The Zhongxin Jingwei client of December 30, 2018 is almost over, the investors really miss him. This year, following the A-share "to the capital" and "to the rich", the Huluntong and Kechuang councils advanced at a speed higher than expected; capital market supervision often makes an effort, and long-lived creatures are no longer "longevity" … Looking back in 2018 These ten keywords leave a trail of greatness.
Data map: Zhongxin Jingwei Photo
Since 2018, open companies have triggered a repurchase boom. Li Chao, deputy chairman of the China Securities Regulatory Commission, revealed on the 28th that on December 25, 365 registered companies had carried out share repurchases, and the number of repurchase transactions reached 48.8 billion yuan, of which the average daily repurchase transactions reached 540 million yuan after the revision of the company law. , is 4 times before modification.
At the time of repurchase repurchases, relevant policies are also supported at the national level. On October 26, the Standing Committee of the National People's Congress made a special revision of "Company Law" to support share repurchases. This system continues to grow to stabilize market expectations, registered companies also have more autonomy, which is conducive to promoting and improving corporate governance and promoting the development of a stable and healthy capital market.
Liquidation of funds
In 2018, the wave of liquidation of public funds has rarely happened in recent years. Wind statistics show that according to joint stock fund statistics, on December 19, the amount of liquidation funds had reached 378 since the beginning of this year, almost one fund was liquidated per day, and the amount of liquidation funds in 2017 was only 103, funds in 2018 The amount of liquidation was 3, 67 times from 2017, which is more than the amount of liquidation funds in previous years.
A fund researcher told the media that withdrawing foreign funds was an important reason for the liquidation of funds this year. In addition, new regulations regarding asset management are also the reason for the liquidation of a number of funds this year. New regulations regarding asset management require financial institutions not to commit to "guarantee benefits" and other requirements, which means that the funds assessed are faced with options for liquidation or transformation. Likewise, the capital preservation fund will stop its operation or transition after it ends, and the amount will gradually decrease.
According to the China Securities Regulatory Commission website, in 2018, the CSRC issued a total of 120 administrative penalties, issued 16 market bans, and market bans were adopted for 39 people. Penalties for long-lived creatures, Wanjia Culture and other listed companies and hot money have been punished, and speculation that share-A has quietly changed.
Strict and comprehensive oversight has played a deterrent role in regulatory violations, market manipulation, issuance of fraud, violation of regulations, refinancing, and insider trading, and has a very positive effect on the healthy development of medium-term and long-term A shares. From the full coverage and zero tolerance in the first half of this year to the reduction of administrative intervention in the transactions proposed in the second half of this year, the attitude of the supervisory authority gradually changed. Stabilizing market expectations and increasing market confidence will be the focus of 2019.
On November 16, the main subsidiary of Changsheng Biotechnology had major illegal activities involving national security, public safety, ecological security, safety of production and public health and safety, and they were forced to withdraw from the market due to large illegal violations. The Shenzhen Stock Exchange launched a large illegal law against it. Forced delisting mechanism.
Map data: Securities Regulatory Commission. Zhongxin Jingwei
A month later, Zheng Qingmin, deputy chairman of the China Securities Regulatory Commission, publicly stated that five companies, including Changsheng Bio, had been forced to withdraw from the market this year. Three companies, including Jinya Technology, have started a mandatory removal process, and the market has "entered and left, survived and is most suitable". Ecology gradually forms.
"Turning on a new one" can make water flow. For a long period of time, the A-stock market has been criticized for A-shares for a long time, the authorities decided to remove illegal and illegal companies from the capital market, and gave a warning to listed companies on the verge of illegal activities. Promote a healthier and more organized market ecology and promote the development of a stable and healthy long-term capital market.
1 yuan from delisting stock
On December 28, 2018, after 30 days of delisting, Zhonghong was officially abolished by the Shenzhen Stock Exchange. Zhonghong's stock recall marked the arrival of "Era Delisting 1 Yuan" and sounded an alarm for small and medium-sized Chinese investors.
In recent years, with the continuous increase of the system and the continued strengthening of delisting supervision, more and more "first stock was withdrawn from the market", indicating that the authorities swore on the market for all kinds of large market and illegal chaos. And companies whose performance is not up to standard or have major operational management errors will become "normal", which will be the norm in this industry. It is increasingly difficult for ordinary investors to catch up and rise as before.
Entering the rich
On May 15 this year, stock A was officially included in the MSCI index system, on September 27, FTSE Russell announced that it would increase share A to the level of a "secondary developing market". Yang Delong, managing director and chief economist at the Qianhai Open Source Fund, said that from the perspective of foreign capital inflows, foreign capital inflows reached around 300 billion yuan in 2018. It is expected that the rate of foreign capital inflows will increase in 2019, and the number of shares A will flow. This will exceed 300 billion yuan, which will definitely increase the proportion of foreign shares in A shares, thus increasing the blue-chip A-share performance.
The steps to opening up the Chinese capital market are accelerating, and the influence of foreign capital on the A-share market is becoming increasingly clear. Wang Jun, chief strategist at China Chuang Securities, analyzed that foreign investment had come in, and the logic of stock-A investment had begun to change. From the previous focus on speculation to the development of heavy performance, and deepening the fundamentals of listed companies, this will also be the long-term future of stocks A. Direction of development.
The Kechuang Council moved forward at an unexpected speed. At present, consensus and market expectations for science and technology councils have been established, even though the details of the policy have not been released, the directions are clearer.
Ren Zeping, chief economist at the Evergrande Research Institute, believes that for macroeconomics, Science and Technology will unblock venture capital outflows, encourage more social capital to flow to technology innovation companies, and become an accelerator for China's economic kinetic energy transformation; In other words, the Kechuang Board will help to grow companies that are more innovative and growth-oriented and attract more long-term and stable funds to enter the capital market. For investors, the Kechuang Board is expected to reduce the threshold for a list of potential companies and facilitate investment. Participate in investment in science and technology companies and share dividends in development of scientific and technological innovation companies.
As the main step for opening the Chinese capital market, the opening of "Huluntong" has gradually approached. This is different from Lugangtong and different from traditional IPO models. Huluntong changed other market stocks to DR and registered them in the local market. "Products" cross borders, but investors are still in the local market.
In the long run, the opening of Huluntong will promote the opening up of China's capital markets, enriching the financing channels of domestic companies and investor investment tools, and the internationalization of the RMB will be faster. In the short term, because business to the east does not have a financing function, individual investors have a higher threshold of participation and lower participation, so the impact on A-share funds is very limited.
After the Shanghai index fell below 3,000 points during the year, there is a lot of noise in the market that valuations have arrived. Investors are generally worried about where the market decline will come out. Insiders point out that although the current stock-A revenue growth rate still faces downward pressure from inertia, mid-to long-term configuration values are especially prominent at the bottom of the policy, at the bottom of valuations, and under the proven support of calm markets .
Yang Delong said that from a valuation standpoint, the valuation of stock A has now returned to its lowest historical position, not only lower than the valuation of the world's major capital markets, but also the historical valuation of lower A-shares, valuation There is some support for the stock market in 2019 From a growth and value perspective, next year must be a structure with growth and value, traditional value stocks and some leading stocks will have certain opportunities.
"Private bailout companies" are undoubtedly key words for the Chinese economy throughout 2018. Since the beginning of this year, to resolve the problem of the high proportion of equity pledges and financial difficulties of listed companies, various funds have been intensively assisted.
To keep the bottom line of systemic risk in the financial sector, since November, the head of the central bank, the China Securities Regulatory Commission and the China Insurance Regulatory Commission have consistently stated that they will actively take steps to reduce the risk of promising shares of listed companies, and take steps to promote registered companies. Solve pledges of equity pledges. Then, bailouts formed jointly by local governments such as Shenzhen and Beijing and financial institutions have entered the market one by one, and the risk of pledging equity has been overcome in the short term. (Zhongxin Jingwei APP)
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