The Disadvantages Of The Current Domestic Stock Market Are Still Many.

It can be said that in recent international markets, apart from the difficulties that the domestic stock market did not get out of the plunge in June 2015, the stock market in other markets is basically improving. Even in the Hongkong stock market, there has been a good market since September.

However, the Shanghai composite index of domestic stock market is still hovering at 3000 points, which is the worst performing stock market in the international market.

However, the market hopes that after the jubilant days of the Mid Autumn Festival, can the domestic stock market get out of the market like the international mainstream stock market? Even if there is such a market, the domestic stock market will be overjoyed.

Because before the festival is affected by the Mid Autumn Festival, the domestic stock market has only 3 trading days last week.

Before the Mid Autumn Festival, investors were reluctant to enter the market. The stock market index in Shanghai and Shenzhen fell by 2.47% and 2.87% respectively last week.

It can be said that although the Mid Autumn Festival has many good news for the domestic stock market, but a lot of funds in the financial system are idle, the real estate market is hot, the RMB depreciation expectations have not changed, a large amount of capital flows to Hongkong, confidence in the market can not be restored in a short time and other factors. It is not easy for the domestic stock market to enter the mainstream, and the market will still linger.

However, during the program, many favorable factors of the stock market came.

For example, a series of economic data released last week, including consumption, investment and exports, all showed signs of bottom up.

In particular, the overall scale of credit growth and social financing has increased exponentially.

Therefore, the international investment bank also began to see the domestic stock market well.

It will improve.

What is more important is the far better market expectation of the whole international economic situation.

For example, the probability of raising interest rates of the Federal Reserve is even lower, thus making the price of international financial markets rising again, and the capital of the international market begins to flow to the emerging market.

For example, according to Jefferies, quoted by securities dealer, EPFR data show that in the week to September 14th, the largest stock market movement has occurred in the international market since the middle of 6 this year. The net outflow of global equity funds is US $1 billion 100 million, mainly from the European and American markets. European equity funds have recorded a net outflow of funds for twenty-ninth consecutive weeks, and 0 of US $0.

However, for global emerging markets, stock funds and bonds recorded a net inflow of $468 million and $113 million for eleventh consecutive weeks, while the Asia Pacific Equity Fund recorded a net inflow of $3 billion 380 million last week, of which Hongkong stock fund has been inflows for 7 consecutive weeks. Last week there was a total of 235 million US dollars, the largest since mid last year, and China also recorded a $157 million inflow.

For example, the whole country.

It looks better, and the whole economy is on the rebound. However, most enterprises still do not feel the domestic economy is recovering.

The central bank's survey of entrepreneurs in the third quarter shows that 50.9 of entrepreneurs believe that the macro economy is "cold", 47.8% think "normal", and 1.3% mean "hot" 0.

However, compared with the second quarter's opinion, 53.1% of entrepreneurs believe that the macro economy is "cold" and the third quarter has improved.

Of course, from the current China's economic situation, the two major problems have not improved. One is that although a large number of funds are flowing into the market, these funds have not entered the real economy, but they have been circulating in the financial system and continuously pushed into the high real estate market.

It is precisely because of such a policy trend that it will induce more capital to flow into the domestic real estate market, and induce local governments to introduce regulatory policies to stimulate local housing prices.

Housing prices in many cities have gone up to the sky, but the so-called regulation policies issued by local governments finally become a kind of

The way.

Under such circumstances, private enterprises have no incentive to increase investment in real economy, but rather to speculate on real estate.

This is also the second problem, the important reason for the continuous decline of investment in private enterprises.

At present, when large amounts of capital flow into real estate, it is impossible for the domestic stock market to get better.

The major problems facing the domestic stock market at present are: first, to further strengthen supervision has become a norm, and the market order is constantly being rectified. Under such circumstances, the activity of the market will naturally decrease.

Two, when the stock market crashed last year, the funds entered by the national team would continue to withdraw from the stock market as a whole.

Three, the huge lifting pressure on stock market restricted shares is increasing, which is likely to cause fluctuations in the stock market.

Four, the most important thing is that it is difficult to change the expectation of RMB depreciation, and domestic funds are pouring into Hongkong stock market through Shanghai and Hong Kong links.

For example, in the past 18 months, the purchase of HSBC stock from Shanghai and Hong Kong has increased to $5 billion, equivalent to 3% of HSBC's total share capital.

And this situation will gradually increase along with the Hongkong stock market, and domestic capital will flow into Hongkong stock market.