What Is The Revelation Of The Huge Shrinkage Of The Fund?

The "guided capital market" has become a hot topic in the recent two days.

However, in sharp contrast, the size of the newly announced public fund has shown signs of shrinking.

Among them, according to the data released recently by the China Association for fund industry, after the irrational fall in January this year, the net scale of public fund in China has shrunk to 7 trillion and 253 billion 643 million yuan from 8 trillion and 397 billion 183 million yuan at the end of 15, and its scale has reached 1 trillion and 100 billion.

Among them, according to its breakdown data, the mixed fund has shrunk most significantly, its scale has shrunk by more than 500 billion yuan, and the scale of the open share fund has also shrunk to more than 160 billion yuan.

In addition, for private equity funds, the same has not been able to avoid this round of irrational decline.

According to incomplete statistics, private equity fund recorded a negative return in January, and the overall average decline was more than 10%.

At the same time, the speed of the sunshine private placement fund has hit a record high in recent years.

In this regard, in the face of public funds, and even the scale of private equity funds have shrunk dramatically, what in the end enlightenment?

In fact, looking back on the performance of A shares in the latest half year, it basically showed a pattern of skyrocketing and plummeting.

Among them, since the 15 June, China's A shares have experienced 18 times of 1000 stock limit down, and the frequency of a single day drop of more than 5% has also hit a record for many years.

Entering the 2016, the market thought that the fusing mechanism could provide a more favorable stabilizing function for the stock market.

Little imagine, in the 16 years when the stock market started, under the influence of the new rules, the Shanghai and Shenzhen 300 index quickly hit 7% fusing threshold, which led to the stock market's advance closing.

If the Chinese style fusing mechanism appears only once, it will be in a reasonable state.

However, if the CSI 300 index is fused in a short period of time under the new rules of fusing, and the fusing threshold of 7%, it means that there are significant loopholes in the design of the Chinese style fusing mechanism.

In other words, for "acclimatized"

We should abolish it decisively.

Finally, amid the market doubt, the Chinese style fusing mechanism was running down in less than a week.

However, influenced by the Chinese style fusing mechanism, China

The situation of "turning ox to bear" has also been fully established.

We may not be able to blame the fund manager for the phenomenon of shrinking private equity funds in January.

On the contrary, under the existing market rules, we need to profoundly reflect on the irrational operation of stock market in the past.

At the same time, we also need to fully realize that China's A shares have long hidden loopholes in the system and improve them as soon as possible.

The author believes that for the past half a year, China's A shares have gone up and down sharply, on the one hand, they have accelerated the impact of "deleveraging" and "de foaming" in the stock market; on the other hand, they have lacked the preparatory work for anticipating the market crisis, and under the background of not taking full account of the market's own characteristics, the stock market policy system of "acclimatized" has been promulgated, which has exacerbated the irrational volatility risk of the stock market.

Among them, the former is an example.

The full activation of tools, the full expansion of stock market bubbles, and the timely action of "deleveraging" and "de foaming" are understandable.

However, in practice, too impetuous "deleveraging" and "de foaming" behavior are apt to trigger the stall down of the stock market.

Thus, in order to make the stock market healthy and long-term, China's A shares still have a long way to go, and the task ahead of President Liu Shiyu is not easy.

In fact, for the current bull market, the driving force to boost its rise is essentially different from the previous bull market.

Among them, the current bull market is built on the background of the full activation of high leverage tools, and leveraged funds boost the acceleration of the stock market and become the most powerful booster.

However, for leveraged funds, in the rising market, it is easy to raise the utilization ratio of funds and accelerate the pace of stock market rising.

However, in the declining market, it will play a role in helping the market fall.

But this is not the most terrible. The most frightening thing is that the stock market stalls down, causing the market to fall into a liquidity crisis.

If the market continues to fluctuate irrationally, it will easily trigger the risk of liquidation of all kinds of financing and pledge, and even trigger systemic risks in the stock market.

In view of this, the abnormal fluctuation of stock market in the past half year is actually a true portrayal of market lack of crisis prediction and lack of strict layout of risk control.