First of all, macro differences
Generally speaking, especially in mature market economy countries like the United States, with the rise of oil prices, oil companies will have more room for profit operation, and then the funds invested in oil companies will get higher returns. But this is not the case in China, which has its own particularity.
(A) the policy stock market
The macro-control of China government has achieved remarkable results in protecting the interests of shareholders to the greatest extent, but it has also participated in various activities in the economic field to varying degrees, which will inevitably limit the liberalization of the economic market, such as directly or indirectly affecting the trend of the stock market; Support for some large enterprises or economic sectors has led to the corresponding share price increase.
(2) overall complexity
Most listed companies are controlled by state capital, together with collective ownership capital and private capital, showing a variety of ownership, such as state-owned shares and legal person shares can not be circulated, but employee shares can be circulated. In this way, the main body of stock investment income is diversified. On the one hand, the transfer of state-owned shares, legal person shares and dividend shares cannot be circulated. On the other hand, market players (listed companies) are unwilling to hold rights issues and then resell them to the general public. The above two aspects have caused the false reorganization of the stock market and price fraud at the first level. Because the transfer of state-owned shares and legal person shares is free or low-cost in many cases, it is out of the free adjustment mechanism of market economy and becomes a secondary reason.
(3) AB collision
As stocks issued by the same listed company, the investment value of A shares and B shares is different, which leads to a big difference in yield. The investment value of B shares is closer to the share price of foreign stock markets, while A shares cannot represent the domestic share price, which is why many foreign investors are more optimistic about B shares.
(D) Individual stocks are scattered
In the stock market, individual investors account for 95% of the total number of accounts opened, with more than 58 million people, and their capital belongs to private capital; Although the number of accounts opened by investment institutions only accounts for 5%, they control most of the funds. State-owned capital is the largest shareholder in the stock market, and there are generally few shares in circulation. Speculative monopolists only need a little capital to achieve the purpose of holding shares. As a result, the phenomenon such as banker monopolizing, retail investors following Zhuang and "dark horse shares" giving people away appears.
be lacking in supervision
Illegal fraud in the domestic stock market has been repeatedly banned. Many listed companies, such as Yi 'an Technology, Sanjiu Group, etc., use fraudulent means such as withdrawing funds and false account books to achieve the purpose of circling money. However, the author firmly believes that with the improvement of China's market economy and market regulations, the problem of lack of supervision will be solved.
Second, the depth difference.
(A) the government's psychological expectations
When the international oil price rises, the cost of importing crude oil by domestic oil companies will increase, which will lead to cost-driven inflation. For the sake of stability, the government will inevitably curb the rise of oil prices through macro-control, which will lead to a sharp drop in profits or even losses of oil companies. Of course, the government will also receive financial subsidies, but it often fails to make ends meet.
(2) Oil prices are hidden.
China's oil price does not include fuel costs, but also pays various fees such as road maintenance fees. Overall, the oil price in China is not lower than the international oil price. The actual situation is that there is a "big pot" phenomenon in the fuel field, which sacrifices the welfare of the vast majority of people. China's oil price is lower than the international oil price, which is the result of financial subsidies and the loss of people's welfare, and it is also an important reason why vested interests try to block the introduction of fuel tax. The oil price without fuel tax masks the truth of high domestic oil price, high welfare and huge profits of oil companies. If we want to analyze the trend of China Petroleum's share price, we should seriously consider these phenomena which completely violate international norms.
(C) poor government supervision
The profits of some listed companies are very flexible and can be increased or decreased. Everything serves the needs of some interest groups, but the punishment for financial fraud has always been very light and cannot be binding. In such a policy market, it is wise to understand the nature of the market and the government's requirements for stability.
Third, reflection and transcendence.
(A) on the government bailout
When we look at a person, there is a saying that "listen to his words and watch his actions", so should the expectation of rescuing the market. Judging from years of investment experience, if the relevant departments come forward to emphasize the stability of the stock market, it can be considered that the possibility of saving the market is very small, at least not at this stage. When you rescue the market, you may quietly raise money without interest, and then suddenly rise. It is difficult for ordinary investors to have opportunities. In addition, the favorable commentary published by Xinhua News Agency and People's Daily is not suitable as a signal for the government to rescue the market.
(2) carry forward the past and forge ahead.
China stock market has many particularities, which cannot be accurately grasped by traditional analytical tools, but one thing is almost certain: the result is often that the weak suffer. China stock market needs a perfect system to ensure its openness, fairness, impartiality and transparency, and a system to restrain the strong and protect ordinary investors. Before this system is perfect, it is not necessarily the worst choice for investors to leave at any time. Only when investors adjust their expectations and treat the stock market with a normal heart can they be more sober and calm.
I hope it helps you! Ha ha!