Risk Capital Flameout: A Shares Still Difficult To Enter The Bull Market.

Nowadays, the A share market has entered the new regulation mode of IPO. In the background of cancelling the application of prepaid subscription, it has also substantially improved the effective utilization of funds.

It can be seen that a reasonable IPO issue has little impact on the market, and it is easy to lock in some new funds and reduce the market volatility under the mode of market capitalization.

However, when the issue frequency of A shares IPO suddenly increased, and even reached the issuing rhythm of every Monday batch, the impact of the diversion of market stock funds would be significantly improved.

The market has experienced a sharp rise and fall in 2015, a concussion in 2016, and the market performance in 2017 will also be full of anticipation.

As the 2017 comes, discussions on bull markets are heating up again.

There are three obstacles to China's stock market entering the bull market.

Whether the Federal Reserve will raise the interest rate cycle will have a profound impact on the global stock market, especially on emerging markets.

The Fed finally decided to raise the federal funds rate by 25 basis points, and the interest rate expectation is finally implemented.

However, what worries the market is that although the Fed's interest rate has finally landed, there may be a 3 increase in interest rates in 2017.

If this prediction can be achieved, it means that the Fed will eventually start the mode of raising interest rates, which is also a direct impact on the global capital market.

Against the backdrop of continued strong US dollar assets, Renminbi assets are still subject to significant shocks.

China's stock market, as the place where wealth funds are most concentrated, will increase its interest rate or impact it to a certain extent.

But considering the background of domestic foreign exchange control and relatively sufficient foreign exchange reserves, the impact of the strong US dollar on the domestic market will be reduced.

However, once the Federal Reserve starts the cycle of raising interest rates, it will not only give the central bank to the central bank under uncertain expectations.

The subsequent operational space will bring constraints, and will also have a direct impact on the stock market's capital flows. This is obviously a problem that can not be underestimated.

Moreover, after the brutal action of some insurance institutions such as Bao Long and Hengda, it has already attracted the attention of the CIRC and the SFC.

However, when the market is at a critical stage of change, the position of regulators will have a profound impact on the pace of long-term capital market represented by insurance institutions.

In the process of large investment and placards, insurance companies have played a part in activating the partial profit effect of the stock market, but at the same time, they will bring pressure to control competition for some listed companies whose share structure is relatively scattered.

Obviously, as a placid party, it is often in a passive and awkward position, and the insurance agencies rely on their own advantages to intervene strongly, which will inevitably exacerbate the risk of "de going to reality" in the market, and also deviate from the service industry of insurance institutions.

For insurance companies,

It is the core competitiveness, and asset management also plays a key role.

However, in practice, there are risks that some insurance institutions deviate from the main service industry. With the public statement of the CIRC, it has also sounded the alarm for some radical insurance institutions' investment behavior, and has also had an impact on the subsequent pace of the venture capital market.

It can be seen that, with the early stage of the venture capital that leveraged the market to make money, the market is eager to find alternative relay funds.

However, before the replacement of relay funds does not appear, there is still some uncertainty in the market's new liquidity influx.

In addition, frequent IPO issuance rhythm is also one of the stumbling blocks for China's stock market to enter the bull market.

As a result, in the environment where the stock market's money making effect has weakened, it is necessary to reduce it moderately.

The pace of issuance also needs to be moderately promoted for the refinancing access threshold, creating a breathing space for the stock market.

Otherwise, too fast consumption of the stock market investment vitality will eventually be a loss of gain.

It is undeniable that maintaining the balanced development of stock investment and financing functions is the fundamental guarantee for the long and long term bull market.

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