A-shares rose for two consecutive days: Market recognition of investors opening as scheduled matures
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Original title: A-shares rose for two consecutive days. The market recognized that the market was open as scheduled. Investors became more mature. After Monday ‘s plunge, the risk of A-stock backlogs was released in time. Since Tuesday, it has continued to stabilize and rebound.
On Tuesday, the Shanghai Composite Index rose 1.
34%, the wound pressure plate rose 4.
84%; on Wednesday morning, the Shanghai Composite Index regained the 2800-point mark and closed at 2,828 in the afternoon.
The Air Force’s northward flow of funds has flowed in for two consecutive days, totaling nearly 25 billion yuan.
In fact, before the opening of the market this week, there was no shortage of similar views in the country-in order to avoid a sharp drop in A shares, and in order to prevent “short” profits, A shares should be suspended.
After trading was suspended on January 31, the A-share market opened on February 3 as scheduled. The CSRC also stated that the opening of the stock market was the result of weighing various factors.
“China’s opening on time was the right decision. On the 3rd, the market was plentiful and panicked. On the 4th, A shares rebounded, and when any overseas investor thought that the opening of the market was problematic, the regulator’s response to the shock was veryEffectively, investors continue to mature.
During the Asian financial crisis, Hong Kong stocks stopped trading for a week, but the situation was worse after the opening, because excessive expansion will increase the market’s substitution.
“Wang Guohui, chief investment officer of Bi Sheng Asset Management (APS), who initially invested in A shares through QFII, told reporters on the 4th that” otherwise the market may still fluctuate and consolidate, but there is no panic.
“Shan Weijian, chairman and chief executive officer of Hong Kong-based private equity fund PAG Group, said in an exclusive interview with CBN that the rebound in A shares on Tuesday showed the growth of China’s capital market, and global stock markets also rose.
The decision to open the market as usual on Monday was a big step forward in regulatory thinking, positive and inspiring.
He predicted that in the short term, the growth rate of China and the global economy will be affected by the epidemic to a certain extent. Once the severe epidemic situation is controlled, the Chinese economy is expected to achieve a strong rebound.
At present, foreign countries are also optimistic about the strategic value of A shares.
Facing the market downturn, both domestic fund companies have issued “real gold and platinum”
self-purchased company flags (Jin Qilin analyst) under the partial equity fund, with a total amount of more than 1.6 billion, and foreign capital has also taken action.
It is reported that Asian Value Investment Group, Value Partners Group, with its own funds not exceeding 100 million Hong Kong dollars, mainly invests in Chinese companies in the A-share and Hong Kong stock markets.
Value Partners Fund Investment Director and China Business President Yu Xiaobo told reporters that after years of development, the A-share market has become more mature and has bred many excellent companies, so it will continue to be optimistic about the Chinese stock market.
After experiencing multiple cycles and changes in the global and Chinese markets, and full of confidence in China’s ability to respond to emergencies and the Chinese economy, the accelerated opening of the Chinese capital market has also provided good investment opportunities.
The opening of the stock market was the correct decision on schedule, and foreign institutional sources interviewed by First Financial reporters said that the A-share market continues to mature. The opening of the A-share market was the correct decision, which helps the institution to conduct liquidity risk management. Only A-shares can be released in time.risk.
”The severe drop in the first day of A shares is normal.
“Han Han, chief economist of Jinye Securities (Jin Qilin analyst), told First Financial News that after all, the Singapore A50 index and the Hong Kong Hang Seng Index fell by more than 5% during the Spring Festival. The decline in A shares on the 3rd was only an epidemic during the Spring Festival.Concentrated response to empty factors.
The Hong Kong stock market closed up on the day because it reacted in advance.
“Although there is still uncertainty in the overall development of the epidemic, the financial markets after the global epidemic have basically recovered their decline or even turned up.
“Stephen Roach, senior professor at Yale University
In an exclusive interview with China Business News, Roach repeatedly emphasized that it is impossible to suppress the potential risk impact and investor sentiment through the market closure. The Chinese regulator’s decision to make a normal market opening on February 3 was very correct.
“We (the United States) will not suspend the opening of the market. Since ‘Black Monday’ in 1987, the US regulator has dated a fuse mechanism to avoid irrational market fluctuations. This is also the experience learned by global regulators.
“Miao Zimei, co-head of Asia-Pacific stocks and chief investment director of China at Robeco, told reporters that the opening of the A-share market on February 3 will not continue to delay, which is conducive to the combination of liquidity management of institutions, and has also consolidated the past 4 long-term overseas investors.Gradually build confidence in A shares.
If the market starts too long, it will aggravate market interests and investors may sell other liquid Chinese assets.
The short-term rise and fall of the market is unavoidable, and the long-term healthy development deserves the attention of regulators.
In addition, the market’s impact on the budget may be the allocation of pledge risk in 2018, but the overall point of A shares is higher than at that time, and the risks are relatively relative.
Coincidentally, Wang Guohui told reporters: “It is more important to pay attention to the long-term development of the market. First of all, we must ensure that the market participates in free trading. It must inevitably close the market due to panic and lead to a decline. Otherwise, it will affect the market’s reputation and credit.
The most important thing is that China needs to repeatedly highlight the fact to investors that China’s fundamentals are healthy and the epidemic will eventually be controlled, so the impact on the economy is short-term.
“In his view, it is expected that there will be ample liquidity protection. On Monday, the market again experienced excessive panic. Instead, it was a reasonable exchange of positions, which reflected that the A-share market was maturing.
“周一开盘后，还是有一些股票跌幅在仅5%上下，这显示了投资者是有辨别能力的，并没有去全盘‘投降式抛售’，此外很多股票仍在活跃交易，这本身也是一个成就.On the ‘Black Monday’ of that year, the US Dow Jones Index plunged 21%, and almost every stock had no trading volume in Japan.
The US stock market was also very speculative in the past. Until now, the speculative nature is not low. The institutionalization of a market takes a long time, and what China needs to do is to make the correct decision at every major change.
Wang Guohui said.
Several foreign fund managers also told reporters that the suspension of trading of A shares on January 31 has had a certain impact on overseas open-ended public funds. “In overseas markets, subscriptions and redemptions have been opened. If there is a major capital outflow,A shares cannot be traded, and the breakthrough poses liquidity risk to fund managers.
“International investors take liquidity risks very seriously, and not opening is the biggest liquidity risk.” Yuan Yuwei, a senior global macro trader, told reporters, “gradually, through the painstaking operation of the supervisory layer, and alternate communication with international institutions, MSCI continues toExpanding the alternative factors of A shares has promoted the value investment of A shares in recent years has become easier and lower, so as to achieve effective protection of investors, create a favorable environment for social security, pension funds to enter the market, and increase warehouses.
“Stocks have rebounded steadily, and northbound capital has continued to flow in as value investors. If you believe the market is undervalued,” any change caused by short-term panic is a time of Buffett’返回码: 500 网站打不开?重查s greed, “Yuan Yuwei weighed.
In fact, as early as Monday when the market fell sharply, Kitakami ‘s funds actually accumulated nearly $ 20 billion, and Tuesday ‘s incremental inflow of $ 5 billion.
Shanghai Investment Morgan told reporters that the short-term uncertainty caused by the epidemic is still inevitable, and the short-term change in A shares is inevitable at the same time, but the short-term sharp decline caused by uncertainty often brings long-term investment opportunities in the stock market. The data also shows that the pastIn terms of subsequent stock market performance, including the SARS, avian flu, Ebola virus, Zika virus, etc., if the epidemic caused a huge impact on the economy, the high point of panic is the point of purchase.
Senior US stock trader Stuart Jie told the First Financial Reporter, “无锡桑拿网From the perspective of the US stock market trend, forward-looking indicators show that the impact of the basic epidemic on the US market has been warned once. It is expected that the S & P 500 index is expected to move from 3200 to 3500.
When Ebola broke out in 2014, U.S. stocks fell as much as 10% in the half-month of October of the same year, but since then it has continued to climb and hit a new high. The impact of the epidemic is temporary, and the stock market often reflects the inflection point of the epidemic in advance.
If A-shares can stably receive the sun this week, it is likely to be safe.
“” The performance of the A-share market this week is relatively stable and reasonable, which is very different from the January 2016 scoring.
For investors to have confidence, they must have the “law of predictability” (predictability of rules), and I think investors actually have that confidence today.
Wang Guohui said.
The reason the overall market is confident now is mainly because regulators have long been prepared.
For example, to respond to the impact of the epidemic, maintain the stability of the capital market, and gradually make adequate preparations, such as reducing the reverse repurchase rate, expanding the money market capital supply, increasing market liquidity, and then if necessary, there may also be a reduction in RRR and interest rate replacement.
“For financial markets and institutions, as long as overall liquidity is guaranteed, there will be no systemic risks.
Wang Han said.
In the medium and long term, China is still a key market for strategic allocation of foreign institutions.
“A long time ago, the most criticized issue for Chinese listed companies overseas was corporate governance.
The once bad stocks have instead been chased higher, but the level of corporate governance has continued to improve over the past two years.
Although ‘demon stocks’ will still be hyped, they will eventually be eliminated.
Officials from Lu Jie, director of research at Hobo China, told reporters that the current influx of foreign countries also stems from the attractiveness of A-shares-only excess returns, large volumes, broad investment targets, and very low correlation with the global market.
In Lu Jie’s view, through the continuous injection of foreign capital and the increase in the proportion of domestic institutional investors, A-shares have begun to highlight the fundamentals and value, so the attractiveness to foreign capital has increased.
Ben Powell, chief investment strategist in the Asia-Pacific region of the world ‘s largest asset management agency, recently told First Financial reporter that China ‘s capital market is huge, liquidity is increasing, and it is relatively related to other global assets.relatively.
Earlier, many global investment portfolios did not yet have Chinese assets, or their proportions were very low. Access restrictions were the main cause. However, the continuous opening of the Chinese market and the replacement of international indexes have gradually eliminated these barriers.
”This is the era of Asia, as Asia plays a major role in current global growth drivers, and China is the most important economy in Asia.
If quantified, in 2019, more than 50% of global economic growth will come from Asia, and about 30% of growth will come from China.