The Situation Of "Breaking The Tide" Of Listed Companies' Stocks

In the second half of the year, A shares evaporated 22 trillion. What inspiration can we bring to us?

Today, it is less than a month away from 2016.

However, as the year 2015 is drawing near, we would like to make a brief review of the performance of the stock market throughout the year.

In fact, looking back at the stock market in 2015 can be described in four words: "ups and downs".

Indeed, for this year's stock market, its overall volatility is also quite significant.

However, behind the ups and downs of the stock market, in fact, it has also increased the difficulty of the operation of market investors.

"Cheng also levers, losing leverage" is a true portrayal of the A share market in the past year and a half.

Among them, in the field of financing, for example, in the early July 2014, the scale of A share market financing was only about 400 billion yuan.

However, at the beginning of this year, the scale of A share market has reached about 1 trillion.

However, the real time of financing in the A share market is the 3 to June of this year.

During the period, the scale of the field financing business also hit a 2 trillion and 270 billion peak.

In addition, we need to pay attention to the fact that the scale of the financing of the A market continued to grow, but the size of the OTC capital allocation in the A share market was exploding in the 3 to June of 2015.

Among them, there are incomplete data statistics, the current A share market's over-the-counter allocation scale exceeds 2 trillion, while other hidden private distribution channels, the cumulative size or 4 trillion of the huge.

Thus, for the market at that time, its frenzied degree is also evident.

However, after the stock market continues to be crazy, it often faces a "bloodbath".

At the same time, combined with the accelerated deleveraging process after June this year, it also accelerated the squeeze of stock market bubbles at that time.

In fact, since June this year, the A share market has also experienced several rounds of "deleveraging" storm, and the impact of the period on the stock market is also quite significant.

Among them, from the performance of the market index, taking the Shanghai Composite Index as an example, it fell from the highest 5178 points at the time to the lowest 2850 points at the end of August this year, with a cumulative drop of over 45%.

Affected by this, there was also a situation of "breaking the tide" of listed companies.

At the same time, there are substantial losses and large sums of money.

Fixed price increase "hang upside down" and so on.

Once there was a view that China's retail investors could not be immature, but the stock market under the current management mode was like retail investors.

Obviously, these remarks will naturally be heated by all sides.

However, in practice, this sentence is not without reason.

Obviously, in the immature market environment, it can not enhance the illegal and illegal cost of the market in essence, or it is also increasing the asymmetry between the information and trading systems between ordinary retail investors and large capital institutions.

As a result, it also provides convenient conditions for the irrational operation of some large capital institutions.

On the contrary, for small and medium-sized retail investors who already lack financial advantages and information superiority, they are more likely to encounter the slaughtering of large capital and large organizations.

Obviously, after the ups and downs of the stock market this year, we should be deeply aware of the potential vulnerabilities in the stock market and correct them in a timely manner.

At the same time, it is still necessary to further enhance the self-discipline behavior of institutional investors and strengthen the normative operation of the market.

Otherwise, for the A share market, which is about to move towards the international stage, it will be relatively unfavourable.

In fact, I believe that, in essence,

It does not create wealth, but redistribues wealth.

However, in the process of continuous plunging stock market, the most vulnerable ones are small and medium-sized retail investors who are generally lack of capital advantages and information advantages.

At this point, after the previous round of irrational decline, we really need to reflect deeply on our market system.

At the same time, we need to reflect on the past irrational operation strategies, so as to prevent another embarrassing situation that wealth has shrunk.

For now, the A share market is still dominated by retail investors.

And the overall proportion of institutional investors remains low.

However, in practice, although the proportion of institutional investors is still low, its overall operational style is essentially different from that of foreign mature institutional investors.