A Shares Have Gone Through Three Rounds Of Entry Into The Country Or Set Off Huge Waves.

A shares went through three passes, four years of application, and finally successfully joined the MSCI emerging market index in June 21st, and has been formally incorporated into it from June next year.

At the same time, the 222 blue chips list was added.

Founded in 1968, MSCI is the world's leading supplier of index results.

Of the 100 largest Asset Management Co in the world, 97 are based on the MSCI index, and passively invest in overseas markets, involving up to 11 trillion US dollars (including about 2 trillion and 700 billion US dollars in emerging markets).

Although for the A share market, only 5% of the initial factor was taken in the initial stage (that is, a stock with a market value of 10 billion was only passively included in the 500 million yuan), it was estimated that the maximum amount would come to 20 billion US dollars, relative to the market value of nearly 6 trillion US dollars.

It can be said to be insignificant.

However, the chain reaction triggered by it will probably reach the point of "turning wild and generous".

First of all, combing 222 stocks into the stock market, we found that there was "five out of the way": that is, ST is not in; there is no clear definition of the main business; basically, it belongs to the sunset industry and the surplus industry is not available; the GEM companies are not in; the longer term suspension companies do not enter.

There is no need to explain this "five inability", such as ST and excess industry.

No one entered the gem (although the board also had about 80000000000 of Wentworth and nearly 40 billion of music market), the overall growth of the sector was considered unstable, while passive investment should put stability and safety in the first place.

Long term suspension of business, in addition to Morgan Stanley company has repeatedly stressed the liquidity, I think the more targeted is probably a batch of suspension of reorganization of enterprises.

Secondly, this "five out of the way" tells us that the stubborn illness that has been formed for a long time has been changed. The A share market must take the value and growth as the main line, and gradually establish the investment concept that is in line with international standards.

The so-called "integration with the international market" is not a replica of "blue chip stocks have a rare investment value", not the bigger the plate, the lower the valuation, the better the stock.

We see that in some 222 stocks, some of them are not very large (such as about 8000000000 of the market value of the market), and some of them have high price earnings ratios (such as 187 times kart flight, 430 times of Chinese defense) and even the loss of Saline Lake shares.

In fact,

The best part of this year is the technology stocks. The NASDAQ has already surpassed 6000 points. The most outstanding ones are the high-tech stocks with low price earnings ratio, such as Fase-book, apple, Amazon and Google of the United States, whose P / E ratios are 39 times, 17 times, 184 times and 32 times respectively. In particular, a Netfilk company has a P / E ratio of 201 times, and the company provides movies, TV and music products to millions of households.

Some analysts say that one day, it will replace cable and satellite content providers.

Similarly, this year, stocks, such as Alibaba, Tencent and Sohu, rose by more than 50%, and their valuations were 57 times, 52 times and 22 times, respectively, especially in the first half of the year, up to 70%, with a market value of more than 60 billion US dollars, and a Jingdong close to Baidu, with a real loss of 3 billion 470 million yuan in the 2016 annual report.

Even so, this kind of high-tech enterprise has a large revenue growth, as well as a clear and tangible profit model.

Once again, the policy market formed by the A share market over the past 20 years will be changed. Investors should make profits mainly by not listening to the news, trying to figure out the speeches of the leaders, but actually doing the homework underground.

I noticed in particular that Fang Xinghai, vice chairman of the SFC, was included in A shares.

After a speech.

Apart from mentioning that "entering the country" is a good thing for China's economy, Fang Xinghai stresses the need to enhance the stability of policies.

He said that the introduction of relevant policies in the securities and futures market requires more consideration of the needs of international investors and the reduction of policy uncertainty.

He also specified that before the launch of overseas index derivatives, the regulatory authorities and the China Securities Regulatory Commission at the local level should first sign a regulatory agreement or memorandum for cross-border financial derivatives, and then allow relevant products to be pushed out on the basis of effective supervision and cooperation mechanisms.

This can not be reminiscent of the 2015 stock market crash rush out of the over-the-counter financing, fusing mechanism, and such as the reform of cattle, leveraged cattle, the 4000 point is the bull market new starting point and other strange theories.

The A share market is the policy market for the state-owned enterprises to solve the problem from the day of its birth. Its influence is far-reaching, and it has no effect for the investors to cut the leek frequently. Hopefully, with the A shares going into the "rub", the fundamental changes will take place. Over the past 30 years of reform history, it has been proved that in China, it has always been open and forced to reform, and it has only opened the door wider, and the polluted investment environment has been cleaned and cleaned.

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