Two Will The Crisis Of Asset Allocation Not Come Back?

The wealth effect of capital market is fundamentally based on value discovery and value discovery, rather than just stacking up with capital.

All the so-called bull market, which is too dependent on margin trading, especially high leverage and capital trading, all have strong bubbles.

A bullish bull market with no value of achievement will inevitably be a bubble breaking day even if the bull is ruthless.

Therefore, although the capital market does not exclude margin trading, nor simply oppose leverage, in any case, it is necessary to maintain the appropriate margin and compliance of margin trading.

Unsolicited off-site funding, especially

For the capital market, it is a drug and a cancer.

In the market of self repair and self regulation, though more than ever, it is necessary to use the rebound of market to appease people's hearts and inspire confidence, but they can't get rid of the pain and forget the pain of the scars.

Although the two capital allocation balance is said to have not yet exceeded one trillion yuan, if the laissez faire continued to rise N times, who can guarantee that the two financial crisis that has brought great risks to the stock market will not come back?

On the face of it, the two financial balance has reached 985 billion 158 million yuan so far, even after eight successive rises. It has not reached 50% level compared with the 2 trillion and 270 billion yuan peak hit in June 18th. However, it reflects not only the risk appetite of the main body of the securities market, but also the impossibility of rebound, and more importantly, the last battle, which the regulators claim will complete the clearance and completely disconnect the trading port, has not yet been effective, and at the same time, it is attached to "the".

"System", a number of securities accounts under one person's name are loaned to different matching customers.

The once silent capital distribution company once again started a guerrilla war, and all kinds of small advertising advertisements on social software were flying again and again, and many capital allocation companies simply changed the net names to "matching funds to find me".

"There are 200 thousand combinations below the line, the highest 4 times; the online 500 thousand match, the highest 5 times."

In the past, the high leverage of capital making has been revealed again.

In the form of "one person, many households", if the amount of each account is not very large, even if the number of shares is abnormal and the order is frequent, it can not be identified.

At least, the procedure can not be realized.

Moreover, following the trust fund mode, smart private financial players have developed a high level game of "borrowing the sunshine private placement fund".

Once the private placement is changed, these OTC assets are legalized in disguise.

According to statistics from the association of fund industries, the number of administrative personnel registered in September was 20383, an increase of 1838 compared with August, and 20123 of the record funds increased by 1247.

The management of 87 private placement agencies was 50-100 billion, an increase of 83 in August.

That is to say, you have a set rule and I have a flexible solution.

Under the various or bright or dark adaptations, the real situation of the two integration, especially the high leverage and the resurgence of the capital, is by no means a reflection of the present superficial statistics.

As far as the current market situation is concerned, on the one hand, stabilizing the market must stabilize capital. If there is no relatively loose monetary policy and there is no appropriate market financing, and no further promotion of capital market reform, perhaps the goal of "self repair and self regulation" can not be realized smoothly. On the other hand, we must not see that stability does not mean letting go, nor does it mean abandoning supervision.

Especially in the financing allocation policy, if it is as before, in order to maintain the so-called stability of the market, it will allow all kinds of illegal financing to run its own way, even for the exceptionally high leverage, which is obviously very dangerous, let alone any stability based on openness, fairness and impartiality.

If the grass is cut away, the risk will be reborn.

And if everything is going to come to grief, then it is only when we think of picking up the sharp weapon of regulation, where can we talk about effective supervision or effective regulation or instability of the market?