State Owned Enterprise Reform Bonus To Elephant Group Dance, Elephant Trample On Immortal Ants

The S & P 500 index came out of the long bull market after March 2009, rising from 666.79 to 2081.93 in December 24th, hitting a record high.

The US stock market went from fake cow to real bull. At the very beginning, the Federal Reserve cut interest rate and quantitative easing. Finally, it entered the market directly, triggering the market to become better, some technology sectors made great profits, and the US entered the economic growth period under the guidance of innovation.

The Chinese stock market tried to provide ammunition for the pformation of China's economic structure by upgrading the concept of reform and the concept of technology. In the second half of 2014, the striking concept was the reform of state-owned enterprises, which led to the group dance of elephants.

In February 2014, Sinopec announced that it was the first to introduce social and private capital in the oil sales business and to achieve a mixed operation. The chairman of the board was authorized to determine the terms and conditions of investors, shareholding ratio, stock terms and conditions, and to organize and implement the plan and handle related procedures in the case of social and private capital holding less than 30% of the shareholding ratio of the sales company.

Private capital enters the sales sector, and future listing can be expected.

This year, Sinopec's A shares have been rising slowly.

Stimulated by this stimulus, some brokerages have focused their attention on the high-speed rail, nuclear power and military industries. The high-speed rail as the core of the railway infrastructure industry is the representative of China's going out. It is also the starting point for China's urbanization.

In 2014, the two financial balance moved forward, breaking through trillion yuan in December 19th, nearly double that before August 25th.

In terms of volume, margin trading is

The total turnover is also increasing.

According to statistics, in January 2, 2014, the first trading day of this year, the share of margin trading in the two cities accounted for 9.70% of A shares, and after March 28th, the proportion has never been lower than 10%.

After October 30th, the figure increased to 15%, and after November 20th, it remained stable at around 20%.

Financing plays the leading role in the history of A shares.

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Elephants dance may not trample on ants.

The high-tech and Internet SMEs are still the focus of the future. The reform from the new three boards to the gem will ignite the flames of next year's high-tech and innovative SMEs.

Do elephants in the market dance have improved the fundamentals of most traditional cyclical businesses?

These enterprises are still facing enormous pressure to go to inventory and high debt. The efficiency of many state-owned holding enterprises is still low. But under the impact of the reform, the companies began to use the stock price to rise to solve their own difficulties, or to supplement capital, or cash in, or to introduce external shareholders.

Market volatility is strong and confidence is unstable. Margin trading has become the vane of market confidence.

After a trillion dollar breakthrough in the financing balance, the market collectively went crazy, but by December 23rd and 24, the two cities had a net outflow of financing funds for two consecutive trading days, and the financing balance had dropped to below trillion.

Considering the difference in the base of the two cities' financing balance, the net capital flow of the Shenzhen stock market appears more obvious.

Weak market, always accompanied by good news, such as the December 24th financial stocks net outflow, the evening of the central bank announced that non interbank deposits do not have to pay reserves, equivalent to stealth drop, which made the financial morning 25 morning frenzied financial stocks, Shanghai composite index exceeded 3100 points.

If there is no basic stability and cooperation, we must look at the trend of capital. There is no doubt that the invisible hand keeps monetary stability and keeps the stock market hot. This is the initial driving force for the stock market to grow significantly.

Whether the future can turn from a fake bull to a real bull market depends on whether the reform is successful, because in the long run, the market has to go back to fundamentals.

In addition to elephants, there are growing ants in the stock market who may turn into market players.