1. The impact of the GEM on the securities market. It is obvious that the GEM will divert funds from the main board in the initial stage of its establishment.

Moreover, after the domestic main board market has surged for eight consecutive months this year, there are relatively few opportunities, while the GEM has more charm.

First of all, the GEM stocks are fully tradable shares, which have the excitement of launching a takeover war directly in the secondary market. The situation is quite similar to the "three noes" sector in the past; secondly, the total share capital and circulating market of the GEM are quite small, and generally

The total share capital and circulating stock are around 30 million shares, which is convenient for the main players to control the market. This is also the reason why small-cap stocks in the main board market continued to be speculated for a long time in the past; thirdly, the price limit of the GEM will be expanded, which is expected to be 30%, and the corresponding opportunities will also be

will increase, and the situation will be similar to that in the past when the main board did not have price limit restrictions; fourthly, the GEM is mainly high-tech companies, which postpones the current craze for high-tech stocks; finally, the GEM will receive management support and will not be lifeless.

The opportunities will be significantly greater than those on the main board, and of course the risks will be correspondingly greater. Therefore, the management is likely to adopt the approach of "first decentralized issuance, and then centralized listing" to control excessive speculation in advance.

Although the GEM has such allure, how much pressure will it put on the main board market?

It is reported that there are 50 companies listed in the first batch of second board market, with share capital between 20 million and 100 million. If calculated as an average of 50 million, and assuming the average stock price at the opening is 20 yuan, the second board market will open

The total market value at that time was only 50 billion. Considering the current situation where many people are eyeing it and speculating with the dream of "getting rich in a day", 50 billion is really not a big deal.

Looking at it from another perspective, it is said that there are financial requirements for opening an account and entering the second board market, and only those with more than 300,000 yuan are eligible to enter the market.

Then up to 170,000 people may take over the 50 billion plate.

At present, the number of large and medium-sized households in China with a household income of more than 30 yuan is unknown to be higher than 170,000 yuan.

And because the capacity of the second board market is relatively small, it is impossible for those large institutional investors with hundreds of millions of funds to enter and build positions when the second board market first opens. At most, they can only use a small amount of funds to "participate in friendship".

It can be seen that although the second board market will divert some funds from the main board, the main players and large institutions will still be stationed in the main board market, because this is their main battlefield. Currently, when many funds are preparing for the second board market,

Maybe they are making large-scale strategic positions at a low level?

In addition, the amount of frozen funds for new stock subscriptions in the primary market hit a record high in September, reaching more than 470 billion yuan. Although a large part of this money will not enter the secondary market, as the stock index falls, market risks have increased.

If it is reduced, even if 10%-20% of the funds enter the secondary market, that would be astonishing.

In addition, the launch of open-end funds will also bring huge amounts of incremental funds to the securities market, and trillions of bank deposits will also be a strong backing for the supply of funds in the securities market in the future.

To sum up, we can see that although the circulation of public shares and the second board market will bring short-term negative impacts to the securities market, especially the main board market, their resolution and launch also show that our government is committed to developing a socialist market economy. The long-term policy orientation has paved the way forward for the continuous improvement, development and maturity of my country's securities market.

2. The impact of IPO launch on the securities market. IPO’s basic functions include investment, price discovery, and resource allocation. If a market does not issue stocks or use IPO or other channels, its financing function as a stock market will be lost.

function.

In terms of national investment, 4 trillion yuan of investment has been launched, which is basically government-led. Generally speaking, government-led funds often have a crowding-out effect on private investment. At this time, the launch of IPO or GEM can effectively solve such problems.

, can absorb more private investment, and changing the proportion of direct investment and indirect investment is completely inappropriate for the current market development.

At present, indirect financing has always accounted for a very large proportion. The proportion of direct financing has been out of the question since the IPO was stopped.

Restarting IPOs at this time will have a very positive impact on the capital market and the national economy.

It has a very positive impact on the entire economy.

As investors, we are all concerned about the impact that restarting IPOs will have on the entire securities market.

When the market is down, restarting IPOs or restarting IPOs when the market is on the rise will often bring some relatively good investment products to the market that are not very highly valued.

When the market is at a high point, many stocks are issued, all of which are at a high relative valuation. Some stocks launched at that time, regardless of their quality, are often at historically high levels when they are circulated in the secondary market. Investors will participate in investment losses.

The probability is relatively high that when the market is on the rise, restarting IPOs or launching better products will actually bring better investment opportunities to investors.

From this point of view, as long as the issuance price of a listed company is not very high when it restarts its IPO, and the IPO is priced according to a reasonable market valuation, I think it is not a bad thing for investors, and it is more

A better variety choice.

In terms of its impact on the market, it will break the current equilibrium situation of market capital supply and will definitely have a shock to the market.