The Golden Week Really Brought Gold To A Shares.

The latest economic data show that the macro economy is still in the doldrums, CPI is only 1.6%, lower than expected, while PPI is negative 5.9%, higher than expected. What does it mean? Deflation! As mentioned earlier, liquidity is no problem, monetary policy easing is also limited to the economic stimulus, which is a phased feature of the upgrading stage, the deleveraging debt will be lost, the capacity companies will go bankrupt, and the two best ways are hard to find. GDP in such a background, it is normal for the growth rate to bottom out, can the capital market hedge? If it can, it will also be reflected in increasing the proportion of direct financing and reducing bank pressure, which is not in line with the short-term interests of investors in the two tier market, but it is in line with national interests. Therefore, there is another meaning to restore market normal, that is, financing, IPO, note book system, the starting point and foothold of national cattle are actually here, rather than the index level.

Now or never, time waits for no man.

One of the best interests of the world is golden week. capital market Continuous rebound, the more exaggerated is that the Dow continuously pulled out seven even Yang, which did not appear in the early bull market; the Hang Seng index rebounded to a height of about 10%; while Glencore's share price also had a rebound of more than 30%, to a certain extent, to defuse the risk of commodity futures collapse to Lehman second. Some people jokingly attribute these external factors to the discontinuation of A shares. Precisely because A shares are not traded, the market is less hurt. Jokes are joking, but sentiment is indeed reversing. There is a popular saying in the market. One line changes the mood, the two lines change the view. The three line changes the belief. What is the seven line?

Two of the time, the right place and the right people. After all, the short-term adjustment of A shares is too large, and the current position is not enough. So far, the government's rescue measures are also playing a role. The central bank governor, the finance minister and the general secretary of the premier are all responding to the concerns of the A shares. The national team's rally to the index stocks has come to an end. The market has entered the stage of self repair and self operation, and the main force is also helping itself. The most important thing is that the latest wave of slump, from 4000 points down 2850 points, is a rapid and immeasurable empty fall. Between 2850 and 3450 points, there is basically no pressure to relieve the market. As long as there is no panic, A shares will give the sun some sunshine and flood. By the end of the year, there will be too many organizations to catch up with the market before they rush to catch up. The market will really recover and the rescue measures will be completely withdrawn. external environment Do you?

The three is the timely introduction of the central bank. credit The pilot project of asset pledge refinancing was expanded. The pilot projects in Shandong and Guangdong have been expanded to nine cities. This is an attempt by the central bank to strengthen credit guidance. The significance of the total increase is not large, but it has been interpreted as the Chinese version of QE. 更有人翻出当时央行取消存贷比时的旧账，提出了央行信贷规模可以增加7万亿的说法，而这种荒谬的算法是取自存款保证金率18%和信贷比75%的倒数25%的差，即7%乘上存款100万亿的结果，这基本上就是意淫，但是市场对此宁信其有不信其无，因为其有就意味着流动性增加，就意味着水涨船高，就意味着估值上升，尽管即便如此解读的人也明白这是饮鸠止渴，但又有几个人不是活在当下，长期的灾难后果又与我何关?事实上，中国现在不缺流动性，央行刚刚完成的逆回购就是证明，银行更没有流动性的压力;相反，现在主要的问题一是放贷的困难，二是缺少可以放贷的标的，而这正是中国实体经济的真实写照，市场不缺钱，缺的是好项目，能挣钱的好项目，所以中国版QE真的是无稽之谈。

Obscurity is actually enough.