The Capital Market Will Not Surpass China's Economy And Lead The Way To Maturity.

The problems faced by China's stock market, like those faced by the Chinese economy, are all very severe and are in a dilemma.

If in the past, there could be a solution between long pain and short pain.

Nowadays, faced with many bubbles, we must be careful and deliberate.

This is a demand for investors to take advantage of the derivatives market to avoid risks.

The enrichment and development of the derivatives market is beneficial to the long-term prosperity of the capital market and the healthy development of our financial industry.

I have extended the "Dao" of Chinese traditional philosophy to six aspects of our stock market, and the stock market also has six senses, just like the six sides of the cube.

We should not focus on one aspect or two aspects or three aspects. We should evaluate the stock market in an all-round way, so that we can have a thorough understanding of the stock market and its game rules.

First of all, the first meaning of Dao is "Dao style". As a barometer of the economy, the stock market is a barometer of the good and bad economy. The economy is down and the stock market is rising. Is this reasonable? I think this is also reasonable because the stock market is more related to interest rates, and interest rates go down.

So the rise of the stock market has its rationality.

Moreover, the performance of new industries is much better than that of traditional industries. Apart from the valuation level, the stock market also reflects the barometer of China's economic structure.

But generally speaking, the function of the stock market as a barometer of China's economy has not been brought into full play, but it does not mean that it has not been brought into play.

On the second side, "Dao Yuan" is the essence of the stock market, and the essence of the stock market is valuation.

The A share market is a relatively distorted market. Many stock prices can hardly reflect the true value of the corresponding enterprises. Therefore, I think this is a big regret of A shares, which is related to the stock issuing system and the excessive control of the stock market.

The third aspect is "truth", that is, the stock market as an investment concept and regulatory philosophy.

For example, speculation, small cap stocks and speculation stocks are a major feature of China's stock market.

Investors do not approve of these hype. This is also the reason why A shares and H share a huge difference.

In the same way, whether the regulatory idea is to maintain the three powers or maintain stability, and mature market focuses on the former, we may be more concerned about the latter (of course the former is also very concerned).

To be stable, the stock market has risen to show that we have confidence in the economy and confidence in the government. The stock market decline means that we have no confidence in the economy and do not have confidence in the government. Do we need to increase our share price index?

There are many indicators to evaluate the quality of a social economy. One is a distorted stock market. It is only a small indicator.

The fourth aspect is "Dao", that is, the function of the stock market. It has the function of financing and investment. Among them, the financing function is what the enterprises and the government are looking forward to. We have been talking about raising the proportion of direct financing.

But over the past 20 years or so, the proportion of direct financing is still relatively small, mainly because of the 9 suspension of new issue and the high cost of maintaining stability.

The fifth side is "Taoism", that is, the stock market as a game tool, I can conclude that more than 90% of the investors enter the stock market not for dividends, to earn bonus income, but to get price rise income.

If you always get the price difference, you will be equal to gambling.

By Wu Jinglian, the casino is also a bit reasonable, but only the judgement of the function of the casino is not objective, because there are five other functions.

The sixth aspect is "morality", that is, the stock market as a manifestation of corporate governance, through listing to enhance corporate governance, improve the pparency and performance of the company, give investors more returns, this is the right way of the stock market.

From these six aspects to evaluate this market, I feel that such a multi angle analysis will be more objective.

For example, the US stock market and the Japanese stock market are also going up during the economic recession. After all, interest rates are down. Barometer must not be narrowly understood.

In the past, why did the stock market rise so well? Now that the economy is down, the stock market is still rising. At least this year, it is rising more than last year.

Again, why does the A stock market measure the level of valuation? Most people calculate the average price earnings ratio, in fact, the median price earnings ratio is more reliable, because the A share price earnings ratio is a large deviation, so calculating the average price earnings ratio is not high, especially the motherboard.

However, the price earnings ratio of gem and small and medium board is very different. Therefore, sorting all the stocks of the main board, small and medium board and gem will find that the A share price is very high, and it is about 99 times.

When studying the stock market, do not always look at the syndrome. Its representativeness is very poor. It represents not only state-owned enterprises, but also traditional industries. The loss of state-owned enterprises is expanding, and traditional industries are declining. Therefore, we still need to see the increase of all stocks.