In the afternoon: Chinese A -shares entered 2900 defenders?

The Chinese Shanghai Index closed down 1.03%on Wednesday (December 20) to 2902.11 points, which was only separated from the 2900 -point integer mark."A shares 2900 -point defense war" and "A -share plunge" and other related entries have appeared on Weibo hot search on the same day.

The Shanghai Index is close to the 2900 -point mark, and is accused of redeeming the "small composition" of a public fund released the day before.

This "small composition" says that the direct inducement of this round of decline is the fund that has been closed for three years of closed period.A research report in CITIC Securities on December 17 states that after the market entered the shock rhythm since October, the weekly net redemption rate increased to 0.6%, so the conclusion was:It has always been on the top 90%of the highest average position, and sells a little bit, corresponding to about 30 billion (RMB, the same, the same, S $ 5.7 billion) per day. "

Some Chinese financial media believe that the eye -catching numbers of the "net redemption 0.6%" and "about 30 billion net sales per day" mentioned in the "small composition" have provoked the sensitive nerves of the market.

"Little Composition", then clarified in the WeChat circle of friends that the redemption rate was the research data, and the calculation was taken by the segments.We have no relationship at all, we haven't counted it, and we haven't written in the report. "

In less than two months ago, the Shanghai Index also approached 2,900 points on October 23. At the same time, the Shanghai and Shenzhen 300 Index also reached a new low since February 2019.The five -day fear or greed index rose to a high level in the past year.

The familiar plot, the familiar taste, only after two months of reappearing yesterday.The shareholders may be very clear that no matter whether the above -mentioned "small composition" is or not, from the "3000 -point defense war" often appeared in the past to 2,900 points at the end of this year, the long -term weakness of Chinese A shares is helpless reality.

confidence or system?

High -profile announcement of the senior media who entered the Chinese stock market about half a year ago, Hu Xi posted a post on Tuesday that as the Shanghai Index almost lost 2900 points, he personally lost 4362 yuan, and his personal floating loss also exceeded 50,000 yuan for the first time.

Hu Xijin believes that the stock market is so endless that technical reasons are no longer important, that is, the confidence of the stock market is collapsed.

But he insisted that there are still confidence in the Chinese economy, so if the stock market falls below 2,800 points, he will re -increase the position.He firmly believes that "the day of the rebound is coming."

The support of the next side of Hu Xi's next side of Hui Xi. After he expressed his determination to stay in A shares, many netizens questioned.

Some netizens asked, "This is the iron head brother? The head is still so hard." Another netizen said, "People A shares lose money to the Weibo traffic to make a lot of money."

Many netizens mentioned that some time ago, Liu Jipeng, Dean of the Capital Finance Research Institute of China University of Political Science and Law, who was suspected of being banned, pointed out that "he has said it clearly, it is obviously an institutional issue."Hu Xijin dared to mention confidence and mud, but did not dare to further propose the deep reform of the Chinese stock market.

Liu Jipeng was suspected of being banned by multiple Chinese social platforms last Thursday.He said at the annual meeting of Netease Economist on December 1 that the relevant system of China's capital market is not perfect, "it is not a good time for stock trading now."

Liu Jipeng pointed out on another occasion the next day that China's capital market wealth distribution is unfair and lacks justice.On the one hand, regardless of the bear market or bull market, companies are running and listed. On the other hand, the Shanghai Stock Exchange Index hovers around 3,000 points for a long time. This is because the company's major shareholders have put their energy on reducing their holdings and did not put their energy on the management of listed companies.

In other words, the quality of Chinese A -share listed companies is poor, and what major shareholders think of cutting their chives.However, specific institutional issues such as the management system of listed companies, the positioning of independent directors, the refund of the listed company's delisting, and the fund management fee have not been resolved.

However, compared with the reform of the system, Hu Xijin's "theory of confidence" is faster and simpler, and it is more in line with the official needs of the Chinese official in the stock market.Chinese officials have been passing through public opinion in the past six months, trying to make "confidence" an important tool for boosting the market. Perhaps, as Hu Xi said in his speech last month, "If faith is not enough, there is still faith in the back."

Public opinion shouting of confidence

In August this year, on the occasion of the "3000 -point defense war" in the Chinese stock market, the Beijing Business Daily, a subsidiary of Chinese official media Beijing Daily, commented on August 25 that the low valuation advantage of Chinese A shares is very obvious.Foreign capital "I don't care about A -share love today, I can't afford them tomorrow."

China Official Media Securities Times also published an article two days later, saying that the current valuation of Chinese A -shares is lower than the level at 1664 in 2008. It is at a historical position, and the current dividend rate is also full of attractiveness.

The article calls on investors not to be led by negative news with their noses, and calls the so -called "systemic risk" in the eyes of ordinary investors. In the eyes of value investors, "it is the golden land."

In addition to the positive confidence shouting, Chinese officials have also made control and restrictions on negative public opinion.Bloomberg reported on Friday (December 15) that some Weibo V V, which focuses on the financial sector and the market, was asked not to make a decline in economic remarks.

The Ministry of Security of China published an article on the same day that singing and declining the Chinese economy is the attack and negation of the socialist system and road of Chinese characteristics and the strategic plugging of China.Illegal and criminal activities.

For the "small composition" that appeared before the 2900 -point defense war, Chinese official media have long been alert.The Securities Daily commented on August this year. The sword pointed out that such "small compositions" may trigger market fluctuations and investors' irrational investment, calling for strict investigation.

Securities Daily issued an article on the 27th of last month, criticizing the "small composition" of the stock market, which seriously affects the normal of the marketRunning refers to China's rectification of the stock market rumors "not only pain, but also pain."

A -share continuous sluggish chain reaction

Investors' confidence in the Chinese stock market continues to be sluggish, and the scale of the issuance of the Chinese initiative of the initiative of China's initiative has also reached the lowest level in 10 years.According to the data provided by Bloomberg News from Tuesday, the research company Zheben Consulting, as of the end of November, the issuance scale of China's initiative to the rights fund was 152 billion yuan, only about half of last year last year, and it may be the smallest scale of the year since 2013.

According to financial data providers, the same flowers (51iFind) reported last Sunday (17th) that only 107 of the 941 stock funds in the shore market in China achieved positive rewards, that is, only one percent was positive, of which the performance was the most performed.The poor company loses nearly half of the capital.

Bloomberg's data on Wednesday also shows that the scale of new shares issued and stock issuance in mainland China and Hong Kong this year decreased by 43%compared with last year.

However, from the perspective of the long -term development of the Chinese stock market, the decline in the scale of new shares may also change the situation of blind listing in the past, which can help improve the quality of IPO enterprises.

The policy of a series of favorable capital markets released by the China Securities Regulatory Commission in August this year includes a periodic tightening IPO rhythm, and at the same time, it also sacrifices measures such as halving seal duty and regulating executive reduction behavior.

Under these measures, as Chinese officials have increased real estate stimulus and a clear signal of supporting economic growth, some overseas investment institutions have changed their views on the prospects of China's stock market next year.

Bloomberg News issued a text on the 30th of last month stating that "the Chinese market has the sign of the warmth of the spring river", and some global funds are ready to return to the Chinese market.Reporting last Sunday also said that most Wall Street Banks still remained optimistic about the Chinese stock market.

However, Bloomberg's latest issue of MARKETS LIVE PULSE survey shows that the Chinese stock market is still not the main choice of investors. For the biggest opportunity next year, most interviewees point to emerging markets outside Greater China.

For overseas investment institutions, they have many combinations and options. For the majority of Chinese A shares, after experiencing several 3,000 -point defense war, they are now suffering from 2,900 defense war.You can only wait for the warmth of the Chunjiang River, and pray that the defense war will not explore the lower limit.