Chapter 1011 [Opportunity to establish the SGX pilot]
Although Stars Capital did not respond, there has been a lot of discussion and analysis about Huijin and Stars Capital as the "Guo Jia Team".
Most market analysts believe that as for the reasons for Thursday's plunge, from the current point of view, Huijin's reduction of its holdings in the four major banks and Qunxing Capital's reduction of securities companies' stocks have indeed had a greater comprehensive impact on the market, and are considered to be Guo Jia's team and super main force.
Investors followed suit, causing the market to plummet, but they should not over-interpret this event too early.
Analysts believe that just as Huijin has increased its holdings in previous years, Qunxing Capital has also continued to increase its holdings, aiming to inject confidence into the market.
Whether Huijin reduced its holdings in the four major banks or Qunxing Capital reduced its holdings in brokerage stocks, it also released a signal that the market was overheated. To cool down, the market will be more imaginative later, and the interpretation of the event can stop here.
Some researchers from investment institutions also told the financial media that management continues to send signals that market adjustments are conducive to healthy development. As for Huijin, Qunxing Capital's reduction in holdings may be purely coincidental.
In short, what experts say is: Don’t beep blindly, there is no problem with the market, it is just a technical adjustment, and the callback and washout is for a better rise...
It is worth noting that the central government also issued a document to promote the stable and healthy development of the stock market, continue to strengthen the main board and small and medium-sized board markets, actively promote the internal stratification of the stock exchange market, launch strategic emerging boards, and comprehensively promote the reform of the GEM.
Including the official media, management has released positive signals. These can be regarded as hedging the negative effects of Huijin and Qunxing's previous reduction of holdings. To a certain extent, they have eased the current market tension. The overall impact on the A-share market is positive, and investors' confidence
It has also been boosted.
…
On this weekend, Fang Hong did not check Weibo or respond to hot topics of market concern, but he was not idle either, but was thinking about another issue.
That is the arrival of catastrophic market conditions in late June. What should we do after the stock market crash?
"Perhaps we can take this opportunity to pilot the entire 'SGX'..." At this moment, Fang Hong was alone in his study, muttering to himself, the so-called SGX, that is, the New City Stock Exchange.
After the stock market crash, the bailout failed, and Big A was in a mess. Some people would definitely be fired.
But the mess left behind must be sorted out, and at the same time, professionals like Ji Yu Fanghong and professional organizations like Qunxing will definitely be asked.
In recent years, Xincheng's financial industry has developed rapidly due to Qunxing Capital. In fact, Xincheng has long wanted to have a financial exchange.
Fang Hong quickly made a decision. When the time comes, he will mention the concept and suggestions of the "SGX". No matter whether it can succeed or not, he will use this opportunity to promote it. If it can succeed, it will definitely be beneficial to the subsequent strategy of building an independent valuation system.
It's like a tiger with wings, like a fish in water.
However, the water in the financial circle is too deep, so there shouldn’t be too many stories. It would probably be difficult to perform a major surgery on Big A through this disaster-level market situation. Of course Fang Hong wants to do this, but he also knows that he is not ready yet.
Such conditions.
Rather than tearing down the roof of the house completely, opening a window is not too much, right?
At that time, you can propose to lift the roof directly. There will definitely be many people who will strongly oppose and obstruct it. After some push and pull, everyone will take a step back. Instead of lifting the roof, let's open a window.
And this "SGX" is the window that needs to be opened!
Fang Hong leaned back in his chair. He thought and said to himself: "What can we do to enable SGX to implement the pilot registration system? There is no transfer of restricted shares, no quantitative trading, no options, and no
For futures index delivery, small and medium-sized retail investors must invest in SGX-listed targets through ETF funds, etc., to achieve true de-retail and institutionalization..."
In his vision, the SGX would allow retail investors to hold corresponding passive ETF funds on the exchange, allowing institutions to compete in the market.
But this does not mean to completely remove retail investors, but to make the proportion of institutional funds become the absolute mainstream of the SGX. The proportion of retail funds should be about 20%, so the entry threshold for retail investors must be raised, compared with the Growth Enterprise Market.
The threshold is much higher.
A mature market is indeed going to be retail-oriented. This does not mean that there will be no retail investors at all, but that the proportion of retail investors will be reduced, allowing institutions to become the core force that dominates the market. In this way, institutions will compete with each other for investment (
lian) gold (dao) gambling (hu) chess (kan).
A PK between sickles is fair and reasonable. A PK between sickles and leeks is a one-sided crushing.
If retail investors account for the largest proportion in the market, the situation in which retail investors and institutions compete against each other will inevitably become the main theme of the market. However, retail investors are far less professional than institutions in obtaining information, so retail investors are basically being fooled.
The ending of cutting and waiting.
Naturally, there is no shortage of talented people among retail investors, who can pick the meat out of the wolf's mouth and quickly evade the Yamen's sharp knife before it falls, but those will always be the very few top players on the track, and the absolute majority of retail investors do not have this ability.
of.
At this time, Fang Hong was thinking that the threshold of SGX must not be low. It should set a market value of 1 million yuan plus two years of investment experience as the market entry threshold. In other words, retail investors want to go to SGX on their own.
To open an account for stock trading, you must have at least 1 million in account capital, holding capital, and two years of investment experience.
If retail investors cannot meet the entry threshold, they can buy ETF fund products. They can buy them without opening a trading account on the SGX. On-exchange ETFs can be traded as long as you have a stock account.
Therefore, we need to create an "SGX 50 Index", and then create a "SGX 50 ETF" passive index fund. The selected sample stocks are the top 50 stocks with total market capitalization and liquidity in the SGX.
The companies listed on the SGX are mainly high-tech innovative companies, and then all listed companies such as Xingyu Technology and Jiuzhou Blue Arrow are packaged and transferred to become the constituent stocks of the "SGX 50 Index". They are also the new
The stock exchange’s fixing star and ballast stone.
Including those high-quality companies under Qunxing Capital that have not yet been listed, they will all be listed on the SGX in the future. Moreover, the SGX is a pilot registration system. Even if it does not meet the relevant regulations of the main board such as three-year profitability, it does not need to go through the backdoor route to quickly
Listing completed.
All in all, I won't turn over your table or smash your pot, but you have to get me a small table and turn on a small stove so that I can play by myself.
You can mess with your original table and your original pot however you want, and I will never make irresponsible remarks to you, let alone smash your pot or flip your table.
Everyone plays their own thing, and the main theme is that a chicken and a dog hear each other, but they never interact with each other until death.
If the SGX plan can be successfully implemented, then the "SGX 50 Index" will definitely become the most unique landscape of Big A. Like the stock indexes in North America, it will follow a long bull trend, no matter how it goes, it will always be upward, becoming a truly A-share market.
The most specific direct manifestation of the independent valuation system.
Fang Hong couldn't help but nod his head as he thought about it. He immediately created a new document on his computer and began to improve some of the top-level design ideas for "SGX".
It is definitely not easy to promote this matter to be implemented smoothly. The current opportunity can be said to be a rare opportunity. Fang Hong naturally has to work hard to push it. As for whether it can be achieved, it depends on people and God.
