In the evening of 20th July, 2018, PBOC, CBRC and CSRC published new asset management rules. Regulatory momentum is marginally relaxed

Junmao capital believes that the newly issued new regulation on capital pipes increases the elastic space of the regulatory policy and avoids the unnecessary systemic financial risks caused by supervision. Yangling, CEO of XingShi investment argues that the new rules will increase the liquidity of stock, debt markets and boost market sentiment. A private equity manger stated that the new rules will has a profound influence on the structure of private equity fund. Banks and securities companies may benefit from this new rule in some extend. Yi Hu investment expression the new asset management rules are delayed and the implementation has been loosened. Central bank guarantee business banks purchase AA+ and below rating bonds, and the probability of systemic risk is further reduced. All the signs indicate that there is a big probability become the bottom, and that it has evolved into a medium and long term bottom, so it continues to buy. Yu Yi assets believe that in the medium to long term, the market is likely to be in the bottom area at the moment. It is suggested that investors should have a long view and the current position should be more optimistic. Jun Mao capital believes that the current market is at an important historical bottom area, and A shares enter a stage of strategic concern in the medium and long term. However, in the absence of over-the-counter capital inflow, the market probability will be in the bumping along the bottom, and in the future, we should focus on the trend of mainstream off-market funds. Yuan Le Sheng believes that the market continued to decline for four days before last week, and the market sentiment was overly suppressed. On Friday, the market was pulled up by the big financial sector and led to an overall rebound. He is optimistic about the current position of the market, but the impact of leveraging on the market still needs time to digest, and the environment at home and abroad does not have the conditions for immediate improvement in the market and still needs to be patient.

Zhanbo Investment suggests that, in the current situation, the best for investors is doing more research, less operation, especially try to all in when see rebound. At this time, we must only take actions when there is clear signal. We can wait until the uncertainties are basically clear. At that time, it might be a big bull market. After all, it has been three years since the fall in 2015. After determining the rebound, it is recommended to find bull stocks from the listed companies of science and technology avoid enterprises of the real estate industry chain, as the central government’s attitude is very clear: "house is not for speculation". The growth of real estate investment will be lower in the second half than the first half of the year, new housing sales growth continues down, and real estate related industry chain listed company performance growth is expected to slow.

The New Fortune Capital Research Center believes that on July 20th, the detail rules of new regulations of the asset management was issued and it became the key marginal influence factors affecting the liquidity of the market, and the detailed rules are more clear and loose. Suggestions: 1, banks, insurance and securities companies: directly benefit from the short-term liquidity of the new management regulations, real estate may also benefit in short term; 2, liquidity is expected to be more abundant, the growth stock may have a rebound in the short term, it is suggested to pay attention to the 5G-industry chain, consumer electronics, new energy vehicles and so on.

Huanfang Quant indicates that the domestic economic data has a slight anxiety, and the expected economic growth will not have violent fluctuations. In the long run, it may be a slow decline in the growth rate, and the risk of sudden stall is low. With the debate between the Central Bank and the Ministry of Finance and the guidance of the Central Bank on bank loans, the government has eased its leverage and has a positive impact on secondary market. With the change of the attitude of leverage, although the market may have some twists and turns in the second half of the year, the overall trend will be better.

Hong Shang assets believe that, in the short-term, after a substantial adjustment, the valuation of the market is basically reasonable. the implementation of the new rules and regulations to relax the monetary policy tends to relax and become clear to the market. Under the premise of the control and retracement, we will actively select stocks, which mainly in the industries of innovation, education and medical care that relate to the direction of Chinese economic transformation and keep close attention to the exact implementation of the new regulations.

Copyright by FangQuant.com