The Growth Of The Gem Index Is Even More Alarming.

For a long time, China's stock market has basically shown a pattern of "Xiong Changniu short". On the one hand, there are loopholes in the operation system of the market. On the other hand, the market is still unable to get rid of the "retail dominated" pattern, which brings a highly speculative atmosphere to the market. However, one fact can not be ignored, that is, when the market is fully activated, its frenzy will be astonished.

Taking the Shanghai Composite Index as an example, the index has climbed from 2000 to more than 4600 in recent 10 months, and the largest increase has exceeded 120%. At the same time, the gem index rose even more staggering, the annual increase is far more than 100%, and the birth of more than 100 yuan high priced stocks.

In fact, the bull market of gem will go farther and go even more fiercely than that of the main board market. Looking back at historical data, in fact, the bull market of gem began in early 2013. Today, the gem index has been out of the bull market for two and a half years, and the cumulative increase has been several times.

Speaking of the bull market, perhaps more people tend to be driven by policies. Because in China, the power of a piece of paper often has a decisive influence. In other words, in Policy environment Under the background of gradual improvement, it has also laid a solid foundation for the stock market to change from bear to cattle.

I believe that the policy environment continues to improve, is the main reason for the current bull market. However, from the perspective of market, we still can not ignore the driving effect of high leverage.

Up to now, the Shanghai and Shenzhen securities brokers two financial balance has surpassed the 2 trillion pass. However, at the beginning of this year, the balance of the two financial bonds of brokerages was only 1 trillion up and down. That is to say, in the past 5 months, the growth rate of the two financial balances of China's securities dealers has increased to 1 times, which has reached a record high.

It is worth noting that at the same time, the balance of the two financial balances has continued to soar, and many highly leveraged tools have also been fully activated. It includes umbrella trust, P2P stock allocation and offline distribution channels, and its cumulative size has reached hundreds of billions or billions of dollars.

This shows that the current bull market, on the one hand, has a sustained support for a good policy environment; on the other hand, it is built on the high leverage tool, which has brought the full activation of market funds into effect.

However, in the current round bull market However, there is such a characteristic, that is, every time the market rises 1000 points, the time it takes is shorter and shorter. In short, the market's rising rhythm has obviously improved and even reached a state of madness.

At present, management has gradually realized the frenzied behavior of the stock market, and has adopted a series of "deleveraging" means. Among them, stopped the umbrella umbrella trust of the broker, and adjusted the margin rate of the broker. At the same time, it also accelerated the issuing rhythm of new shares, which was changed from January 1 to January two, and tried to suppress the fast running rhythm of the bull market by such means.

Unfortunately, crazy. Market funds It seems to ignore the management's series of initiatives, but to continue to pry the whole market with a high attitude to make the market frenzied further.

To date, the bull market of China's stock market is not a fundamental analysis capability, nor a technical level of analysis, but a greater courage.

Perhaps, for the current bull market, it can be regarded as a new round of reshuffle of wealth and an important moment for redistribution of wealth. At this moment, the stock market has reached a relatively crazy state, but there are only two consequences to the market, that is, rational "smart people" continue to maintain the status quo, and there is no possibility of getting rich overnight.