A Shares Embarked On The Path Of Regression Function Orientation, The Prospect Is Expected.

It will not be too short during the "L" trend.

With barometer theory, the problem, which corresponds to the "L" type of economy, is unlikely to be a big bull market with sudden emergence. It can only be a market of "self recovery and self regulation" based on the gradual return to its own functional orientation.

Of course, for a market that has long been accustomed to entering the so-called policy track, it is impossible to return to innocence.

It is no wonder that a series of trouble shooting since the new chairman of the SFC has always caused a great shock in the market.

In my opinion, this is the general trend of policy oriented pformation and the only way to return to the stock market's functional orientation.

The most noteworthy thing in the near future is the authority's argument about the functional position of the stock market, foreign exchange market and property market.

Although China's stock market is still not able to say that it will not be able to return to the policy market from now on, however, the future orientation of the market will respect its own development law more, and it can no longer be simply a policy tool to ensure growth.

For China's stock market, this is undoubtedly the most important fundamental change in policy orientation.

The current Chinese economy will be in a "L" trend that will not be too short.

This judgment is not only a fantasy that has repeatedly been duplicated in the economic rescue mode of acute disease, but also a heartless blow to the bull market theory that some people are accustomed to and is replaying with high profile.

The biggest absurdity of bull market theory is not so much the hype of the policy market as the support for economic growth, but rather the anticipation of economic growth.

Make an overdraft.

This speculative overdraft hype is like a huge bubble generator. It not only brings a serious crisis of bubble burst to the stock market, but also leads to great harm to the real economy because it will lead the capital operation that should have supported the real economy more to the evil way of "getting rid of the real to the virtual".

With the barometer theory, the problem, which corresponds to the "L" type of the economy, is unlikely to be a big bull market, but it must be based on the gradual return to its own functional position.

In addition to this, neither the economy nor the stock market should have any special requirements for each other.

For a long time, not only

There is the phenomenon of money telling stories. Many mergers and acquisitions and refinancing in the two tier market are purely storytelling.

The overvalued stocks in new industries such as TMT and other emerging industries which are talking about cross-border pformation are just the most typical ones.

Although the SFC said on the 13 day that the policy of cross-border refinancing and mergers and acquisitions has not changed yet, we should understand that, even if it is revised and strictly adjusted in the near future, this will help to guide the investment tendency of the market to return to the fundamentals in a moderate way. In the long run, it can be said that regulators are trying to return to the functional orientation of the stock market and prevent the real performance of capital from being empty.

In this regard, strict examination of cross-border virtual industry mergers and acquisitions and restrictions in the stock return, like the same, is the same reason.

The SFC recently cracked down on false information disclosure, market manipulation, stock price manipulation and insider trading.

The increase in some people seems to be a bit too "not marketable".

As a matter of fact, since the 70s of last century, frequent financial innovation and the globalization of financial pactions have repeatedly made the middle class and the underlying people a single person.

It is precisely in this trend of marketization that the US financial innovation has been used without distinction. Leveraging and high-frequency trading are typical examples.

While leveraged margin trading and over-the-counter allocation, the use of high-frequency trading is short.

If the market manipulators and stock operators are allowed to do whatever they want in the name of financial innovation like this, let's ask: is there any way out for ordinary investors with small and medium-sized retail investors in China's stock market? In this regard, the SFC insists that deleveraging and cracking down on all kinds of false information disclosure, market manipulation, stock price manipulation and insider trading are also not "too unmarketable", and it is a manifestation of returning to the functional orientation of the stock market.

Failure to implement investor protection is a mere empty talk to return to the stock market.

The registration system reform that has entered the agenda will not be launched in the near future. On the one hand, it needs to be completed by the securities law. On the other hand, it is inseparable from the difficulty of bringing about chaos.

The reason for the chaos in China's stock market is not only the over leveraging and excessive financial innovation in the name of pseudo marketization, but also no manipulation of stock manipulation and insider trading in a variety of non marketable or anti market markets that are playing the role of policy in the dark market, but in the dark Market, and for the Chinese stock market, whether it is a fundamental change as a radical change or an epoch-making reform, it is not easy to return to the functional position of the stock market.

In time, it is better to prepare for a shorter period of time than to prepare for it.