The New Trend Of A Shares Has Created History Again.

In the first week of 2016, four trading days, four fuses.

The new trend of A shares has created history again.

Faced with this abrupt turn, it is clear that the market is caught off guard, even if institutional investors are also immune.

Some public funds people exchanged information with volcano fortune reporters privately. When they first fended off on Monday, they were very busy with the market and trading department. They did face some redemption pressure. Another public offering fund was more cautious that the redemption pressure was not large at present.

But the reason why the market has such extreme quotations is that the fusing mechanism just launched.

As is known to all, the main function of the fusing mechanism is to provide the market with a "cooling off period" to avoid or reduce the hasty decision making under the sharp fluctuations, and to protect the legitimate rights and interests of investors, especially small and medium-sized investors. But for a market dominated by individual investors, there are four fuses within a week. Is the fusing mechanism really effective?

Although the SFC spokesman said that from overseas experience, the perfection of fusing mechanism is not a one step in place and there is no uniform practice. We need to gradually explore, accumulate experience and adjust dynamically in practice.

According to the actual operation of the fusing mechanism, we should continuously improve the relevant mechanism.

However, as the main bodies of the market, the public and private companies, after experiencing such extreme prices in a short time, actually have their own views. The first time the volcano wealth reporters gathered various viewpoints, and to see what these public private giants have for the future market and for melting.

Yu Dingheng, general manager of tiger Investment: the market crash caused by multiple negative resonance, the depreciation of the RMB, the collapse of the external stock market, the speed of registration system, the reduction of expectations.

Fuses are superfluous, and the trading system is the melting of trading. The current arrangement is to eliminate liquidity. It is to cut the water and have big problems. It should be corrected in time.

Luo Weidong, chairman of Siya capital: I said at the beginning of this year that we should pay attention to the speed of RMB devaluation and the situation of capital outflow. If the devaluation of RMB is too fast, it will be a great blow to A share.

Our limit system has been very perfect. There is no need for a new fusing system.

It is not as bad as the market will suddenly lose liquidity and speed up panic.

Liquidity is the first important thing in the market. Do not easily reduce liquidity. This is a very dangerous thing, no matter what the market should not do easily.

Qianhai ark capital President Zhong Haibo: the overseas crude oil and stock market plummeted, the RMB exchange rate fluctuation is huge, the US dollar accelerates the reflux, causes the weak A stock to lack the enough confidence.

I think we discussed more fuses, assuming no fuses, like last year's 1000 stock limit will still appear, so the fusing mechanism itself is no problem, but it happens to the market at present, a bit untimely.

In addition, China's A shares are highly valued and belong to the seller's market. Therefore, when the critical point appears, fuse will promote the selling pressure.

At present, it is almost impossible to recover the fusing mechanism. Only by optimizing, we propose to limit the limit of price limits and enlarge the bottom space to show the advantage of fusing. Otherwise, 7% fuses and 10% limit stops are not very different.

Wu Weizhi, chairman of China Europe Investment Co., Ltd.: there are many factors that affect the crash today, including the depreciation of the renminbi, the collapse of oil prices and the collapse of US stocks.

The new mechanism is concerned that the magnetic attraction effect of the fusing mechanism is aggravated, and many factors superimpose.

In the case of T+1, there are ups and downs of stocks, and then the introduction of fusing mechanism, from the trial for a few days, objectively amplifying the fear of liquidity concerns.

According to the principle of seeking truth from facts and feeling the way of crossing the river, we need to consider whether it needs to be revised and perfected.

Otherwise, hurting the liquidity of A share market is worth reflecting.

Yu Yingdong, director of Qianhai Xinfu Capital Investment Co., Ltd.: in 2015, the two financial leverage was a drop accelerator. In 2016, the "fusing" mechanism became a new drop accelerator, and became the "herding effect" of the market sentiment.

A stock investors' high "herd mentality" will lead to losing control of the risk of "fusing".

The abolition of the fusing mechanism may be a better way.

On the one hand, the market slump is due to more recent bad factors, including the continued depreciation of the renminbi, the expiration of the ban on major shareholders, and the uncertain factors in the implementation of the registration system, which has a strong impact on the market.

The panic stems from lack of self-confidence, and now it is badly in need of good news to ease investor fears of market uncertainty and enhance investor confidence.

On the other hand, it triggers two fuses in four days. The fusing mechanism or needs to be adjusted. This is because, once the market is wrong, investors can not worry too much in a short period of 15 minutes. If they escape, they will be thrown first. This means that the role of the "cold and quiet" market in the current fusing mechanism is very limited, and the fusing mechanism needs to be made more perfect according to China's national conditions.

Chou Tian Di, general manager of hareun asset, new year's Day

In addition to the sluggish domestic economy and the impact of the US dollar interest rate increase, the US stock market crash has had a great impact on the A share market today.

The fusing mechanism is to further expand the risk prevention, but it leads to an avalanche of the market. This reflects the extremely immature psychological state of domestic investors, and it is estimated that there is an adaptation process.

In fact, the fusing mechanism does not affect the operation rules of the stock market, and investors need not panic.

For some new policies in the stock market, we should consider that China's stock market is still a very immature market and should not be haste.

Li Jun, general manager of the former sea ice and cold and persistent investment, there is no big problem on the fundamentals today. The exchange rate is only an external cause, but there is no such great fear.

The lack of institutional building led to panic and the market stampede again.

The fusing mechanism itself is good, but there is no reservation for the limit state, causing the market to plummet.

We will wait for the market to stabilise before making a choice.

Liu Weijie, director of investment in the affluent fund of emperor Zi: my view on today's market situation is that the irrational decline of the market is mainly affected by the investment panic.

At present, the fusing mechanism has affected the market chips to fully change hands when they fall and adjust, otherwise the panic is aggravated.

For the 5% time break of the fusing mechanism, it is too short for 15 minutes. There is not enough time for the market to be calm. It is suggested that the break time should be changed to one hour.

Cathay Pacific Fund Yang Fei: at present, the market is not similar to last year's 6 and July mandatory reduction power, the possibility of continuous decline is not high, it is expected that regulators may introduce corresponding policies to deal with the recent market adjustment.

If the subsequent market falls further, some of the high quality targets will fall.

This will become a major investment opportunity in 2016.

As for the investment operation of the managed products, we attach great importance to the valuation of investment targets, emphasize the growth of reasonable valuation, and the companies with high valuations in their portfolios are less.

For the recent market turmoil, we will pay close attention to policy changes, strictly control the overall position of the fund, and tide over the gold stocks.

Xia Ya Chun, director of wealth management research in Hongkong, China: the devaluation of RMB too far exceeded the general expectation of the market, and did not explain anything about the depreciation of the RMB, causing the global worry about the competitive depreciation of China's economy and other countries.

In addition, the prohibition of big shareholders from the stock market crash will expire tomorrow.

Although the SFC reminds major shareholders not to act rashly, the market still has expectations.

Fusible mechanism trigger threshold design is unreasonable and these factors stack together, and oil prices continue to fall.

This market reaction is likely to exceed the global asset price adjustment triggered by the depreciation of the renminbi in August 11th.

Noah wealth research and development center researcher Wang Bo: we think last night's weakness and crude oil crash again become a direct catalyst for today's fall, superimposed on yesterday's A share market blue chip driven "coal flying color dance" rise, and jointly formed a collective selling again to reduce the expected position.

It is worth noting that the brokerage sector, in the 2015 deleveraging of the stock market crash, many brokerages' self employment has been greatly affected, or even a floating deficit.

The brokerage business, which is the largest source of profit as the broker or in the context of the fusing mechanism, will be affected again. This is bound to produce a new feedback effect on the large market value represented by non silver finance.

Chen Tianming, manager of Hansin asset fund, I think China's fusing mechanism is very unreasonable. It can only play a role in helping to rise and fall, resulting in liquidity exhaustion and completely unable to protect investors.

In the past four days, there have been two fuses. Apart from macroeconomic factors, the unreasonable design of the system is the main reason.

In addition, because China has a price limit system, in fact, the fusing system has no value at all, and it is recommended to be abolished directly.

If the fusing mechanism is retained, it is suggested that liquidity be provided to the market, for example, if 7% fuses, the market will still be able to trade, but it is not allowed to exceed the scope of trading within 7%.

China Europe Fund Cao Jianfei: market adjustment is mainly caused by the continued depreciation of the RMB, and interbank liquidity triggered by three factors, namely, the tightening of the seasonal and exchange rate depreciation factors, and the "reduction of the ban".

However, we also see some positive factors. The SFC has just released the new regulation of large shareholder Dong Jian, which can not exceed 1% within three months, relieving the market's worries about capital. At the same time, the central bank recently implemented directional easing through reverse repurchase, and actively responded to the liquidity strain caused by the depreciation of the exchange rate.

In general, the market is also losing risk and opportunities.

The 2016 is the first year of the 13th Five-Year plan, and the year when the reform measures fall to the ground. The supply side reform accelerates the clearance of backward production capacity, helps the real estate to inventory, and promotes industrial pformation and upgrading. Therefore, the two quarter economy will probably stabilize at the bottom and run on a new low platform.

At the same time, the central bank still has a larger clearance space, liquidity remains whole or loose, and in the long run, the market in the future will continue to improve.

Zhang Ge, chief strategist of Penghua Fund: for the recent rapid decline in the market, we can understand from two aspects: risk and opportunity. First, the situation of the economic and financial system is more complicated this year. We need to pay close attention to risk control in investment. Two, every time the rapid decline of the market brings the wrong killing of high quality stocks, and the rapid decline of the overall valuation also brings phased investment opportunities.

Looking forward to the whole year, the A share market will show the characteristics of interval shocks.

In a complex economic environment, market volatility may also be greater than before, but there is still hope for positive returns throughout the year.

We suggest that asset allocation should be done especially in this year's investment, and the equilibrium allocation should be made in many aspects, such as currency, asset type and so on.

Besides, shock and dynamic rebalancing should also be paid attention to in the shock market.