Wu Guoping: The Essence Of Reducing Leverage Is To Welcome And Refuse.

Judging from the latest regulatory information, reducing the level of leverage and investigating various irregularities are the focus of the current commission's work. From here, many people began to derive all kinds of terrorist conjectures. It seems that lowering or amplifying leverage is the root cause of the market's ups and downs.

The most frightening thing in this market is not what we all think is terrible, but what we think is terrible. What we have to admit is that some of the root causes of early rising are from the leverage of capital, the magnification effect and the drive of market madness. Blue-chip share The action can be seen. Pigs can be blown up by the wind. No, elephants can be blown up by the wind. At that time, in fact, in January, everyone was immersed in the stage of finding what pigs and elephants could fly better. But because of the action of lowering the lever, the wind stopped too fast. At the same time, many pigs and elephants showed a trend of short-term slump. Looking at real estate, looking at finance and looking at electricity, you could see that the plates and targets that had been blown up earlier were all down to varying degrees, generally over 20%, or even more than 30%.

Yes, yes, they are all phenomena, but this is not the root. It is not the root cause. Why do we dare to pry the elephants and even dare to lever them? This is because the elephant itself has been favored by some funds. The reason why funds favor these blue chips lies in the expectation of the medium-term of these fields. As I have explained to you very long ago, we firmly believe that the root cause of the rise of this market is that it is now expected to reform. This is the essence. As for the enlargement and narrowing of capital itself, it is only a function of boosting and repressing in the process of deducing this market, but it is by no means fundamental. Now, the reform is still going on, and the market is certainly not yet understood. Besides, after the reform, there is still the economic market, the cycle is still long, and the turbulence at the moment is, in other words, the small splash in the big rising cycle.

Of course, to enlarge and reduce the impact of leverage on the market, we can realistically realize that it is ups and downs, but this is a deductive way of the market, a normal way of fluctuation. If there is no ups and downs and no big fluctuations, try to ask, how can there be trading opportunities and big opportunities? The essence of the market is so. Therefore, there is no need to be too fussy about such fluctuations.

At the same time, for Reduce leverage What we need to realize is that this is not a deleveraging, but a reduction is only a normative action. This can not hinder the continued leverage of market funds. Only the future leverage mode will be more standardized and more reasonable. But the overall leverage can be sure that there will be more and less, and the reason is simple. Since the market has already started a storm, the lever system has been opened, Pandora's box has been unveiled, and in the future, everything is irresistible. Because here, just like shareholders, you just don't want to go if you come in, unless you are completely eliminated by the market, but the overall situation will continue to grow.

Therefore, it must be reminded that in the future, there is bound to be a process of retaliation against this fall, and that may be a step by step. Reverse In the end, the 3478 point is that this position must be overtaken. In the face of the great reform market, if we can't get over that point, then we will also despise our reform power and despise the huge financial strength of our market.

Of course, now that many people are confused and many people are empty, we are pleased with the situation. Because the market is definitely rising in relative hesitation. Moreover, it can be absolutely certain that after such a fall, the optimism of the market will not reach the climax of the early stage even if it breaks through 3478 points in the future. At that time, there will still be hesitation.

To reduce the leverage, it is plain to say that the strategy of retreat in order to meet the refusal is not for the purpose of blocking more capital to enter the market. On the contrary, it is a way to attract more funds to better intervene in the market. In this way, our market can be more robust, and even more slowly, it is highly consistent with our direction of reform and the direction of the future economy, so that we can finally make bigger capital cakes. What we need to do now is that when many people are still talking about the lever level, we should directly cut into the essence and grasp the root of it. All of the above is our simple thinking about the so-called reduction of leverage and so on.