Guotai Junan: Do Not Underestimate The Strength From Quantitative Change To Qualitative Change.

< p > < < a href= > http://www.91se91.com/news/index_cj.asp > > nine < /a > is the starting point and cornerstone for the release of the reform system dividend, which helps to increase the flow of funds into the A share market.

In the past, the State Council has issued three programmatic documents on the top level design of the capital market, and the top two programmatic documents have carried out top-level design for the development of the stock market at the national strategic level, forming a system dividend support for the A share market.

The "nine new countries" issued in May 9, 2014 are expected to shoulder the above two major programmatic documents and are more practical and more enforceable in content.

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< p > the "new country nine" has five institutional benefits.

First, encourage listed companies to establish a market value management system.

Second, improve the equity incentive system of listed companies, allowing listed companies to carry out ESOP in various ways according to the regulations.

Third, support the national social security fund as the representative of long-term investors to expand the scope and scale of investment in the capital market.

Fourth, expand the scope of qualified foreign institutional investors and qualified domestic institutional investors, and increase investment quotas and ceilings.

Fifth, we should improve the capital market < a href= "http://www.91se91.com/news/index_cj.asp" > tax policy < /a >, so as to further study the tax policy which is conducive to further promoting the healthy development of the capital market.

We believe that the possible breakthroughs in tax policy are paction tax and dividend tax.

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< p > breaking a href= "http://www.91se91.com/news/index_cj.asp" > financial < /a > suppression has become a policy consensus. Counter cyclical monetary policy is always in progress.

According to media reports, Liu Shiyu, vice president of the central bank, said that financial interbank business and all kinds of financial products must be rectified.

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< p > the principle of financial management and rigid exchange is the most important source of high risk free interest rate and financial repression in the present market.

In addition, according to Xinhua news agency, President Zhou Xiaochuan also said at the weekend, "counter cyclical adjustment is always in progress".

In the talks, Zhou said that "some of the changes that may not be seen by the market" are consistent with the changes in the long end yield of the bond market, indicating that liquidity management is strengthening.

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< p > pformation and policy dances, "Golden Flower" and "model" fly together.

On the one hand, it is assumed that there should be no excessive expectations for the "big stimulus". On the other hand, we should not underestimate the strength brought by the series of micro stimulus policies from the quantitative change to the qualitative change.

A series of initiatives such as preferential shares, Shanghai and Hong Kong links, mergers and acquisitions policy optimization, directional reduction, and reform of state-owned enterprises will bring substantial and emotional benefits to blue chip stocks.

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< p > and the introduction of the "new country nine" is the starting point and cornerstone of the dividend system of the stock market, and is also consistent with the anticipation of market optimization before the market.

From the whole investment stage, we still maintain four themes: steady growth, silk road, state owned enterprise reform, preferred stock and so on.

From the perspective of industry allocation, five golden flowers, including finance, cement, railway equipment, real estate and chemical industry, are a main thread running through the whole investment stage of big rebound.

At the same time, we should also grasp the structural opportunities of sub industries arising from the series of micro stimulus policies and business models.

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