Gui Haoming: Gradual Improvement Of Market Policy Environment

Let's start with a group of companies. IPO This is actually a matter of certainty. Since the launch of the securities and Futures Commission's meeting last month, more than 40 companies have been meeting. They can issue the issue as soon as they have completed the relevant procedures. Objectively, the market also anticipate this, and we all understand that the IPO will be launched in June. Of course, according to the arrangement, the specific rhythm may not be very fast, basically 15 months in a month. Therefore, the release of new shares by 10 companies in mid June is entirely normal. No matter what changes have taken place in macro policies, such arrangements are usually not and need not be changed. In other words, rational investors should agree with this. After all, no issue of new shares can solve the problems existing in the capital market.

As for the central bank's announcement of directional reduction, this is hardly news. At the end of May, the Executive Council of the State Council has made decisions on this. Now the central bank is merely implementing it. The reason why we want to reduce the target is to ensure that commercial banks have greater ability to support the development of agriculture and small and medium sized enterprises, improve the operation environment of the real economy, and ease the pressure of economic downturn. This is a number of countries in recent months. Micro stimulation An important part of the policy. The central bank now announces that the specific implementation is actually a step by step behavior, which has nothing to do with IPO in the capital market, let alone escort the issue of new shares. Its focus is to create conditions for steady growth.

Since ipo It is established, and the direction of the central bank has also been clear for a long time. These information together reflect the gradual improvement of the market policy environment. On the macro level, faced with the downward pressure of the economy, the parties concerned have taken a lot of measures, and their intention to stabilize the economy is very prominent. This year, faced with the downside of the real economy, many people are pessimistic about the growth prospects of the whole year, and the stock market downturn is also related to a large extent. And through a series of measures, including directional reduction, it is expected to boost the economy, and it can also change the pessimistic expectations of investors for the stock market. As for the issue of new shares, it is a good thing to strictly carry out the rhythm control. This is a good thing. It can provide investors with new investment targets and create a more active market atmosphere. So, for these two things, there is no hedging relationship between them, but they reinforce each other's market environment.

The stock index has been arranged for a long time in the 2000 position, and it should be able to go up to a higher level under the background of improving market atmosphere, that is to say, the market outlook is expected to rebound. Just because the improvement of real economy takes time to test, the easing of supply and demand in the stock market also needs a process. Therefore, even if the market is rebounding now, the space will not be very large, and it is still difficult to break through the original box finishing framework. However, investment opportunities in the market will increase as the trading center moves upward and the activity of stocks increases. If people are more careful about how to reduce their positions and defend well in the earlier stage, we may be able to take a more active position now, and increase the positions accordingly, especially in small and medium market value subjects.