If a market is always allowed to enter but not leave, will you continue to play? A-shares have relied on this routine to operate successfully for more than 30 years, causing countless shareholders and friends to go bankrupt.
They finally tasted the iron fist of the market this year, the Shanghai Composite Index continued to be sluggish, and the 3,000-point defense battle was fought again and again, and they are still building a gold bottom.
The funniest thing is that in October, when the Shanghai Composite Index closed at 3107.90 points, Li Daxiao, the so-called chief economist of Yingda Securities, immediately said excitedly:
"Remember this historical moment, on October 12, 2023, A-shares may never see each other below 3,100 points!"
However, this guy was slapped in the face the next day, and the Shanghai Composite Index is now even going straight to 2900 points.
In the middle of the year, the state proposed to activate the capital market and boost investor confidence. The central bank, the China Securities Regulatory Commission, the State Administration of Financial Supervision and other departments have introduced a series of measures around this goal, but investors do not cooperate at all, what is the problem?
I repeatedly said in the video that this is due to the outdated positioning of A-shares.
Twenty or thirty years ago, our foundation was relatively thin, and in order to concentrate on doing big things, the relevant departments launched the Shanghai Stock Exchange and the Shenzhen Stock Exchange, hoping to use financing to help domestic enterprises achieve leapfrog development.
One thing to say, this method is still very effective.
On the list of the world's top 500 companies in 2000, there were only 9 enterprises in China, accounting for 1.8%, and all of them were central and state-owned enterprises such as PetroChina, Sinopec, China Power, and four state-owned commercial banks.
By 2023, there will be 142 companies on the list in the mainland, accounting for nearly 30%, leading the world, in addition to central and state-owned enterprises, there are also private enterprises such as Huawei, Alibaba, Tencent, and BYD.
Without the blessing of the stock market, we would not have been able to develop so fast. However, there are also some bad signs in the process, and some unscrupulous companies treat shareholders as ATMs, just want to ask for them, and are unwilling to give a little return.
According to statistics, at least 17 companies that have been listed for more than 20 years have never given shareholders a penny in dividends.
Jinbei Automobile, which is the best in technology, ranks first, and the company has not paid a cash dividend since its listing except for giving away shares in 1992. Shenzhen China A and Jingliang Holdings tied for second place, and have not paid any dividends to shareholders for 28 years. Xueda Education and Kaisheng New Energy ranked third, and there have been no dividends for 27 years.
Do these iron roosters refresh the lower limit of your cognition?
In stark contrast, a large number of entrepreneurs and executives have become billionaires or even billionaires through the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, and A-shares have long become one of the world's most important wealth-making machines.
In the new situation, the capital market should not remain in the position of financing, but should turn to the investment function, conversely, if a market can provide good returns, will there be a lack of funds?
However, the regulatory authorities have not been aware of this problem for a long time, after the introduction of the registration system, new shares are the same as wholesale, the most outrageous thing is that although the listing threshold has been unprecedentedly lowered, there are still many companies trying to complete the IPO through fraud, and the phenomenon of breaking and changing the performance of the year of listing often occurs.
This has completely hurt the last bit of affection of the stockholders, how do you make everyone have confidence? The performance of A-shares this year is a kind of backlash from investors against the long-term practice of the relevant departments.
Wu Xiaoqiu, dean of the National Institute of Financial Research of the Chinese People's University, also mentioned this issue at an event organized by CCTV Finance and Economics recently.
He pointed out that in order to achieve the goal of becoming a financial power, we must first change the concept that the capital market is a financing market, and if the capital market is simply defined as a financing market, then it is difficult for this market to grow.
"The capital market should be a wealth management market, and the existing systems, policies, and rules that are more conducive to financing must be reformed, and the financing market must be transformed into an investment market. ”
Wu Xiaoqiu's speech is quite intriguing, because he not only served as vice president of the National People's Congress and president of the China Capital Market Research Institute, but also served as a member of the Ninth Issuance Examination Committee of the China Securities Regulatory Commission.
It is likely that the government is about to carry out a major operation on A-shares, and if it really changes from a financing market to an investment market, this change will undoubtedly be of epoch-making significance. What do you think?#Stock Finance##Social Situation##投资理财#