Article/Ai Tangming, Chief Commentator of Sina Finance[ micro-blog ]
The Cross Star has been very good, especially for the GEM. Under the impact of the news that the Shanghai Stock Exchange will set up the Science and Technology Innovation Board and the pilot registration system, the GEM has been able to receive a red, which is great!
The GEM rose by 1.7% in the morning, but fell by 1.6% in the afternoon. The intraday shock was more than 3%, which was quite severe!
However, whether it goes up or down, it is all news oriented. The early rise is good for the weekend. Last Friday, IPO was suspended, transaction regulation was relaxed, and private enterprises continued to be bailed out; The afternoon fall is a negative for the Science and Technology Innovation Board and the registration system, which shows how the trend of A-share depends on external factors.
As for the afternoon, we overcame the bad news and walked out of the recovery beyond expectations because we have been educated too much by the market recently. The intensive good news has rekindled the market's hope for the future market, especially when we saw that last week, foreign capital scrambled desperately to raise money, fearing that the chips would be stolen again, so we took advantage of the callback to enter the market in the afternoon to absorb goods.
But today, foreign capital is not crazy. The total net inflow of Shanghai and Shenzhen Stock Connect is nearly 1.2 billion yuan, far from the net inflow of nearly 18 billion yuan last Friday, which means that foreign capital today is mainly wait-and-see.
The news of the Science and Technology Innovation Board and the registration system really came suddenly, but it is not strange. The Shanghai Stock Exchange has long had the idea of launching the "strategic emerging board", but now it just changed its name.
The focus is on the registration system. Although it has been discussed all the time, I didn't expect it to be so fast and launched in this form. It will greatly reduce the impact on the market if it is piloted in the Science and Technology Innovation Board rather than fully implemented in A-shares.
But for GEM, it will weaken its existing position. The GEM has been established for nine years, but it has not grown into China's NASDAQ. This task will fall on the Science and Technology Innovation Board. And it can be expected that in the future, when Unicorn is listed and China Concept Stock returns, Metropolis will choose the Science and Technology Innovation Board.
Moreover, under the registration system, the threshold for listing will be greatly reduced and the speed will be greatly increased. If there is no restriction, the number will expand rapidly, which will affect the current valuation of small and medium-sized enterprises. Therefore, in the long run, it will be a negative for small and medium-sized enterprises.
However, the trend in the afternoon showed that the market obviously could not care about the medium and long term, so we should seize the chips first and grasp the short-term market. So tomorrow's trend will be very promising. The rise shows that those who scramble for funds today are very insightful and right; The decline shows that it is a bad thing to finally wake up and rob the wrong one
In fact, despite the influence of the news and the external market, there should be a wave of food market for A-shares at the end of the year, otherwise the majority of shareholders will starve to death, and the institutions will have no food next year.
But recently, the news is too dense, and A-share is completely dominated. I hope that after the news and the external market have stabilized, A-share will really go out of its own food market!
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(The author of this article introduces: chief commentator and senior investor of Sina Finance.)
