A Shares Behind The Truth Behind The Allocation Of Funds

"Structured securities allocation, 1 times 3 times leverage, the cost of capital in principle is not less than 7.5%. "This is a text message sent to me by a friend working in a bank. In this short message, the structured allocation of securities is actually meant to provide financial leverage for those who invest in the two tier market. The cost of capital is very low, and the interest rates of many small and medium enterprises are twice as high. This kind of business has existed for some time, but it suddenly became very popular after the end of September this year and the beginning of October. Some say it is because the stock market has led to more borrowing and buying stocks, which is, of course, a reason. But conversely, bank funds are structured into the stock market through structured securities allocation. Is it a driving agent for the stock market to rise?

If you have the impression, you should remember that bank funds were very tight in the first half of this year. In March, Societe Generale Bank first contracted the new credit to the real estate industry, and the heavy allocation of bank funds in the past, namely, non-standard and real estate credit, has been greatly reduced. This time just happened at the low point of the stock market. As the bank funds tightened up the allocation of the real estate industry, the market questioned the profitability of the banks, and speculated on the capital chain breakage of the real estate industry, which led to a sharp drop in bank shares and real estate stocks. In fact, it created a very good buy point from the latter.

　　 Bank funds Tight mortgage loans from the mortgage can be seen. In the first half of the year, the mortgage lending period was very long, and some even reached two or three months. Housing mortgage loan is a relatively low risk business for banks. Although the income is not high, it is relatively safe. It is a good choice in the growth cycle of non-performing assets. But even this kind of business, capital can not be put out, we can see how tight the funds are.

Generally speaking, when capital is tight, invest in stock market. Loose funds It's a good strategy to sell. After a while, it was so. The central bank has noticed such a tight financial situation. It has held several rounds of meetings in succession. Meanwhile, banks have implemented directional easing and encouraged banks to issue loans. At the same time, due to the restriction of the real estate and local government financing platform, many funds can not find the direction of investment in the use of financial funds, and they can only get profits through the acquisition of industrial funds and the allocation of funds in the stock market. market The reason why the financial capital flows into the stock market is the bright spot: first, the faucet is opened; two, the other places are stuck.

Well, at this point in time, what will happen next year? From the capital side, easing will continue. On the one hand, inflation pressure is very small. On the other hand, the macro economy is still in the doldrums. Monetary policy must be relaxed, and there is no other way to go. In addition, after the new budget law comes out next year, how to solve the investment problem of public projects is a difficult point. The way banks want to finance local government financing platforms will not work at least for a while. The last second sections of the two fundamentals have not changed, the stock market is difficult to adjust, the biggest possibility is to repeat on the current platform until the bank funds find another low-lying land that can flow.