Guo Shiliang: Bull Market Policy Is Afraid Of A Long Adjustment

At present, the joint action of the SFC and CBRC is undoubtedly the source of the stock market crash on that day.

At the same time, due to the rare trend of the downward trend of the index, and the rapid expansion of the scale of the two financial businesses, the market funds stampede.

However, on the evening of 19, the SFC issued an overnight message stressing that it did not suppress the market, thereby creating space for the 20 day of market recovery.

The two fusion business has already been implemented in the past few years.

However, as an innovative tool in the domestic stock market, its real role has not been excavated by the market.

At the same time, because the stock index futures instruments were monopolized by large capital institutions in the past, they also created conditions for the institutions to make short hedging, thereby strengthening the unilateral downward trend of the market at that time.

Generally speaking, the two financial businesses have the function of helping to rise and fall.

But for a long time, the effect of the two businesses in the domestic securities market is relatively significant.

According to statistics, since its launch, the largest decline in the market has exceeded 50%. During the period, the function of helping the two financial businesses has not been thoroughly excavated in the market.

Entering the second half of 2014 may be considered as a new era for the development of A share two business.

Because since then, the A share's two scale business has seen an unprecedented growth rate, and the driving force of the two financial businesses has become increasingly strong.

Data show that in early July 2014,

The scale of the two businesses is only 450 billion.

By November, the scale of the two financial businesses has climbed to about 700000000000.

In January of this year, the scale of the two financial businesses also set a new record of 1 trillion and 100 billion.

With the rapid growth of the scale of the two financial businesses,

The rate of increase has also accelerated markedly.

Among them, since July of last year, A shares rose faster.

In last year's 11 and December, the A share market also went out of a single month or more than 10%.

China's stock market has gained nearly 70% since its rise near the 2000 low point.

During the period, management's attitude towards stock market also changed slightly.

In fact, although the SFC has made a rumor about the "119 tragedy", it is difficult to avoid the fact that there is always a crisis in the bull market under the high bar.

Obviously, from the joint action of the SFC and the CBRC to the successive statements of the government media, the central attitude towards the stock market began to change.

The author thinks that for the current round

It can be defined as an artificial bull market.

The main reason is that the bull market does not have much support.

However, the central government's attitude towards the stock market has changed significantly, and the expectation of the registration system has been fully developed.

Therefore, boosting the stock market has become the political task at that time.

At this point, for management, the most important prerequisite for supporting the bull market is to restore the investment and financing function of the stock market, which will pave the way for the full implementation of the registration system in the future.

In addition, under the background of economic pformation, the importance of investment in promoting economic growth has also changed. In the wake of the rapid increase in the attractiveness of the stock market, it has also accelerated the flow of property, financial products and other multi-channel liquidity, which has directly promoted the stock market.

At present, China's stock market has experienced a 70% rise, and the "mad cow" market seems to have reached a turning point.

In this regard, the author believes that 3478 near the location can be considered to be the top area of the current bull market policy.

Maybe you can see the real market.

It is undeniable that the surge in the scale of the two financial businesses has accelerated the operation rhythm of the market to a certain extent, but the continuous performance of the mad bull market has overdrawn the future stock market's advance space ahead of schedule.

After the completion of the political task of the central government to boost the stock market, the stock market will face a long period of adjustment.

Therefore, the author Guo Shiliang believes that the current Chinese stock market needs to change from mad cow to slow bull.

Perhaps only the slow rhythm of the slow cow can make China's stock market better and further.

Bull market, please slow down!