Frequent Trading Among Retail Investors Is One Of The Major Causes Of Losses.

Retail pactions in China account for 85% of the total market, far more than 21% of the United States, and retail investors' hand back rate is the highest in the world.

For the post market, Li Xunlei said, the stock market downward space is limited, upward trend still exists, but it will not be too high.

"Overall opportunities still come from

The opportunity, I think, does not come from the traditional blue chip opportunities. Although it requires more dividends from listed companies, but from the past 25 years, it is precisely because there are no dividend paying enterprises because they have more assets to replace and move to new industries. Now the structure of consumers is also changing. The proportion of traditional consumption and housing consumption is declining. The consumption of emerging pension, health, medical, education, culture, entertainment and so on is increasing, and the structural opportunities of the market will still be greater than the trend opportunities. This is my subjective judgment.

Say.

Li Xunlei said, analysis of the market to speak through the data, behind the data is logical, I once gathered in a group of customers when I talked about a data, everyone listened to are very depressed, if the A shares in 2007 the highest point of 6130 points to buy all equities.

Holding to today's yield is 110%, many organizations send products are actually running such a yield, I mean equal purchase.

Some did not look carefully, saying that PetroChina and Sinopec did not lose money? Yes, as long as the equivalents were bought, the yield of all stocks was 110%, or very high.

The sum of taxes and commissions is really so. Why is the dividend paid so little and the Commission is so large that the retail market in the United States now has 21% of the total volume of pactions. Our current retail paction accounts for 85% of the total market, and the market capitalization of the retail market has only 23% of the total market value of circulation. In other words, if our market turnover is 6 times this year, the rate of hand back of the retail investors is 22 times, and the turnover rate is 22 times a year. This is the first and 6 times turnover rate in the world. Our dividend rate is far from the total amount of dividends paid by investors.

The business finds that you didn't come for dividends because you didn't do it for the sake of profit.

The stock has been fired so high by you, my behavior is not a business enterprise, the whole thing is the merger and reorganization, so the whole history of China's stock market is the history of mergers and acquisitions. The Shanghai composite index is far from running the whole market index. Shanghai and Shenzhen 50 are also losing. Now the best performance is the Shanghai Stock Exchange 380. The smaller the value of the goods, the faster the value added will be. Why the enterprise can go up so much, it is not because of the good operation of the enterprise, but that the bad business will go up. When there is a bad opportunity for the merger and reorganization, there will be opportunities for mergers and acquisitions. There will be opportunities to shell out, and the process of pferring from the traditional industries to the new industries will give rise to a higher valuation level, which is the characteristic of our market. This is the characteristic of our market. 300. I

This feature can not be attributed to any side of the market participants, and several aspects jointly contribute to the current market characteristics.

"There is a limited space behind the market, and the upwards space still exists, but not too high.

Structural opportunities are greater than trend opportunities, "Li Xunlei, vice president and chief economist of Haitong Securities, said at the 2015 Phoenix finance summit.

As for the future stock market environment, Li Xunlei gave his judgment: "first, I think there is a lot of problems in some capital markets. Our market still has a desire to rise. All parties have the desire for the stock market to rise. This will affect the whole regulation." 13th Five-Year 'requires the Chinese economy to maintain medium and high speed growth, and our reform expectation is still high.

On the other hand, although our debt growth is fast, our debts are basically internal and self regulating.