Investors In A Shares Are Experiencing "Growing Pains".

The bull market of A shares is hard to come by. It should be cherished in every aspect. We should try our best to make this young bull go steady, live healthily and run a little farther.

Although the Shanghai Composite Index has exceeded 4000 points, it is far from the 6124 high point of history, and the market has developed to a mountainside at the most. At the same time, the craziness of the gem has also made the most optimistic commentators fear that the index has already hit 2568 points twice. This position has nearly 5 times the increase compared with 585 points, and where to go?

Yes, where to go is the choice we have to make.

Some people did not want to make a choice, so there was a way to handle Hong Kong stocks through the way of Shanghai and Hong Kong. For the two consecutive day, all the funds invested in the Hong Kong stocks in the south for the first time in a row ran out of the 10 billion 500 million quota of the Hong Kong stocks. The direct consequence was that the Hang Seng index continued to boom, which led to the call of Li Xiaojia, executive director of the stock exchange. In the concept of the general public, the opening of Shanghai and Hong Kong links is mainly a platform for opening to the outside world. However, the situation has changed so rapidly that the Shanghai and Hong Kong exchanges have become the channel for mainland investors to export their capital. The government of Hongkong is discussing the application of the daily limit for the expansion of Hong Kong stocks. Indeed, in terms of figures, the daily trading volume of the Hongkong stock market is only about 300 billion of the Hong Kong dollar, which is only about 240 billion of the RMB. The volume of transactions in Shanghai and Shenzhen is now about 1 trillion and 500 billion. Whether it is 300 billion or 250 billion of Shanghai and Hong Kong's average monthly turnover, it is only a fraction of the total volume. This is why the main funds are killing the backfiring gun to sweep the B-share market. The rough and rough bottom up can only lead to the limit of the B share market, while the B shares are limited, and the funds that can build the positions after the trading are limited. Therefore, the fate of the B shares and the Hong Kong stock will also be the same, and may be replaced by new hot spots any time. The so-called market quotation is also short-lived. Because, in essence, no matter Hong Kong stock or B shares do not have the premise to take independent market, they are at best the replacement of A share confusion period or the windbreak port. Let alone compare the ICBC H-share A shares, they share the same stock price, who underestimate who overestimates it is hard to say.

However, in any case, the Hong Kong stock is hitting the high point of history with the help of A shares. This historical high point appeared in May of 2008, but did not appear in China's A shares and the US Dow Jones combined innovation high October 2007. Hong Kong stock itself is a market following. It has never had its own direction. The K-line chart is full of empty jumping or low jumping gap. In most cases, the closing of US stocks is the direction of Hong Kong stocks. A shares At the same time, the safe office of the mainland of China announced an incredible message that the mainland residents could directly stir up the Hong Kong stocks, and all the funds settled by the Bank of China Tianjin branch. The sudden success made the Hong Kong stocks Hang Seng index directly hit 30 thousand points from 20 thousand points, while the counterpart of the financial system that the mainland had incurred the SFC. Wen Jiabao, then Premier of the State Council, called the moratorium on the immaturity of the Hong Kong Stock Exchange first, and later announced the cancellation.

　　 Investor The enthusiasm is like a burning fire in the original desert, from A shares to Hong Kong stocks to B shares. On the one hand, this reflects the positive energy of A shares. On the other hand, it shows that investors have a steelyard in mind. Risk aversion consciousness The same is also on the rise. Overheated A shares have been deterred. When the enthusiasm is fully released, the market will automatically cool down. At this time, we are most afraid of inappropriate human intervention, especially administrative intervention. In history, the "5. 30" massacre is a typical case. In the last bull market, after the Shanghai stock index broke through the dispute at the bottom of the 3000 points and then made it to 4300 at a time, the State Council introduced the cooling measures including stamp duty increase. The result of the index fell to 3500 points continuously, followed by a strong rebound of the policy turn to 6000 points. In our view, if there was no "5. 30" index, perhaps the maximum to 4500 points would enter the adjustment mode on its own, but the bubble would not interfere with the market. The market is not always irrational. The transaction itself is a self balancing mechanism. What the management must do now is to increase the supply of new shares and balance demand. Two is to intensify the efforts to combat market manipulation and ensure fair trade, and three is to do well in risk warning investors education.