Blue Chip T+0 Is On The March, And Securities Derivatives Are More Abundant.

In the four quarter of 2014, the A share market set off a "bull market storm". Although there are many reasons for analyzing the causes of the bull market, it is the new changes brought about by the innovation Trading of A shares.

By the end of 2014, the balance of financing was nearly trillion yuan, which gave rise to the soaring of heavyweights and brought the risk of high leverage bull market.

Against this background, new regulations on margin trading will be introduced in 2015.

In December 12, 2014, the Securities Regulatory Commission spokesman Deng Ge said that the securities and Futures Commission has launched the revision of the management measures for margin trading and margin trading of securities companies. In fact, as early as the beginning of 2014, there were brokerages calling on regulators to introduce two new rules for financial services. After all, the implementation of the "securities companies margin trading management measures" was introduced many years ago.

It is reported that the revised two financial system is expected to extend the contract period now not exceeding 6 months to less than 12 or 18 months. In addition, the requirement for the opening time of margin trading is adjusted from the current opening account procedure in the business department to more than 6 months after the opening of the securities business.

It is worth noting that in the face of the problem of excessive leverage in some securities companies, the SFC will inevitably have more stringent regulations on the leverage ratio of margin trading in the two financial rules. But on the whole, a series of innovative transactions at the SFC level can completely fill the problem of leverage reduction except for margin financing and incremental customers.

First, in 2015, attracting overseas capital to enter the market is still the key policy of management. The implementation of A share in MSCI index and the implementation of Shenzhen Hong Kong Tong policy is the two major path.

Ping An Securities analyst Lei pointed out that in 2015 capital market trading system reform needs to focus on. This includes the implementation of the A share in the MSCI index and the Shenzhen Hong Kong through policy. He believes that A shares may be included in the MSCI emerging market index in June 2015. This will open a new source of water for A shares, and it is expected that the blue chip weight sector will benefit.

Secondly, in 2015, the expansion of Shanghai and Hong Kong's capacity and the emergence of Shenzhen Hong Kong connections were a big probability event.

In November 17, 2014, Shanghai and Hong Kong were formally launched. However, unlike previous market expectations, the Hong Kong stock exchanges have been dismal, and the Shanghai and Hong Kong exchanges have been running out of business in addition to the first two trading days.

For the Shanghai and Hong Kong through the cold, single species is an unavoidable problem. At present, there are 586 stocks in Shanghai stock market.

　　 HKEx Chief executive Li Xiaojia has said that Shanghai and Hong Kong will upgrade and expand in the future. At the initial stage of the pilot, Shanghai and Hong Kong link up in the market, the quota, Investment target Such restrictions will be phased out. Once the operation is successful, Shanghai and Hong Kong can accommodate more targeted companies with the approval of the regulatory authorities and the consent of the parties concerned. The quota can be expanded, and the mode of Shanghai and Hong Kong can also be replicated to other markets.

Moreover, in 2015, the possibility of launching T+0 in Shanghai Stock Exchange or Shanghai and Shenzhen 300 stocks is very likely.

In addition to the low number of targets, the differences in trading rules are also constraints. Investment in Hong Kong A big obstacle to Shanghai Stock Exchange. At present, the T+0 trading system is implemented in the Hongkong market, and the T+1 trading system is implemented in the A share market.

Fang Lei believes that the T+0 trial of the Shanghai and Shenzhen 300 constituent stocks will help to eliminate the differences between the two trading systems after the opening of Shanghai and Hong Kong, and to improve the unfair position of small and medium investors relative to large institutional investors in the context of the high threshold of stock index futures.

Finally, in 2015, the stock index futures market is expected to expand, and stock index futures such as Shanghai 50 and China Securities 500 are expected to go online.

As early as May 2014, Zhang Shenfeng, chairman of the China Financial Futures Exchange, said that it would promote the listing of index instruments such as China card 500 and Shanghai 50, as well as other products lines such as small and medium board index to meet the risk management needs of all kinds of market participants.

It is worth noting that since the CSI 500 index covers a wider range and involves more stocks in emerging industries, if the CSI 500 index can be launched, this will be good for small cap stocks.