Investors Sold For 1 Trillion And 200 Billion Weeks In 5 Weeks, Saying They Were Scared By The Collapse And Wanted To Run.

Some analysts said that the financing balance is expected to rebound due to the restrictions on the growth of the over-the-counter allocation and the support of the policy to the two financial businesses.

According to the latest 50 million 987 thousand and 300 investor positions in the company, A shares are expected to be recovered by 173 thousand and 200 yuan.

A shares 12 day market capitalization 9 trillion shares, per capita loss reduction 170 thousand

In the strong rebound since July 9th,

Market capitalization has recovered nearly 9 trillion yuan, and shareholders have lost about 170 thousand yuan per capita.

It is worth noting that after experiencing a continuous rebound, confidence in the stock market has obviously recovered, and has again fallen in love with leverage. In the field of financing, buying has hit a new high of nearly six weeks, and the balance of financing has also risen continuously.

Some analysts said that the financing balance is expected to rebound due to the restrictions on the growth of the over-the-counter allocation and the support of the policy to the two financial businesses.

The Shanghai Composite Index rose from 3373 to 4070, or more than 20%.

Gem also rose more than 530 points during the same period, or up to 22.58%.

The index rebound has brought about a rise in market capitalization.

Data show that in July 9th this year, A shares rebounded, and after 8 days of closing, the market value of Shanghai and Shenzhen two cities was 46 trillion and 390 billion yuan (excluding new shares listed after June 15th), and by yesterday's close, the figure climbed to 55 trillion and 210 billion yuan.

This means that in the past 12 trading days,

An increase of 8 trillion and 830 billion yuan.

According to the latest 50 million 987 thousand and 300 investor positions in the company, A shares are expected to be recovered by 173 thousand and 200 yuan.

"This data includes non tradable shares. In fact, the per capita market value growth may be much lower than that."

A brokerage macro analyst said.

But he also believes that after the market has undergone a deep adjustment, the current rebound has been very good. "At least investor confidence, especially the confidence of large retail friends, has begun to recover."

The analyst thinks.

In 20, the old stock market bear 1 stocks and make 10 times in 5 years.

Lao Wu sipped a cup of tea and thought, "don't use your real name."

The reporter nodded.

Also, Lao Wu may be the most common one among the about 90000000 natural investors in the country. He has no ability to respond to everything. His comments are not entirely objective. He may be the old king or Lao Li around every ordinary investor.

Shareholders have the rules of shareholders, not to mention how much money they have in the accounts, because the Chinese tradition is that money is not exposed; it doesn't talk about which stock is holding now because if it falls down, it will damage the face.

To avoid these two taboos, every investor is willing to share the information of politics, economy and culture with the people around him. In the process of sharing, every investor has his own "circle".

Reporters read all the contacts stored in the phone, and eventually gave up those who talked about the stock market more professional securities institutions, but chose Lao Wu, not just because he had experienced "old eight stocks", "5. 19 quotes", "6124 points"...

What's more, he used his own money in stocks trading. He might show off when the stock went up, and the stock fell. He could not help but curse. From the last big market to 5000 points to 5000 points this time, the 8 years passed quickly, and Lao Wu changed a lot, and the Chinese stock market changed more.

In Shanghai and Shenzhen two cities, nearly 2800 stocks, which to buy and which to sell, the knowledge of stocks is all in it.

For a stockholder, how much money he has is not worth showing off, but the number of people in the circle who has seen how many bull stocks he has bought and sold is like a "believer" to the "prophet".

As an old stock investor who has gone through the ups and downs of stock market for more than 20 years, Lao Wu will also give directions to the new shareholders who have just entered the stock market around him. When he recommends this stock, he may only have 70% to 80% of his grasp, and perhaps he will not even have a grasp of it.

This is not important, because the possibility of any one stock going up and down objectively is 50% of its own. What is important is, what will the new investors who hear the advice do? One is to buy directly without saying anything, the next is to continue to inquire about when to sell; the other will be cautious, spend some time to study the data, analyze the valuation and minimize risks.

Compared with today's new shareholders, Lao Wu's generation of investors felt more deeply about the so-called news stocks.

From the 90s of last century to the years after 2000, most of the people did not have personal computers or Internet at that time. Securities newspapers and securities business departments were the two main channels to obtain news. "At that time, securities newspapers were hard to get, and they were late when they were late. Shanghai was better, and Beijing newsstands rarely saw securities newspapers."

The shortage of information communication channels between the listed companies and investors and the serious lagging behind make the shareholders of that era have no condition to study and analyze the operation and valuation level of a listed company. Therefore, more than ten years before and after 2000 is also the golden age of the securities business department of the securities company. Every paction time, the trading hall is always crowded. In the whispering crowd, the highest gold content is: "I have news."

These messages may have just been heard from the large rooms upstairs, and these so-called internal messages are not about the performance of which listed companies, most of which are the recent stock makers who are doing, which means that the stock price of the stock will rise rapidly.

From the 3500 point of July 2009, A shares have gone through a long bear market for 5 years. Under such a market environment, more and more shareholders no longer believe in value investing and instead go around to find out the reorganized stories of "black chicken becoming Phoenix". "ST backdoor reorganization" is also a unique symbol of the times in China's stock market. The final result is bad money drives out good money, and the blue chip market is even more sluggish.

The information asymmetry of China's stock market has made China's first batch of makers: several dealers alone or jointly lift a stock, and then deliberately spread the news through some channels. The retail investors are not in the right place, blindly follow up, and wait for the stock price to rise.

Investors call this game "grab the hat".

This is a game played in China's stock market in the 90s of last century, but to this day, it is still not out of date.

Old stock investors like Lao Wu can basically judge every step of the dealer through the trend of the K-line. They will also wait for the opportunity to "follow the village". For a long time, this "technical analysis" is a required course for a new stock investor to grow up.

The serious asymmetry of information has made a large number of banker, and a large number of stock commentators have also achieved the Chinese stock market.

Only in a market with serious asymmetric information will the myth of average price earnings ratio of 1500 times be achieved on GEM, and only high valuation will attract more enterprises to enter into financing. Only in this way can enterprise financing difficulties be solved to expand China's capital [-0.22%] market.

From desktop computers to laptops, from functional phones to smart phones, nowadays, when Lao Wu drives, he can readily open the trading software in his mobile phone and look at stocks.

However, the updating of information communication technology has not changed the asymmetric information game in China's stock market. Instead, investors are living in an environment of information explosion every day.

In the past, they only need to judge the truth and false of a message. Now, they have to distinguish the one or two valuable information in a few hundred messages per day.

Lao Wu handed over his cell phone to reporters. It was a news report that had been broken out by foreign media. It seemed that he had nothing to do with the stock in his hands, but now he can not tell which message will really affect his stock tomorrow.

"This round is the artificial bull market, and your media is also responsible. Even the newspapers say that the 4000 point is the starting point."

Lao Wu complained.

"After 4500 points in the market, we have been hinting at risks, but who would like to listen?" the reporters also felt very helpless.

14 million "leek"

Before going to interview Lao Wu, the reporter consulted a statistical data on the website of the company. In 2007, the bull market led to the 38 million 300 thousand opening of the stock market in the year, and the average number of investors in the Shanghai and Shenzhen two cities was about about 19000000. In April, only 37 million 700 thousand months later, in June, the stock market increased by about 14 million.

For the 1400 investors who have entered the stock market, there is a special term called "leek". For many old shareholders, their income comes from "cutting leek". In short, the stock that they bought before 50 yuan is sold to these new investors at the price of 100 yuan.

This is a game rule that must be followed by the stock market. Only when a continuous stream of new "leeks" enters, can the old shareholders earn some money after cutting the stubble, which is called the zero sum game of the stock market.

The most prosperous "leek" growth period in China's stock market began in 2007. By the end of 2006, A shares had less than 75 million of their personal investment accounts, and had experienced 112 million rise in 2007.

Since 2009, the stock market has started to turn to bear. In recent years, the stock account has increased by about 10 million every year. By 2013, it was less than 5 million.

The bear market after 5 years in 2009 has ushered in a surge in China's real estate prices, and a large number of stock market funds have begun to withdraw and turn into the real estate market.

In the year before that, Lao Wu switched to a Real Estate Company.

At that time, accompanied by monetary easing policy, inflationary pressure increased, pushing China into a round of asset price rise path, large to real estate, small to a jade, a stamp, and even garlic and ginger were repeatedly hyped up by funds.

As the most liquid stock, the story of "one thousand and one nights" has also started. Lithium batteries, graphene, solar energy, apple mobile phones and biological vaccines will always have new tricks and new stories on the market.

"China's stock market is a freak, from the time of birth, with the purpose of solving difficulties for state-owned enterprises, rushing to finance, and then such a high valuation, who would not like to go down again, it has become a difficulty in delisting.

Since we can't withdraw from the market, we have to reinvest assets and have to tell new stories.

Lao Wu said.

More legendary than the story of asset restructuring is the issuance of new shares in this period, from the IPO restart in July 2009 to the closure again in September 2012. Over 3 years, nearly 900 companies have gone public, and the IPO Financing has exceeded 1 trillion yuan. At the same time, the listed companies have exceeded 1 trillion and 300 billion through the issuance of financing.

In those years, both the new shareholders and the old shareholders have become the "leek" of the industrial capital. The new stock market has received excessive fund-raising for the listing. The story is more and more legendary. The issuing agencies and the listed companies are even in a conspiring way. The counterfeiting and listing of the stock market have repeatedly burst out, and the investors in the two tier market are deeply injured.

From the data point of view, the profit growth rate of A share listed companies in 2010 was nearly 40%, which is the best year for the listed companies after 2007, but the Shanghai Composite Index has been hovering between 2000 and 3000 points. Some large blue chips have fallen through net assets.

In 2013, the Chinese economy began to turn, and the Chinese stock market entered the darkest period before dawn. In the month of June of that year, the Shanghai Composite Index fell from more than 2300 points to 1849 bear market lows.

The turning point also appeared in 2013. In that year, the real estate market began to stall by macroeconomic regulation and control. However, the funds did not flow to the stock market as much as previously suspected, because the market expected that the macro-economy will slow down. Most of the funds deposited in real estate are still against the government's regulation and control policy. Once the regulation fails, the price of real estate will inevitably usher in a more violent round of inflation.

At the end of July 2014, the stock market began to recover slowly. However, the mood of investors who had cooled for many years did not return to the more than 200 points of the Shanghai Composite Index. Until the end of the year, most investors including Lao Wu believed that this round of market valuation was a blue chip valuation and had little to do with themselves.

The market was finally detonated. In January of this year, the gem launched first, and a large number of emerging technologies represented by Internet technology became the hot spot of stock market investment. Then, at the two sessions of the national assembly, Premier Li Keqiang first reported the concept of "Internet +" in the government work report, which added a fire to the enthusiasm of the market.

"Internet +" is no longer a concept of stock market speculation, and has become a real force affecting the stock market. Internet finance makes the circulation cost of capital lower, and the private capital outside the banking system far exceeds the speed of the real estate funds in the year to enter the stock market.

The more powerful force than the new "leek" entering the stock market comes from banks. The pressure of interest rate marketization makes banks urgently need to find a capital demand side who can bear high interest rates. Compared with previous real estate, the liquidity of stocks is obviously higher, and it is easier to control the risk of wind.

Over the counter capital allocation, which has existed for more than 10 years in China's stock market, has suddenly been boosted by bank funds. Securities dealers who refuse to give up opportunities have also opened the door to attract investors to participate in the two financial integration, and the entire market has entered a leveraged era.

Government bailout

Over the past 20 years, investors have attached many labels to China's stock market. Apart from "retail market" and "financing market", there is also a "policy market". Every little act of regulators will cause the market to change.

Lao Wu has no energy to explain to the new shareholders in detail what is "5. 19 market" and what is "5. 30 crash", because the explanation above Baidu is clearer than that of his explanation, but only experienced a horrific crash in person is a course that a new shareholder must go to old shareholders.

In 2007, after more than half a year's lifting, the stock index rose from 1500 to 4300. In the early morning of May 30th, the Ministry of Finance suddenly raised the stamp duty, which led to a direct dive in the second day. The 5 trading day index dropped more than 800 points, and nearly 1000 stocks in the two cities were down. Many stocks in these trading days were almost continuous.

After this sharp rise and fall, investors began to rethink that A shares are still not a fully market-oriented stock market, and the market is going up and down. Besides the fundamentals and financial aspects of listed companies, there is also a visible hand of policy.

What is more obvious is this round of "national bull market". From the 3200 point of March this year, "a large amount of capital flows into the stock market, the regulators can not know nothing about it, but it involves a separate supervision, and no one is willing to bear the responsibility of a broken country bull market."

Lao Wu analyzed.

Like Lao Wu, when the index of the stock market has reached 4500 points, many old shareholders have realized that the risk is too great and they have taken the initiative to reduce their positions. Although the outside world is still convinced that the market will rush to 6000 points at a time, the 8000 point in the year is not a dream.

However, what Wu did not expect was that the stock market was in such a fierce form of callback. The SCC's strict investigation and allocation of funds was like a pair of scissors cutting off the kite line, and the stock market's decline was nearly out of control. Its tragedy had already far exceeded the "5. 30 drop" of the year. Two cities and 2800 stocks were trading on the market except for the suspension. Only a few large blue chips were still trading, but that had nothing to do with themselves.

"Fortunately, at the 5000 point, regulators began to realize that the risk was broken, which is better than breaking the market at 10000."

Lao Wu did not know whether he was lucky or not.

According to Chung Tung data, from mid June to mid July, fewer than 5% of individual investors in two cities cleared their positions, and most investors did not have time to run.

Many shrewd old stock investors succeeded in escaping or cutting meat in time.

However, what these old shareholders did not think was that a bigger pit after a pit.

From the end of June to the beginning of July, regulators issued a shout to stabilize market sentiment, which made the old stock investors still believe that the bull market has not yet ended. The government has to rescue the market. The 4200 point is the end of the policy.

As a result, the bottom is reverse.

Shareholders began to get angry with regulators. At that time, Lao Wu's mobile phone often received news, "the above is not satisfied with the stock market problem, it needs to be replaced."

Although they do not distinguish between true and false, investors always vent their emotions in the way of "forwarding them to friends circle".

In the meantime, Lao Wu began to doubt the sincerity of the government to rescue the market.

"Should the government rescue the market?" this is the hottest topic at that time. In fact, after the debate, it was discovered that as long as all positions held the view that the rescue should be done, they should not be rescued in short positions or half positions.

After all, the government made a move, and it was still a strong drug.

After all, this bull market bears too many responsibilities outside the stock market. It should cooperate with the reform of state-owned enterprises, leverage the overcapacity industries, cooperate with the whole people to innovate, and solve the financing difficulties of SMEs.

So the bull market can not be terminated.

Only do not greedy.

However, Lao Wu intends to retreat.

"Energy and ability are obviously not up to date."

He told reporters that the stock market is far more complicated than the market 8 years ago. Various financial derivatives were involved in it. Some old shareholders had no chance to fight against those professional investment institutions that relied on computers alone with their personal experience. Moreover, the emerging industries were constantly dazzling and took time to analyze the fundamentals of these technology companies. The cost was too high.

Time cost has become more important than capital cost. This is also the collective character of Lao Wu's generation of investors. Most of them have completed capital accumulation and relatively financial freedom. They prefer to spend more time to enjoy life, so they will hand over their funds to their trusted private institutions for operation, after all, they are more professional than themselves.

"This market is ultimately a professional investor."

Lao Wu's sentence seems to coincide with the idea of regulators for so many years.

In the past few years, regulators have been shouting to encourage investors to invest in value and increase the proportion of institutional investors in the market. However, a few years ago, the public fund which had been supported by one hand did not complete its mission. Instead, the operation methods of some public funds became a "big dealer" and became the biggest unstable factor in the stock market turbulence.

It is impossible for the market to change, it takes time and costs, and more and more investors begin to reflect on themselves.

Lao Wu's ideological change stems from the bear market in the past 5 years. In these 5 years, the market has been bleak, and Lao Wu has not cleared the stock market. Of course, the funds invested in the stock market are much less. The only funds can not be like the bull market. It can only focus on one or two stocks. During this period, Lao Wu gradually became calm and seriously studied the listed companies. He never thought that it was precisely the 5 year bear market that made Lao Wu earn more money than the bull market in that year. The stock in his hands increased 10 times in less than 5 years.

Lao Wu became the company's "stock god" for a time. Some of his colleagues first came to spy on the news and see what stocks the Lao Wu bought. Later, after a long time, it was discovered that Lao Wu had been stared at that stock for so many years. Lao Wu would almost read all the announcements of the company, even print out some financial data and page by page. He even went to the field to attend the shareholders' meeting of the listed company.

16 years ago, in the round of "5. 19" and Internet technology stocks, Lao Wu also made a lot of money on the stock market, but at that time, Lao Wu followed the big brother's frying, buying what he bought and when he sold it. Then, catching up with the bear market for the next 4 years, "big brother" also withdrew from the stock market.

Then, from 2006 to 2007, the split share structure reform and the performance of the entire listed company increased significantly, pushing the new bull market. The Shanghai composite index jumped from more than 1200 points to 6124 points, and less than 1500 of the listed companies' total market capitalization jumped from 5 trillion to 33 trillion. At that time, it was basically closed eyes to buy stocks and they could make money, so there was no need to study the performance of listed companies.

Over the past few years, Lao Wu, who followed the big market and drifting with the tide, earned and lost. For a long time, he was already numb for the stock market.

Individuals can never fight against the market. Even uncontrollable greed is always used by others to turn themselves into institutional prey.

In 2011, when the stock market was in the doldrums, Hou Ning, who was called "commander of the air force" by investors, once made an analysis to reporters: "as a retail investor, you have no institutional advantage, no information superiority, even intelligence, but what do you want to make money in the stock market?"

Controlling desire has become the biggest gain for all the old shareholders in addition to making money. They are always teaching the new investors: "in the stock market, we can only make money without losing money."

"The stock market is simple, but it is the four words of" high dumping and low absorption ", but it is so simple to practice.

Boulevard to Jane, but the simpler things are, the harder.

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5 even after Yang is 6 Yang.

Yesterday, I watched

More and more aggressive stance, many investors call him regret: "I was scared out of a sudden fall, and when I got a rebound, I ran away without any compensation. Who wants A shares to go strong?" and the latest report of Galaxy Securities Fund Research Center showed that in the past 5 weeks, the net stock sold by investors was as high as 1 trillion and 200 billion yuan.

"At the top of 4000, there's only 50% left in the warehouse."

Yesterday, at the opening of the stock market, Shanghai and Shenzhen stock markets shook up above 4000 points. Then, along with the collective strength of stocks such as logistics, new shares and sub shares, the stock index began to shake up.

After the opening of the afternoon, the heavyweights made a collective effort, and the Shanghai Composite Index almost showed a unilateral upward trend, rushing to 4100 points all the way.

At the close, the Shanghai composite index reported 4123.92 points, up 97.88 points, or 2.43%, and the Shenzhen composite index reported 13754.53 points, up 337.99 points, or 2.52%, and the gem index reported 2967.95 points, up 70.58 points, or 2.44%.

However, in the face of A shares soaring all the way, many shareholders simply can not laugh.

"I am afraid that these days are basically selling stocks, and how dare to buy them!" yesterday, the investors, Ms. Zhang told the Beijing Morning Post reporter that this round of rebounding only brought back the losses in the crash, and did not dare to lower the positions.

By the 4000 point, there were only 50% of their positions left.

A report written by Hu Li Feng, a research center of Galaxy Securities Fund, also verified the mentality of investors in these days.

The report shows that from June 15th to July 17th these 5 weeks, investors sold a net stock of 1 trillion and 200 billion yuan.

In June 12th, before the stock market crash, investors bought a net stock of 959 billion 900 million yuan.

Galaxy Securities said that investors from a net buy 959 billion 900 million yuan to a net sales of 12115 billion yuan, exposing the nature of stock investors is not long-term savings funds, more short-term funds and leveraged funds, many of which are over-the-counter funds.

This week, the market continued to consolidate 4000 key points, and stood at 4100 points in one fell swoop.

Hu Lifeng told the Beijing Morning Post reporter yesterday that the current stock market crash has exposed the real and embarrassing reality of China's stock market's active and mainstream funds.

This reality calls for long-term capital admission.

"After the A share deleveraging, it calls for accelerating the pace of pension market entry."

Hu Lifeng said.