Second, in June, the banking system was faced with a tight assessment time at the end of half a year, and MLF expired in June, which affected liquidity;
Third, Weibo, the official of the CSRC, issued a document asking securities companies to conduct self-inspection on external access, and local securities regulatory bureaus verified the self-inspection and asked China Securities Association to formulate norms and standards for external access of information systems of securities companies.
Fourth, the CSRC's new financial management measures were introduced for comments, and the intention of reducing leverage was obvious, which had an impact on the broader market.
Fifth, the cash flow of industrial capital has accelerated. Since May, the reduction of domestic industrial capital has reached 200 billion yuan, of which the monthly reduction in May was as high as 654.38+050 billion yuan, nearly doubling from the previous month, setting a new high this year.
Sixth, the A-share securitization rate has reached 104.63%, sending out an early warning signal. As of June 12, the total market value of Shanghai and Shenzhen stock markets reported 7 1.25 trillion yuan, which exceeded 70 trillion yuan for the first time, rising by 3. 18% in a week. The average share price of the two cities was 17.8 yuan, rising by 2. 16% in a week. If the total GDP of China in 20 15 years is 68. 1 trillion yuan (predicted value), the securitization rate of A shares has reached 104.63%.
Seventh, the price-earnings ratio of A shares is too high, so it is necessary to adjust the high-valued stocks. As of June 15, the current P/E ratio of the Shanghai Composite Index is around 22 times, while just a few months ago, its P/E ratio was still around 9.6 times, which is at least the lowest level since 1998. The price-earnings ratio of Shenzhen Component Index is about 54 times, which is four times that of MSCI. N) Emerging market index, and the P/E ratio of GEM is as high as 128 times. The data shows that as of the end of May 20 15, the price-earnings ratio of the Growth Enterprise Market of Tokyo Stock Exchange is 99, the price-earnings ratio of the main board of Hong Kong Stock Exchange is about 13 times, and the price-earnings ratio of the Growth Enterprise Market is 90.
Extended data
The stock fell because the selling price was lower than the buying price, and the stock supply exceeded the demand. The internal cause of the stock market decline lies in the weakening of market liquidity and the shortage of funds, which is embodied in a series of factors such as the issuance of new shares exceeding the market capacity, the size of non-reduction, private placement and so on; The external cause lies in the systemic risk of financial market.
After encountering bad news, individual stocks often cause the phenomenon of capital flight, and take over to reduce the stock price decline. However, when the stock market encounters systemic risks, there will be no complete eggs under the nest, and most stocks will inevitably fall. On the path, the stock market decline and the stock market decline are mutually causal and have a progressive relationship.
The decline of individual stocks, especially the decline of negative weight, often drags down the whole market index. For example, the decline in Tesla's performance in the US stock market led to a decline in the US stock index. The pre-loss of some A-share index stocks in the interim report is one of the fundamental reasons for the decline of Shanghai and Shenzhen stock markets.
China Com- Why has the stock market plummeted recently? Reasons for the stock market crash in June, 2065438+2005