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From the 3 trading days before the Spring Festival holiday to the 5 trading days in the first week after the holiday, the A-share Shanghai Index counterattacked, rising for 8 consecutive days, recovering lost ground with a strong short-forcing posture and regaining the 3,000-point mark. The "good start" is a good start for the A** field in the Year of the Dragon, and the 8 consecutive yang is undoubtedly a very positive signal, which is expected to promote the A** field to confirm the reversal trend. The bull market in the Year of the Dragon is about to come out, which may form a strong money-making effect and attract more funds to enter the market. On the market last week, blue chips with low valuations and stable performance rose steadily and strongly, activating market sentiment and driving other sectors to the upside. The China Securities Regulatory Commission (CSRC) has recently released many positive benefits, stopping refinancing, securities lending and short-selling, and reducing the power of short parties; A number of cases of financial fraud and insider trading have been seriously investigated and dealt with, some violations of laws and regulations have been severely cracked down, and the relevant persons in charge of a number of violations have been punished, which has played a good warning and deterrent role and greatly boosted the confidence of investors.
It was a headwind before, but now it is gradually tailwinding, and the opportunities should be more and more. This year is going to be a game-breaker. Last Tuesday, Wang Qing, chairman of Chongyang Investment, bluntly said that the macro situation will improve in 2024, which is worth looking forward to. At present, the valuation of the capital market is cheap enough and the adjustment time is long enough, under these two basic facts, it will break through the dilemma of the interweaving cycle of internal and external factors and the resonance of structural factors, and enter a relatively normal state. Although there are still some uncertainties in the market at the moment, looking back at history, the market has been like this at every round of bottoms, often turning around in despair. He believes that the time for the market to change from quantitative to qualitative change is approaching, and the main strategy at present is not to fall, to attack and defend, to attack, and focus on long-term growth and broad prospects.
From February 18th to 19th, the China Securities Regulatory Commission immediately held a series of symposiums attended by experts and scholars, small and medium-sized investors, listed companies and other representatives, and listened to the opinions of all parties on strengthening capital market supervision, preventing and resolving risks, and promoting the high-quality development of the capital market. The relevant person of the China Securities Regulatory Commission said that the next step will be to improve the quality of listed companies from the source, focus on strictly controlling IPO access, further increase the supervision and inspection of companies to be listed, and strengthen the supervision of the whole process of listed companies. At present, the China Securities Regulatory Commission is focusing on further research on issues of market concern such as punishing financial fraud, preventing detours, increasing dividend returns, and strengthening market value management, so as to better enhance investor confidence and enhance investors' sense of gain. At the same time, improve the regulatory incentive and restraint mechanism, highlight the reward and punishment of the bad, and promote the improvement of the ability of the company and the public offering. For the delisting system, more precise matching delisting standards will be set, focusing on increasing the liquidation of companies with financial fraud, effectively protecting investors' rights to know, trading and claims, and further improving the compensation and relief mechanism for investors.
Vigorously developing the capital market is the inevitable way for China to build a financial power. At present, there are 200 million shareholders and 600 million basic people in China, and the healthy development of the capital market is not only related to the wealth of hundreds of millions of families, but also plays a key role in promoting China's economic recovery. The capital market is not only a market for financing, but also a market for investment. Only by improving the investability of the capital market, balancing the relationship between investment and financing, and giving hundreds of millions of investors the opportunity to make money through investment in the capital market and achieve property growth, can we attract more investors to increase their investment in the capital market, thereby promoting China's capital market to become bigger and stronger. As the main leader of medium and long-term funds, institutional investors are also major market participants, and they should take the lead in reverse layout and play a role in stabilizing the market in the current market at the bottom of history. Regulators should adhere to the investor-oriented concept, standardize all kinds of trading behaviors, improve the fairness of the system, develop and expand professional investment forces, and promote more medium and long-term funds to enter the market.
On February 20, the Shanghai and Shenzhen Stock Exchanges announced the smooth implementation of the quantitative trading reporting system. In response to some quantitative transactions that have been criticized by investors in the past, especially high-frequency trading, the Shanghai and Shenzhen stock exchanges have stated that they will strengthen monitoring and analysis, strictly implement the reporting system, clarify the access arrangements for reporting before trading, and strictly supervise abnormal transactions and abnormal order cancellations to reduce the impact on the market. The Shanghai and Shenzhen Stock Exchanges said that the next step will be to adhere to the investor-oriented, to maintain fairness as the starting point and end point of the work, and to establish and improve the quantitative trading regulatory arrangements. On February 20, a fine was issued against a quantitative private equity giant, restricting trading and initiating a public censure procedure, indicating that the Shanghai and Shenzhen Stock Exchanges will strictly supervise quantitative trading, maintain a high-pressure posture of zero tolerance for violations of laws and regulations that harm the legitimate rights and interests of investors, respond quickly, and strike hard, so as to maintain the normal trading order of the market.
After the series of symposiums in the Year of the Dragon released a strong signal of strict supervision by the China Securities Regulatory Commission, on February 23, the China Securities Regulatory Commission held the first press conference of the Year of the Dragon, and the relevant person in charge disclosed more specific and powerful measures, allowing us to see that the capital market reform is being implemented step by step, which has laid a solid foundation for boosting investor confidence, promoting the reversal of the capital market, and realizing the A-share bull market. Driven by multiple favorable policy factors, the market trend has gradually moved from the previous **downward to **upward**. Investors have been through a tough two or three years, but they still need to be enthusiastic, focused, and independent to tap into real opportunities. Shift from anxiety about short-term issues to grasping long-term investment opportunities, especially from focusing too much on high-growth and macro beta opportunities in the past, to seeking structural alpha opportunities in the high-quality development stage of the new era.
Shanxi Economic Reporter Zhang Rong