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600146股吧_证监会深夜表态稳A股:研究熔断机制(2015-09-07)


600146股吧——一元人民币是多少日元

  昨天(9月6日)晚间,中国证监会有关负责人以回答新华社记者提问的形式发表讲话,就如何看待近期股市波动、如何理解市场内在稳定性增强、如何应对等问题作了具体回答维护下一步股票市场的稳定和改革发展。
  中国证监会有关负责人表示,要把稳定市场、修复市场和建设市场有机结合起来。目前,股市泡沫和风险已经得到相当程度的释放。《每日经济新闻》记者注意到,证监会发言人的讲话中包括了证券期货公司的支持、IPO制度改革、研究熔断机制等多项维护市场稳定的措施。

600146股吧

  a股内部稳定性增强
  在中国证监会有关负责人看来,当前市场内部稳定性明显增强。主要体现在以下几个方面:

600146股吧——股票000789

  一是市场估值中枢明显下移。截至9月2日,与前期高点相比,上证综指市盈率已由25倍降至15.6倍。深证成指市盈率从70.1倍下降到37.3倍。创业板指数市盈率从134.5倍下降到63.6倍。

  二是杠杆融资风险得到了一定程度的释放。场外融资清理整顿,其中融资金额最大的恒生电子、明创、通华顺系统因违法违规被关闭。证券公司的融资余额已由上年末的2.7万亿元大幅回落到上年末的2.7万亿元左右。信托公司杠杆融资规模也明显下降。
  三是上下帮扶的调控因素得到有效抑制。通过提高保证金、限制未平仓数量等措施,股指期货交易中的过度投机行为得到基本遏制。严格限制程序性交易,制止频繁的解约行为,大大降低其助涨助跌的效果。允许金融机构优化抵押物违约处置机制和方式,延长到期合同期限,有效缓解杠杆资金平仓压力。

600146股吧——川财证券

  第四,投资者具有良好的流动性。股市交易基本平稳,基金公司、社保基金、保险公司、企业年金、私募基金等机构投资者资金面较为充裕。个人客户交易结算资金余额达到2.5万亿元,远高于上年末的1.2万亿元水平。
  值得注意的是,在中国证监会负责人表态前,央行行长周小川在刚刚结束的20国集团财长和央行行长会议上表示,人民币对美元汇率已经趋稳,股市调整已基本到位,金融市场有望更加稳定。

  一系列维稳措施

600146股吧——万润科技股票

  目前A股市场投资者情绪仍不稳定,股指波动幅度仍较大。中国证监会在维护股市稳定和下一阶段改革发展方面有何打算,成为广大投资者最关心的问题。
  The relevant person in charge of the CSRC said that in the next step, we should continue to take stabilizing the market and preventing systemic risks as the primary task, organically combine stabilizing the market, repairing the market and building the market, and strive to cultivate an open, transparent, long-term, stable and healthy capital market.

  This round of abnormal fluctuations in the stock market has further exposed such problems as immature stock market, imperfect system, unsuitable supervision, unreasonable structure of listed companies and investors, excessive short-term speculation and so on.To solve these problems, we need to deepen reform, improve the legal system and supervision.At present and in the future, we should do the following work well:

  First, we should proceed from China’s reality, learn from the experience of overseas mature markets, study the top-level design of the market, adhere to serving the real economy, improve the market structure, cultivate and develop institutional investors, and implement policies to encourage long-term investment.
  Second, we should promote market reform and opening up in an orderly manner, adhere to the orientation of marketization and rule of law, actively and steadily implement the reform of stock issuance registration system, strive to improve the quality of listed companies, speed up the marketization reform of merger and reorganization of listed companies, standardize the resale system of shares of major shareholders and actual controllers, promote the construction of share repurchase system of listed companies, and earnestly implement the dividend system of listed companies To optimize the return mechanism of investors.

  Third, make up for regulatory loopholes and improve the market management system.We should study, formulate and implement the scheme of index circuit breaker mechanism, strictly manage and restrict procedural trading, curb excessive speculation in stock index futures, and standardize stock financing business.Standardize the business activities of securities companies, fund companies and futures companies, and improve the risk control index system.
  Fourth, consolidate the market infrastructure construction, strengthen the management of various accounts and information systems, increase data integration and sharing, establish and improve the risk early warning system and cross market real-time monitoring system.

  Circuit breaker mechanism attracts attention
  ”Daily economic news” reporter noted that in the statement of the spokesman of the Securities Regulatory Commission, in addition to the concern of the majority of investors about the securities and futures companies, the most noteworthy thing is to study and formulate the scheme of index circuit breaker mechanism.

  断路器机制起源于美国,其特点是人为设置价格限制和中断交易。其目的是在价格突然变化时给投资者一个冷静期,防止过度反应。
  业内人士指出,熔断机制不仅对股指期货的交易者起到警示作用,也对各级期货交易的风险管理起到警示作用。熔断机制能够对股指期货市场的交易风险进行预警,有效防范突发性、严重性风险。此外,还为控制交易风险赢得了思考时间和操作时间。这有助于消除期货市场因价格过时而导致的流动性下降。通过电路中断期,消除了交易系统指令阻塞现象,消除了过时价格,保证了交易的顺利进行。

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