On August 31, the financial stability and Development Commission of the State Council held a meeting. The meeting stressed the need to further deepen the reform of the capital market, solidly cultivate all kinds of institutional investors, and create good conditions for more long-term funds to continue to enter the market. (for details, see "just now, the financial commission will make another voice: create good conditions for more long-term funds to continue to enter the market!)
This is the last weekend (August 25) after the relevant person in charge of the CSRC held a meeting to discuss and refine the overall plan of capital market reform, the comprehensive deepening reform of the capital market once again ushered in a clear top-level design direction.
On the first trading day in September, can A-Shares get off to a good start? Let's see how the six securities companies talk about the market
China Securities Regulatory Commission and the financial Commission issued a voice one after another
On August 31, the financial stability and Development Commission of the State Council (hereinafter referred to as the "financial commission") held a meeting to study financial support for the real economy, deepen the reform of the financial system, strengthen the protection of the legitimate rights and interests of investors and deploy relevant work.
meeting points
□ we should further deepen the reform of the capital market, adhere to the direction of marketization, legalization and internationalization, strive for progress while maintaining stability, take the reform of the science and innovation board as a breakthrough, strengthen the top-level design of the capital market, improve the basic system, improve the quality of listed companies, solidly cultivate various institutional investors, create good conditions for more long-term funds to continue to enter the market and build a good market ecology, We will enhance the vitality, resilience and service capacity of the capital market and make it truly a "booster" to promote high-quality economic development.
□ the meeting stressed the need to vigorously protect the legitimate rights and interests of investors, improve the rule of law system in the capital market, accelerate the revision of relevant laws and regulations, strengthen legal accountability, significantly increase the cost of illegal activities, strictly investigate and deal with various recent fraud and illegal cases, and create a good market ecology to meet the people's diversified demands such as maintaining and increasing the value of wealth.
Earlier last weekend (August 25), relevant principals of the CSRC held a meeting to discuss and refine the overall plan of capital market reform. The reform mainly focuses on four aspects: marketization, legalization, all-round opening to the outside world and improving regulatory efficiency.
The relevant person in charge of the CSRC said that at present, China's capital market has significantly strengthened its resilience to external shocks. "We will maintain our determination, strengthen reform, stimulate market vitality and promote the long-term stable and healthy development of the capital market".
A-Shares welcome series heavy positive
At present, the deepening reform plan of the capital market has basically taken shape, and the A-share market is about to usher in a series of heavy benefits in terms of basic system reform, rule of law guarantee, quality of listed companies and long-term capital entry into the market.
Pan Xiangdong, chief economist of new era securities, told China Securities News that in recent years, China's capital market reform has accelerated and achieved significant results. Deepening the reform of the capital market, improving the multi-level capital market system and ensuring the long-term and healthy development of the capital market are conducive to broadening the financing of innovative enterprises, small, medium-sized and micro enterprises, optimizing the financing structure of the real economy and realizing economic transformation and upgrading.
Pan Xiangdong further pointed out that the follow-up capital market reform may focus on:
first, improve the multi-level capital market and continue to implement the science and innovation board. If the registration system works well, it can be extended to other sectors such as the gem.
Second, improve the information disclosure system, strengthen the implementation of delisting, and improve the quality of listed companies.
Third, we strengthened investor protection, discussed the establishment of a class action system, and significantly increased the illegal cost of fraudulent issuance and false information disclosure of listed companies.
Fourth, expand the two-way opening of the capital market, attract long-term funds into the market, optimize the capital market structure, establish a sound capital market system and improve the efficiency of the capital market.
With regard to the proposal of the financial commission to "create good conditions for more long-term funds to continue to enter the market", pan Xiangdong said that for the A-share market, it is necessary to promote the continuous entry of long-term funds into the market,
First, promote the continuous optimization of investor structure;
second, it helps to curb market speculation, guide the majority of small and medium-sized investors to mature and rational, and help give play to the "stabilizer" role of the capital market;
third, it helps blue chip and white horse stocks usher in long-term investment opportunities;
Fourth, it helps A-Shares better serve the real economy.
Zhang Jun, managing director and chief economist of Morgan Stanley Huaxin securities, believes that the reform goal is to further improve the multi-level capital market and encourage various types of enterprises to enter the capital market for financing. At present, the policy of vigorously developing direct financing is speeding up. In the future, more high-quality enterprises in line with national industrial upgrading and independent innovation will enter the capital market for financing. This financing channel is more and more open, and the financing of high-quality private small and medium-sized enterprises will be significantly improved.
"From the perspective of liquidity, the liquidity of A-share market is not an important issue, but an important issue is confidence. Now various policies have been introduced, including the smooth operation of the science and innovation board after it is opened, and the funds will flow into the market after enhancing investor confidence. In the long run, the positions of institutional investors will recover after the confidence of institutional investors is restored. On the whole, the funds held by Chinese institutions and overseas institutional investors Continued inflow will largely increase the proportion of institutional investors, so as to improve the investment style of A-Shares and tend to value investment. " Zhang Jun said.
six major securities companies actively look forward to the future
At the moment when the A-share market ushered in a series of heavy benefits, China's major securities companies took a positive view of the trend of A-shares in September.
China Merchants Securities Co.Ltd(600999) believes that in September 2019, it remains relatively optimistic, but the market is relatively more sticky. Judging from the newly released semi annual report, the industry boom is sharply divided, and the boom of industries related to the traditional cycle is generally downward; Baijiu, household appliances and other leading consumer goods industries still maintain stable performance. The performance growth rate of electronic computer military industry in TMT field has improved significantly. With the technology cycle gradually entering the upward cycle, the performance is still expected to maintain the improvement trend, and the bottom of the pharmaceutical sector is expected to be gradually proved. In the current "low interest rate and low social finance" environment, the stock market probably has a good performance.
Haitong Securities Company Limited(600837) believes that the era of equity investment and financing in China has opened, and the asset allocation of institutions and residents will favor a shares. From a global perspective, A-share asset securitization rate is low and attractive; Compared with history, the valuation of A-Shares is low, and the advantages of risk premium rate and stock debt ratio are obvious; Corporate profits are catching up with the bottom. It is expected that the net profit of A-Shares will bottom in the third quarter and roe will bottom in the fourth quarter.
Haitong Securities Company Limited(600837) said that after the first wave of bull market rise in history, they all experienced the process of "decline - withdrawal - further decline - Consolidation", such as December 2005, December 2008 and March June 2014. Since the 3288 point of Shanghai Composite Index on April 8, the market has experienced a decline - withdrawal - further decline, which may still take time to rectify. Since the market reached the low point from May to June this year, some index plates have rebounded during this period. From the broad-based index, since May, the lowest points of their respective indexes have been 13.8%, 11.8%, 6.9% of Shanghai Stock Exchange 50 index, 6.6% of Shanghai and Shenzhen 300 index and 6.2% of China Stock Exchange 500 index. From the industry performance, the lowest level in early May has been Baijiu 35.5%, electronic 20.4%, catering and tourism 18.6%, medicine 17.7%, and military industry 15.7%. From the bottom up, the plates with obvious short-term rebound may also spit back and digest. Therefore, the market may still bottom repeatedly in the short term and be ready for consolidation. Strategically optimistic, tactically step by step, patiently layout, and prepare for the second wave of bull market rise in the future. In the medium term, technology and securities companies are better, and the core assets are the basic allocation.
Founder Securities Co.Ltd(601901) said that there was an opportunity for periodic rebound in the market in September, and the core driving force was the periodic change of risk appetite. The phased change of risk preference stems from two points: one is the increase of recent reform and opening-up measures, and the other is the increase of impulse of counter cycle. There is no obvious change in economic growth and liquidity, which determines that the periodic rebound market presents structural characteristics, the rebound process will be twists and turns, and the structural opportunities are still leading in consumption and science and technology.
China Securities Co.Ltd(601066) the strategy team believes that A-Shares are actually at the starting point of a long-term bull market. It is recommended that investors add gold, technology, consumption, securities companies and high dividend varieties to avoid cyclical varieties.
Everbright Securities Company Limited(601788) said that the actual growth rate implied by the current valuation is expected to be slightly lower than 6%, and the market is in the bottom configuration period again. It is suggested to continue to add cars, small and medium-sized enterprises and essential consumer goods.
Zhongtai Securities Co.Ltd(600918) said that on the whole, the current macro state belongs to the situation of synchronous slowdown of the global economy and gradual easing of policies. The market has full expectations of fundamentals. It is difficult for the market to rise or fall at a large level before new unexpected factors appear. As November approaches, the market is expected to be stable in September.
future strategy > > >
Guosheng strategy Zhang Qiyao: which industries are improving the leading toughness?
Founder strategy: the financial sector deserves attention and vigilance against the collapse of the consumer sector
Guojin strategy Li Lifeng: welcome the golden September market, and the growth of science and technology is dominant (with gold stocks)
Huatai strategy: in September or more shocks, it is recommended to recommend technology + automobile, and preferred Huawei and semiconductor
GF strategy Dai Kang: get rid of the speculation thinking set of the concept of small cap, and the investment logic of growth stocks has undergone profound changes
Click to view > > > September A-share market investment guide. The latest release of ACE institutions and the release of top experts
(China Securities Journal)
