Gu Mingde: Quotations Across The Year Are Not Dreams.

First, the economic environment in which the stock market has risen steadily has not changed.

What is the economic environment conducive to the stock market?

The economic and financial data released in the three quarter reflect this feature.

Industrial output value, GDP and consumption and investment data are all declining, but they are all within the controllable objectives. There is no degree of crisis. Employment status, fiscal revenue and local debt are all in the normal range.

So this comprehensive data can be interpreted as a new normal, which is called "no crisis in the doldrums".

The advantage of the stock market is that

It will be moderately relaxed. Recently, the adjustment of the real estate purchase and loan restriction policy has been carried out. The "one belt and one road", namely the Silk Road Economic Belt and the twenty-first Century maritime silk road planning vision, high-speed rail technology and overseas investment, RMB internationalization and so on, all reflect the moderate stimulation of macro-control and moderately loose, which will create stock market themes and stimulate stock market enthusiasm.

Second,

Monetary policy is moderately loose. Due to the lack of effective credit demand in the real economy, social capital will inevitably diverge to the stock market.

The interest rate of money in the social money market is decreasing, which is beneficial to the stock market.

The interest rate of financial products has declined, and the remaining funds of banks have been lent to securities dealers. Securities companies are lending loans to investors who buy stocks in various ways.

Stock market funds were unprecedented loose.

Last month, there were media reports that overseas funds were withdrawing, and RQFIIA shares ETF fund listed in Hongkong was redeemed in large numbers. This month, such data clearly recovered.

Foreign funds were originally worried about China's economic downturn, and now found that the downturn is not a crisis, so funds continue to flow.

Third, market confidence has obviously recovered and the atmosphere of popularity can support cross market quotas.

Since May this year, the market has lasted for 3 months since 2000, which is very rare in previous years.

Because of the slight change in the trading rules of stock index futures, the pattern of the dominant position of stock index futures has changed.

From the number of investors, tens of millions of investors and billions of investors are constantly increasing, and these new shareholders have been withdrawing from the traditional industrial and commercial enterprises and real estate enterprises and pferred to the stock market.

In addition, the endless stream of stock market themes also reflects the high confidence of the stock market, the reform of state-owned enterprises, the concept of military industry, the Internet, robots, games, sports lottery, cultural media, high-speed rail and related roads, Disney, land circulation, Shanghai and Hong Kong, etc. these themes and concepts are constantly being renovated and deepened, and the market continues to be promoted.

Fourth,

Is accumulating, and finally brewing big market.

This year, from the beginning of the year, the market investors made a profit of two flat and seven loss laws in previous years.

This year, the average yield of investors should be reversed. Seven profit, two flat and one loss.

Because whether it is a small cap theme, or large blue chips are different degrees of rise, subscription of new shares is only earned.

Such a money making effect will inevitably attract more capital into the stock market.

At present, it has entered the four quarter "checkout" season.

The original various types of private placement and institutional checkout rest, the recuperation downturn has disappeared.

On the contrary, various institutions and investors are tightening up research, layout and lurking.