Treasury Futures Yield Cut Quasi Market To Welcome Spring

On Monday, the central bank or the central bank will start a rumor of directional easing measures, and the debt futures contract TF1503 rose by 0.40%.

However, because the rumor has not been verified, the central bank may use MLF, SLF or RRR, and can not judge the intensity of easing. Therefore, market funds are still very cautious and have high expectations for the open market operation of the central bank on Tuesday.

Trading positions, trading volume rose slightly, holdings continued to decline, the main contract for continuous storage.

On Tuesday, the central bank carried out reverse repurchase operations in the form of interest rate bidding, with a period of 7 days and 28 days respectively. The scale was 30 billion yuan and 55 billion yuan respectively, and the winning rates were 3.85% and 4.80%, respectively, compared with the previous period.

If the reverse repurchase expires 30 billion yuan on that day, the central bank's open market operation will provide a net liquidity of 60 billion yuan.

But no more loose information was revealed.

On the contrary, the Central Bank of Australia and India are loosely relaxed, and the market's easing expectations of the central bank have increased.

The main contract of treasury bonds futures remained at a high level.

Most agencies recommend wait-and-see and wait for substantive actions to come out.

On Wednesday, due to the absence of further central bank policy guidance, the top of the Treasury bond futures closed down, and there was a lack of direction in the narrow market trend.

On Thursday, it was announced by the central bank.

Influence, market sentiment is soaring.

The central bank solved the speculation of treasury bond futures market in recent years, and it also exceeded expectations.

But because of

As well as the impact of high profit taking, treasury bond futures failed to break through the 98 yuan line.

The market consolidated Monday's gains on Friday.

The market has also completed the main contract this week.

TF1506 has officially become a new main contract.

For the future market, Guotai Junan Futures said that although the drop in accuracy did not make the market go up sharply, the substantial downward trend of capital interest rate has already appeared. The reverse repo rate will also enter the downstream channel later, and the market will remain strong in the medium term.

Ji Chengxiang, an analyst with Everbright futures, said that although the price of capital fell somewhat on Friday, it would remain volatile before and after the Spring Festival.

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Under the backdrop of the attractiveness of the main board investment, some large capital institutions will also turn their attention to the growth enterprise market gradually, bringing more liquidity support to the continued strong market of the growth enterprise market.

Since the end of 2012, the bull market of GEM has lasted for more than two years.

Recently, the gem continued to go out of the strong upward trend regardless of the market's query voice, and once broke through the 1800 integer mark, once again refresh its record highs.

Specifically, in recent years, the total market value of the growth enterprise market has increased significantly.

Up to now, the dynamic PE of GEM has reached 73 times, and the corresponding total market capitalization has also broken through the 2 trillion and 500 billion pass.

From the current 413 listed GEM stocks, the total market capitalization of more than 10 billion yuan of the stock up to 60.

Among them, Dongfang fortune, LETV net and blue water source stock are above the total market value level of more than 30 billion yuan.

At the same time, the GEM market has frequently generated more than 100 yuan of high priced stocks.

At present, in the A share market, there are 9 stocks with a price of more than 100 yuan, and GEM stocks occupy 7 seats.

So what causes the long-term bull market of gem? It is generally believed that the market performance is more or less related to its fundamentals.

However, under the actual circumstances, the performance of the A share market has deviated from the fundamentals.

Nevertheless, in terms of fundamentals, the growth enterprise market last year has also made a good achievement.

According to statistics, the growth rate of gem in 2014 is expected to increase to 27.4%, a certain increase over 2013.

From the results of the listed companies listed on GEM, 275 of the 413 GEM companies appeared to have reported results, accounting for 70% of the total.

In addition, more than 36 listed companies in the listed companies reported a performance increase of more than 100%.

However, at the same time, in the growth enterprise market, there were 25 or 79 GEM companies with a significant decrease in performance or a drop of less than 50%, accounting for 6.05% and 19.13% respectively.

On the whole, compared with the average profit growth of the main board market last year, the growth rate of the growth enterprise market is much brighter than that of the main board market.

What is worth mentioning is that behind the gradual improvement of the growth rate of the growth enterprise board, the GEM listed companies have launched a series of mergers and acquisitions process.

In fact, as early as last May, the introduction of new rules for gem refinancing also accelerated the M & a process of gem, which also lowered many thresholds for GEM companies, promoted the pace of M & A, and also had a positive impact on the performance of GEM listed companies.