The stock market, too difficult
two cities 100 shares fell by the limit
three major indexes fell by more than 2%
On the 21st, A-Shares fell all day. It seemed that there was a mysterious force to protect the market in the afternoon, but it was smashed after rising. In the afternoon, the three major stock indexes continued to fall. The gem index fell 2.7% and fell 2300 points, the first time since June last year. The decline of the Shenzhen composite index expanded to 3% and the Shanghai index fell 2.5%.
Individual stocks showed a general downward trend, with more than 4300 shares floating green in the two cities, only more than 300 rising stocks, and nearly 100 shares fell by the limit, with a transaction of 856.4 billion yuan today. As of the close, the Shanghai index fell 2.26%, the Shenzhen composite index fell 2.7% and the gem index fell 2.17%.
Mr. fund has a look. Since this year, the gem has fallen by more than 30%.
big financial support failed
Securities companies, banks and other major financial institutions rose briefly in the afternoon, but rose and fell again. As of the close, Nanjing Securities Co.Ltd(601990) , Boc International (China) Co.Ltd(601696) , Hongta Securities Co.Ltd(601236) and other stocks led the rise slightly.
Growth tracks such as medical treatment and new energy continued to retreat, Sungrow Power Supply Co.Ltd(300274) , Tianhe solar energy, Longi Green Energy Technology Co.Ltd(601012) and Topchoice Medical Co.Inc(600763) fell by 6%, and Topchoice Medical Co.Inc(600763) fell by 7%.
The tourism sector led the decline
St tengbang fell more than 17%, and many stocks such as Xi’An Qujiang Cultural Tourism Co.Ltd(600706) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) , Yunnan Tourism Co.Ltd(002059) , Guilin Tourism Corporation Limited(000978) and Zhang Jia Jie Tourism Group Co.Ltd(000430) , Huangshan Tourism Development Co.Ltd(600054) , China Cyts Tours Holding Co.Ltd(600138) , Wuhan Sante Cableway Group Co.Ltd(002159) , etc. fell with it.
Contemporary Amperex Technology Co.Limited(300750) once fell below 400 yuan. Fortunately, there were funds to lift at the end of the trading and barely supported it.
why did it continue to fall sharply today
Huaxia Fund analysis said that today’s sharp decline in the market reflects the lack of short-term confidence, and investors are still worried about some negative factors.
On the one hand, the growth challenges faced by the economy in the second quarter are greater than those in the first quarter, and the market is also looking forward to a further increase in the steady growth policy. However, the inflation pressure in the United States is large, and the US Federal Reserve’s interest rate hike of 50bp in May is basically a foregone conclusion, which restricts the space for China’s monetary policy easing; On the other hand, the recent surge in the US dollar index has also raised concerns about the RMB exchange rate.
RMB continues to depreciate
The offshore RMB continued to hit a new low against the US dollar since October last year. The onshore RMB continued to decline against the US dollar, reaching the 6.45 mark.
CICC analysis said that the improvement of the epidemic situation in China deserves attention. Since mid April, the situation of the epidemic situation in China has improved, and the inflection points of newly diagnosed patients and asymptomatic patients have appeared. If the disturbance caused by the epidemic can basically subside in May, the short-term downward pressure on China’s exports will improve. After the epidemic situation improves, the driving force of China’s steady growth will be more clear, and the expectation of China’s economy will probably improve in the second half of the year. In the second half of the year, there may be greater downward pressure on the US economy against the background of rapid upward interest rates. This may change the current situation in which the economic fundamentals of China and the United States are opened and the interest rate difference between China and the United States is upside down. At that time, the outflow of China’s financial accounts may be significantly alleviated. This may be conducive to the medium – and long-term stability of the RMB exchange rate.
today is actually good
On April 21, the opinions of the general office of the State Council on promoting the development of individual pension clarified the participation scope, system mode, payment level, investment and receipt of individual pension.
In short, individual pension is the third pillar of China’s old-age insurance system.
At present, the first pillar of China’s old-age insurance system is basic old-age insurance. The old-age insurance for employees and the old-age insurance for urban and rural residents have covered more than 1 billion people. The second pillar is enterprise annuity and occupational annuity, which have covered more than 58 million people.
As the third pillar of the personal pension system, which has not been introduced before, belongs to a short board. Now this short board has finally been supplemented.
According to the opinions, workers who participate in the basic old-age insurance for urban employees or the basic old-age insurance for urban and rural residents in China can participate in the individual pension system.
At present, more than 1 billion people have participated in the basic old-age insurance. Therefore, when the personal pension is fully launched, these 1 billion people can participate in the personal pension system.
It should be noted that individual pensions are not compulsory, but voluntary.
How much does it cost?
The opinion is clear that the individual pension shall implement the individual account system, and the payment shall be fully borne by the participants and fully accumulated.
Participants establish personal pension accounts through the personal pension information management service platform. The upper limit of individual pension paid by participants is 12000 yuan per year.
The individual pension is entirely an individual payment, which is different from participating in the employee pension insurance in the unit. Paying the employee pension insurance in the unit is the joint payment of the unit and the employee.
The funds in the personal pension fund account are used to purchase financial products that meet the preferences of different investors, such as bank financial management, savings deposits, commercial endowment insurance, public funds and other financial products with safe operation, maturity and stability, standardized target and focus on long-term preservation. Participants can choose by themselves.
In this regard, Yang Zhe, general manager of asset allocation Department of Guangfa fund, said that the difference between personal pension system and basic pension insurance and enterprise annuity is that it is voluntarily participated by individuals and adopts market-oriented operation at the same time. The account funds can be used to buy financial products such as bank financial management, commercial pension insurance and public funds that meet the regulations. From the national level, the development of individual pension can further improve China’s multi-level and multi pillar pension insurance system; From the individual level, it also enriches the forms of pension products and provides more options for residents’ pension; From the perspective of capital market, it also helps to promote the competition in the individual pension account market and realize the positive cycle of mutual promotion between pension and capital market. Statistics show that after the individual income tax reform in 2018, the number of individual income tax payers in China is about 65.12 million. In extreme cases, assuming that everyone is qualified to participate in the personal pension system, it can bring 781.44 billion yuan of incremental funds to the market every year. If 30% of those who participate in individual income tax payment participate in the personal pension system, it will also bring about 234.4 billion yuan of incremental funds to the market every year.
CICC analysts said that this means that from a long-term perspective, the capital scale of individual pension accounts is expected to exceed trillion yuan. In terms of investment methods, the optional types include financial products such as bank financing, commercial endowment insurance and public funds. On the one hand, the system construction is conducive to the development of new businesses of relevant banks, insurance, public funds and other financial institutions. On the other hand, it is also expected to bring new types of long-term investors to the capital market. From the experience of mature markets such as the United States, the establishment of pension insurance systems such as 401k plan in history has brought long-term funds to the U.S. capital market and played a good supporting role in the long-term and steady development of the U.S. stock market.
System construction is also expected to improve the cautious expectations of the current market to a certain extent. Since the beginning of the year, the capital market has performed poorly due to multiple internal and external factors. On March 16, the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems, and mentioned that “long-term institutional investors are welcome to increase their shareholding ratio”. We believe that the construction of personal pension system is helpful to cultivate and develop long-term institutional investors for the capital market, It also helps to improve the cautious expectations of the current market to a certain extent. At present, the cumulative correction time of the market is long and the range is not low. The valuation has been relatively low in history, and the negative factors of internal and external have been reflected in the asset price. We judge that the market is in the “bottom grinding period” after the rapid correction in the early stage. We should not be overly pessimistic about the medium-term prospect of the market, and the medium and long-term opportunities in the market gradually outweigh the risks.
Finally, a picture for you.
