There is a paragraph on the Internet, "Beinmei: Loss 1 100 million, unconvinced? Letv. Com: I don't accept it. I'll add another zero ... ST Bao Li Qian: The loss can't be counted ... Zhangzidao: What did my scallop run away? The scallops on Zhangzidao ran away again? A 500 million yuan pre-loss announcement issued by the listed company Zhangzidao on the evening of the 30 th. "
65438+1October 3 1, the three major stock markets fluctuated weakly after opening lower. The theme stocks were greatly adjusted, market funds fled from performance warning stocks, and blue chips such as banks, insurance, liquor and real estate came forward, which once led the Shanghai Composite Index to turn red. Helpless, there are few hot spots on the disk, poor linkage and weak market-making effect. More than 100 stocks in the two cities fell.
From the disk, banks, white horse stocks, first-line leading companies, food and beverage, clothing and home textiles were among the top gainers, while software, media, sub-new products and semiconductors were among the top losers. Affected by the large pre-loss of listed companies such as LeTV, small and medium-sized stocks fell sharply, and the GEM index fell by nearly 3%.
In the afternoon, as the market continued to fall, flash stocks reappeared. Stocks such as Fangda Carbon, Tianxia Zhihui, Kangrui, Tibet Everest and Hainan Ruize fell rapidly in intraday trading until the daily limit. Hua Pengfei collapsed and its share price hit a 32-month low. ST Bao Li Qian plunged thousands of miles, recording 23 consecutive daily limit, and its market value shrank by 90%.
A private equity fund manager in Shanghai believes that in the past year, value investment has returned to become the mainstream investment logic, and the market style preference is mainly big and small, focusing on valuation and safety margin. Many small-cap stocks have a turnover of only a few million yuan a day, so it is easier to get money in than out. Without the protection of funds, the stock price will fall.
Trust, financing, shareholding and mine laying.
June 365438+1October 3 1, due to the lifting of the ban on restricted shares, Jinyi culture collapsed and plummeted; Huaying agriculture closed down. Looking at the top ten tradable shareholders, both stocks have many trust products.
It is worth noting that1October 25th, 65438+ released a huge amount of jadeite diamonds.1October 26th and 29th, 65438+ suddenly suffered a flash crash, and its share price fell. The top ten tradable shareholders of the stock gathered in the trust plan. Wan Jiale, which was suspended due to the flash crash, not only has a large number of trust plans, but also the "flash crash signs" of Yunnan International Trust.
On the day of 18, the share price of Oriental Jinyu fluctuated and dived, and then closed down, with a total turnover of180,000 lots. It is noteworthy that among the top ten tradable shareholders of Oriental Jinyu, trust plan and fund asset management plan occupy 6 seats.
For another example, the tradable shareholders include massive data of the shareholding plans of Minsheng Trust, changan trust and Huabao Trust; Among the tradable shareholders are Leo shares planned by Yunnan Trust and China Resources Trust. Among the tradable shareholders, both China Shipping Trust and National Trust have flying integrity in their shareholding plans. Fenghua Hi-Tech, which contains Huaxin Trust's shareholding plan in its tradable shares, has seen its share price decline to varying degrees.
Trust companies are window guides.
See also that the shares of shareholders, including trust companies, have fallen sharply! This is not the first time in the market. What is the reason this time?
It has been confirmed by many trust companies that since June 5438+1October 1 1, the banking supervision departments in Beijing and Shanghai have given window guidance to trust companies, demanding that the securities investment business of trust companies be standardized and the intermediate-level structured securities investment business be suspended.
How to deal with the suspension of the structured fund-raising business among trust companies that have attracted much attention from the outside world?
It is understood that the so-called structured securities trust fund-raising business means that trust companies provide financial support for securities investment for investors and institutions in need by setting up structured trusts. According to the standards such as the number of structured layers, the source of priority funds, the type of inferior investors, and the investment of trust funds, the structured securities trust fund-raising business can be divided into different types.
According to the number of layers of structured securities trust, it can be divided into two layers (priority layer, secondary layer), three layers (priority layer, intermediate layer, secondary layer) and the above three categories, among which two-layer and three-layer structured securities trust are more common. What is required to be suspended by the supervision this time is the intermediate three-tier stock matching business.
In fact, it has long been an industry consensus to compress channels under strict supervision. On February 26th, 20 17, CITIC Trust, the "first brother of trust", submitted a self-discipline commitment letter to the regulatory authorities, promising that the bank channel business scale of the company would only decrease in 20 18.
The trust industry issues three tickets every week.
20 18 has just begun, and the fines in the trust industry have greatly exceeded 20 17.
Since last week, the penalties of Wanxiang Trust, Xoceco Trust and Guo Tong Trust have been published online. In addition, several trusts have received fines from the regulatory authorities, and relevant penalties will be announced in the near future.
A person from the R&D department of a medium-sized trust company said that the regulatory pressure will run through 20 18. In this context, trust companies should take legal compliance as the bottom line, and first establish the awareness of development after standardization.
Looking back at the beginning of 20 17, the first ticket was born in March. By mid-May of that year, Huaxin Trust, Northern Trust and other companies were successively supervised to make punishment decisions. During the week from 20 18122 October to 2065 438+08128 October, three trust companies were punished by public announcement.
The China Banking Regulatory Commission said that this year, it will further deepen the rectification of chaos in the banking market, investigate and deal with major cases in the banking industry according to law, persist in investigating and correcting violations, and resolutely fight hard to prevent and resolve major financial risks. In the future, strict supervision will focus on macro-prudential supervision, micro-prudential supervision, behavioral supervision and infrastructure construction of the financial industry, and improve and build a more demanding supervision system.
Analysts said that the Central Economic Work Conference placed the prevention and resolution of major risks at the top of the "three major battles" to build a well-off society in an all-round way in the next three years, that is, to eliminate risks and lay a solid foundation for China's economy to move forward lightly. The function of finance is like blood circulation. If you want to take root and sprout, you must have a smooth circulation and keep up with nutrition. Only when supervision shows its teeth can the financial industry remember for a long time and provide a good foundation for China's economy.
"Flash collapse" or there are traces to follow
Statistics show that there are various reasons for the recent stock flash crash. The controlling shareholder's pledged shares are close to the warning line, and the case is investigated and the loss is expected. Why are so many stocks flashing? In the news, there may be traces to follow.
First, the problem of structured products.
Strict supervision has always been the keynote of financial markets this year. There are many problems in stock structured products in the market. When the net value of some structured products approaches the liquidation line, they need to be sold. The collapse of some illiquid stocks is likely to be related to this.
Second, there is insufficient liquidity.
In the context of financial deleveraging, off-exchange funds are also tightening, putting pressure on the market.
Third, the structural market.
Since the beginning of this year, the structural market of the A-share market has been obvious. The Shanghai Stock Exchange 50, where white horse stocks are concentrated, stands out, and institutions have also piled up to hedge white horse stocks. The chips in the market are too concentrated. On the other hand, the mobility of small and medium-sized creative sectors has dropped significantly.
Fourth, institutional risk control needs.
Some institutions have to reduce their positions for the need of internal risk control, which leads them to sell some stocks at no cost, which is also considered as one of the reasons for the flash crash of some stocks.
Fifth, lift the curse.
Lifting the ban has always been considered as one of the factors that affect the stock price in the short term. It is often said in the market that "lifting the ban" will change color, and the greater the proportion of lifting the ban, the greater the risk.
Intransitive verb performance mine.
20 17 year performance pre-loss, wearing a hat, performance growth is lower than expected, good performance.