Chinese Investors Have Experienced Unprecedented Stock Disasters.

Throughout the Chinese and foreign stock market, regardless of the length of history, the wealth and scale of the country, whether through bull market, bear market, stock market crash and crisis, it is always tempting to show the charm of its market in the ups and downs, so as to attract tens of thousands of investors to join in.

However, the recent Chinese stock market seems to be unable to resist the temptation in a moment.

The speech of Liu Shiyu, chairman of the China Securities Regulatory Commission, seems to be different from that of Trump's Twitter, but the scope of the impact and the object of concern are different.

Under the new policy of president Liu, the puzzled doubts arise spontaneously, asking for advice from the investment circles, and exploring and discussing each other in order to dispel doubts.

First, the slow moving bull market or the slow bear type stock market crash 4? From January 3, 2017 to April 20th, the Shanghai Composite Index 3135.9-3172.1 point increased by 1.15%; the Shenzhen composite index was 10262.8-10359 point, the increase was 1.79%; the small and medium-sized board index was 11569-11337 points, the increase was 1.28%; the gem index was 1963.26-1856.3 point, the increase was 5.59%; the Shanghai B-share trend was 343.8-337 point, the increase was 1.41%; the Shenzhen B share index was 6147.1-6060.6 point, the increase was 1.1%.

From the index only, except the Shanghai Composite Index and the Shenzhen index, the small and medium sized board, the gem, and the Shanghai and Shenzhen Stock Markets

All are lost.

Especially behind the index, the 3189 stocks that can be traded in the Shanghai and Shenzhen stock markets are 2244 lower than those in the stock market, accounting for 69.65%, of which 445 stocks are down by 20-54.2%, only 2771 from 0.01%-45.2% in April 7th to April 19th, accounting for 86%.

This table is cowhide and bear heart. The main index seems to be steady, and most stocks are losing money. It makes people wonder if China's stock market is going back to the false prosperity of the economic GDP of that year.

Two, is it a booming stock market with new and pitional markets, or a casino with barbarians, goblins, and harmful human beings? China's stock market has experienced twenty-six years of ups and down in the short term, making it second of the world's scale.

It has made global attention for China's economy, state enterprises, national consumption and social stability. China's investing public is confident and proud of this.

Today, however, it seems to be a gathering place for "small temple winds, big pools and shallow bastard".

Although the Chinese stock market has not yet produced Buffett and Bill Gates type stock gods, it has also produced a large number of outstanding listed companies, CEO, and has also produced a number of public offering and private placement talents. More importantly, it has trained a large number of investors who have gone through the storm and become mature.

Three.

Obviously, the highest form of market economy is an important place for standardization, legalization and internationalization. However, the recent stock market suddenly feels back to the planned economy overnight.

We must also manage to rise or fall. We must manage IPO and *ST. We must control the management of dividends and the pfer of high prices. We must also manage the concepts and hot spots. We must also manage the restructuring and cross-border mergers and acquisitions.

"Window guidance", "accountability letter", "strict supervision", "omnibearing", "daring to fight sword", "resolute strike" and "never softness" have always seen a dignified face and always heard a dignified "precepts". Just like in primary school, the teacher reprimanded the individual late students and kidnapped the majority of students on time for class.

China's economy is in the stage of promoting pformation, restructuring and steady growth. The government strives to reduce administrative constraints, reduce taxes, decentralization, and liberate the market. This is what is called "small government and big market". Now the Chinese stock market suddenly feels like a big government and small market.

When did the Chinese stock market become the highest form of the planned economy? Is it going forward or backward?

Four, value investment or value speculation? 420 yuan of Guizhou Moutai, 69.19 yuan of Dong'e Ejiao, 91.63 yuan of Yunnan Baiyao, 34.18 yuan of GREE electric appliances, 58.6 yuan of Pien Tze and 46.4 yuan of Little Swan, were sought after by mainstream funds and made new heights.

Is the stock market in China only a part of the value investment target? Where is China's manufacturing industry? Where are China's emerging industries? Where is China's leading technology? Where are China's Internet and intelligent robots? The overvaluation of new industries is not rational. The concepts, hot topics and themes that are brought about by various policy support and economic development are all speculative factors. There is no element of investment. The stock market is speculation in the future, not yesterday and today.

If the analysis is based on the P / E ratio and the market rate, the value of a dividend can not be evaluated on the basis of corporate dividends. The value of a listed company is not only attributable to the attributes of enterprises, but also by the attributes of the market.

Supporting the issuance and listing of enterprises is not only a matter of IPO approval, but also needs to play a refinancing function and an asset optimization allocation function in the two tier market.

Investment and speculation are complementary. Without speculation, investment can hardly survive.

Five, big financial markets need big financial leaders, and is China's stock market an alternative? Is it from Chinese characteristics? What stage is the development of China's stock market, whether it is an infant period or a growing period of worry, or a rebellious youth? No matter how immature it is, it is certain.

However, in retrospect, there is a puzzle which is always difficult to understand. Is it immature or immature? Should we educate investors or educate managers? Why does investing in the public always have such an illusion that every new chairman takes the tuition?

A big country's securities market has begun to take shape, but can a big country's financial leaders emerge as the times require?

When investors see the management of the Internet as the object of prosecution, the management as a target, it is very cool.

In such a scars of wounds and thousands of holes, we can not afford to toss up and refuse to accuse. Instead, we need more appeasement, understanding and motivation. We need a real and stable market environment.

Therefore, in the name of the shareholders, the author will not hesitate to give up the doubts. His sincere heart is to return a good ecological environment to China's stock market as soon as possible, a capital market with steady progress and full of positive energy.