The influence of stock index futures on the stock market. Stock index futures can affect the short-term trend of the stock market, but it cannot determine the medium-and long-term direction of the stock market. The long-term trend of the stock market is always determined by macroeconomic development. Only when the national economy continues to strengthen can the stock market really strengthen. Any other short-term themes and news can only have a partial or short-term impact on the stock market, including stock index futures. First of all, we must have a clear understanding of the nature of the stock index cycle. Stock index futures is a financial derivative product based on the stock market, which is closely related to the operation of the stock market, but it is essentially different from stocks. Stock index futures is a contract and has no value in itself. As soon as the contract expires, its mission is over. Formally, it has a price, which is a "virtual" price corresponding to the price of the Shanghai and Shenzhen 300 stock indexes, and it is not the real price under the "game" of all parties, because the "Shanghai and Shenzhen 300 Index" itself is a set of "numbers". It is essentially a "concept" in people's minds. For example, everyone has the experience of looking in the mirror. Stock index futures index and Shanghai and Shenzhen 300 stock indexes are "images" in the mirror, not physical objects. In this series of contacts, the "real" object is "all 300 stocks corresponding to the Shanghai and Shenzhen 300 stock indexes", which really has a price. Because the value of those 300 stocks is "all stocks of 300 stocks", if you own these "all stocks", there is no doubt that you will be the "absolute richest man" in any time and anywhere in the world, at all times and at all times, because it means that you have 300 enterprises with the best benefits in China, with high value. In a word, stock index futures index. Of course, this "all wealth" refers to the "all" of the shareholders' equity of "common stock", but does not include the assets of preferred stock and "creditor's rights", which is another topic and will not be described here. The "essential" difference I want to talk about in the last paragraph is actually like this. Because stocks are valuable, the price of stocks is ultimately determined by this "value", which conforms to the economic law of general commodity value and price and the basic principles of Marxist economics. Prices always fluctuate around value. Price is the manifestation of value, and value is the inherent essence of goods. Therefore, the value of stock depends on the ability of listed companies to create wealth, and the price of stock is the result of short-term, medium-term and long-term comprehensive factors. The stock price can be inconsistent with the value because of the operating state of the stock market itself, but its basic trend must be determined by value, that is, by creating profits, social contribution and historical mission, which is another kind of reproduction of the running track of the stock market. However, due to the factors of laws and regulations, the entry threshold is limited, and entrants can use "leverage", which makes the stock index futures market more unfathomable and more volatile. If the stock market and stock index futures market are described by strategic and tactical theory, then the stock market is undoubtedly a long-term plan of strategic direction, and the stock index futures market is undoubtedly a duel of specific battles. It is a process of fire and smoke, and the bayonet is red. Here, the dialectical relationship between the stock market and the stock index futures market has been demonstrated again. The stock market determines the long-term direction, while the stock index futures market reacts on the stock market, shortening and prolonging the short-term fluctuations. As for how the stock index futures market can play this role, this is the essence I mentioned earlier. The stock index futures market forms a "game" through different views on the future trend of the Shanghai and Shenzhen 300 Index. The fluctuation of the futures index is "violent". Please pay attention to what I say here. It is this "violence" that tells the essence of stock index futures. The stock market moves forward based on macroeconomic trends, while the stock index futures index strives for "funds" based on the operation of the stock market. A little fluctuation in the stock market can cause the "upside down" turmoil in the stock index period, which often gives people a trend. It's just an image, and it hasn't really changed, but it's this "variability" that adds "ambiguity", "right and wrong" and "mystery" charm to the stock market, or a "curse", which is also a reaction of the stock index futures market to the stock market. In a word, the stock market is the "monitor" of economic development. Everyone can be a "prop" to make money. Even if the economy goes backwards for ten years and all stocks shrink twice again, all stock investors will become "losers". In the stock index futures market, as long as you "buy the right direction", you can also become a "winner", which is the essential difference between the stock market and the stock index futures market. There seems to be just one sentence here. Of course, this paragraph is only to illustrate a truth, that is, to clarify what "essence" means. Vaguely, I used a very interesting word, which is game. Stocks can be invested, but stock index futures can only be a "game". Please think about it.

Secondly, understand the "reaction" of stock index futures to the stock market. Stock index futures is a financial derivative of the stock market, which is based on the stock market. This is easy to understand. However, most people don't know how the stock index futures react to the stock market. At least, in China, at this stage when the stock index futures market has just been launched for one year, it is like this. Of course, when more and more people think about this problem, gradually, the "problem" may no longer be a problem. The basic trend of the stock index futures market depends on the stock market, because the stock index futures market itself has no direction, and its direction comes from the stock market. However, due to the special factors in the stock index futures market (for example, the participants in the stock index futures market are all real bosses or "Wulin (stock) experts"), the target of stock index futures is the 300 stocks with the best returns in the stock market, and the stock index futures market opens earlier than the stock market and closes later than the stock market. The short-term trend of the stock index futures market is ahead of the "process" of the stock market, so there is a "trend" to lead the short-term trend of the stock market, especially when the market wind direction is at or near the stage of change, it shows the "leading" effect of the stock index futures market. The stock index futures market intensifies the fluctuation range of the stock market and prolongs the wavelength of the "fixed trend", thus forming the characteristic of fluctuation in one day, pushing up the rising height, deepening the decline and prolonging the period of consolidation and fluctuation in the band trend, which makes the stock market present the "inconsistent trend characteristics" before the introduction of the stock index futures, for example, according to experience or relevant stock market "rules", it should have risen to a suitable position. The situation of "up and then up" should have fallen to the right position, and there was a situation of "down and then down". The extension of the consolidation cycle is quite obvious, which makes a complete stock band more "incisive". In a stock market jargon, it is "helping to rise and fall", but this "stock index futures phenomenon" I understand is not just helping to rise. 3. What important influences have stock index futures brought to the stock market since they were introduced one year ago? On April 9, 20 10, China officially launched stock index futures, a financial derivative. With the successive launch of margin financing and securities lending business, it marks that China's securities market is becoming more and more mature, and it has taken an important step to connect with the mature markets that have been running in the world for one or two hundred years, which is another "milestone" for the development of China's financial securities industry. Stock index futures is a new thing, from the state to individual investors, there is no personal experience of successful operation, and they all need to be baptized under the new situation. Therefore, market participants have fully studied and learned from foreign successful experiences, and conducted a "present education" on China A-share market, which is a "blood lesson" for most investors, because in April of 20 10, with the official launch of China's stock index futures, a new round of crash, deep crash and crash sounded, and people were "dodged" before they had time. Although it is not to the point of "locking the throat with a sword", it is already scarred and dying. This is the "evidence" that stock index futures have reacted to the stock market since its launch. Of course, many experts and scholars are still studying this issue afterwards. The main voice is that the "culprit" of this round of decline is actually not stock index futures, but the stock market itself does have falling demand. However, when stock index futures were introduced, people put all the responsibilities on "stock index futures". That's true. As early as the beginning of 20 10, the state began to "suppress" the housing market and property market speculation, and successively issued a number of "Jin Jian". However, property prices and house prices are still high, and the stock price is still "going its own way", showing considerable resilience. More importantly, Mr. Wang Yawei, a famous fund manager, tried his best to "do more", which made many people worry about the future. It is this reason that "most people in the market are full of illusions" that makes the main bookmakers find the "big head" and start a new round of "chip exchange". Therefore, it can now be understood that according to the "rules" of the stock market's own operation, it has indeed reached the point of "golden flowers everywhere" and "falling short", but it is really not a "disaster" caused by stock index futures. However, in our view, this cannot be a sufficient reason for "stock index futures" to shirk their responsibilities, because whether it is active or passive, even if it is used by the main bookmakers, it will not change that "with the official launch of stock index futures ... it will start a new round of decline". Therefore, stock index futures have formed a "factual influence" on the trend of this round of stock market, which is "reaction". On May 20 10, when the contract of stock index futures expired in April, the "futures delivery date effect" appeared in the stock market, which led to the stock market crash that day. This is another evidence that stock index futures "react" to the stock market. After June 20 10, the "delivery day effect" of stock index futures is not obvious. As a stock market derivative, it has returned to the normal function of "stock market factor". In daily trading, we should pay attention to the role of stock index futures as an "important factor" affecting the short-term trend of the stock market, especially when the wind direction of the stock market may change, and pay more attention to the trend of stock index futures and Shanghai and Shenzhen 300 indexes. Of course, the reaction of stock index futures to the stock market is not all negative. As mentioned earlier, stock index futures help to rise and fall. Therefore, since the market bottomed out on July 2, 20 10 and started a new upward trend, it should also be attributed to the stock index futures that can reach a high point of more than 3,000 points at the end of 20 10. However, the long-term sideways movement from May to June in 20 10, from August to September in 20 10, and from June to February in 2010/year should also be counted as "one move" of stock index futures. For this "one move", some people don't make money or even lose money in the sideways market. However, I don't know if you have noticed. This should be counted as a "stroke" of stock index futures, because after the introduction of stock index futures, every sideways looks so "reserved". Please pay attention to my words here. "reserve" is not just "persistence", it has another meaning, and it is not here. The above is the "outline" of the impact of stock index futures on the stock market. Of course, it can't completely cover everything, only a little taste, and there are more "flesh and blood" in it, which still needs your understanding! Finally, if we want to sum it up in one sentence, that is, stock index futures is a financial derivative product, which originated from the stock market, but it is essentially different from the stock market. Based on the stock market, it has a negative effect on the stock market, especially on the short-term trend of the stock market, which has a "leading effect"! Remarks: The purpose of my communication here is to hope that all friends can make friends, talk about experience, learn and improve. If everyone can understand and improve in communication, that is my original intention. If you understand, then what I said above is naturally yours!