Management Attitude Change A Shares Have High Innovation Conditions.

In the last week, the pace of A shares rose slightly. Among them, the Shanghai Composite Index as an example, the biggest increase this week is close to 5%, the index further approaching the previous high.

In fact, after adjusting for the first two months, the rhythm of the A share market has gradually recovered steadily. During the period, the management increased the pressure of the "deleveraging" of the stock market, and brought a certain pressure to the stock market.

However, after the Spring Festival, the management's attitude towards the stock market has changed significantly.

Among them, Zhou Xiaochuan, the governor of the central bank, publicly stated that there is no contradiction between capital entering the stock market and supporting the real economy. At the same time, he also affirmed the function of Shenzhen Hong Kong Tong, which also created a good environment for the launch of Shenzhen Hong Kong Tong.

In recent days, Xiao Gang, chairman of the China Securities Regulatory Commission, has made a statement on the current stock market. He said that the rise of the stock market is a response to the anticipation of the reform and opening up bonus, and is the result of the superposition of various favorable policies, which has its inevitability and rationality. At the same time, Xiaogang also hinted that although the scale of the two financial businesses has been developing rapidly, the overall risk is still controllable.

In fact, looking back the first half of the year. equity market Rising prices, and the continued surge in the scale of the two financial businesses, did become a direct boost to the stock market's rise at that time.

According to statistics, as of December 31, 2014, the market scale of the two business has exceeded 1 trillion. In the same period of 2013, the scale level was only about 340000000000.

It is worth noting that the two financial businesses have the function of helping to rise and fall. In this regard, the two financial businesses continue to surge in the size of the environment, the market's confidence in investment is bound to be a certain boost. As a result, it also provides a strong impetus to the rapid rise of the stock market.

However, since 2015, management has increased the pressure of "deleveraging" on the stock market, which has directly hit the scale of the two financial businesses. Among them, before and after February this year, the market's two scale business scale growth showed a sharp stagflation pattern, which also brought a lot of pressure to the market's new liquidity.

However, after the Spring Festival this year, the market Two financial businesses The growth rate has picked up again. According to statistics, as of March 12, 2015, the scale of the two financial businesses in the market has reached a record high of 1 trillion and 300 billion.

There is no denying that there is a certain connection between the two market growth of the market and the change of the attitude of the management to the stock market. However, in addition to this, more policy advantages further help the stock market, creating a better policy environment for the rise of the stock market.

Among them, the news coming out of the pension market brings new expectations for the market.

It is understood that trillions of pensions will enter the market soon, and the relevant programmes are expected to be submitted to the State Council in the second half of this year. According to the size of the current pension fund's accumulated balance of 3 trillion and 60 billion, if part of it is entered equity market It can bring trillions of new liquidity to the stock market. Obviously, this brings some new liquidity expectations to the stock market in the future.

In addition, A shares are expected to take part in MSCI. With the gradual improvement of the A share matching measures, the A share will also be a big probability event in the MSCI, which will bring some new liquidity to the A share market.

It is worth noting that the second half of this year will be the key time for the registration system to really land. So far, the A share market will also successfully complete the transition from the approval system to the registration system.

However, the implementation of registration system is bound to trigger. Market access threshold The decline will further stimulate more enterprises to enter the A share market. In this regard, the registration system as a strategic direction of the country's strategic direction, management also need to increase the stock market before its formal launch, to further enhance the attractiveness of the stock market investment.

Therefore, I believe that when the registration system is officially launched, there is indeed a need for a "slow bull" market environment.

With the obvious turning of the government's attitude towards the stock market, in fact, it also creates a favorable policy environment for the stock market to hit the new high. However, it is important to note that the area near the 3478 Shanghai composite index is the most important point in many years, and it is also an important turning point in the stock market. Therefore, it is probably not realistic to expect the stock market to rush through at one go.

However, the author believes that the policy environment for boosting the stock market out of the "slow bull market" has basically been achieved, and that the stock market will hit a new high will also be a big probability event.