Pi Haizhou: Don'T Go All The Way To Shanghai And Hong Kong.

As time goes on in October, the launch of Shanghai Hong Kong Tong is getting closer and closer.

It is beyond doubt that the launch of Shanghai and Hong Kong links is significant.

From a large perspective, it is conducive to strengthening the links between the two capital markets and promoting two-way opening of the capital market. It also helps to enhance the attractiveness of Shanghai and Hongkong markets to international investors, improve the structure of investors in Shanghai market, further promote the construction of Shanghai's international financial center, and help Hongkong develop into an important overseas investment market for mainland investors, and consolidate and enhance Hongkong's position as an international financial center.

And from a small angle, it means that mainland investors can finally invest in Hongkong stock market, and Hongkong investors can invest in the Shanghai stock market. This is an alternative channel for investors in both places.

With the approaching of Shanghai and Hong Kong's launch date, it is understandable that the hype of Shanghai and Hong Kong through the public opinion is higher than a wave.

But there are also some bad phenomena in the public opinion hype about Shanghai and Hong Kong, such as over enlarging the positive effects of Shanghai and Hong Kong links, and even seeing Shanghai and Hong Kong as a panacea for China's stock market.

As if the Shanghai and Hong Kong exchanges were opened, all kinds of problems in China's stock market were readily solved.

For example, there is a view that Shanghai, Hong Kong and Shanghai can bring live water to the A share market. The A share market can be expected to slow down. It is believed that Shanghai and Hong Kong can change the investment concept of the A share market, let investors value the investment, and even think that the Shanghai and Hong Kong Tong is conducive to promoting the reform of the A share market and making the A share market mature.

In fact, whether it is to import live water for the A share market, let the A share market get out of the slow bull market, or let investors set up the concept of value investment, or make the A share market mature, these are the beautiful vision people want to see in the A share market.

It is obviously not realistic to put these beautiful visions on the Shanghai and Hong Kong links, and Shanghai and Hong Kong can not afford such a heavy responsibility.

In fact, if Hong Kong and Hong Kong can achieve one of them, or push the A share market towards these goals, it will be a wonderful thing.

As for Shanghai and Hong Kong to help the A share market to achieve so many good prospects at once, this is a very unreliable thing. It is a kind of unrequited thought of some public opinion, or even a misleading market, so it is necessary to face up to it.

For example, Shanghai and Hong Kong consider the introduction of live water to the A share market and allow the A share market to go out of the slow bull market, which is obviously wishful thinking by some people in the domestic market.

These people mistake their ideals for reality.

Because Shanghai and Hong Kong through the design, Shanghai and Hong Kong through the RMB cross-border investment quota implementation of total management, and set up daily quota, real-time monitoring.

Among them, the total amount of Shanghai Stock pass is 300 billion yuan, the daily amount is 13 billion yuan, the total amount of Hong Kong stock is 250 billion yuan, and the daily amount is 10 billion 500 million yuan RMB.

Therefore, in Shanghai and Hong Kong through the design, the domestic market showed a net inflow.

But whether this is the case or not, it is still time to give an answer, and the net outflow of funds will eventually become more likely.

There is a need for correction on this issue, that is, some people believe that overseas funds and overseas investors show great interest in Shanghai and Hong Kong.

This does not exclude the possibility of erroneous propagation.

Because the opening of the A share market is no longer a matter of two days.

The QFII system has been implemented for 12 years, and QFII has officially entered the A share market for 11 years.

As an overseas fund or an overseas investor, if the A share market is really optimistic, it can already enter the A share market in the form of QFII or RQFII. Why do we need to wait until Shanghai and Hong Kong pass? After all, the investment as QFII is much more flexible than that of Shanghai and Hong Kong.

Moreover, as investors in Hongkong, the channels for investing in A shares have been opened for a long time. From QFII to RQFII, to the A share market, allowing Hong Kong, Macao and Taiwan residents to fry A shares in the mainland, it can be said that the channels for Hongkong investors to invest in A shares are not closed, especially Shenzhen Qianhai, which can be said to be the base for Hongkong investors to invest in the A share market.

For example, the opening of Shanghai and Hong Kong links will enable investors to establish the concept of value investment and make A shares mature. This is also an unbearable burden for Shanghai and Hong Kong.

It should be said that the opening of Shanghai and Hong Kong links is conducive to promoting A share investors to establish value investment philosophy and promoting A shares to mature.

But let A share investors set up the concept of value investment and make the A share market mature. This is obviously not a problem that can be solved by means of a Hong Kong and Shanghai Stock Exchange.

After all, the QFII system is introduced.

It has been 12 years. In the past 12 years, QFII has always held the banner of value investing.

But in the past 12 years, QFII has failed to set Chinese investors' value investing philosophy.

If we go to maturity, will these problems be solved after the opening of Shanghai and Hong Kong? This is obviously not a scientific attitude.

One thing that needs to be emphasized here is that I am actively advocating the opening of Shanghai and Hong Kong, and agree that the launch of Shanghai and Hong Kong Tong is conducive to promoting the healthy development of China's stock market.

Nevertheless, we still cannot place the heavy responsibility of the development of A share market on Hong Kong and Shanghai Tong.

To develop healthfully, A share market will ultimately depend on itself.

For example, we must bid farewell to the money market and let the A share market attach importance to the investment function; for example, we should severely punish illegal activities and protect the interests of investors.

In short, the A share market will become a market that can repay investors and become an attractive market for investors.

As a result, the A share market will naturally take the road of healthy development and become a mature market.

Only to achieve this goal, the A share market will have to make great efforts.

In fact, Shanghai and Hong Kong pass is only one of the driving forces for the A share market to mature. The A share market also needs to seek more impetus to push forward the A share market towards a mature target.

Because of this, it is inappropriate to exaggerate the significance of Shanghai and Hong Kong to the development of A share market.

In this matter, we still need to seek truth from facts, or we need to face up to the problems existing in the development of A share market.