Institutions Have Not Yet Adapted To The New Normal Of A Shares.

The theory of "collapse of the property market" and "the collapse of the renminbi" derived from the theory of economic collapse in China seem to be in a real way, but in fact it is just A stocks.

This week,

The single day turnover has shrunk to 10% of the peak period. The market mentality has gradually changed from a panic to a heart of despair. Occasionally, the spatter of Mars is also blown away by the idea of "nonsense" such as "dollar appreciation and A share plummeting".

The last 3 years of the stock market crash, the biggest difference between the past 26 years and the bear market, is the double change and the stock market.

First, the new normal economic situation, that is, the global economy has entered the three period of superposition, and macroeconomic and financial market uncertainty has increased significantly.

The two is the new normal stock market.

Registration reform makes it difficult to predict the stock market and test the adaptability of investment institutions.

From the international environment, US stocks are still in existence.

A shares have no external cause of virus contagious collapse.

If the current appreciation of the dollar is based on a new round of growth in the US economy, rather than a push for hedge funds in 2008, global demand will recover at least in the short term.

This also means that the US stocks will go up to a new high, thus promoting the whole world.

Rebound, this has a pull effect on A shares.

In fact, the US property market is recovering strongly. In April, the sales volume of new residential units increased by 16.6% to 619 thousand units, the highest in 8 years.

The bull market sentiment in the commodities market reignited, and oil prices in New York rose more than $50 a barrel, rebounding sharply compared to $26.05 a barrel in February.

The head of the Ministry of Finance recently said that in order to implement the task of "leveraged" reform of the central government, the government can stage leverage and support enterprises to gradually "de leverage".

This statement has hedged the view of "authoritative people" interviewed by people's daily, which means that fiscal expenditure may still be leveraged to support the weak recovery of the economy.

Personal judgment, the national macroeconomic regulation and control policy has been balanced in development, stability and reform, economic stabilization or emphasis on reform and pformation.

The backswing in this regulation is nothing more than an amendment to the economic train, and the stock market's reaction to the "authoritative" view in May is obviously excessive.

The biggest advantage of A stocks in the former bear market is the overhang, and only the first spring thunder season.

Prudently, A shares or enter the new normal, that is, registration system reform is expected to drag down the stock market center in a long time. The construction of multi-level capital market weakens the pricing of A shares. However, the bear market triggered by short-term institutional innovation may be the tenacity of the bull market in the medium to long term.

If stocks are to record new heights, A shares may be approaching the last darkest hour before dawn.

After all, when the "national team" has lost more than 400 billion yuan, the policy of continuing to "short the Chinese stock market" and the market space will be narrower and narrower.