reform, economic spanformation and industrial upgrading". In fact, this is also a new "three carriages" of economic growth. As president Xi Jinping said, where does the power of growth come from? Only from reform, from adjustment, from innovation. He said that "greater political courage and wisdom" should be displayed in the reform. < /p >
Li Keqiang, premier of the State Council, stressed in March this year that reform is China's largest dividend and that the water will get deeper. In October this year, he reiterated at the economic situation conference that we should continue to deepen reform. < /p >
< p > Li Keqiang also put forward the concept of < < a href= > http://sjfzxm.com/news/index_cj.as > China's economic upgrading version < /a >, which means that China will have stronger innovation strength, more optimized economic structure, fairer and efficient market environment, higher income and full employment, more beautiful natural environment and more stable livelihood guarantee in the future. < /p >
< p > < strong > two consensus > /strong > /p >
< p > at present, the central high level has reached a consensus: first, decentralization and decentralization. Reduce the government's participation in specific economic activities. The government will no longer strictly control commercial projects by mastering the power of administrative examination and approval. The two is to break monopoly. In some strategic industries, the state monopoly is broken, and they are allowed to open up, allowing private sector participation in competition. At the same time, state-owned enterprises will be seriously reformed. < /p >
< p > China's economy must return to the orbit of the market. Market is the basic mechanism for effective allocation of resources. However, as a dynamic process, economic development needs to undergo structural adjustment, including upgrading of industrial upgrading, diversification and matching of hardware and software facilities. In addition to effective market mechanisms, the government should play an active role in the process of structural spanformation. Li Keqiang emphasized that the market is an invisible hand, and the government is a visible hand. We can not let visible hands become "restless hands". The government's management is well managed, and the government should not let go of the market management. A very promising and able government to promote economic development, and economic development must be based on the market -- this is the "China consensus". < /p >
< p > < strong > four points of concern < /strong > < /p >
The convening of < p > the third Plenary Session of the 18th CPC Central Committee will undoubtedly boost the popularity of the market. What is more worthy of our attention is the implementation of the spirit of the Third Plenary Session of the Central Committee and the far-reaching impact of the following policies on the stock market. From the perspective of stock market investment, there are four major concerns that deserve attention. < /p >
< p > focus: First Plenary Session of the Third Plenary Session boosts the top-level design of A shares and promotes the relocation of capital market. A few days ago, the SFC spokesman responded to the market rumors that the Commission was deliberate on the "nine new countries". It said that the work arrangements of the State Council on capital markets were being carried out urgently, and various long-term and strategic investigations and studies were carried out to strengthen the top-level design and push forward the development direction of marketization, legalization and internationalization. < /p >
< p > the IPO reform is the focus of the market. The "383" reform plan said that we should deepen the marketization reform of the distribution system, and focus on the substantive examination of the issuance links to the information disclosure. The focus of supervision should be shifted from administrative approval and protection of financial institutions to risk prevention and control and protection of financial consumers. The formulation of "protecting financial consumers" is quite new. To protect financial consumers is to protect financial institutions themselves, that is, to maintain financial stability, to protect financial security and economic security. If the top-level design of this reform is implemented, it is expected to change the long-standing phenomenon of "emphasizing financial institutions rather than financial consumers". < /p >
< p > concern two: the driving force of economic spanformation has led to the rise of growth industries represented by the growth enterprise market, and the stock market has shown structural characteristics under economic spanformation. Since 2013, the structural characteristics of A share market have become more and more obvious. The industry characteristics of growth industry cycle and stock market quotation are: the growth rate of growth industry will be faster than the growth rate of national economy in the next few years. < /p >
< p > there is inevitability in the structural characteristics of the market oriented industry boom. As the industry structure of listed companies tends to be reasonable, the "top-down" asset allocation method based on industry value is gradually accepted and recognized by the market. In this context, stock prices will increasingly reflect the intrinsic value of listed companies. China's stock market will also play a role in macroeconomic barometer, and industry investment has become a synonym for value investing. < /p >
< p > there is no doubt that economic spanformation and structural adjustment are conducive to the growth sector represented by the growth enterprise market. In fact, market spanformation is often ahead of economic spanformation. In other words, in the short term, stock prices have fully reflected the expectation of spanformation and even bubbles. But in the long run, there is still great room for growth in technology, media and communications (TMT) industry and Internet finance. Under the trend of financial disintermediation and mixed operation, the development of Internet has accelerated the pace of spanformation. Third party payment, balance treasure, Ali finance and other Internet banking become an important booster factor for disintermediation and mixed industry. The new Internet finance will bring about the evolution of business mode. In addition, the expansion of prosperous industries and mergers and acquisitions of depressed industries will run through the whole economic spanformation period. < /p >
< p > concern three: the deeper meaning of comprehensive reform is to benefit all people and enterprises, and the release of dividend is a long-term process. The so-called "comprehensive reform" is not only a detailed reform roadmap and timetable delineated by the "Trinity reform ideas, eight key reform areas, and three related reform combinations", or the "383" plan. The deeper meaning of comprehensive reform is that reform should benefit all people and enterprises. Gold spanformation, land reform, electricity reform, oil reform, health care reform, state owned enterprise reform and other favorable benefits to the Shanghai and Shenzhen stock market are good for the traditional pillar industries that reflect the national economy and the people's livelihood. For example, preference shares promote the overall rise of Finance represented by banks, and energy liberalization drives oil and gas sectors to take the lead. < /p >
< p > we noticed that the two words of "reform" not only added "comprehensive", but also deepened "deepening". The so-called "deepening reform" is to break through institutional obstacles, break monopoly in monopoly industries, and bring reform into deep water area. From a long-term perspective, the reform at this stage will be very beneficial to the development of China's economy in the future. < /p >
< p > concern four: small and medium-sized enterprises, represented by small and medium-sized boards, benefit from industrial upgrading. At the present stage, the comparative advantage of labor force in China's labor-intensive industries has weakened. The development of capital intensive industries is constrained by the environment. China wants to continue to maintain a relatively high growth rate, and industrial upgrading is imperative. < /p >
< p > industrial upgrading in the spanitional period of economic spanformation, first, we must digest and solve the problems left behind in the last round of growth cycle, such as overcapacity and serious shortage of natural resources. Two, we need to nurture and wait for a new round of growth cycle to form a pillar industry. Medium and small plates are the latter. For example, Xin He Cheng is the largest producer of vitamin A and vitamin E in China. Weixing shares is one of the largest button manufacturers in the world. Hua Bang pharmaceutical is a leading enterprise in the field of skin diseases in China. Hua Lan is a leading enterprise in the domestic blood products industry. Dazu laser is the largest laser processing equipment manufacturer in Asia. Statistics show that 701 small and medium-sized board companies accounted for about 70% of the number of manufacturing listed companies, almost all the leading enterprises in the industry. < /p >
Compared with the Third Plenary Session of the a href= "http://sjfzxm.com/news/index_cj.as" and the stock market < /a > after the establishment of the Third Plenary Session of the Third Plenary Session of the P, 2013, it did not face severe inflation as in the third Plenary Session of the 14th CPC Central Committee, nor did it face severe deflation as in the third Plenary Session of the 15th CPC Central Committee. Neither did the listing pressure of the super large cap stocks after the third Plenary Session of the 16th CPC Central Committee, nor did the pressure on the rescue market in the third Plenary Session of the 17th CPC Central Committee. In the wake of the new three carriages, the third Plenary Session of the 18th CPC Central Committee is sure to lay a solid foundation for a new long bull market the starting point is the 1849 point. < /p >
< p > < strong > the five year plan for the past 20 years < /strong > < /p >
< p > the formulation of economic spanformation < /p >
< p > 1 and "95" planning (1996 to 2000): it is clearly proposed to "spanform the mode of economic growth from extensive to intensive". < /p >
< p > 2 and "fifteen" plan (2001 to 2005): the adjustment of economic structure and the upgrading of economic structure are the main line of five years' economic development. < /p >
< p > 3, 11th Five-Year plan (2006 2010): spanforming the mode of economic development as the strategic focus of this period. < /p >
< p > 4 < a href= "http://sjfzxm.com/news/index_q.asp" > "12th Five-Year" plan < /a > (2011 2015): the mode of economic development changes from resource dependent, investment driven to innovative driven development mode. < /p >
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