A-shares: It can't be like this anymore, four major news hit the market in the early hours of this morning (25）！
1. The recent rumors that the company will refinance and lend short have caused widespread anxiety in the market.
A big V on a social platform posted, "I read a lot of ** annual reports at night and found a problem, that is, at least 80% of the market value of ** positions has shrunk through refinancing loans", and pointed out that the refinancing loan business does not belong to ** holding, and there are many conclusions such as profits and short positions exceeding 10 trillion. In fact, a total of 264 ETFs in the market participated in the refinancing and securities business, with a total of **7302.2 billion yuan, accounting for 5 percent of the total scale of the aforementioned products in the same period5%, creating the total scale of refinancing and securities lending business. Generate interest income for investors77.5 billion yuan. This data shows that the number and scale of the ** companies involved in the refinancing loan business are relatively limited, and they are not the rumored large-scale short-selling market.
Second, the regulatory port has moved forward sharply, releasing a signal to further tighten the responsibilities of investment banks.
The 2024 system work conference held by the China Securities Regulatory Commission (CSRC) recently clearly stated that it is necessary to consolidate the responsibilities of intermediary "gatekeepers" such as sponsors and accounting firms, and "the statement is the responsibility". Those who "cross the line with illness" will be severely punished and severely punished.
From a series of regulatory cases, it can be seen that the regulatory authorities continue to reform the way of supervision, putting forward higher requirements for intermediaries. While strengthening supervision and prevention, urge them to return to their posts and fulfill their responsibilities. In particular, with the implementation of the comprehensive registration system, the market survival of the most suitable mechanism has been improved, and the industry ecology of the organizers has gradually shifted from "quantity competition" to "quality competition". As the "gatekeepers" of the capital market, intermediaries should not only play the role of "guides", but also fully perform their regulatory duties. ,
3. Professor Wu Xiaoqiu's view: ** Volatility should not be entirely blamed on regulation.
In the financial sector, ** as a barometer of the economy, has always attracted attention. However, the recent volatility has also worried many investors. For this phenomenon, the famous economist Professor Wu Xiaoqiu put forward his own views, he believes that the situation cannot be completely blamed on the regulatory authorities.
Professor Wu Xiaoqiu pointed out that the rise and fall of ** is the result of a combination of factors. These factors include the macroeconomic environment, corporate fundamentals, market supply and demand, and investors' psychological expectations. Although regulators have an important responsibility for the healthy development of **, they do not have complete control over market movements.
Fourth, A shares: can't be like this anymore!
After the market accelerated for five consecutive days**, China Securities Finance Company resolutely issued the latest notice, requesting the suspension of the scheduled real-time business simulation test of refinancing**.
On February 19, it was listed on major brokerages. This is a major concession made by CSI Financial Holding to investors, reflecting the firm determination of all parties to jointly protect the market under high pressure. As one of the promoters of the refinancing system, he must have felt the pressure from his superiors to make such a statement at such a critical moment. He must give up himself, adhere to the overall situation, work together to overcome the difficulties, so as to build a strong line of defense for China's financial market!