Incremental Funding To Boost The Continuation Of The Slow Cow

According to the exchange data, in February this year, the total market value of the two cities rose steadily to 40 trillion, and then the operation was stable, and the market entered a new era of magnitude trading.

"Two sessions" ended, according to

With the explicit guidance, the new incremental capital market trend and the accelerated IPO of new shares under the trend of direct financing will be presented together.

From the present point of view, as the speed of IPO is still far behind the growth of the market value of the unit, it is expected that under the impetus of new funds, the "28" round (two main) market volatility upward is still the main tone of the post market.

In terms of incremental funding, financing plus leverage is still the mainstream. Other financial pactions such as interest rate reduction, local debt replacement, and real estate credit assets have also released a certain amount of capital growth to the market.

In addition, the "pension market" mentioned in the "two sessions" will bring a new "blood pfusion" signal to the market.

Market participants expect that the basic plan of the relevant pension market will be introduced in the year. If the pension goes into the stock market, it will bring about 900 billion yuan liquidity to the capital market (according to 30% China's Convention).

Capital level shows that strong positive psychological expectations also trigger changes in the direction of market funds.

Since January 21st of this year, market capital has been showing a continuous net outflow, which began to reverse in March 12th before the end of the two sessions (the net inflow of $5 billion 700 million).

After the "two sessions" closed, the market's five trading days (to March 18th) still showed a net inflow (with the trend of net inflow of capital converging).

Mainly.

From the perspective of the industry that flows into the net before financing, the situation that the most inflow of non bank finance has been coincided in the last five trading days, and the other large capitalization plates that flow into the former are also in blue chips and big market capitalization.

In retrospect, the net inflow of non silver finance continued to rank first in 2011, and the banking sector began to remain in the second place for a long time after November 2014.

From this perspective, the market for financial stocks can be seen for a long time.

Especially for the current blue chip market, because of the main leveraging force in December last year after the interest rate cut - plus leverage funds, once again felt the regulatory authorities' loosening of the control of financing funds, so the recent positive return of the financial market to the financial stocks has clearly indicated the trend of further financial stocks (mainly securities).

In general, there is a short-term volatility between 3400~3600 points in index technology, and the market is still dominated by structural performance.

Securities and insurance - based financial stocks continue to return to large - scale funds, and the high volatility of three months is also close enough.

"Along the way" aspect, although faced with the introduction of rules, some stocks have changed, but due to overseas infrastructure construction subdivision varieties are still in the monthly line level shocks, so the impact of profits will take time to accumulate.

At the present stage, when the local platform debt trillions replacement scheme is introduced, local governments will accelerate their self financing debts.

Some companies in the local platform debt have already formed debts in real terms, and are facing the business of divestiture and reorganization. Among them, intermediary securities listed companies (issuing businesses), trust companies (ABS, issuing bonds, financing providers, financial advisers such as asset valuation, valuation, etc.) are expected to form substantial benefits.

According to the information learned by the reporter from the trust practitioners, due to expire this year

The amount of debt is relatively large, and the pace of asset securitization, which is mainly based on real estate credit, is expected to increase. The trust institutions with property isolation function in business operation links, especially those with financial, government, banking and central enterprises, are easy to get local platform debt, and the above related businesses are expected to directly increase profit margins due to the increase of orders.

And the listed companies participating in 68 trust companies in the country are expected to get a share.

In particular, the trust companies that face heavier local debt pressure on the platform (Jiangsu, Guangdong, Shanghai, Sichuan, see the previous period) and some of the listed companies are more likely to benefit from it (Table 2). Four

Take Shanghai International Trust and Investment Co., Ltd. as an example, the company has participated in Shenhua's investment in Shanghai besides holding up the Morgan fund, and has continued to operate in the direction of state-owned enterprise reform, structured operation and art innovation. It has strong financial strength and innovative ability, and the listed companies participating in the stock market deserve our attention.