Yi Xianrong: Investors' Confidence In The Stock Market Is Seriously Lost.

In the past half a month, the Chinese stock market, except for two days of good market, is basically hovering around 2900. The market is basically not running, and this situation is likely to continue.

Because in the past year, the collapse of China's stock market has not only made Chinese stock market investors suffer heavy losses, but also more importantly, investors' confidence in the stock market has been seriously lost.

Investors do not have confidence in the market, the stock market is definitely no market, no matter how many people sing many markets every day, it can not change the market situation.

The main reasons for the failure of China's stock market are as follows:

First, many listed companies have insufficient confidence in the current economic situation in China, and lack the future prospects of their companies.

For example, investment in private enterprises has dropped sharply in recent months.

To this end, the government departments feel the seriousness of the problem and think it is the cause of the high cost of the system.

But why is the government finding the problem now? Why is it not foresight?

In fact, the difficulties of SMEs have long existed. In the economically developed coastal areas, many SMEs have long been unwilling to engage in entities. Even if they can be incorporated into capital at low cost, they will also enter the real estate market or let the funds circulate in the financial system.

Under such circumstances, the prospect of small and medium-sized enterprises in China will not be very good.

This, for domestic listed companies, especially for small and medium enterprises listed companies, they already know.

Therefore, since the beginning of this year, 560 major shareholders of listed companies have reduced their holdings, and total cash in excess of 90 billion yuan.

In particular, the reduction of Listed Companies in June is accelerating.

Data show that the important shareholders of the two cities have been reduced by 14 billion 20 million yuan, 97.1% in May, but only 7 trading days in June.

Because for many listed companies, they are more clear about the company's current operation and future prospects of the company than the general investors.

Especially for those companies whose performance has been declining, as long as the lifting period is over, they will start frequent reduction.

If the important shareholders of listed companies reduce their holdings, it also means that the listed companies have no confidence in their company's future.

If a listed company has no confidence in its own company,

Will investors have confidence in the market? Therefore, the reduction of listed companies that are interested will be the most important reason for the confidence restoration of China's stock market in the second half of the year.

Moreover, under the existing rules,

There should be no more policy to restrict the reduction of such large shareholders.

Two, the biggest problem in the Chinese stock market's listed companies is their lack of confidence in their prospects.

Because, at present, China's economy has returned to the old road of "real estate" economy, and this old road has gone crazy for several months. Since May, housing development investment and housing sales have come down again.

If

The "real estate" economic growth is not sustainable, which means that as long as excessive credit has weakened, China's real estate growth will not be able to grow crazily, and when this crazy growth can only be temporary.

This also proves that the old road is not feasible.

However, many local governments are still putting economic growth on the "real estate" economy, hoping that the real estate market craziness in the first 4 months of this year in cities such as Shanghai, Suzhou, Nanjing and Hefei will also be repeated in cities and cities in other cities in China in the coming months.

In this way, the housing prices of these cities have gone up, and the land finance of local governments has increased, and GDP has also risen.

For example, yesterday, officials in the central region wrote that housing prices could not go down, but they never said they could not do so when prices rose wildly.

Its meaning is very obvious.

However, as far as the current situation is concerned, as long as excessive credit has contracted, it is impossible for some cities in the first half of the year to crazily re spread.

And the "real estate" economy is not sustainable, will also affect the confidence of listed companies and the entire stock market.

Three, the international market is equally insecure about China's economy and China's stock market.

For example, yesterday's annual review of Morgan Stanley Capital International (MSCI) did not allow China's A shares to be included in its emerging market index, whereas the Pakistan stock market index was included.

Although this looks ridiculous, the Pakistan market is fundamentally different from the Chinese stock market.

Why can't the Pakistan stock index be included in China's stock market? But if we think deeply, it is not that domestic media are saying that others are unwise, but to ask themselves to see if there are still a lot of things that haven't been done well in China's stock market.

For example, whether the new suspension mechanism of A shares can stop the abuse of suspension by listed companies, whether the interests of small investors are really protected, whether the market insider trading is checked, whether the governance mechanism of listed companies can be improved, and whether the listed companies' "money collection" prevails is a serious problem in China's stock market.

These problems will seriously affect investor confidence.

Therefore, the most important thing for the current Chinese stock market is how to make the confidence of the market self repair. If this is not done well, it is impossible for the market to go out of the market.