A Share Market Callback Is Not Enough, Not Too Heavy Pursuit Of Heavyweights.

In the past two months, the A share market has been making no profit in the earning index. The strong strength of the stock market, heavyweights and blue chips has contributed to the strong rise of the Shanghai Composite Index. The performance of the small and medium sized boards is extremely weak, and the gem appears to have entered a deep adjustment.

From a global perspective, A shares rose again in the same period, which has become a bull market image. However, judging from the current market, A shares still do not have much bull market basis.

The writer is a famous economist who wrote a book reading the new economic norm.

This column is published on Monday.

Since the two impact of the fusing system on the A shares at the beginning of 2016, the indices have fallen below the lows set in 2015, and most of the stocks have been lingering in a lower position for some time.

Although the recent performance of the market is related to the prolonged downturn, precipitation and adjustment, if the time spent in the adjustment of the stock market is placed in the history of the entire A share, the adjustment of this period is not enough.

In fact, there have been several rebounding since the beginning of the A share market in early 2016, but basically the Shanghai stock index has come back when it touches 3000 points, which has repeatedly indicated that the market's callback is not enough.

From the perspective of market turnover, the stock market still has more trading volume and the stock price tends to be higher in the later stage. For example, the Shanghai stock market once experienced a downturn in volume in May 2016, and the market began to rise gradually; in 2016, before the national day, the volume of Shanghai stock market fell to the lowest point since 2016, and the stock market started a series of ups and starts.

It can also be explained that the earlier the volume of trading is sluggish, the more energy is stored in the stock market, but after a certain release, these power will slowly be consumed. If there is no positive impetus and support in the later stage, the pressure will increase in the later stage.

At this point, there may be readers will ask, heavyweights staged the return of the king, in the end should still chase?

You bet,

The recent performance is temporarily divorced from the curse that did not rise with the outside market, and to a certain extent, it reflects a strength of stability that has played a supporting role in the stock market.

But, of course, from the perspective of China's overall economy, it is not yet clear whether the current stock market has already squeezed the bubble, nor can it be judged whether the market is really warm or temporary.

Moreover, uncertainties in the current global economic development and various uncertainties and various curses may cause great distress to the market.

The central government bonds registration company suspended the accounts of trust products, securities brokers, fund accounts and other B accounts in the interbank bond market, and a group of bond investors of a group of bank fund brokerages were investigated to cancel class C accounts or upgrade to class B accounts.

After the event, interest rates have declined and bond bull markets have opened. What should we do? This time, it involves the agencies, brokerages and banks.

It is doubtful whether the so-called marketization and self regulating bond market can be effectively regulated in the course of increasing leverage.

It must be more reliable than investment companies?

In the ten thousand step, it is impossible to form a mature rule for the time being, and the direction should be clear.

There are rules and regulations for rivers and lakes. The rules of the rivers and lakes are not observed. They are the traitors of the brain who are rebellious and must be expelled from the market.

In the early days of marketization, everything is not mature. We must break through the rigid rules before going ahead. Rules are sometimes the prelude to official rules.

Before the maturity rules are promulgated, we must abide by the basic principle of endogenous credit in the market.

In the process of bond holding, there are clear agreements, drawer agreements, institutional seals, and department seals. Because the market changes too fast, a round of examination and approval is made, and the day lily is all cold, so everyone acts tacitly according to the rules of rivers and lakes.

As long as there are institutions endorsement, or credit, we all recognize.

In the first place, everyone played very well. A player who was not following the rules was inserted into the game. The game was hard to play. He had been stabbed in a bigger hole on the curtain of financial credit.

If the practice of the state sea is encouraged, many of the financial markets in the future will be a small bully who will just go away.

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