The Road to Rebirth Finance

Chapter 319 Several Major Elements of the Collapse

Since June 6, in just nine trading days, all the major trend lines of the three major indexes, including the daily and weekly lines, have all fallen below, and the Shanghai Composite Index, which has fallen by more than 15%, is even lower than the major moving averages. Wear the 23-day lifeline.

Since rumors of deleveraging came out in the market on June 6, the data showed that the balance of financing in the two cities did not drop immediately. The balance still maintains a net increase every day.

截止6月18日，沪深两市融资余额高达2.26万亿元，创历史新高，也就是说6月15日至18日的暴跌并未去除多少正规的杠杆增加。

During this period of time, more activities were focused on cleaning up off-market funds, but the real turning point of the financing business was June 6, when the balance of financing in the Shanghai and Shenzhen stock markets decreased by 19 billion yuan.

This is the first time since June 6 that the financing quotas of the two cities have decreased. After the Dragon Boat Festival, the reduction in the financing balance has further expanded, and the accumulated preparations in the four trading days of this week have decreased by 5 billion yuan.

However, compared with the still high financing balance in the two cities and most of the off-market funds, these reduced amounts are just a drop in the bucket.

The reason for the sharp drop in the stock market is not only the reason for excessive leveraged funds. In addition to the wild run of A shares this year, the controlling shareholders and executives of listed companies who have made a lot of money during the surge have already cashed out at high positions. , fled.

This year can be said to be the most violent year in the history of A-share holdings reduction. Even Huijin has reduced its holdings in the four major banks at the end of last month, let alone most private companies without any sense of social responsibility. .

After the sharp drop for two consecutive weeks, major institutions have also begun to change their tunes. From the early positive comments to the current A-share mid-term comments that may need to rest, among them, Shen Wanhongyuan's comments are the closest to preparation in Gu Junhao's view.

Shenwan Hongyuan changed his tune and believed that after a sharp drop in A shares, there might be a rebound in July. During this rebound, public offering institutions are likely to gradually reduce their positions, and then enter a longer period of rest. Maybe even until December.

According to the survey conducted on the continuous plummeting stock market, more than [-]% of stockholders believe that the stock index will continue to adjust, and the market has shifted from a comprehensive view to a comprehensive bearish stage.

Therefore, even if there is an emergency interest rate cut by the central mother on the weekend, there are benefits such as the entry of pension funds into the market, and the end of the self-examination of the external information system of the brokerage, which cannot prevent the stock index from falling further.

Under the premise that it has entered a technical bear market, relying on policies alone without investing real money will have little effect. If you really want to restore confidence in the stock market, there is no other way but to buy large sums of money.

On Monday, June 6, the Shanghai and Shanghai stock markets opened slightly higher in early trading and then began to fall again. The Shanghai stock index experienced a huge shock of more than 29% during the session, crossing 10 points in one day.

Coal, steel, brokerages, and non-ferrous stocks became the main players in the market. At the end of the day's trading, the stock index fell again by 3.34%. Only the banking and airport shipping sectors in the two cities turned red.

ChiNext stocks once again became the hardest-hit area today. After the index plummeted 8.91% last Friday, it fell another 7.91% this Monday, falling below the 2900, 2800 and 2700 point integer marks within a day.

Today, the spectacle of a thousand-share price limit was once again staged. Among the GEM constituent stocks that fell by more than 300 points in ten trading days, more than [-] stocks fell by their limit today.

As the early hype of network security, financial IC and broadband China and other concept sectors all fell to the limit; in a word, both retail investors and institutions have already fallen numb.

Affected by today's huge earthquake in the Shanghai Composite Index, the China Securities Regulatory Commission even posted a rare article on a certain blog to appease the market, while foreign media claimed that A shares are already considering suspending IPO issuance to stabilize the current stock market.

A series of reactions have fully demonstrated that both the management and the shareholders have panicked.

On the evening of June 6, following the central bank’s double-cut policy and the official opening of the 29-hour gold rescue, the China Securities Regulatory Commission also announced that it would join the gold rescue team, and successively announced that there is still room for growth in the scale of financing business. Wait for the news.

In addition, Huijin also announced that it will spend tens of billions of yuan to purchase the four major blue-chip ETFs. In just nine trading days, it can be described as very dramatic from curbing the stock market to bailing out the market.

June 6th, Tuesday, the last trading day of this month, with the frequent bailout policies and Huijin’s real money investment, A-shares staged a shocking reversal this afternoon.

In early trading, the Shanghai Composite Index once fell by more than 5%, and the ChiNext Index once fell by more than 7%. In the afternoon, in addition to the dramatic rise of blue-chip stocks, the three major indexes of the Shanghai and Shenzhen stock markets and individual stocks staged a big rebound story.

Throughout the day, the amplitude of the Shanghai stock index exceeded 10% again, and the amplitude of the GEM index reached 15%. However, it is different from yesterday. This afternoon, the three major indexes all rebounded from the big positive line.

The Shanghai Composite Index experienced a sharp intraday shock of more than 400 points, falling as low as 3847 points, and closed at 5.55 points with a margin of 4277.22% in late trading.

The GEM index rose from the lowest point of 2485.46 points, soared 6.28% within a day, and the index closed at 2848.61 points. It is rare for individual stocks to stage a daily limit tide today.

There are nearly 250 individual stocks with a daily limit in the two cities. Since June 6, it has been difficult to see a daily limit tide. Today is a breath of relief for stockholders who have recently fallen numb.

However, after the end of today, the private equity fund rankings released again at the end of this month showed that the net worth of Junshi No. [-] remained unchanged, which cast a shadow over countless fans of Gu Junhao.

Recently, the net worth of Junshi No. [-] has become a weather vane in the minds of fans. Many people are regretting why they didn't follow Brother T to clear the warehouse when Tong Huashun was liquidated.

For example, in the stud group, Li Ze was the only one who escaped the recent sharp drop, and the rest of them have returned their profits for the whole year, and even suffered large-scale losses.

Now Li Ze, who has a car, a house and savings, is under the coercion of his parents, and starts to go on frequent blind dates, which leads to physical and mental exhaustion; but it is precisely because of this that he escaped the disaster.

"Today it has soared so much, a certain team saved the market with real money, Brother T didn't come back to buy the bottom, is it going to fall?"

"It's been reported on the Internet that Brother T's trading team will start work tomorrow, so they should come back to buy the bottom, right?"

"But Brother T is still on vacation, and the trading team can't make decisions by themselves, so what's the use of going to work."

"That's right, let's wait and see when the net value of the Junshi No. [-] Fund changes, otherwise I will always feel a little uneasy."

"Hey, it's a numb loss. The principal loss is 40% and the meat is cut, but it is better than my friend. He broke his position."

"Who isn't? I've been working in vain for a few years."
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Once the falling hob falls, it is difficult to catch it, even the big positive line on June 6. Entering the first trading day of July, there is no continued upward trend that investors expect.

The Shanghai stock index once again ended the first trading day in July with a 5.23% drop throughout the day. More than 1300 individual stocks in the two markets fell by the limit. After today, most stocks began to record closing lows since this round of adjustment.

On the news, the China Securities Regulatory Commission has still introduced most measures, including customers who have opened credit accounts but whose securities assets are less than 50 yuan can continue to engage in margin trading and securities lending transactions, and cancel the investor maintenance guarantee ratio below 130%. The collateral should be added within 2 trading days and the guarantee ratio should not be lower than 150%.

Securities companies are allowed to negotiate with their clients on the deadline for supplementary collateral, and the default of collateral does not require forced liquidation, further expanding the financing channels of securities companies, and at the same time, the two major exchanges have also reduced transaction costs by [-]%.

At the same time, Zhongjin Exchange also responded that the rumors of QFII shorting were not true, but a series of actions did not restore market confidence. In the next two trading days, the Shanghai Index continued to fall by 3.48%, and the decline of 5.77% continued to decline.

As of July 7, the Shanghai Composite Index closed at 3 points, plummeting 3686.92% in just 31.76 trading days. The continuous limit-down of thousands of shares has dealt an infinite blow to the market. At the same time, this systematic decline has seriously affected the social environment.

This weekend, an article about the dissemination of investors after the liquidation of their positions pushed Zhongguo CRRC, which had fallen from a high point to its current position of 17.13 yuan, to the hot search again, which aroused serious social concern.

Triggering such a large-scale social effect, a large-scale rescue of the market is imminent.

　The third update is here, thank you readers for your rewards and monthly ticket support, that’s all for tonight, and we will continue to update during the day tomorrow.

　　
　
(End of this chapter)