Under the influence of many factors, the fluctuation of the stock market is inevitable. The stock market of any country in the world is developing in a dynamic balance, but the amplitude is different, and it will never only rise or fall, but only fall or fall.
However, compared with the young China stock market, the contradictions and problems in the depth of the market can't disappear completely under the overnight surge of the index.
With the end of the share-trading reform, the institutional obstacles that plague the market development are gradually being eliminated. However, the substantial pressure of non-tradable shares on the secondary market has not yet begun to manifest, and the real test of the development of China stock market is when these pressures really come.
With the improvement of market infrastructure and the government's understanding of its strategic position, investors' optimism pervades the market. However, compared with a mature and healthy market, China stock market still has a long way to go. In particular, the overall performance and profitability of listed companies have not been fundamentally improved, and some have shown a continuous downward trend.
Economic development has a certain inertia, and the influence of national policies and other factors always has a process of implementation and function, and its running trend will not change suddenly. The numerical changes between the stock index skyrocketing reflect the vitality of the development of China's capital market, but it does not necessarily mean that the internal quality of the capital market has been fundamentally improved.
Behind the rise of the stock index is the change of the valuation system of China stock market. Since the beginning of this year, with the listing of a number of enterprises with strong representative significance for macroeconomic development, such as Industrial and Commercial Bank of China and Bank of China, the weight of the stock index has also undergone fundamental changes. The entry of these "behemoths" into the market has become the decisive force of the stock index. Every time they rise or fall by one point, it will affect the stock index by several points. In this context, the rise of the stock index is obviously not equal to the rise of the stock market, because the performance of these "leading" enterprises cannot represent the performance of other listed companies, and investors' optimism about the prospects of these "leading" enterprises does not mean optimism about the prospects of all listed companies.
With the development of scale, the anti-risk ability of China stock market has been enhanced accordingly. The total market value of Shanghai and Shenzhen stock markets has exceeded 7 trillion yuan, and the total market financing this year alone has exceeded 200 billion yuan. The arrival of stock index futures means that the China stock market will enter a new stage of development, but it also brings new challenges to the regulatory authorities and the market. In a market where manipulation and speculation cannot be effectively curbed, it is not impossible for some institutions to make the stock index soar to several points.
At present, China's capital market is at an important turning point. In accordance with the idea of "treating both the symptoms and root causes, paying equal attention to both inside and outside, and combining far and near", relevant departments are constantly deepening reform, strengthening supervision and strengthening market infrastructure construction, making efforts to solve structural and institutional problems affecting the long-term development of the market, and promoting the reform, opening up and stable development of the capital market. This is the hope of China stock market. As a mature manager, the grasp of the development and operation of the stock market should not be complacent or panic just by looking at the ups and downs of a place, and it will inevitably be overcorrected. Only by taking a long-term view and proceeding from the overall situation can we make an accurate judgment.