Pi Haizhou: Can China'S Stock Market End The Retail Era?

It is not true that the stock option is not true, but will the Chinese stock market go away because of the introduction of the stock option? This is really a question that needs management to ponder.

Because an obvious reality is that with the introduction of various innovative products in recent years, the market has increasingly said "no" to small and medium investors.

From stock index futures to margin trading to stock options, and even Shanghai and Hong Kong through business, small and medium investors are excluded from the door.

Small and medium investors have less and less space to survive in the market.

Moreover, the risk of small and medium investors in the A share market is bigger and bigger.

On the one hand, the quality of the listed companies in the A share market has not improved significantly, or even worse, including the future allowing the loss companies to go public, and it is more and more difficult for investors to get the return on investment.

On the other hand, the benefits brought by some innovative businesses are hard for small investors to share, but the hidden dangers are hard to avoid.

For example, the launch of the Shanghai 50ETF option can activate the blue chips in name, but in fact, it is possible to aggravate the concussion of the stock index, and this concussion is likely to bring losses to investors.

For example, stock index futures will obviously divert the strength of the market. After the launch of stock index futures, the A share market has been weak for many years, and stock index futures are also unable to escape.

Moreover, with the exclusion of small and medium investors from all kinds of innovative products, small and medium investors are becoming increasingly vulnerable, and the unfair between small investors and institutional investors is becoming more and more obvious.

For example, in the face of "Everbright Oolong finger incident", institutional investors can hedge risks through margin trading and short selling of stock index futures, or even sell stocks through fund ETF, while small investors who buy stocks on that day can only get caught.

In fact, it is based on the weak position of small and medium investors in the stock market and the difficulty in making money. As early as December 1, 2011, Guo Shuqing, chairman of the former securities and Futures Commission who was just a chairman of the SFC soon, advised investors not to invest in the low income group and those living on pensions, and suggested that they should consider more low risk investment and savings tools.

The implication is that small investors should stay away from the A share market.

For the majority of small and medium-sized investors, Guo Shuqing's speech at that time can be said to be earnest.

Combined with the development of A share market in recent years, it is necessary for small and medium-sized investors to choose to leave the market.

But the problem is, from China.

Can the A share market really terminate the retail era and let the small and medium-sized investors walk away from the stock market? Obviously, it can not! Because the current A share market is still a retail market with an absolute number of advantages. About 97% of the investors' account funds are lower than 500 thousand yuan, of which less than 100 thousand yuan reaches 85%.

Moreover, in the annual trading volume of the Shanghai and Shenzhen stock markets, the volume of retail pactions accounts for more than 80%.

It can be said that the current Chinese stock market is inseparable from the participation of small and medium-sized investors, without the participation of small and medium-sized investors.

It will collapse.

Of course, it is not ruled out that some people are suggesting that the funds of small and medium investors should be paid to the fund.

In fact, the development of institutional investors is indeed a long-term task faced by China's stock market.

But there are two problems that can not be solved. First, domestic investors are more willing to leave their funds to themselves. This habit can not be changed easily. Two, the financial ability of domestic funds is really unsettling.

In particular, as public fund managers have rushed to private placement, the financial ability of public offering funds is even more questionable.

Private equity funds also have high thresholds.

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This determines that small and medium-sized investors in China are more willing to leave their funds to themselves instead of investing in funds.

It is based on this reality that based on the long-term development of China's stock market, the Chinese stock market needs to keep the root of the small and medium investors instead of letting the retail investors go away from the stock market.

Because of this, it is necessary for stock market management to reflect on various innovative businesses in recent years.

Why have all kinds of innovative businesses launched in recent years rejected the small and medium investors again and again? Why do all kinds of innovative businesses become patent of institutional investors? Why can not we innovate and improve the system from the perspective of serving the small and medium investors? The pace of innovation business that Chinese stock market serves for institutional investors should be slow down.