Qiao Yongyuan: New Vitality In A Share Market

Qiao Yongyuan, chief strategist of Guotai Junan, said that the development of the A share market in the medium and long term is promising because new resources and new vitality are constantly being injected into the A share market.

And next year, with the deepening of the real estate market adjustment, incremental funds will enter the A share market faster, and 2400 points will become.

A starting point for the new market journey.

Qiao Yongyuan said that in 2014,

We have seen the so-called shadow banking risk, but in 2015, we could see that the balance sheet of banks or the size of bank credit would no longer grow further, but they might shrink, and there might be a comprehensive interest rate cut in the future.

At the same time, the credit risk that appeared in the early 2014 will continue in 2015, which will cause the whole society to worry about trust products, financial management and real estate.

As a result, if real estate is adjusted further in the next year, the narrowing of investment channels will lead to more incremental capital flowing into the A share market.

It is believed that although the market has great controversy over the registration system of stock issuance, it may constitute the greatest positive benefit in the next three years.

He pointed out that traditional thinking holds that because of the limited market capacity, the expansion of incremental assets and the expansion of stock will suppress the old stock and lead to a decline in the market. But in fact, the key factor for the rising stock market is not incremental capital or incremental capital, but the knowledge of the incremental value of the whole city.

From this year's market performance, it is obvious that incremental capital chases stock capital.

"The stock capital can bring us very limited imagination. If we implement the registration system, we can bring a lot of incremental assets to the A share market."

Qiao Yongyuan said.

Qiao Yongyuan said, standing at the current time, the core issue of the A share market discussion is whether there is any continuous flow of new funds, whether we can see a big and big market, and the answer to this question is yes.

He believes that, at present, the valuation of A shares is mainly reflected in two aspects: first, whether incremental capital will continue to flow; second, in the case of continuous inflow of incremental capital, whether the capital market can promote the pformation of enterprises, the A share market will not become a game market in the future, but a market for creating value.

"In this market, investment is not to get new funds from incremental capital, but to truly create value creation.

The past ten years have been the ten year of the great credit development, and in the next ten years, we hope to become the ten year of the great development of the stock market. "

Qiao Yongyuan said, "if you see that the time for sale of the houses is longer, it is recommended that you enter the stock market earlier. If you see the risk of financial products getting bigger and bigger, we suggest that you leave the financial market earlier and enter the stock market.

This is our new vision for 2015.

We suggest that we look at the market next year with bull market thinking, and the market will be more prosperous next year.