Stock Market Outlook: Keeping A Vigilance On Gem?

Shanghai strong and deep weak pattern has been going on for 3 months or so. For the Shanghai Composite Index, it is steady and steady, and the growth enterprise market refers to a big decline. Many market participants feel unaccustomed or not so easy to accept.

But I think this is precisely a positive result of market adjustment.

I believe that with the introduction of relevant active market policies, the activity of market hot spots will be significantly improved.

The current position should be relatively solid, and the room for upward expansion is likely to be further opened.

Recently, management has stepped up its related policies in the aspects of refinancing, IPO rhythm and large shareholder supervision. At the same time, CICC announced on the evening of 16 evening that the restrictive measures adopted during the abnormal fluctuations of the stock market should be relaxed.

Stock index futures are officially deregulation, which is more beneficial than disadvantages to A shares.

It's out of control. "

Ying Da Securities chief economist told the news network.

It is reported that last year, during the stock market crash, CICC aimed at suppressing excessive speculation and restoring market confidence. It stipulated that the futures index would be restricted to 10 warehouses, with a 23/10000 increase in closing fees and a 40% increase in margin ratio.

Insiders pointed out that restrictive policies do not negate the tools themselves, but are expedient measures in the extreme market environment.

According to CICC, it will be relaxed and adjusted to the standard of fee, paction margin and the number of open pactions.

Specifically, it includes: adjusting the regulatory standard of intra day trading of stock index futures from 10 to 20, the number of hedging pactions not restricted; two, Shanghai and Shenzhen 300, Shanghai Stock Index 50 index futures, non hedge trading margin adjusted to 20%, CSI 500 index futures non hedging trading margin adjusted to 30%, three product sets holding margin trading margin kept 20% unchanged; three adjusting Shanghai and Shenzhen stock index, Shanghai stock index, China stock index futures stock clearing futures paction fees into the trading point.

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It is an essential risk management tool in the mature market. "

It is pointed out that during the stock market crash, when the market fluctuated sharply, some restrictions on stock index futures were made, and regulators must maintain the stability of the market under special circumstances.

However, when the market is relatively stable and systemic risk is gradually under control, the recovery of stock index futures has more advantages than disadvantages.

It is further pointed out that stock index futures provide a hedge tool for the market, and provide a new means for managing stock investment risks. At the same time, two-way trading can also make the pricing of the market more reasonable.

The gradual normalization of stock index futures shows that the stock market has never come out of control and has gradually returned to normal.

Whether or not it is confirmed, tightening is the general trend.

In January, the scale of financing increased by 63 billion 200 million yuan, down 45.08% from the same period last year.

Xinhua News Agency recently issued a statement that A shares first blocked the refinancing of the "bleeding point."

At the last regular conference in the year of monkey, the SFC spokesman

It is clear that the next step will be to take measures to restrict the frequent financing of listed companies or the excessive amount of single financing, improve the on-site inspection system of listed companies' fund-raising funds, and urge the sponsors to review the refinancing projects of listed companies.

The A share market is a casino, and refinancing is an important bargaining chip.

The bottom line of China's financial market is extremely low, and a loophole will be torn to a door. It is urgent to set up a refinancing rule again.

After listing, the company became an upstart and refinancing in the name of marketization.

It is reported that over the past ten years, the scale of refinancing of listed companies is as high as 6 trillion and 500 billion yuan, far exceeding the financing scale of IPO (in 2007 and 2010, the scale of IPO financing is slightly larger than the scale of the issuance).

In 2016, according to the online issuance date, the A share market 248 IPO fundraising total 163 billion 356 million yuan, refinancing 737 raised funds 1 trillion and 523 billion 530 million yuan, are all low threshold private placement.

10 shares were allocated and 17 billion 258 million yuan was actually raised.

The overall financing scale of the A share market reached 1 trillion and 705 billion 144 million yuan, exceeding the IPO financing scale of more than 10 times.

Refinancing with no efficiency and interest tied the market into a casino without bottom line, which subverted the value of stock market.

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