At present, the market with repeated bottom grinding has "worn through" 3000 points. Whether the follow-up can obtain new support and whether the red may can be expected is very important.
Recently, many departments have taken intensive actions to introduce a large number of relief policies, release liquidity, encourage long-term funds to enter the market, reduce reserve requirements, lower taxes and lower thresholds... The introduction of the personal pension system is also regarded as a new force of long-term funds. It can be said that in the past 30 years, China's stock market has never been so focused on getting such a full range of benefits. In the past, any one of them is enough to boost the market. Then, under the joint efforts, can the market "eat pot pulp to meet the king's teacher"?
The answer may be written in the past. The three milestones of China's capital market are the establishment of Shanghai and Shenzhen Stock Exchange, the split share structure reform and the registration system reform. 17 years ago today, on April 29, 2005, the split share structure reform was officially launched. This "accumulated weight can also be returned" reform once worried the secondary market. After all, on the issue of full circulation of state-owned shares, we are not without detours. Fortunately, in the end, the market was restrained first and then raised, and walked out of the bull market for two and a half years. Up to now, in the author's opinion, the reason why the split share structure reform has been successful is that in addition to brainstorming, timely correction and other factors, its basic principle has contributed greatly, that is, "unified organization and decentralized decision-making". These eight words reflect the respect and protection of small and medium-sized investors in the secondary market in terms of strategy and tactics.
Like the split share structure reform, the registration system reform is also a basic institutional reform of China's capital market. The successful experience of the former still has reference significance. While strengthening the strategic direction, we should fear the market, respect the law and follow the law. Under the registration system, there is room for further adjustment and improvement in the pricing, over raising, rhythm, letter phi, etc. of new share issuance and timely response to market concerns.
For long-term funds, after receiving the encouragement of relevant departments, when to end and how to make "decentralized decisions" depend on their confidence. In other words, having long-term funds does not mean having long-term investment. If you want to "invest and long-term", you also need long-term confidence.
Of course, long-term funds are not only pension, social security, trust, insurance and public funds. In a broad sense, funds with long-term confidence are long-term funds. However, if long-term funds are repeatedly reduced to "long-term sinking funds", they will also "style drift" or become short-term funds or even quantitative funds.
On April 28, another new share broke on the first day of listing. To some extent, this shows that more and more winners have been afraid to wait for a day. The stampede phenomenon caused by this short-term mentality should not be simply covered by "market-oriented results", and its spillover effect should not be underestimated, especially the impact on the overall confidence of the market.
For the market, confidence is an indispensable fulcrum. The split share structure reform solves the stock, and the registration system reform faces the increment. No matter how large the stock is, it can be expected. Therefore, the reform of the registration system may be more difficult than the split share structure reform. In this process, we must pay attention to how to make more and more funds strengthen long-term confidence.
