In the past few days, there has been a lot of good news in the capital market, and I think the most valuable news is that the "investor-oriented" term is a fundamental change for the stock market, unlike the previous one, everything revolves around the rule of "heavy financing, light return".
Over the weekend, the most important news was the policy issued by the China Securities Regulatory Commission, one is to completely suspend the lending of restricted shares, and the other is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability, so as to limit the efficiency of securities lending and lending. Here, it is necessary for me to explain in detail, so that I can accurately understand the impact of this policy on the stock market.
The first sentence: the total suspension of the lending of restricted shares, in whose hands is the restricted shares? Generally in the hands of major shareholders or strategic investors, this provision means that the shares cannot be lent and traded until the ban is lifted. The greatest significance of this measure is that it can prevent excessive speculation in the market and stabilize market sentiment.
Sentence 2: Refinancing securities are a form of securities lending, through which investors can borrow other people's securities, sell them immediately, make a profit, and after adjustment, they can only wait until the next day to use these securities, which can reduce market volatility.
The management only suspended the lending of restricted shares, but did not directly cancel it, indicating that the management wants to see the market's reaction, and this is very good; after all, it is not possible to overturn the previous rules, otherwise it will be counterproductive, why do you say that? I think that the restricted shares that have just been listed can be cashed out with securities lending, and after the regulations are issued, they will have to wait until the ban is lifted before they can be cashed out. Will it cause panic in the market?
What I mainly mean is that the introduction of every policy cannot be good for any group, for example, the above policy, bad brokers, originally, qualified brokerages can increase profits through these businesses, but now, this part of the profits have decreased, will it affect the performance? This may be the reason why the management does not suspend the IPO, suspend the quantification, and suspend the shorting! It is the most beneficial to the capital market to take a lead and slowly reform the whole body.
Finally, in the future, the market will be reformed around the concept of "investor-oriented", which is the core content, not a simple sentence to protect the interests of investors, but has a deeper meaning, therefore, we must believe that the capital market will get better and better.