Market Expectations Of Policy Expectations Are The Reasons For The Stock Index'S Breakthroughs Again.

The train is not pushed. The cowhide is not blown.

At present, there is basically no change.

It is undeniable that institutional investors play a leading role in guiding market investment orientation in the market structure of the city. However, before the big political parties in the market have not yet formed a reliable backbone, the performance of institutions and retail investors is at most a little more than a first thought and a hype of following the trend.

This does not mean that "going retail" is likely to become a trend trend in a short time. On the contrary, no retail investors will follow suit. The participation of institutions may not be able to afford much of the climate, let alone big bull market.

The first step of institutions and the pattern of speculation by retail investors will not change fundamentally at least for a long time.

In this regard, whether it is too much to "retail" or exaggerate the trend of large institutional entry, is not much substantive significance.

The number of investors in stock returns to the 50 million pass, although to some extent, it may reflect the trend of withdrawal of some retail investors. But the monthly report of the company in December 2016 shows that the proportion of natural persons holding stocks below 500 thousand yuan is not only 93.61% but also slightly higher than that of 92.12% in June.

This fully shows that the overall retail market structure has not changed much, and it will still be difficult to make fundamental changes in the future for quite some time.

Emotional fluctuation is the characteristic of retail investors.

The formation of this characteristic is inseparable from the majority of retail investors' lack of long-term investment plan, but it is inseparable from the atmosphere that our market has not formed long-term investment and value investment as a whole.

Even though institutional investors should have been the model of long-term investment and value investing, their team has been growing stronger in recent years despite the strong policy support. However, the investment philosophy and investment style still do not change the trend of retail ownership.

"Trees are so, how can feelings be"! How can the market have a problem, what kind of dirty water is poured all over the quantity, accounting for more than the quality but only a small "grass" of the individual?

The fundamental problem in the A share market is the lack of money making effect.

The main problem is not only the lack of investment value of many listed companies, but also the unfairness of the market mechanism design.

It should be a retail investor who holds some of the old stock market capitalization, and may share a little bit of new opportunities for issuing new shares. The success rate is not only getting lower and lower, but also the yield is getting smaller and smaller.

This is more or less caused by more and more people who fight for new products. Rather, more and more small businesses are being squeezed out by the so-called new collective innovation model.

And how much of this so-called new mode of financing is the number of retail agencies, only the sky knows.

Otherwise, why retail investors are getting less and less in the "fight for new", and institutions are getting more and more like a duck to water?

In particular, by setting barriers to entry, retail investors will be placed in a passive position that is tied to their hands and feet and can only be watched by the institutions for making money.

Looking at problems from the perspective of development, it is a general trend to "go retail" and expand the ranks of institutional investors.

However, how to "go retail" and how to expand the ranks of institutional investors can not be a big problem.

The growth of institutional investors should be done if they are scattered and scattered.

On the basis of this, it not only violates the market principle of "protecting the interests of investors" but also drives fish deeply, which is obviously not conducive to the healthy development of the market.

According to foreign experience, the development of institutional investors should, of course, be combined with "decentralized retail", and more diversified ways should be adopted to guide retail investors to participate in entrusted investment and collective financial management.

On the one hand, it requires institutions to improve their attractiveness to retail investors on the basis of their own performance. On the other hand, policies can not be blocked like this now, and more research should be done on how to expand more and better financial channels for retail investors.

However, I am sorry to say that, at least for now, our market is obviously not very satisfactory in these aspects.

At present, the institutional expectation of market expectations is nothing more than what new trends are worth exploring in the first meeting of the securities and futures conference since the new chairman of the SFC took office. The two is to see what more valuable new measures will be taken to promote the economic policy of "two sessions" in the "steady progress".

If the market is no longer worth nostalgia, then not only will there be no change in the retail market, but the organization will eventually shoot and run.

Otherwise, if the agencies enter the field, why are there any reasons for those who have left the field and are leaving the market? Sooner or later, they will come back to the market again. Such a mechanism will take a step forward and the pattern of speculation by individual investors will not fundamentally change at least for a long time.

In this regard, whether it is too much to "retail" or exaggerate the trend of large institutional entry, is not much substantive significance.

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