The Stock Market Entered The Late Spring Cold Stage.

< p > this week, the market will rise first and then suppress. < a href= "//www.sjfzxm.com/news/index_c.asp" > small cap stocks < /a > became active after the beginning of the week, but in the second half of the week, they fell into a doldrums. The Sinopec heavyweight heavyweight Sinopec in the news of the reform of state-owned enterprises to stimulate the emergence of a rare trend of trading, and once led the Shanghai Composite Index to break through the annual line. But the conversion of large cap stocks and small cap stocks is difficult to achieve overnight. The short term market will hardly realize the "28 conversion", and it is still expected to maintain the early stage of "small plate singing opera". < /p >
< p > "elephant dance" disrupts the rhythm of the market after the festival. After the Spring Festival, market funds have been chasing small cap stocks representing emerging industries and economic restructuring, hoping to get a slice of China's economic growth. The sudden change of weight stocks made the market unforeseen, and the effect of attracting popularity was not significant. And the limited market funds, it is difficult to promote the continued rise of the market heavyweight stocks, unable to rebound is inevitable. < /p >
< p > 20, the HSBC China a href= "//www.sjfzxm.com/news/index_c.asp" > February manufacturing index < /a > Purchasing Managers Index (PMI) was 48.3, the lowest in 7 months. In terms of sub item data, output index and new order index fell to 7 months low. Combined with recent releases of PPI and PMI data, investors have a more consistent view of China's economic growth in the first half of this year. < /p >
< p > from the comparison of HSBC China Manufacturing Purchasing Managers' index and Shanghai Stock Index historical data, the two have high correlation. Affected by this, the Shanghai Composite Index fell rapidly after 20 days, and led to the fall of the Asia Pacific index such as Hongkong. < /p >
< p > from the current market trend, < a href= "//www.sjfzxm.com/news/index_c.asp" > short term stock < /a > means the existence of shock consolidation requirements, and is still expected to maintain the early stage of "small plate singing opera" situation. Especially during the two sessions, the frequent introduction of supporting policies for emerging industries has promoted the price of small cap stocks representing the transformation of emerging industries and economic structure. Of course, in the case of Sinopec's reform of state-owned enterprises, investors should also pay attention to the progress of SOE reform, especially in the developed countries such as Shanghai and Guangdong. The reform and reorganization will become a catalyst for the rising share price of state-owned listed companies. < /p >
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< p > the spokesman of the SFC, Deng Ge, introduced the development of the national share transfer system (commonly known as the "new three boards") on 21 th. As of 19 days, the new three board listed company has reached 642, with a total market value of 125 billion yuan; the listed companies are distributed in 28 provinces and municipalities, covering 15 sectors; at the same time, listed company is still dominated by natural persons holding private enterprises, and has central state-owned, local state-owned and foreign-controlled enterprises. Since the beginning of this year, the stock market has been issued 21 times, with a total financing of 451 million yuan. < /p >
< p > December 13, 2013, the State Council issued the decision on the relevant issues concerning the share transfer system of small and medium-sized enterprises in China. It will improve the new three board market from the following six aspects: giving full play to the national share transfer system serving the development of small and medium-sized enterprises, establishing different levels of the market, simplifying administrative licensing procedures, establishing and improving the appropriate management system for investors, strengthening supervision afterwards, ensuring the legitimate rights and interests of investors, and strengthening coordination and coordination to create a good environment for the healthy development of listed company. < /p >
< p > Huatai Securities (601688) points out that the new three boards will become the norm in the wholesale listing. First, from the existing policy expectation, the registration system reform will accelerate, and it is expected to be implemented in 2015, when the new three board transfer mechanism is more smoothly and the attraction will also increase significantly. Two, at present, every broker accumulates 30 listed companies, and in 2014, the number of enterprises applying for listing is expected to reach 1500, and finally the newly completed listed companies will exceed 1000. < /p >