The Shanghai And Shenzhen Stock Markets And The Hongkong Stock Market Entered A New Stage.

More than two years ago, the Boao forum announced the news of the opening of Shanghai and Hong Kong. After about half a year's preparations, Shanghai and Hong Kong formally formed a line. Since then, the interconnection between Shanghai and Shenzhen stock markets and Hongkong stock market has entered a new stage.

However, as the mainland has two stock exchanges between Shanghai and Shenzhen, it is not enough to open Hong Kong and Shanghai alone, and we need to solve the problem of Shenzhen Hong Kong connection.

Since then, the news about the opening of Shenzhen Hong Kong Tong has been heard. At the two sessions of this year, the goal of Opening Hong Kong and Shenzhen through the year has been clearly defined. It is now in the middle of the year. It is generally estimated that there will be a statement about Shenzhen Hong Kong pass. It is entirely anticipated that the Shenzhen port will be formally established in the fourth quarter.

In fact, Shanghai and Hong Kong are good or bad, or there are other connections. These are the reform measures of the capital market. They have a positive effect on the stock market, but they can not decide the direction of the market.

Analysis of the basic trend of the stock market, or to return to the fundamentals.

Now, the market opinion is very high expectations for Shenzhen Hong Kong Tong, often if the stock market rises, it will guess whether Shenzhen Hong Kong Tong is going to be implemented.

This situation is very similar to two years ago. At that time, we also regarded the opening of Shanghai and Hong Kong as a great advantage.

However, when the Shanghai and Hong Kong through the real opening, the market performance is relatively dull. In a few days, a large amount of idle volume has appeared. The so-called "Shanghai and Hong Kong Tong benefited shares" also gradually returned to their original position after a short rush.

Obviously, the opening of the Shanghai and Hong Kong links did not lead to a sharp rise in the stock market prices that some people imagined, and did not bring much external incremental capital.

In fact, this is also very normal. Shanghai and Hong Kong have solved the problem of interconnection between the two markets in order to speed up the internationalization process of the capital market in mainland China.

As far as the specific process is concerned, it will be "slow and hot", that is to say, it will not cause the two places to enter the market in a large scale at once, because to participate in the investment of the other market, we must first follow the basic situation and then have a familiar process, which will not be too fast.

In addition, before the Shanghai and Hong Kong Exchanges, both mainland investors and investors in Hongkong already have corresponding channels to invest in the other side of the market.

It's the only access problem.

Therefore, the view that one more channel will change the trend of the stock market is obviously biased.

Practice in recent two years also shows that the real meaning of Shanghai and Hong Kong links lies in the higher degree of openness, rather than the influence.

Rise.

In fact, the Shanghai and Hong Kong Tong is the same, Shenzhen Hong Kong Tong is also the same.

The present situation is that the basic mode of Shenzhen Hong Kong Tong is consistent with that of Shanghai and Hong Kong, and has not changed much.

This shows that after the opening of Shenzhen Hong Kong stock exchange, investors in Hongkong can buy some stock in Shenzhen stock market, while investors in Shenzhen stock market can also buy some shares in Hongkong market.

As part of the stock market in Hongkong, after Shanghai and Hong Kong through the Shanghai stock market investors can already buy, which in fact indicates that if the Shenzhen Hong Kong Tong really opened up, from the paction level, it is very likely.

The impact will be relatively large, but for the Shanghai stock market and the Hongkong market, the impact will be relatively limited.

As for macroscopically speaking, with Shenzhen Hong Kong Tong, it is impossible to change the current state of operation of the Shanghai and Shenzhen stock markets and the Hongkong stock market.

The view that there is a fundamental improvement in the trend of the stock market because of the Shenzhen Hong Kong pass is obviously divorced from reality.

It should be said that the opening of Shenzhen Hong Kong Tong shows that China's capital market is open to the outside world, not only deeper but also more complete.

Shenzhen is adjacent to Hongkong, and the interconnection between the two markets is beneficial to the development of both sides.

However, the appearance of this positive effect requires not only a process but also an understanding of utilitarianism.

The current stock market performance is weak, is caused by many factors, can not be imagined because the opening of the Hong Kong Hong Kong, the problem can be solved, in this respect, the understanding of investors must be rational.

Because of the need to open Shenzhen Hong Kong Tong, so now can buy stocks vigorously, waiting for Hongkong investors to "sedan chair" idea, I am afraid it is too naive.

As long as people simply review the situation before and after the opening of Shanghai and Hong Kong, it is not difficult to understand this.