Huang Fan: It is rare to Chinese bull markets in Xiong Changzhang's short A shares. For investors in the secondary market, it is recommended to seize the opportunity of the bull market while taking the right way to make a profit.

Since 2019, the domestic stock market has unexpectedly showing a strong trend. The Shanghai -Shenzhen 300 Index, which represents the mainstream of the A -shares, has risen for 8 consecutive weeks and the cumulative increase of more than 30%has recovered.The bull market, which has been away from 4 years, has indeed come. The talents of investment banks have named a series of tall names such as Fuxing Bulls and Qiang Guo Niu for this round of cow markets.However, in the final analysis, this is just a round of bull market launched by high -level high -level high -levels to solve a series of problems such as economic growth, pledge of equity pledge, frequent debt defaults, and weak social financing.Blasting Thunder Cow.It is the same as that the price increase of price increases launched in 2015 can solve the situation of missing real estate market.

Just three months ago, in December last year, when the A -share continued to fall, the wind and sound of the market inside and outside the market, and the stock market investors were most disappointed, they persuaded the secondary market investors, securities market supervisors, and listed companies to seize the opportunity.Do something.The long -lost bull market is finally here.The bull market in Xiong's long bull's A -share market is rare. I think I would like to cherish a difficult bull market as the title, and provide some reference suggestions for all parties.

First, for the operators of listed companies, it is recommended that they are courageous to resist market profits and attract good companies.

The bull market is finally coming. Thanks to more than 100 million retail investors in the secondary market, there are more strengths, coupled with the glorious traditions such as speculation concepts, speculation, and small disks in the domestic stock market.Performance stocks and explosive stocks have doubled in the blink of an eye.In the early stage, private bosses who were in dilemma such as the pledge of equity pledge, the goodwill record and the thunderbolt, and other dilemma finally spit out their eyebrows because of the stock price rising. For a while, they flew out of the announcement of the announcement of the announcement.

Why is there a dilemma of thunder in the early stage without pledge and pledge?We have to mention the prosperity of the past few years: Houses in the metropolis have become millions of rich people. As long as private entrepreneurs have a way to go public, they can swim in the stock market bubble.The company's main business profitability is limited, so you can pledge some stocks at will, you can buy hellip; hellip; this is based on the oversupply of currencies and debt expansion in the past ten years., Robert Bull, winner of the Nobel Prize in Economics; Professor Hiller's irrational prosperity.

When the bubble reached its peak in 2015, there was a paragraph: nearly half of the listed companies' profits were not enough to buy Beijing, Shanghai and Shenzhen luxury homes, but it was enough to buy a few sets of shares!It is really impossible to say which bubble in the property market and the stock market is bigger!

In order to make full use of bubbles to maximize the wealth, some entrepreneurs conduct blind expansion and cross -border mergers and acquisitions through equity pledge financing through market value management.As a result, driven by the mentality of quick success, buy a lot of expensive and bad assets.Once the tide retreats, it will explode a large area.The assets bought back are not worthy, but the debt owed still has to be repaid. The depreciation of the pledged shares was forced to add a deposit.If it is not a high -level coordinated financial institution support, the rescue of the organizational bailout fund, and the end of the bull market to mobilize the people to successfully support the market, many entrepreneurs will completely lose their arduous creations because of their liquidation.

Now, the market has become hot in a blink of an eye, but a mess that is caused by irrational expansion in the past three years should still remember it. It has already turned over the car. It is recommended not to repeat it.It is recommended that entrepreneurs still operate enterprises in their own expertise. This is the right way to create value for shareholders and create value for themselves for a long time.

Second, for regulators, it is recommended to dare to promote the reform of the issuance and delisting system and establish an effective survival of the fittest market mechanism.

The survival of the fittest mechanism is the basis for the long -term bull market in the stock market.We have implemented the IPO audit system for a long time. The basic elements of the issuance, pricing, and time selection of new shares are determined by the supervisor's tangible hand. The characteristic IPO mechanism allows the stock to be overestimated as soon as it is listed;EssenceTherefore, most of the price and most varieties in the A -share market are far exceeding its fair value. If the valuation is expensive, it can only return to its due value with long -term declines.Therefore, it has created a strange phenomenon of bear long cows and retail investors being cut.

We have noticed that the newly appointed chairman of the CSRC expressed in the first public appearance that we must be in awe of the market, we must be in awe of the rule of law, we must be in awe, and we must be awe of risks.

When asked how to think of the stock market's recent rise, his answer was also very wise to rise in the market. It is not easy to comment.I think that the subtext is: the stock market will fall in the future, it is also a market behavior, it is not easy to intervene.

In fact, the improvement of rules, clear expectations, strict supervision, and strict law enforcement are the right paths of supervision.In the past, the method of supervision of the upper and lower hands will only cause the market to be at a loss.

While actively promoting the science and technology board that actively promotes the IPO registration system as the highlight, it also clearly states that maintaining the normalization of new shares issuance and improving the delisting mechanism.

It is recommended that in the early days of the bull market, strict law enforcement will strictly crack down on financial fraud and market manipulation, and at the same time improve the short -term mechanism to curb excessive speculation. In this short one -month big bull market, traditional hot spots, small -cap stocks, and thunderbolt explosionsStocks, concept stocks, secondary stocks and other sectors have rose fiercely, and there are great trends in 2015.Historical experience tells us that every round of crazy cows is a feathers.How to keep the mad cow in the cage to prevent it before it occurs, testing the wisdom of the supervisor.

Third, for investors in the secondary market, it is recommended to grasp the opportunity of bull markets while daring to make profits, and take the right way to invest.

I must feel weird when I first read a small title.Why emphasize dare to make profits?Is it stupid to dare to make a profit?

In fact, the original of this sentence is the founding leader. The original statement was to sacrifice and dare to win.This quotation is familiar to Chinese people.

Imagine that many stock market investors generously bear the price of sacrifice in the past many years. Many of them have participated in the rise index from 5,100 points in 2015 to more than 2,400 points at the end of last year.Since 2008, the pioneers of the stock market have repeatedly downturn torture, their losses can not be described as not huge.Isn't this courageous to sacrifice?After sacrificing, he finally got the opportunity today, which needs to be sure of the spirit of daring to win.

Why emphasize dare to profit?Because many investors are really coming, based on the Xiong Siwei model for the stock market for several years, the ideological and actions are not daring to make a profit.What dare to profit?It is to choose the company (strong profitability, reasonable growth, brand advantage, stable internal governance), and other reasonable prices (the stock price is lower or equal to value) to buy.To.

Otherwise, with the traditional habits of the past, when the rare bull market arrived, he was very hesitant and very alert when he was busy, chasing and killing hellip; hellip;In the falling cycle, I participated in the whole process, and in the upsurge of the upsurge period, I only participated in several small segments.For example, I went in and out of a bull market to eat a few small meals, but in the end, it was obviously worthless to share the bill for the entire feast.

Of course, the courage to sacrifice, dare to victory is not the same as reckless charge, and resolutely send to death.Recently, in the era when the market was dancing, investors did not ask the performance. Regardless of the texture, they specially found hot spots to follow. Basically, they showed the fundamental fundamental aspect, and they lost in the starting line.In the atmosphere of the bull market, the traditional active section of A shares MDASH; the following strange phenomenon of performance stocks, concept stocks, sub -new shares, and explosive stocks appears:

The major shareholders who know the company's value have opened a reduction model since the beginning of 2019.Wind numberAccording to reports, as of March 5 this year, 778 listed companies in A shares have released 1330 reduction plans.It is worth noting that the reduction plan released by 61 companies involves clearance reduction, that is, shareholders intend to sell up to up to all direct holdings.

For the company's basically unknown retail investors, it has been smashed for a few weeks to sell and buy.According to public data, the number of new investors reached 316,100 in the last week of the stock market in February in February, which was more than 100,000 over 206,600 from the previous week and 53%from the previous month.

The question comes, who is smarter than who is more smart than whom?Isn't the answer be self -evident!Intersection

On the one hand, the Science and Technology Board implements the IPO registration system. Regulatory leaders emphasized that the goal of adhering to the normalization of new shares and improved the delisting mechanism.The establishment of the fittest mechanism of the survival of the fittest is exactly the hot performance of the market, the concept stocks, the story stock, and the thunderbolt helple;Focusing investment targets are the objects that are ultimately eliminated in the future.

On the other hand, MSCI has just announced that it has decided to increase the large -cap stocks in A shares from 5%to 20%, and gradually increased in May, August and November;Incident at a 20%income factors into the mid -market A shares and containing the conditions of the GEM.

Increasing foreign participation ratio is conducive to improving the soil that improves A shares.In the future, Heng's premium with a reasonable value company must be a premium, and small companies with high valuation and low performance continue to discount, rather than small companies with current low performance to enjoy high premiums.

In this way, the market soil of the A shares will definitely change in the future. Investors will be grained without planting crops in the past.

Therefore, choosing a company, buying a reasonable price, adhering to the principle of value investment in long -term planning is to make investors unbeaten, and get long -term rich return investment.

However, choosing a company that needs to have extremely strong financial analysis, such as the calmness and patience that the rational price buying requires that the price is not moving, and adheres to the stubbornness and tenacity of long -term intended to be able to adhere to faith and be lonely.

So, what if ordinary investors do not have the above -mentioned wisdom, patience, and tenacity?Then hold a combination of the CSI 300+ CSI 500 Index Fund.There are 800 components of these two indexes, representing the mainstream of listed companies and my country's economy.At present, from the perspective of the overall market valuation, the average price -earnings ratio corresponding to the CSI 300 Index is only about 12 times, and it is below the historical median. Although the market has risen continuously, the overall overall is still relatively low.It is very appropriate to do more Chinese economy in the form of index fund portfolio.

The big bull market is here. In the cycle of the market rising, according to the experience of ancient and modern China and foreign countries, not many professional investors can win the mainstream index, and this time is no exception.In fact, the index investment method is a Pinpin introduced from a mature foreign market.Related data shows that in the five years from 2008 to the end of 2013, the Standard Purcera 500 index rose 128%, while Berkshire Bull, helm at the helm of Buffett; Hathaway's return on the same period was only 80%many.This means that Buffett's investment in the first five years of bull market in the United States cannot keep up with the market.

Since most senior investors and even recognized stock gods are difficult to win the benchmark index in the bull market, then as ordinary investors should listen to a advice from the old man of Buffett: participation through index fundsPeople effectively share the best way to make a profit brought about by the rise of the stock market!

All in all, the A -share bull market is not easy, and all parties are cherished.

Note: This article only represents the author's own point of view.The author is senior assets and wealth management business executives of foreign banks.Editor of this article Xu Jin [email protected]