A-share staged a "surprise reversal" institutions to sweep goods

A-share staged a "surprise reversal" institutions to sweep the goods April 19 to 20th two days, a-share market staged a dramatic act of "surprise reversal." April 19, the Shanghai and Shenzhen cities suffered "black Thursday", the same day close down 163 points, the plate was once down 250 points; but April 20, the close of the opening that quickly pulled up, the whole day rose 135 points, two stocks almost all across the red. "We have already foreseen the possibility of raising interest rates, and now we should add 3."　　"On April 19, including interest rate hikes in a variety of bad rumors led to a sharp decline, everbright Prudential fund chief investment director Hong Honglong tone is quite insipid. According to the reporter understand, every time the market falls more is the institutional investors as a homeopathic "warehouse" good opportunity, this time is no exception. April 20 morning plate unexpectedly big rise, showing a large amount of money for fear of TA, collective grab the mentality.　　Hong Hongbo said that the agency is still in charge of the "right to speak", but with the increase in the market weight of retail investors, as well as the cumulative effect of successive interest rate hikes, the price hike triggered by the market turmoil will be more obvious than before.　　And in a variety of market control speculation, the regulatory layer has quietly accelerated the pace of the issuance of large stocks. Interest rate hikes expected to induce plunging institutions to buy low in accordance with the original plan, April 19 10 o'clock in the morning, the National Bureau of Statistics should announce the first quarter of this year GDP growth, March CPI (consumer price index) growth rates, the series of data due to the interest rate hike and has attracted market attention.　　The decision by the National Bureau of Statistics to hold a press conference 3 o'clock in the afternoon on the same day led to a significant increase in the market's expectation of continued interest rate hikes, which eventually caused the market to plummet. "The CPI was forecast to rise by more than 3% because of the postponement of the press conference. This may be the cause of the deep fall in the day. "Days of Quality Optimization fund manager Shekin Analysis," 19th we basically did not move. However, the earlier period rose too much, so, we have been a few days ago to lose some positions. At present, the overall valuation level of a shares is reasonably high. "We haven't changed our judgment on the bull market, we've been trying to buy it in the afternoon of 19th and we've made more than 50 lists."　　Shen Chang Yongtao, a new economic fund manager for Paris, said bluntly. According to his analysis, as in the past, as the reason for the slump, the market rose too quickly, there is the need to digest profit plate.　　At the same time, coupled with the market some bad rumors, leading to a sharp decline. One private-equity boss admits that his current position is 35%, and the fall of April 19 was expected to be one of the bull's characteristics. "I was thinking of chasing some, but most of our money went to the IPO. According to the latest data released by the National Bureau of Statistics, the overall level of household consumer prices rose 2.7% in the first quarter, up 3.3% in March, and 0.3% per cent in the year, up 1.5% from a year earlier.　　This suggests that the likelihood of interest rate hikes remains. However, also has the industry analysis, the stock market wealth effect amplification will dilute the interest rate itself the influence, "the liquidity surplus" also does not have the realSexual reversal.　　The negative impact of the rate hike can be gradually digested through the market shocks, but whether the interest rate hike means that the central bank began to market Bubbles "Sentinel Strike", which is the key to the operation of the price. "Bubble theory" to reproduce the market anxiety "two sessions" after the whole stock market as a unified caliber general, "bubble theory" in a period of time disappeared.　　And with Prev Jump 3,500 points, "bubble theory" began to spread in another form. More and more market people will be a a-share market with the 90 's Southeast Asian financial crisis, and even earlier Japan's economic "crash" compared to the current Chinese stock market, and even the Chinese economy is facing a more serious "crisis." Zuo, chief economist of Galaxy Securities, has repeatedly pointed out that to be wary of the resurgence of Japan's economic crisis, we must pay attention to the financial crisis characterized by asset price bubbles, and focus on asset price accumulation.　　China's problems are bound to be in the financial sector, especially in asset-price bubbles, where stock market bubbles are the most likely to burst. The reporter noted that Yu Yongding, director of the Institute of World Economics and Politics, recently published the "Thailand financial crisis and Japanese bubble revelation", "global imbalances in China's economic growth model adjustment", to some extent, the high-level "think tank" on the financial crisis, "The sad thoughts" is quite obvious.　　As a result, markets are rumoured to have more administrative means in the two quarter, especially as the central bank will raise interest rates in the "51" period. A senior research report by a broker at the investment banking Department of a securities firm suggests that the current stock market is being questioned for signs of "overheating", and one important reason is that China's stock market is in its outward form a rise in its share price, a higher stock index and a ballooning market capitalisation, but at its core,　　Should be its value discovery function and optimize the allocation of resources to fully reflect the function, but in the current situation of excess liquidity, the rise in share prices more fully. "There are some signs of overheating in the macroeconomic sector that are starting to be vigilant and defensive." The Mister pointed out that whether it was the Asian financial crisis of 1997, or the earlier Japanese "bubble" burst, and the recent turmoil in Thailand's stock market, ostensibly due to the rampant international hot money, but fundamentally because of the economies, their own economic structure,　　Due to the imperfect industrial structure and financial system, the international hot money is only the role of "fuelling".　　The key to preventing these crises is to improve the development model of the real economy rather than to control the share price. Shun the "Bull" and for the big expansion of the work of the Committee is now significantly faster, A shares are facing a second big expansion tide.　　"The manager of a brokerage investment bank told reporters excitedly that management had seen high-speed expansion as a major" practice "in capital markets to" optimize the allocation of resources ", rather than simply seeing the expansion as a" tool "for" stabilizing "the market bubble. The reporter learned that both Nanjing Bank and Ningbo Commercial Bank have submitted the listing application to the relevant regulatory authorities, while the Beijing Bank,Some city commercial banks, such as Shanghai Bank, Zhongqing Commercial Bank, etc, which have been successfully or actively seeking for capital, are also preparing for listing.　　The main tone of the bank's "market year" has become clearer. According to reporters, the regulatory layer will encourage qualified listed companies to take the mode of public offering to refinance. It is reported that the regulatory authorities on the listed companies will be opened to open another way to audit, not with the non-public distribution line together, the issue speed will be significantly accelerated. At the same time, the future of purely financial cash subscription mode of non-public distribution, no longer implement the pre-communication system.　　There are indications that non-public offerings will be limited and management will no longer encourage listed companies to refinance in such a way. In recent years, the rhythm of the non-public offering has been significantly reduced, a previously targeted project only 2-3 months of cycle, now it takes five months or longer, the extension of the approval cycle of such projects, to a certain extent, reflects the management of the current approach to such financing.　　By contrast, public offerings are refinancing more quickly and may become mainstream in the future. Last October (close to 1800 o ' clock), the Chairman of the Securities and Futures Commission, Shang Fulin, said in the study times, "the current a-share market price has come to a relatively high level, to increase the quality of the company's stock supply to help prevent new stock price bubbles." Although the release of a number of high-quality market shares, such as China Ping ' an (601318), Chinese Life (601628) and so on, but the crazy market to the new stock price-earnings multiples, "to prevent the new bubble" is not achieved. And in the vicinity of 3,500, the issuing Committee's working status is significantly accelerated, a shares are facing a second expansion tide. Popularity survey "recruits" gradually burden statistics from China's securities registration companies show that the most popular this month, 4 consecutive trading days to open a new A-share opening number of 897,000 households, has exceeded the whole year 2005. Data from online surveys also confirm the results of a surge in new investors. According to the survey, 33.47% of the respondents were new investors who had only come into the market this year, compared with less than 20% in the three-year period from 2004 to 2006. Corresponding to the new investors is the market for more than 3 years of the so-called old shareholders, this ratio has now shrunk to 46.73%.　　It can be foreseen that this year's shareholders "expansion" speed, the proportion of new shareholders will soon exceed the old shareholders. The stock market has always been the so-called "old shareholders afraid of rising, new investors afraid of falling", the new and old investors because of investment experience and investment experience, the difference in the specific operation must be different. For example, the old shareholders have just experienced a bear market, the pursuit of inflation is often lingering fear, and the new investors obviously do not have such a heavy psychological burden. Of course, today's new investors with the passage of time and the accumulation of experience will become the future of the old shareholders, only the new investors in the market to enjoy a bull feast as soon as possible "sophisticated" up.