For US trade policy, Trump may release signs of easing after limited power, and may ease in the short term.Under the background, we will develop foreign trade and develop the economy, relying more on domestic demand to stimulate economic growth.
Back in the domestic aspect, last week's private enterprise symposium gave the private entrepreneurs a reassurance. The private economy is an important part of China's market economy. Private enterprises contribute 60% of GDP but contribute 80% of employment. Therefore, it is an important measure to protect the personal and property safety of private entrepreneurs and support the development of private enterprises.
For a long time, the problem of financing difficulties and expensive financing has been plaguing the development of private enterprises. The decision-making layer announced that it will give more support to private enterprises from various aspects, including increasing loans from banks to private enterprises, and issuing private enterprises.corporate debtOther ways to support the funds needed for the development of private enterprises. This is an important blow to the theory of the withdrawal of private enterprises and the retreat of the country and the people. It is also the clearest policy guidance signal this year, which is conducive to boosting the confidence of the market and increasing the confidence of private entrepreneurs in the development prospects.
For the risk of equity pledges that were previously worried about the market, effective measures have been taken to ease the situation, including insurance, public funds, brokerages, local governments and other institutions to take effective measures to help some of the money. A high-quality enterprise with a high proportion of equity pledges has dismantled the largest mine in the capital market, which is conducive to the temperature rise in the market.
On November 6, Yi Gang, the governor of the central bank, said in an interview that the implementation of the six requirements put forward by the General Secretary at the private enterprise symposium is the focus of the current work of the People's Bank and the concrete embodiment of the financial support of the real economy. The central bank will make precise efforts in the areas of credit, bond issuance and equity financing to alleviate the difficulty of financing private enterprises.
The central bank stated that it will support the financing of private enterprises by adopting “three arrows” and adopt various measures to promote tax reduction and fee reduction, enhance the business environment and help the private economy. This is very beneficial to the steady growth of China's economy. At the same time, it can boost the confidence of the market and increase the cohesiveness of various economic entities, thus helping to prevent China's economy from falling into the middle income trap. In the next decade, China's economy is expected to achieve steady and advancing growth after stimulating domestic demand growth, which is conducive to the transformation of China's economy from high-speed growth to high-quality growth.
The Shanghai Stock Exchange set up a science and technology board mainly to support the development of science and technology innovation enterprises. Some investors are worried that they may divert funds from the secondary market and reducegemValuation. But on the other hand, the launch of the science and technology board will accelerate the process of growth stocks to survive. In the long run, it is possible to develop a part of real technology growth enterprises by going to falsehood. For some stocks with relatively high valuations, there may be some pressure for capital diversion. In the long run, the establishment of the science and technology board and the pilot registration system will accelerate the internationalization of A-shares, and at the same time promote the valuation of technology stocks to be integrated with mature overseas markets.
Now the overall board is in the trend of “performance is king”, and the differentiation of individual stocks is more serious. In the past three years, Bailongma shares, which is the leader of the Baimajia industry that I proposed, has risen sharply and gained relatively high excess returns. Some of the poor stocks and theme stocks continued to fall, and the valuation fell back. There will also be differentiation in these growth stocks on the GEM. Some growth stocks that are truly growth-oriented and represent economic transformation will have better performance, while those with poor performance and theme stocks may continue to fall.
The establishment of the science and technology board is an important measure to improve the multi-level capital market in China. It is equivalent to making up for the short-term support of China's capital market for start-up and technology-based enterprises. It is conducive to expanding the scale of direct financing and helping technology enterprises to grow through financing. This has formed a relatively large positive for some venture capital firms and brokerage stocks. The recent rise in science and technology concept stocks has been boosted by this positive news.
The current A-share market has fully released the risk of valuation after a sharp decline. Some high-quality stocks that have been wrongly killed may take the lead in rebounding, and with the entry of funds such as pensions, insurance funds, public funds and foreign capital, the A-share market may welcome the opportunity to rise and fall. It is a pity that many retail investors have no confidence in the stocks they hold, or because of the panic, they are cutting meat at low levels.
I suggest cherishing the high quality chips in the hands of the bottom of the market. For ordinary investors, as long as the stocks they hold have relatively good performance and support by valuation, there is actually no need to panic. When the market recovers, there are opportunities for solutions or even profit.