What Is The Relationship Between The Sudden Market Crash And The Banks?

From June 6th to June 7th, many media were reproducing news. It is reported that the CBRC will reportedly allow some banks to postpone the submission of the business self-examination reports that should have been submitted in June, including the interbank business and the scale of outsourcing investment.

Before that, the CBRC issued a series of new regulations since the end of 3, including Article 46 calling for the special management of "arbitrage, idle arbitrage and associated arbitrage" in the banking industry. The self inspection report will be submitted to the regulatory authorities before June 12th, and the banking financial institutions will complete self-examination before November 30th.

The news made the stock market crash.

Why do I say so?

Since April, the market has continued to fall, and most stocks have not been spared.

There are three main reasons. One is the whole financial leveraged regulation of the CBRC as represented by the CBRC, the second is the continuation of the IPO, and the third is the continuous supervision of the SFC's stock market, so that many GEM stocks appear to be highly valued.

At that time, it was also mentioned that the issuance of new shares and the supervision of stock market were always in progress in these three factors.

We see the market, from the second half of 2016 to March this year, the market continued to rise.

Neither the IPO nor the stock market regulation has slowed down, but on the four quarter of 2016 and the first quarter of this year, the intensity of IPO is strengthening.

Why is the fall in April far ahead of expectations? The new factor is important, that is, the CBRC has again started strict deleveraging, such as the supervision of outsourcing, channel business and so on.

If the above news is implemented, it means phased.

The supervision of the style came to an end.

Of course, even if the above news has not been established for the time being, the phased deleveraging will come to an end in the next stage, which is equivalent to the gradual decline of the stock market.

Similar deleveraging triggered a decline in the market last year.

Many factors, such as the IPO slowdown, the increase in holdings of listed companies and so on, all give the market support, and the signal of financial deleveraging has become the core factor to ultimately stimulate the market pition.

The question is, assuming that the market is bottoming out in this position, where is the future investment direction? I think the investment style is different.

If the market is bottomed out, there will also be a staged rebound in the early stage of the gem.

But I believe that even if we take part in it, we should participate in it with a rebound mentality instead of a medium-term allocation.

In the medium term, the overall valuation of gem will still show a downward trend.

Because the regulation of stock market will obviously continue, rather than the phased strong deleveraging of the CBRC.

In addition to regulatory upgrading, with the help of

A shares and global financial markets are more closely linked, which is ignored by most investors.

The mutual flow of funds makes the valuation of listed companies have a natural adjustment process. For overseas investors, the valuation of gem is obviously higher.

We also recently inquired a data, for example, in accordance with the date of June 6th, pushing forward 3 months. In these three months, the largest net purchase of A shares in Shenzhen stock exchange funds is the US group, Hikvision, China Ping An, and the net buying funds are up to 60.04, 51.76 and 2 billion 486 million respectively.

Let's take a look at these three listed companies.

It's all the big bull stock in the last few months.

In fact, in the two quarter of last year, I have always suggested that we should pay more attention to the capital inflow of Shanghai Stock Exchange and Shenzhen Stock Exchange, which represents the disposition trend of external institutional investors.

In addition, institutional statistics show that in recent year, more than 1000 organizations in the US group have gone to research.

Is the future of Midea Group just a home appliance? Obviously, far more than that, the industry's most concerned is industrial robots. This is also the focus of China's economic pformation and industrial upgrading.

Research and research will become more and more important for future investment.

That is to say, we should seek the investment value with the idea of value investment.

Is value investing just a study of Moutai? I think it's far more than that.

We should base ourselves on the pformation and upgrading of China's economy, the upgrading of the consumption of Chinese residents, and the strategic upgrading of China's globalization. From a macro perspective, we should look for good industries from top to bottom and look for the leading or subdivision leaders in these industries.

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