Shanghai And Hong Kong Are Not Necessarily Pie Investors Or "Bloodbath".

In fact, the "opening up" between Shanghai and Hong Kong has achieved the "interconnection" between the two markets, boosting the process of RMB internationalization.

However, in Shanghai and Hong Kong through "open to traffic" behind, but triggered a market thinking.

Shanghai and Hong Kong are coming. Are they pie or traps?

November 17th is an important day for Shanghai and Hong Kong to officially open to traffic.

However, in the previous week, the management has promulgated a series of policies to eliminate all obstacles to the opening of Shanghai and Hong Kong.

Among them, in November 12th, the Hongkong authorities said that the quota of RMB 20000 yuan for Hongkong residents would be abolished in November 17th, which broke through the upper limit of the amount of RMB exchanged by Hongkong residents before.

Next, in the afternoon of November 14th, the Ministry of Finance announced the tax policy of Shanghai and Hong Kong through pilot projects and QFII.

The relevant taxes and fees are taken for three years.

Last Saturday, November 15th, management again arranged a system clearance test for Hong Kong stocks through pactions to ensure the smooth opening of Shanghai and Hong Kong.

Obviously, the "opening to traffic" task of Shanghai and Hong Kong has attracted the attention of the central government.

With Shanghai and Hong Kong through the "opening" of a command, I believe that the two markets will be lifted to varying degrees.

Otherwise, it will embarrass the central government.

However, the question now is, how will the Shanghai and Hong Kong ports affect the two markets after they are "open to traffic"? Obviously, this is indeed a matter of greater concern to investors.

"Opening to traffic" is intended for the central authorities to realize "interconnection and interconnection" and enhance the right to speak RMB.

For the two markets, more attention is paid to the integration of trading systems, trading time and trading ideas between the two markets, so as to promote the standardization and perfection of the A share market.

For the time being, the average daily turnover of the Hongkong market is 100 billion yuan, but it is obviously weaker than that of the mainland stock market.

Besides, in the Hongkong market, the market value of the main board is more than 90%, while the market share of gem accounts for only a small proportion.

At the same time, in this context, for some of the GEM stocks, the average daily turnover is very poor, and even can be ignored.

It is worth mentioning that the Hongkong market can be described as one of the relatively mature capital markets in the global market.

Among them, the proportion of local institutional investors has been maintained at 60-65% level for many years.

Although this figure is still somewhat different from the developed markets in Europe and the United States, it is much higher than the mainland market.

In contrast, the mainland market is not mature due to the development of the market itself, while the proportion of institutional investors is relatively low for a long time.

In this regard, the market is more of a speculative atmosphere, and the retail LED market system does exist many loopholes.

Therefore, from the perspective of management, we intend to speed up the process of "de retail" in the mainland market with the help of Shanghai and Hong Kong's "opening to traffic" background, and substantially increase the proportion of institutional investors.

Moreover, through the "interconnection" between the two markets, we can realize the integration of capital, system and investment philosophy, so as to promote the development and growth of the mainland market.

Guo Shiliang believes that in Shanghai and Hong Kong through the "opening" early, the two markets will continue to be promoted to varying degrees.

But the effect of this boost is not sustainable.

One side,

The sharp rise has already consumed the market's continuous dynamic energy and overdrawn the positive impact of Shanghai and Hong Kong through.

Moreover, the market is in a sensitive position in the vicinity of 2500, and the huge sell-off has to be highly valued.

On the other hand, Shanghai and Hong Kong through the "opening" initial phase of the two markets to add new liquidity is not obvious, and with the A+ H-share price narrowed, and even A shares are slightly higher than the price of H-shares, will also pressure the stock market once again high.

It should be noted that Shanghai and Hong Kong's "opening to traffic" means the integration of the systems between the two markets and the integration of investment concepts, so as to change the original structure of investors with excessive imbalances in the mainland market.

Therefore, in this process, we will gradually break the original market model dominated by retail investors, and the "retail business" has become an unavoidable problem.

To this end, under the impact of institutional integration and mature investment concept, a large number of retail investors may be "bloodbath".