Pihai: Fund stable stock market and Chinese building issue

Recently, the topic of investment funds "to talk about politics", investment funds "to maintain the stability of the stock market" is often mentioned by management.　　This shows that the management of investment funds to maintain the stability of the stock market high expectations. Why should management repeatedly emphasize that investment funds should maintain the stability of the stock market? This is an issue that deserves the attention of investors. Perhaps in the view of many investors, management has repeatedly stressed that the Fund to maintain the stability of the stock market is due to the current rescue consideration. After all, in late April, management has issued the "listed companies to lift the stock transfer of shares of the guidance and reduce stamp duty," and other policies to save the crisis in the stock market.　　And now the stock index has returned to the rescue policy when the position, the policy bottom region, the management request the Fund to maintain the stability of the stock market, the composition of its rescue should be very big. That is not necessarily the case. The reason for this objection, of course, is the large-cap Chinese construction issue. Not so long ago, when the stock market was depressed and management proposed that investment funds should maintain the stability of the stock market, investors were more of a proponent of management's claim. However, just a few days apart, the issue of China's construction of large-market shares began to kick off. In accordance with the announcement of the 78th working session of the Commission in 2008, the Commission will review the first issue of Chinese architecture on June 5. Since the new issue of Chinese construction is approved, the June 5 approval is just "formality".　　To this end, investors cannot but suspect that management has previously stressed that investment funds to maintain the stability of the stock market, is it to create conditions for the distribution of Chinese buildings? Do not rule out such a possibility. Although it is naïve to think that pick June issued a large stock market is a stable layout, the June, July two months of the restrictions on the release of restricted shares of less pressure, and August stock market will usher in the lifting of the peak of restricted stocks, so the choice in June, July issued large stocks, is a good choice to maintain stability of the stock market　　This view is clearly wrong. First of all, June, July restrictions on the release of restricted stocks is not equal to the pressure of the two-month restricted stock reduction of the pressure is small. Because June, July, the pressure of the sale of restricted shares in addition to the ban from the current period of restricted stocks, but also from the June, July has been lifted, but not reduce the lifting of the shares.　　and the latter's reduction pressure even far more than the June, July itself the restrictions on the release of restricted shares pressure. Second, the issuance of large-cap stocks will bring great pressure to the current stock market. On the one hand, the current stock market in the early stage of the policy to rescue the bottom of the region, in this case management launched large-cap stock issue, it is easy to let investors overwhelmed, the market wait-and-see atmosphere will be more intense.　　On the other hand, in the current market has been depressed situation, the launch of large-cap stocks can only make the market more depressed, this point the recent two-day stock index lower, and the market volume of the downturn has clearly demonstrated this point. In addition, China's construction of the financing scale of 42.6 billion yuan, which for the stock market will be a big draw blood, the level two market capital pressure will be further increased. In the face of the release of Chinese architecture, previous managementThe emphasis on the stability of the Fund has lost its due significance.　　The move not only exposes the inconsistency of management's thinking, but also the desecration of the Fund's stability, which will damage the management's credit. Therefore, I hope that the fund stability and the distribution of Chinese architecture is just a coincidence, and hope that such things will not happen again. Otherwise, even if looking for more investment fund stability, it is difficult to tamp the cornerstone of China's stock market.　　To maintain the stability of the stock market, management should assume the primary responsibility. Disclaimer: This article only the representative's personal opinion, and Phoenix. Its originality and the contents of the text and the content of the statement without the site confirmed that this article and all or part of the content, the authenticity of the text, integrity, timeliness of the site does not make any warranty or commitment, please readers only for reference, and please verify the relevant content.