A Shares Need Only One Condition To Achieve The Two Take-Off.

The magic that fell on the two meetings seemed to manifest again. At the same time, combined with the emergence of the "88 curse" of the stock market, it has further exacerbated the current stock market volatility.

According to statistics, in the first week of March, the trend of weight plate decline is relatively obvious. Among them, banks, insurance and other early hot weight plates appeared about 6% of the biggest weekly decline. On the contrary, the gem index, which has always been questioned by the market, has continued to hit a new high and broke through the 2000 integer mark at one stroke. In the final analysis, the current market is still a capital driven market. In other words, in the process of stock market deleveraging pressure continues to increase, the market's new liquidity has been difficult to support the sharp rise in weight stocks. Among them, the two slowdown is a clear signal.

In fact, in 2015, the scale of the two financial growth in the two cities of Shanghai and Shenzhen has begun to show signs of slowing down. By the end of March 5th, the scale of the two fusion businesses in Shanghai and Shenzhen two cities was 1 trillion and 220 billion. Although the scale of the business is still above the trillion level, it shows a significant slowdown compared with the last few months of last year. This move has also raised concerns about the new liquidity of the market. But at this time, for some of the liquidity, it is more inclined to run to a small gem which occupies a market capitalization.

At present, A share market The average price earnings ratio is 18.9 times, while the average price earnings ratio of Shanghai stock market is only 14 times. By contrast, the average price earnings ratio of the growth enterprise market is 83 times higher. "70 times price earnings ratio curse" was once considered by the market to be an insurmountable hole in the growth enterprise market. However, when the growth pace of gem continued to accelerate, the 70 times price earnings ratio curse was effectively cracked, and quickly ran to 80 times the level of price earnings ratio. In response to this, with the gradual increase of the valuation pressure of gem, the market's attitude towards gem has also changed significantly. But unfortunately, the GEM market has not fallen sharply because of overvaluation, but on the contrary, it has seen a new and high market. At this point, the performance of the gem really puzzles most investors.

On the basis of its fundamentals, there are comments that the excellent performance of gem is to some extent dependent on the market's expectation of its high growth.

Taking the performance growth rate for 2014 as an example, the gem data is indeed slightly brighter than that of the main board market. Among them, the overall growth rate of the GEM market has increased to 27.4%, which is slightly stabilized compared with the previous years. In addition, nearly 421 of the listed companies in the GEM listed companies have reported signs of good performance, while 10% of the listed companies have shown signs of over 100% growth in performance.

However, the growth rate of performance is not good enough to support the gem price earnings ratio of up to 80 times. So far, I believe that the bull market of gem is still built on capital drive.

At present, the stock market is still in the stage of deleveraging. At this time, it is unlikely that the market will achieve the two take-off. Therefore, if the main board market wants to achieve the two take-off, it may need a good condition. Among them, the change of management's attitude towards stock market is undoubtedly the foundation for the two take-off of the stock market.

Since 2015, management has equity market The attitude has changed markedly. From January 16th this year, the 3 months of the two opening accounts for the first batch of CITIC, Haitong and other securities brokers were suspended, and the strengthened supervision of banks, such as umbrella trusts, etc., all of which reflected the current management to speed up the deleveraging of the stock market. Affected by this, the investment confidence of the market is obviously affected. The decline in the growth rate of the two businesses is also a true portrayal. In addition to, Registration system The full spread of the stock market is bound to have a certain impact on the stock market. During the year, the pace of issuing new shares quickening, and the bulk IPO has already dealt a heavy blow to the already overloaded stock market.

In this regard, I believe that this series of problems will have a certain impact on the stock market investment confidence. Obviously, there is a good need for the two take-off of the stock market, which requires a significant change in the attitude of the management to the stock market.