The "Healthy Development" Of The Stock Market Needs To Be Separated From The Fog.

After the closing of 2938 points before May 1, the central government held a political bureau meeting, which rarely put the stock market issue in the first place of other tasks to discuss and study. However, this week still failed to reverse the decline, instead, it closed at 2913 points.

It can be said that the reconstruction of A shares is difficult, and there is a long way to go for healthy development. After all, there are leaders' speeches on the stock market at the Politburo meeting. There are 1433 national equities and nearly 3 trillion market capitalization national teams sitting in the stock market. Therefore, the Chinese stock market is still losing hope, at least some of them are stock market opportunities.

1, there is a serious lack of stability in the stock market.

From late March to mid April, the stock market closed for 16 days at 3000 points.

The market generally believes that the 3100 point on April is not a big problem.

However, after hitting 3097 points in April 20th, there was a big diving of 150 points, and the 3000 point platform was swallowed up instantly.

On the first few trading days of this week, there was a golden cross between the K-line and the K-line at the bottom.

It was easy to see 3000 points after 3 shocks, but on Friday, under the blow of bad rumors, they jumped from 3003 to 2913 at a time, and recovered the five week average results in 3 days.

This is the true portrayal of China's stock market, which is still fragile after the three stock market crash.

Where is the stability of the market? What is the role of institutional investors in stabilizing the market? Where is management's role in stabilizing the stock market? Investors sigh and sigh.

In June 2005, when the total market capitalization was only 2 trillion and 500 billion and the market value of circulation was only 890 billion, the share reform was carried out, and the large shareholders sent the stock market in full circulation at a low cost of 10 to 3.

But the new shares issued after 2009 will not be paid to the tradable shareholders. The size of the low cost can be fully circulated in 1-3 years.

At 5178 last June, the total market capitalization of the stock market expanded to 80 trillion, and the market value of the circulation reached nearly 70 trillion.

At present, the total market value is still 42 trillion, and the market value of circulation is 35 trillion. When the market rebound to a certain height, as long as the size is not centralized, it will cause the earthquake in the stock market.

Last December's 3684 point diving was the case, and the 3097 dive in April 20th was also true.

The same is true of diving in May 6th.

In the past 2 days, 20 companies issued a reduction notice.

In particular, following the reduction of the major shareholders in the early stage of the storm technology and the collapse of the stock price by 40%, the representative stock market of this gem has been greatly reduced by large shareholders and has a great destructive effect on the stock market.

As a matter of fact, the conditions for the reduction of the size of China's stock market are too loose.

In my opinion, if China's stock market wants to develop healthfully, it must limit the shareholding ratio of large shareholders when listing. After the cumulative reduction of 5% of major shareholders, it is necessary to stipulate that the continued reduction should be a matter of great importance and can be implemented only if there is a general meeting of shareholders.

In this way, large shareholders can be forced to make long-term investments, operate companies and repay shareholders in a firm way.

Although the SFC has established a press spokesman system, a press conference is held every Friday after closing to announce important policies and regulatory matters.

However, from Monday to Friday, the bad news that has a direct impact on the market volatility is a regulatory vacuum.

For example, on Thursday, when the market was in a long position and was about to launch an attack on the 3000 point, from Thursday night to Friday all day, the market was widely rumored that a "SFC held an internal meeting, restricted the Chinese stock market backdoor listing and strictly approves the asset reorganization", which was widely disseminated through the Internet and WeChat.

Because this rumor is aimed at the new hot spots and strong stocks in the recent market, it has resulted in greater lethality. Investors stepped in and stepped up the strength of shorting.

This reflects that China's stock market information disclosure and market regulation are highly irregular and lagging behind.

The reason is clear that if the SFC really has an internal meeting, it should be released publicly and how can it be spread out on the grapevine? Even if there are restrictions on the backdoor restriction of Chinese concept stocks, the reform of state assets and asset reorganization is the highlight of this year's structural adjustment and pformation and upgrading of the stock market, which the Central Committee and the State Council have identified and focused on.

However, when market uncertainty forms a trend, irrational behavior often prevail over reason. People prefer to believe that they are unwilling to believe in their lack of trust.

How can a market develop healthfully?

4, there is a lack of long-term institutional funding for healthy development.

China's stock market has been opened for 26 years, but up to now more than 85% are still small and medium-sized investors, while institutional investors account for only about 10%.

Among them, the public offering fund has been constantly repressed by retail investors, and its strength has been greatly reduced.

In particular, the 2 stock market crash last year caused public funds and private equity funds to be hit hard.

It was repaired slightly at the end of last year, but after the new year's day, it was beaten by two fuses.

And a large number of funds invested by securities companies have been invested in the certification company, and the strength of self operation has been greatly weakened.

The large and large households in the market have also lost their capital in the stock market crash, and the capital strength has been greatly reduced. Therefore, it is difficult to maintain the market value of the 35 trillion capitalization above 3000 points based on the current capital strength of the market.

Therefore, if the stock market is to develop healthfully, it is imperative for us to make great efforts to expand the ranks of long-term institutional investors, such as insurance funds, social security funds, pension funds and so on.

The 5 and 60 antennas can not be easily lost.

If next week can not recover 60 antennas, 2900 may not be guaranteed, the worst test of 2800 box bottom support.

On Friday, a spokesman for the securities and Futures Commission made a statement on the rumor: "the sharp spread of domestic and foreign markets and the speculation of shell resources should be highly concerned.

The SFC takes note of the relevant market reaction. At present, the SFC is conducting an analysis and Study on the possible impact of such enterprises on the A share market through IPO, mergers and acquisitions.

He did not negate the return of China's concept stocks to the A share market, nor did he welcome it. The so-called "analytical research" is to take a cautious attitude of choice, or to slow down the pace, or to choose the best.

In my opinion, even though

Finally chose a few companies that have positive effects on the construction of the A share market, such as Qihoo 360, Bona film and so on, and the return of Chinese stocks with hundreds of billions of market capitalization declined. Then the pressure on the expansion of A shares will be greatly reduced. This should not be bad, but should be positive. At the same time, the SFC has not confirmed any other rumors in the rumors, so the bad rumors on Friday may have been in the market panic.

It seems that the "healthy development" of the stock market is hard.