The Core Concern Variable Affecting Capital Market Is Exchange Rate Factor.

"If we are pessimistic, we may miss a great era."

Chen Xiaosheng, assistant director and director of Research Institute of Shen Wan Hongyuan, told the China Securities Journal reporter that the current political, economic, financial and capital market considerations need to be considered from a relatively objective and comprehensive perspective.

The actual progress and subsequent impact of the supply side reform will probably exceed expectations.

This year, the core concern of the capital market is exchange rate factors, and overseas financial risks and domestic credit risks will be two key points.

Sensible institutional investors are actively looking for the right time.

Chen Xiaosheng said that the process of supply side reform can not be ignored.

The state has already had a comprehensive layout in terms of capacity, inventory, leverage, cost reduction and compensation board.

From the perspective of the meso industry seen by the researchers, the implementation and specific effects of measures such as capacity production are emerging.

The marginal improvement companies are closely watched in the stock market, and many investors have revisited the traditional industrial investment opportunities which have been of little concern in the past 3 years.

I believe that in the coming period, the sustained policy effect will exert influence on the economic level.

With the implementation of specific policies and measures, enterprises that will benefit from the supply side reform will continue to receive the attention of investors.

He believes that the new normal concept has led the whole society to start a new layout and constantly nurture new growth points and driving forces.

In 2016, the strategy of the new area represented by "one belt and one road" continued to advance, and the progress of the Asian investment bank and the Silk Road Fund could be expected. The integration of Beijing, Tianjin and Hebei and the Yangtze River Economic Belt will continue to make new progress. Public entrepreneurship, innovation and new technologies and new modes are gathering energy in the hearts of the masses; the top-level design of the state-run reform and the spirit of mass initiative can provide a new stage for local governments.

"Exchange rate will be a core concern of the capital market."

In addition, domestic credit risks and foreign financial risks will be two key points.

As for the domestic credit risk, from the perspective of Shen Wan Hongyuan, management has set up some employee resettlement funds while eliminating backward production capacity. At the same time, the development of industry is supplemented by credit and financial means, and there are measurable, ready and effective measures for the existence of credit risks. Therefore, it is expected that credit risks of some market participants will be in danger.

Turmoil in the overseas environment and domestic

This year's investment must focus on the global economic change.

Britain may lose its economic growth this year.

Shen Wan Hongyuan Securities Research Institute will take the lead in building a real sense of the world this year.

Research system.

China's asset management institutions have been at the top of the world to see which countries can build global asset allocation capabilities as soon as possible, see clearly the direction of structural adjustment, see where the most revolutionary forces grow, see clearly the most likely risks of risks, and let the whole society's resources flow to the most needed place in accordance with market rules.

Chen Xiaosheng said that history will prove that a great era starts quietly when many people are pessimistic.

As a capital market investor, what needs to be concerned is when the marginal effect begins to improve.

Chen Xiaosheng said that when the policy is gradually landing, the supply and demand relationship of the market will change.

The capacity of the supply side reform is stronger than expected in the paper and coal industries, and the positive effect on leading enterprises is increasingly apparent.

The supply side reform can not only be truly realized, but will also accelerate the realization beyond the market expectations.

Although the prices of products in some industries are still downward, investors need to pay attention to the possibility of marginal improvement.

From foreign experience, the United States, South Korea and Japan have excellent iron and steel enterprises, and return on equity can remain at a relatively high level.

At present, China's cyclical industry is also looking for a new way out, which is undergoing structural changes.