"Recently, some small and medium-sized stocks in the market have fallen sharply, and many securities trust products have indeed closed their positions." Speaking of the "flash crash" stocks that the market is concerned about, people from a trust company are not shy about it.
The source said that the reason why there are more trust products in the "flash crash" incident that the market is concerned about is mainly because since the second half of last year, a large number of brokerage asset management plans have been transferred to the trust channel.
According to the Guidelines on Risk Control Indicators of Asset Management Subsidiaries of Specific Clients of Fund Management Companies (Draft for Comment) and the Interim Provisions on the Operation and Management of Private Equity Fund Management Business of Securities and Futures Operating Institutions, the relevant asset management business has been required by the regulatory authorities to significantly "reduce leverage", and the channel business previously carried out by fund subsidiaries and brokers is facing a comprehensive tightening, and a large number of fund-raising businesses have also been transferred to the trust channel.
"In the second half of last year, some trust companies began to invest in structured securities. At present, there is a large stock of related products, so there is a situation in which there is a trust plan behind the' flash crash' stocks mentioned in media reports. " The aforementioned person said.
Another trust company executive told reporters that although some market participants called it "panic flash collapse", the priority customers involved in the products closed by his company did not lose. There were many complaints when closing the position after the 20 15 market crash, but this time there were no complaints from inferior customers. Therefore, in its view, the liquidation behind the so-called "flash crash" is actually a normal situation, and the market does not need to over-interpret it.
It is worth noting that, according to the reporter's understanding, many market participants said that even if there were many stocks falling rapidly in the session, the current market situation was quite different from that when many accounts were closed at 20 15. "Whether it is the number of accounts involved or the degree of panic, it is different." A market person said.
The above-mentioned trust company executives also revealed that because the regulatory authorities had strict regulations on the leverage ratio of structured fund-raising products, the current ratio of priority to inferior funds should not exceed 2: 1. Therefore, from the leverage level, the leverage ratio of the current market is not as high as 20 15.
For the market outlook, although the index is still fluctuating at a low level, in the view of some market participants, the A-share market has fallen sharply in just over a month, which has actually fully released a lot of bad news. According to Wu, the director of macro strategy of the trust, although the tightening of supervision is a trend, the current market performance is a bit overreacting, so there is a rebound momentum in the short term.
Wu pointed out that at present, the investment in the secondary market has returned to value again, and performance has become one of the important basis for stock selection. Therefore, the growth stocks represented by small and medium-sized board and Growth Enterprise Market are still facing great valuation pressure, and the current "Ninth Five-Year Plan" market will continue, and blue-chip stocks with performance foundation will continue to be favored by institutions. He believes that the current investment strategy is still to buy white horse stocks with performance, which shows three "two": the price-earnings ratio is 20-30 times; Earnings per share increased by 20%-30%; The market value is about 20 billion yuan to 50 billion yuan.