All Major Indexes Have Reached A New High Index, Breaking Through The 4900 Point.

Today, the Shanghai composite index reported 4910.90 points, up 97.10 points, or 2.02%, and traded at 11385 billion yuan; the Shenzhen composite index reported 16903.47 points, up 552.41 points, or 3.38%, and traded at 10157 billion yuan.

Gem newspaper 3618.23 points, up 150.31 points, or 4.33%.

A total of 2205 stocks rose in two cities, while 120 fell, with a rise and fall ratio of 20:1.

Non ST class trading stocks 363, no limit stocks.

Today, the index opened in early trading and continued to rebound after a small dive.

Break through the 4900 point.

Before the continuation of the strong state.

On the disk, benefiting from the "white paper on China's military strategy", the military aerospace sector is among the top gainers.

The increase is slightly weaker than the market.

After a slight concussion yesterday, the growth enterprise board returned to its strong state. The main board continued to take hundreds of points of Changyang and Shanghai stock index to conquer 4700, 4800, 4900 and other integer juncture. The market sentiment continued to be excited, and the overall market was still in the bull market pattern.

In the short term, the two cities only need to pay attention to the huge number of new shares IPO next week. Due to the purchase of large cap stocks such as China's nuclear power, it is expected that new frozen funds will be set up next week or up to 8 trillion and 300 billion.

This will cause some pressure on market liquidity in the short term.

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In 2015, as the stock market continued to accelerate, the fund issue was also very popular. The new fund "Sunlight" frequently appeared, and in April 27th, the new normal fund sales scale of Yi Fang Da had nearly 15 billion yuan on the first day, not only became the largest active partial equity new fund in the past 5 years, but also set the record of the highest first day scale in nearly 5 years.

From sunlight fund to see the enthusiasm of fund investors is getting higher and higher. Whether the madness of KIS is already the signal of market peaking is increasing day by day.

In the last round of the bull market, most of the fund investors were "precise selection", regardless of the fund company's various restriction and exhortation, they rushed into the market at the most crazy time, and had to suffer for several years to recover.

After 2006 and 2007, investors queued up to buy funds are not familiar with the fund "daylight". But after the last round of Daniel, the sale of the fund seems to be a fantasy, and many funds have to extend their sales time to reach the scale.

From the chart below, we can see that the last fund's solar wave was concentrated in 2006 to 2007, and the number of daylight funds reached 18, accounting for 15.4% of the number of funds issued during the same period (117), with an average starting scale of 12 billion 500 million.

In the current solar wave, there were only 2 fund daylight in 2014. The number of sunshine fund has been increasing since this year. Since 2015, there are 10 cases of fund selling sunlight, but only account for 3.7% of the number of funds issued in the same period, and the average starting point is only 4 billion 248 million.

Judging from the number of sunlight funds, the proportion of funds issued in the same period, or the average size of the issue, the current solar wave seems to have just begun.

If the subscription amount of the fund exceeds the scale of fund that the fund company can accept, the fund company may take a pro rata sale method.

In the last bull market, there were frequent placements of 24 funds in the 2006 and 2007, which accounted for 20.5% of the total number of funds issued in the same period, and the average size of the placement fund was 9 billion 381 million yuan, and the average proportion of the final allocation was less than 50%.

The lowest proportion of sales is the revival of China, which was released in September 2007, when the placement ratio was only 9.71%, and finally raised 5 billion yuan, which fully showed investors' enthusiasm for fund products at that time.

The number of billions of gigantic bases reflects intuitively the degree of enthusiasm of the people. We have counted the distribution of billions of gigantic bases in history. Compared with the huge number of billions of gigantic bases in the last bull market, the number of new tens of billions of funds is relatively small.

From 2006 to 2007, a total of 28 billion funds were generated in the new development fund, which accounted for 24% of the total amount of the new development fund at that time. In 2015, only 3 tens of billions of funds appeared in the new development fund, which accounted for only 1.1% of the number of funds issued this year.

Judging from the overall issuance of the new fund, the average issuance time of the new fund has been shortened since the bull market. However, compared to the 5 days in 2007, the average raising time of the fund is still longer. The average issuing time of the fund is still 10 days since 2015.

From the scale of raising, the average scale of fund raising in 2007 was as high as 9 billion 450 million yuan, and the average scale of fund raising this year is only 2 billion 87 million yuan, which is only about 1/5 of the scale raised in Daniel city.

Splitting, copying, and large scale dividends are rare.

In order to cater for the needs of the people, in the last bull market, the fund company adopted the practice of reducing the net value and dividing the net value and the large scale dividends. At the same time, a lot of replication funds appeared, such as the split of the rich country Tianyi, and the steady replication fund in the south.

Since the current bull market, fund companies have not yet taken these means to carry out marketing. Of course, on the one hand, China's fund investors are becoming more mature, but on the other hand, it shows that the market is not blind and crazy enough to wait for the market to continue to ferment and craze.

As a matter of fact, the proportion and size of the new fund in the stock market since the bull market has always been at a relatively low level relative to the stock market. The scale of the new fund is still at a historical low level (less than 5%), and the proportion of new products is less than that of the stock fund, which has just broken through 1%.