From the analysis of a series of recent policy moves, from the suspension of new refinancing bonds to the increase in the proportion of Huijin entering the market, the policy environment of the A** field continues to improve, which also increases the probability of the launch of the leveling standard.
From the analysis of the current market environment, the time has gradually matured for the launch of leveling. There are several influencing factors for this reason.
The first factor is that A-shares are already the world's top three ** markets and have a certain influence on the world. The increase in the volatility of A-shares will have a greater or lesser impact on the global ** market. From the analysis of the scale of market capacity and the global influence of the market, it is necessary for A-shares to launch a level**.
The second factor, the current A shares have fallen below 3000 points, the lowest to 2635 points, this position has been at the historical low level, from the perspective of improving the discovery function, the level can inject a certain amount of liquidity into the market, only abundant liquidity, in order to give full play to the market's discovery function.
The third factor, the current point below the existence of part of the financing of the liquidation, part of the snowball structure knock down and part of the equity pledge warning and other risks, if the **continue irrational**, then it is likely to test the risk bottom line of the financial market, from the perspective of risk prevention, the bottom line of the bottom line, the launch of the level ** is very necessary.
There are also some successful experiences in leveling** applications around the world. However, in practice, the leveling has not changed the operating trend of the market in a short period of time, and the reversal of the decline still needs supporting measures to follow up. Therefore, even if the level of ** can be successfully launched, investors should not have too many illusions about the impact of the level**, which is not to pull up**, but to reduce **irrational volatility through reverse operation. The main purpose of establishing a stable market and maintaining the bottom line of financial market risk is to establish a leveling standard.
In addition, the level of the standard itself has the characteristics of non-profit, policy, information disclosure and transparency. While we set up the leveling standard, we also need to be vigilant against some moral hazards, and we should emphasize the important characteristics of the non-profit leveling.
At a time when ** is still at a low level, the establishment of leveling ** still has an important influence. In the current market environment, the level of investment confidence can be greatly boosted, even if there is a sharp downward trend after the market, there is also a level of protection for the disk, reducing the risk of irrational fluctuations.
For the fund raising, according to the operation experience of overseas mature markets, the scale of the level should be 3% to 5% of the total market capitalization, and the total market value of A-shares is about 2 trillion to 4 trillion yuan. However, from the perspective of the market, it may not be possible to come up with this huge amount of money in a short period of time, and it may also be set up by raising funds in batches. Even if a small part of the funds may be taken out to participate in the establishment in the initial stage, as long as the market is expected to expand the scale, then the impact of the establishment of the level is also positive.
It is hoped that A-shares can also have their own leveling standards as soon as possible to escort the continuous and stable operation of the market.
Kunpeng Project