First, the recent news is "troublesome". * The Times reported that after the four major international shipping companies announced the suspension of Red Sea sailings, a number of multinational companies announced the suspension of sailings. After the announcement, European natural gas** soared rapidly, with ice UK natural gas** rising more than 8%. The Red Sea crisis hit the global ** chain and brought disadvantages to the market. In addition, the tone of the Fed's interest rate decision last week made the market's expectations for interest rate cuts hot, but then the Fed suddenly hawkished, causing the market to swing again.
2. The State Administration of Financial Supervision and Administration approved IB's issuance of capital instruments not exceeding RMB 130 billion.
It is a major negative for the A** market, and the issuance of capital instruments is to carry out financing, and it is equity financing, whether it is a private placement or howHowever, it is necessary to draw blood from the capital market to reduce the liquidity of capital in the A** market.
3. From the latest private placement data, the private placement at the end of November was 5871%, an increase of 088%, this ** level has reached a historically low level, indicating that it is now approaching the stage of full risk release.
Recently, the Federal Reserve has hinted at interest rate cuts, the decline in U.S. bond yields and the rebound in the RMB exchange rate are all conducive to the return of foreign capital, and the valuation bottom is gradually approaching.
At present, the market is at the critical juncture of the second bottom, and on the other hand, various medium and long-term blockbuster policies are quietly being introduced to boost confidence, so the dawn of the market is slowly emerging.
Fourth, some voices in the market have unrealistic expectations for the "big stimulus", but what the current macro economy needs more is prudent measures. The view of expecting a "big stimulus" is actually a desire to untie the trap in the "asset market", rather than a concern for macroeconomic health and sustainable growth. Now, it is necessary not only to avoid short-term ups and downs, but also to lay the foundation for long-term sustainable development. In fact, in order to continue to provide support for the economic recovery next year, China has made a systematic layout of macroeconomic policies, which is enough to effectively promote the economic recoveryAt the same time, we will continue to create new impetus and increment through deepening reform and opening up.