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600118中国卫星股票_证监风暴两大启示:盈利模式生变(2015-11-06)


600118中国卫星股票——汇率分析

  【证监风暴两大启示:盈利模式生变 养老金+注册制成行情基石】有分析人士认为,证监风暴给了市场两大预示:第一,证券市场盈利模式生变;第二,养老金入市和注册制的渐行渐近,将成为未来行情的基石。
  过去的数轮证监风暴,不仅对当时的市场进行了净化,还为后续政策法规出台和资本市场改革提供了实施空间。

600118中国卫星股票

  《每日经济新闻》记者注意到,有分析人士认为,证监风暴给了市场两大预示:第一,证券市场盈利模式生变;第二,养老金入市和注册制的渐行渐近,将成为未来行情的基石。
  风暴袭来领军者倒台

600118中国卫星股票——一百万韩元

  .市场在经历了1995年“327国债事件”、2000年“基金黑幕”事件以及2004年德隆系覆灭事件后,诸多庄家逐渐黯然失色。

  事实上,无论是金融资本称霸的管金生时代,还是一基独大的封闭式基金时代,亦或是德隆系一手遮天的唐万新时代,其盈利模式的发展都经历了数年之久,成为市场风向标。 比如,万国证券盈利模式是集中优势资金,操纵股价;德隆系盈利模式是在成为公司实控人之后,形成个股的“独庄”;封闭式基金的盈利模式就是抱团作战,互相利益输送。
  不过,在证监风暴之下,旧的盈利模式几近被摧毁,过往主流资金也逐渐沉寂,市场格局为之一变。

600118中国卫星股票——银行业从业资格考试试题

  比如,万国证券、南方证券覆灭之后,监管层对券商的监管越来越严,券商无法呼风唤雨了;德隆系、中科系被铲平后,市场上“庄家”销声匿迹;开放式基金大量推出后,封闭式基金日渐式微。
  综合来看,每一次的证监风暴都对当时纵横市场许久的主流资金、盈利模式给予了重大打击。 时间到了2015年,追逐涨停板、追随热门概念和炒作已成市场风潮。 并购、定增等一系列资本运作都成为市值管理的重要手段和股价炒作手段。 壳的稀缺性和并购定增的受追捧,都为内幕交易提供了生长土壤。 游资、大佬等市场各方甚至与上市公司相互联系,以内幕信息为依托实现盈利,这也成为一批“玩家”致富的固定套路。

  在上述新的盈利模式下,泽熙徐翔无疑被认为是领军者之一。 随着新一轮证监风暴向内幕交易、扰乱市场等违法违规行为挥出大棒,这是否预示着泽熙代表的涨停板敢死队、内幕交易获利模式将寿终正寝? 让我们拭目以待。

600118中国卫星股票——美国高盛

  为制度建设清理出空间
  不可忽视的是,证监风暴的另一个重要作用则是直接触发了相关政策法规的出台,并为此后的制度性建设清理出空间。

  比如,“327国债事件”后,证监会叫停国债期货交易。 Since then, with the punishment of China Securities Regulatory Commission on Nanfang Securities, Article 139 of the newly revised Securities Law stipulates that “the transaction settlement funds of clients of securities companies shall be deposited in commercial banks and managed separately in the name of each client”, and the third-party deposit of client margin shall be determined in legal form.After the “fund black screen” incident, China Securities Regulatory Commission (CSRC) issued the notice on Several Issues concerning the application for the establishment of fund management companies in 2001, introducing the system of “good people raise their hands”, which means that only under the premise of “you declare that you are a good person, promise to abide by the law and discipline, and accept supervision” can fund companies be established, and sinpi’s more transparent open-end fund also came into being, which has become a regulatory authority It is an important means to eliminate the fund black screen.Then, the Securities Association Foundation association was established.

  Analysts believe that in the long run, the securities regulatory storm has played an important role in standardizing the behavior of market subjects and building a legal capital market.It can even be said that the securities regulatory storm has brought medium and long-term benefits to the A-share market.With the transformation of securities supervision from pre supervision to in-process and post supervision, more information will be disclosed to market behaviors involving insider information, such as private placement, mergers and acquisitions, so as to reduce the sense of mystery.This also means that the hotbed of insider trading will be greatly reduced.
  In addition, can the current vigorous securities regulatory storm make room for the implementation of a series of policies and systems such as pension market entry and registration system reform?This is also one of the biggest concerns of the market.

  How can a pension that “can’t afford to be hurt” be “not hurt” in the face of an unstable capital market environment?This has always been one of the disputes about the pension market.分析人士认为,在有效清仓市场的同时,监管风暴也有利于营造稳定的投资环境,这也会给养老金“不伤元气”增加很大的可能性;而加快A股登记制度改革也被认为是制度建设的重要内容,也是强化市场“优胜劣汰”功能的必由之路。
  值得注意的是,近日发布的“十三五”规划建议明确提出,要积极培育开放、透明、健康的资本市场,推进股票和债券发行交易体制改革,改革和完善适应现代金融市场发展的金融监管框架,完善符合中国国情和国际标准的监管规则,实现金融风险监管全覆盖。

  一个理性健康的资本市场值得期待!

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