Guo Shiliang Talked About A Stock Market Rebound Is Highly Restricted.

At present, although the proportion of venture capital investment equity assets has increased significantly, and the pace of pension market has accelerated rapidly, but the scale of its real market is not satisfactory.

At the same time, in today's weak market environment, investors' enthusiasm for entering the market is not strong, and the new liquidity provided for the market is relatively limited.

At this point, we may not be too optimistic about the new liquidity of the future market.

It is undeniable that after these rounds of "deleveraging" process, the systemic risk of the market has been greatly reduced and the stability of the financial market has been maintained.

However, in the environment of leveraged capital leveraging greatly weakened, in fact, it also means that the A share market will rebound in the future, and will basically be guided by stock funds.

Obviously, in the market dominated by stock capital, its rebound height will be very limited.

In recent months, the A share market has accelerated.

"Sensitive period".

However, after several rounds of "deleveraging" process, the overall leverage ratio of the A share market has also been greatly reduced.

However, both the venue financing and the over-the-counter business scale slipped and fell, and did not slow down the supervision of regulators to strictly monitor the capital allocation.

It is worth mentioning that, in the latest month, regulators have again taken regulatory upgrading measures for OTC assets allocation.

Among them, the supervision level is gradually tilted towards the stock allocation, and the liquidation period is based on the scale of stock allocation.

In accordance with the current practice, stock allocation clearance can be roughly divided into four stages: the first stage, that is, the stock investors who are allocated less than 1 billion yuan, require that they complete the work of cleaning up by September 11th this year.

Obviously, for this type of broker, the clearance time will also be accelerated due to the relatively small scale.

The second stage, that is, the stock market between the 1 billion yuan to 5 billion yuan between the broker, require it to complete the liquidation before September 18th.

The third stage, that is, the securities dealers whose size is less than 15 billion yuan, is required to complete the task of cleaning up and rectifying before the end of this month.

The fourth stage is a large brokerage company with a large stock of the OTC assets, requiring it to finish the liquidation before the end of October.

As of now, it should be

The first phase of the clean-up also opened up the clearing process of the OTC stock allocation.

Since September 11th, stock allocation has also entered a critical time for accelerated clean-up.

"Cheng also levers, fail to leverage" is a real portrayal of the current A share market.

However, as the venue financing, over-the-counter funding and even the over-the-counter stock allocation can be cleaned up, it will be right.

What constitutes the impact?

According to statistics, up to now, the scale of field financing has dropped to below trillion yuan.

However, in the first 6 months of this year, the size of the A share market was up to nearly 2 trillion and 300 billion.

In other words, in less than three months, the size of the A share market has already shrunk by more than half.

At the same time, when the scale of financing inside the field has shrunk dramatically, the reduction of off site funding has been more significant.

Among them, the Hang Seng HOMS system and other OTC outsourcing service providers have encountered unprecedented impact, and the huge fines also make the performance of these companies under tremendous pressure.

In addition, at the same time, at the same time, at the same time, there were about 2 trillion potential over-the-counter asset allocation businesses, which were destroyed instantly.

During this period, a lot of companies involved in capital allocation were forced to pform, and the companies that were involved in them were faced with the crisis of bankruptcy.

As for the stock allocation business, there are about 2 yuan and 300 billion yuan potential scale.

However, after the supervision and upgrading action of the regulatory layer, the stock allocation business of the OTC capital allocation will inevitably suffer a heavy blow.

Thus, in the context of the sudden drop in leverage of leverage capital leveraging the stock market, it is indeed worrying that the new liquidity influx in the A share market is expected.