Let A Share Make Better Use Of Direct Financing Function

The stock market is rising again, which makes this year's post two sessions different from previous years.

Judging from the trend of the past years, the post "two sessions" market is usually dominated by the following down or consolidation.

This year's post "two sessions" market trend is different from the past. This is obviously related to the encouragement and encouragement of senior executives during the "two sessions".

One of the most representative remarks is that Zhou Xiaochuan, the governor of the central bank, expresses his concern about "capital entering the stock market and supporting the real economy".

Zhou Xiaochuan's speech is regarded as a great benefit by the market.

There is a view that this is the management of the stock market view has changed dramatically compared with the past, this change of concept also means that the support of the Shanghai and Shenzhen stock market development and prosperity of a new wave of policies will be introduced.

This includes even the news of the pensions entering the market. According to the introduction of Yin Yumin, Minister of the Ministry of human resources, the basic plan of pension investment and operation has been formed and is expected to be submitted to the CPC Central Committee and the State Council for approval in accordance with the procedures in the second half of this year.

It is clear that the pension fund will invest some of its funds in the stock market.

It is precisely because of the expectations of various policies that the stock market goes forward.

However,

Speech is more like a "cake" for investors to hunger.

Although Zhou Xiaochuan affirmed the role of the stock market in supporting the real economy and affirmed the capital market, it is unlikely that the management will be able to push forward the development of the market.

After all, the stock market is very popular now, and it needs no good stimulation.

As far as banks are concerned, they will not relax the supervision of credit funds entering the stock market, nor will they allow them to invest in the stock market.

Zhou Xiaochuan is more likely to stay in the oral market for his support.

Because, as Zhou Xiaochuan, it is clear that the current stock market investment risks.

For example, the gem.

Approaching 90 times, the P / E ratio of small and medium board is 50 times.

Even in the main board market, the price earnings ratio of other stocks is not low, except for a small number of banks such as banks and oil companies.

And banks, oil and other heavyweights have a much higher P / E ratio than H-shares.

Zhou Xiaochuan is unlikely to push bank capital to danger.

The reason why Zhou Xiaochuan wants to affirm the stock market is that more social funds will flow into the stock market.

After all, as Zhou Xiaochuan, including many leaders at the top level, their role in supporting the stock market to the real economy is still very clear. After all, the purpose of the Chinese stock market is to serve the enterprise financing, which is also the most important function of the stock market in China at present.

The purpose of Zhou Xiaochuan's "cake" is to give full play to the financing function of the stock market, so that more companies can raise funds in the stock market, so that the stock market can better play the function of direct financing.

After all, this kind of financing function can be better realized in the case of hot market.

This includes not only IPO, but also refinancing and the size of non cash.

Therefore, although many of the listed company's share price bubble has been very large, but because it does not require bank funds to pay the bill, but only the social capital to pay, Zhou Xiaochuan boldly "cake" no harm.

In fact, speculative A share market investors are also happy to see such a "cake".

Based on this situation, based on the characteristics of the "money market" that China's stock market has always remained unchanged, as a mature investor, it is necessary to objectively view Zhou Xiaochuan's "high appraisal of China's stock market".

After all, the reason why China's stock market is not mature is that the capital flow to the stock market is very limited to the real economy. Stock market resources are more wasteful and wasteful. The Chinese stock market still does not have the ability to optimize the allocation of resources.

What's more, the stock price of most A share market is not low at present. It is overestimated or even seriously overestimated. Investors must be risk conscious.

Moreover, we need to point out that the higher the stock index is, the greater the risk will be, and the higher the barrier will be.