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My article yesterday talked about "This is a round that can break through 4200 points, don't fall below 2900 points!".》。Some fans and friends don't understand my point of view and think it's. I know this because I didn't adequately address this point in my last article. But I also know that even after my arguments, there will still be many people who disagree with my view that there will be a super bull market in the future.
Later, I thought about it and decided to say a few more words here, and talk about why I think that A-shares are undergoing a deep reform at the moment. I think if 1 in 10,000 readers could agree with my idea, I wouldn't have written it in vain today.
More than 20 years ago, the A-share management prepared to launch the unconditional listing of state-owned shares and corporate shares. Because according to the principle of equal rights of the same shares, state-owned shares and corporate shares are of course eligible to be listed unconditionally. Unexpectedly, after this news came out, it caused a sharp fall. **Sell-off**, the market is stuck in a bear market for many years.
Because at that time, the first investors believed that the holding cost of state-owned shares and corporate shares was less than 1 yuan, and the holding cost of ** was a few yuan or even dozens of yuan, which caused the actual unfairness. **It is believed that the listing of state-owned shares and corporate shares due to different starting lines will inevitably lead to stock prices**, resulting in huge losses.
In order to solve this problem, a few years later the management introduced a shareholding reform program. It is to obtain the right to list and circulate state-owned shares and corporate shares at the cost of giving away about 25% of the shares for free. And at that time the management issued a large number of **. With the support of favorable policies and funds, ** has risen from more than 1,000 points to 6,124 points!
At that time, the essence of the super bull market was triggered by institutional reform and abundant capital. In the past 30 years, every sharp rise in A-shares has been driven by institutional reform and loose capital. At the time, I considered that this was a historic dividend, but it didn't seem to solve the problem fundamentally. In the next decade, it may still face huge selling pressure on the listing of state-owned shares and corporate shares.
Time flies, more than 20 years have passed. Looking at the issue of share reform 20 years ago, it still has not completely solved the problem of full circulation listing. At present, shareholders have become a powerful tool for the major shareholders of some listed companies. Some listed companies do not do their business properly, and put their minds on the best shares to achieve personal wealth.
In order to put an end to this phenomenon, last year the management introduced the first new regulations. There are rigid requirements for the conditions of the first class, and the red line of dividends, issue price, net assets and so on is increased. Objectively, it has played a role in delaying the state-owned shares and corporate shares in the market again to reduce the selling pressure of the market.
However, the market still believes that the system of new share issuance, delisting, and securities lending is not reasonable enough, and it can be said that the imperfection of the A-share system has never been as thoroughly exposed as it is today. Despite a series of policies introduced by management, the market morale is still low. In this case, the management will inevitably introduce new institutional policies to strengthen the positive expectations of the market and increase the supply of funds in the market.
This is what I said yesterday about "the use of strong medicine for serious diseases", and the market is undergoing a profound reform. The current reform of the A-share system is no less powerful than the share reform more than 20 years ago. **In the future, more and more attention will be paid to the investment function of the market, and the problem of excessive emphasis on financing function in the past will be changed. This is of course an unprecedented and significant positive for A-shares.
It is believed that under the promotion of a series of policies by the management, the favorable policies will inevitably change from quantitative to qualitative, which will surely promote the emergence of major policy benefits in the future of the A** field and drive the A** field to trigger a round of super bull market.