Guo Shiliang'S Interpretation Of A Shares Evaporated 22 Trillion

Having experienced the ups and downs of the stock market this year, we should be deeply aware of the potential flaws in the stock market and correct them in a timely manner.

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

Looking back at the stock market in 2015, we can describe it in four words, that is, "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 of this year,

Also experienced a number of 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 still large losses in the securities exchange and a large number of listed companies' fixed price increase.

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 current situation.

Potential vulnerabilities and timely correction.

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.

Although the market index has picked up a lot, there are statistics, as of December 9th closing, the market's total market value is still down 28.5% compared with June 12th this year, about 22 trillion and 300 billion of the market value of wealth evaporated.

In fact, 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 also need to rethink our past irrational operational strategies in order to prevent the embarrassment of shrinking wealth again.

For the time being, the A share market still belongs to the retail market dominated by individual investors, and the overall proportion of institutional investors is still 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.