Why has the country's nine articles only risen by 2 points since the release, and if the five policy recommendations are in place, they will immediately take effect
Today's news:
[The three major U.S. stock indexes collectively closed up, and most of the large technology stocks rose] U.S. stocks opened higher overnight, and the three major indexes collectively closed higher. The Nasdaq rose 1.11%, the S&P 500 rose 0.87%, and the Dow rose 0.67%. Most of the large technology stocks rose, with Nvidia up more than 4%, Google and Amazon up more than 1%, and Intel, Microsoft, Apple, and Meta rising slightly. Tesla fell more than 3%, falling for the seventh straight session, tying the company's longest losing streak since its U.S. IPO, while Netflix fell slightly.
【About the capital market, Premier Li Qiang of the State Council spoke】Accelerate the improvement of the basic system of the capital market, improve the key systems such as issuance, trading, and delisting, and promote the virtuous cycle of investment and financing and the dynamic balance of listing and delisting. Efforts should be made to improve the quality of listed companies, strictly control the access to issuance and listing, and promote listed companies to enhance their awareness of returning investors and enhance their investment value.
So far this year, only 25 IPO companies have attended the meeting, while more than 110 IPO companies have attended the meeting in the same period last year, and the number of companies attending the meeting has dropped by about 80% year-on-year. The most recent listing committee meeting of the three major exchanges was on February 6, that is, there has been no IPO meeting for two and a half months. Among the 25 IPO companies that met this year, 2 companies were canceled before the meeting, 1 was rejected, and 22 companies passed the meeting.
[Ministry of Finance: Stamp duty revenue from securities transactions in the first quarter fell by 49.1% year-on-year] According to data from the Ministry of Finance, in the first quarter, corporate income tax revenue was 1,178 billion yuan, a year-on-year increase of 1%. personal income tax revenue was 424 billion yuan, down 4.5% year-on-year. Stamp duty revenue was 88.8 billion yuan, down 16.2% year-on-year. Among them, the stamp duty revenue of securities transactions was 25.6 billion yuan, a year-on-year decrease of 49.1%.
[Xiaomi: As of April 20th, the number of Xiaomi SU7 locked orders has exceeded 70,000 units] Lu Weibing, president of Xiaomi Group and general manager of Xiaomi brand, issued a document saying that Lei Jun announced at the Xiaomi investor conference today that as of April 20th, the number of Xiaomi SU7 locked orders has exceeded 70,000 units. In 2024, the Xiaomi SU7 delivery target will exceed 100,000 units.
As of April 22, the financing balance of the Shanghai Stock Exchange was 787.929 billion yuan, a decrease of 0.02 billion yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 699.814 billion yuan, an increase of 565 million yuan from the previous trading day, and the total of the two cities was 1487.743 billion yuan, an increase of 563 million yuan from the previous trading day.
[Net outflow of northbound funds of 4.2 billion yuan] As of the close of trading at noon, the net outflow of northbound funds was 4.175 billion.
This morning, the market opened at 6 points 3038 points lower, bottomed out 3021 points, rushed higher 3044 points, and closed at 3032 points before noon. The SSE 50, CSI 300, the Shenzhen Component Index, the ChiNext Board, the STAR Market, the CSI 500 and the CSI 1000 fell 0.20%, 0.56%, 0.41%, 0.74%, 0.31%, 0.78%, 0.97% and 0.50%. The ratio of individual stocks is 3214:1971, and the ratio of price limit is 58:20. The half-day turnover of the two cities was 483.6 billion, a decrease of 68.1 billion from the previous trading day.
Yesterday, when the national team's four major ETFs and four major bank stocks pulled back, the broad market index fell to 3,044 points, only 25 points higher than when the new national nine articles were introduced.
Last night, the National Standing Committee once again held the seventh special study with the theme of "Further Deepening the Reform of the Capital Market and Promoting the Steady and Healthy Development of the Capital Market", and the high-level delivered speeches. It seems that the State Council is anxious that the market is still sluggish after the release of the nine new articles.
After the opening of the market this morning, the four major ETFs of the national team and the four major bank stocks continued to pull back, and the northbound funds were also resolutely shipped, and the market fell to 3021 points, and there were only 2 points left after the release of the new national nine. When it was precarious, it was still the four major bank stocks of the national team that pulled up to close the market at 3032 points.
Why is it that the new country's nine articles are obviously good for the long-term development of the market and there are many favorable policies, but the market does not buy it, and it is still falling and falling? Above 3,000 points, it has closed for 41 consecutive days and traded 310,000 yuan, but the market still cannot go up? I think that the policies that hit the disadvantages of the times have not yet been put in place, or have not yet been concretized.
First, since the new village chief has called it "an irrational decline and a market failure, and the government will take decisive action when it should take action," why is it not forbidden to borrow and lend securities to short selling in this position?
Second, since the high-level stressed at the National Standing Committee meeting that "it is necessary to maintain the dynamic balance of delisting after listing," why not use clearer and easy-to-understand language to express it? In view of the fact that the number of listed companies and the market value of 80 trillion yuan have reached 5,400 after the rapid expansion of A-shares, it is necessary to recuperate, not to seek quantity and scale, but to pay attention to quality, and in the future, to delist one by one, and to strictly grasp the listing standards, we will be able to give the market a clear expectation, and all kinds of funds will dare to enter the stock market.
Third, since the national team has controlled 34.8%, 40.14%, 67%, and 57.14% of the shares of the four major banks of the Ministry of Industry and Agriculture, it can be said that the strength is quite large. Why don't you emphasize that the stocks of the four major banks held by the national team are medium- and long-term investments, and they rely on high dividends and dividends multiple times a year to obtain investment income? In this way, more market funds will be invested in bank stocks, including bank wealth management products, trust funds, insurance funds, social security funds, and pension funds. The dividend of 5%-6% is enough to achieve their one-year investment income target, so why worry about the medium and long-term funds not coming to the stock market. In addition, the stock market earnings ratio of the four major banks is only 6 times, and the price-to-book ratio is only 0.6 times, which is far lower than the 13 times price-earnings ratio and 1.2 times the price-to-book ratio of the four major US bank stocks. From the perspective of strengthening the management of the market value of central state-owned enterprises, the net breaking of China's 58 bank stocks should be corrected.
Fourth, the national team holds five major ETFs of 500 billion, the number is still too small, there is no momentum, and it has an appeal to the market, so that investors who bought at 3,000 points have repeatedly bought and lost confidence. Since the CSI 300 ETF corresponds to China's core assets, the valuation is only 11-12 times P/E, far lower than the 26 times of the S&P 500 and the 30 times P/E of the Japanese and Indian stock markets. Why didn't the central bank announce that it would provide unlimited liquidity to the national team as it did in 2015, or more specifically, that the national team could operate up to 5-10 trillion yuan?
Fifth, since the Ministry of Finance has announced that it will "improve the tax system and improve the policies conducive to the entry of medium- and long-term funds into the market," why is it not exempted from the income tax on dividends of shareholders who are repeatedly taxed? At present, investors' worries about the need to levy 20 percent income tax on high dividends and the ex-rights of stock prices have been swept away, and the enthusiasm for long-term investment in high-dividend stocks has been strengthened.
I believe that if the above five suggestions can be adopted, why worry about the A-share market after the introduction of the National Nine Articles, which is still faltering at 3,000 points, and the slow bull market that fluctuates upward can be expected.
Back to the market, there was a seesaw phenomenon this morning, when the four major bank stocks and the four major ETFs dived, the number of stocks that rose reached 3,600, and there were more than 3,200 before noon. It shows that the high-performing growth mid-cap stocks that have been wrongly killed are unwilling to fall and will rebound at any time, and the market still has a chance to rebound. Even if the four major bank stocks fell yesterday and this morning, the lowest share prices were 5.46 yuan, 4.44 yuan, 4.62 yuan, and 7.23 yuan, and their dividend rates exceeded 6%. Another example is the largest Huatai Borui CSI 300 ETF held by the national team (88.8 billion), its cost is about 3.30 yuan, and the current price is about 6%-7% away from the cost.
Afternoon attention: Can the lower part of the market close above 3030 points? Can the upper part close above the 20-day antenna at 3042 points and the five-week moving average at 3045 points? Can the four major ETFs of the national team rebound after falling for 2 consecutive days? Can the northbound funds converge on the basis of the net outflow of 7.17 billion yuan in the morning? 3214:Can the situation of 1971 stocks rising more and falling less can be maintained and expanded? Can the trading volume be more than 800 billion?