Text: Tan Haojun must admit that all the previous ** was wrong.
According to the current actual situation, the policy has not been able to pry, and it cannot wake up investors. Originally, it was thought that ** would be significantly improved by the end of the year under the positive factors of favorable policies and improved economic data, and the Shanghai Composite Index would also move all the way in the direction of 3,300 points, and possibly up to 3,500 points. Unexpectedly, the Shanghai Composite Index is testing 2900 points, and may break through 2900 points and probe further down.
So why haven't the favorable policies and improved economic data been able to spur investors and restore investor confidence?Of course, it is not the policy and economic data itself, but the style has changed fundamentally, investors, especially ordinary investors, have begun to realize that they no longer want to be leeks in a daze, do not want to be cannon fodder for listed companies and institutional investors, and the "seller's market" in the past is rapidly changing to a "buyer's market".
The so-called seller's market refers to the market direction determined by the product supplier, including the number of products, products, product supply and demand, etc., all of which are decided by the product supplier, and the product demander does not have any right to speak. It is manifested in the fact that the management decides the number of listed companies, the listed companies determine the needs of investors, and a small number of institutional investors decide what to buy, how much to buy, and what to buy. Why more than 90% of shareholders are losing money, is because of the complete mismatch with the investment value, ordinary investors and institutional investors information is completely asymmetrical, listed companies and institutional investors can directly look at the cards in the hands of ordinary investors, and the management makes full use of this unreasonable pattern, the use of policies to make ordinary investors become leeks, constantly transfuse the market, and then let listed companies, major shareholders, institutional investors draw blood.
After decades, especially in recent years, the repeated destruction of the world, and the money in the hands is getting less and less, the funds that can be used for investment are drying up, ordinary investors began to wake up, slowly awaken, and slowly awaken like home buyers, they are no longer willing to be leeks, no longer uncomplainingly destroyed by major shareholders and a small number of institutional investors, and began to use "reluctant investment" and "cautious investment" to resist the poor ecology and poor protection of the interests of ordinary investors, and also began to move from the "seller's market" to " Buyer's market" change, that is, investors began to actively fight for the right to speak in the market. Therefore, when the policy is favorable and the economic data improves, it is still very calm to treat investment, naturally, it will be more and more difficult to enter stability under the influence of policy. The so-called bull market is even more out of reach.
Please note that over the years, how much money has been taken away by major shareholders, and how much of it is fed back to the market, this account may never be calculated, and no one will ever count it. But the general framework is there, and 10% of the money taken away by major shareholders may not be fed back to **. Even if the funds obtained from the initial issuance, not half of them are actually used for the projects promised at the time of issuance, especially the promises of expanding production, enhancing innovation capabilities, and developing new products, most of which have not been fulfilled. The regulators have nothing to say about these issues, except for interviews, symbolic fines, and the handling of a very small number of people.
That is to say, the problems that arise in listed companies, major shareholders, intermediaries, institutional investors, etc., are only satisfied with economic penalties or punishments for a very small number of responsible persons, and there have never been protective measures for investors who have suffered huge loss of interests, so that in the handling of Kangmei Pharmaceutical's financial fraud case, only compensation for independent directors has triggered a "wave of resignation" of independent directors in China. It can be seen how serious the problems of listed companies are. And how much profit loss does these problems bring to investors?Has there ever been a real case of investor compensation?
A healthy market should be the primary responsibility to protect the interests of investors. It is precisely this most important responsibility that has been completely ignored by China. From the management to the exchange, from the listed company to the intermediary, from the regulatory department to other functional departments, they all turned a blind eye and pretended to be asleep. Naturally, only investors are aware and awakened by themselves. Therefore, when the first step into the 3,000-point tug-of-war, the first thing the management thought of was to suspend the issuance of new shares and introduce stimulus policies, and never considered protecting the interests of investors.
Therefore, when investors wake up and no longer blindly enter the market, and the market begins to continue to slump, the management becomes helpless and has no choice but to mobilize institutional investors, insurance funds, social security funds, and state-owned capital investment to enter the market to save the market. In particular, the large-scale entry of funds in the ETF market has not had an effect, and investors have not followed the trend and will not follow the trend. If we want to restore investor confidence, there is only one way, which is to introduce measures to protect investors' interests as soon as possible, and put them into practice, and make a few cases to let investors feel it. Otherwise, ** is still a sluggish world. Perhaps, this is the role of "buyer power" and the sign of entering the "buyer's market".