Because individual investors can lend out their holdings to obtain interest income, I have asked the account manager before if I can lend out my A-share holdings, and the answer is that individual investors cannot.
The so-called refinancing means that banks, insurance, ** and other institutions A lend funds and ** to the designated intermediary securities company B, and the securities company then pours it to each ** company C, and ** company then lends it to investors (two financial business) D.
For financial investors, longing with leverage is financing, and shorting is selling securities. Financing requires the return of funds, and securities lending requires the return of bonds.
Many people who don't know the truth blame the market for refinancing, let's see if it makes sense.
There are several points of view:
1. ** and other institutions carry out refinancing securities business, and the interest does not return to the people, which damages the interests of the people.
This is pure nonsense, open the ** statement and take a look at it to know that there is a **lending interest income in it.
*The manager lends the position** to obtain interest income gain**, which is legal and compliant, and there is no problem at all. On the contrary, if you don't lend **, you don't pick wool is a problem with professional ethics, right? At least the business ability is not up to par, right?
2. The refinancing business is huge, 80% of it has been lent, and the market has a huge short-selling force.
This is also nonsense, first of all, what can be lent is **type closed**, exponential open**, strategic placement**, and secondly, the proportion that can be lent is capped, and the open type shall not exceed 30% of the scale and the closedness shall not exceed 50%.
In 2023, the balance of refinancing securities lending will be less than 80 billion, and the public offering ** will hold 51 trillion, how much is the proportion?
Looking at the transaction volume, the transaction volume of securities lending in 2023 will be more than 2 trillion yuan, accounting for 123%；Financing transaction value164 trillion, accounting for about 17% of the annual transaction volume.
It can be seen that the scale of lending tens of trillions is not at all rumored. This size is not very large compared to the market. The refinancing business is so much smaller than the refinancing business, why don't you blame the financing business for not being large enough?
Including what I often hear about the impact of Beishui funds, I'm really tired of hearing it, please, big brothers, what is tens of billions in front of hundreds of billions of turnover, so much influence? Is it essentially because of Beishui and because of refinancing bonds? Isn't it because the institution and ** are smashing the market, and they don't want to hold shares? Isn't it essentially because of the herd effect of the market, the more it falls, the more it sells, and the collective panic?
What is the real problem?
The unfairness and loopholes of the system and the lack of supervision are.
Refinancing was there ten years ago, but it was not initially **, the business volume is very small, and the strategic placement can be refinanced is that there are a large number of strategic placements in science and technology, and it is not possible during the closed period, in order to curb unreasonable speculation and balance the power of shorting, which allows strategic placement to carry out refinancing securities business, which is equivalent to a detour. You can savor this.
In addition, securities lending can be returned in cash, and shareholders of listed companies can refinance ** restricted shares.
These are the real problems. And according to the iceberg principle, what you see is only the tip of the iceberg.
A-shares are always engaged in various things in the name of protection, what sector needs a market value threshold, what new shares are subscribed according to the market value according to the capital, and what two financing thresholds, so that institutions have a lot of advantages relative to the world.
Is that self-defeating again? The grading ** is gone, the convertible bond is subject to the threshold, and if you lose, you will complain about the society, and no matter how good the investment variety is, you must engage in speculation. So what can regulation do? I had to pull the wall and not let you play, lest you lose and trouble me.