I entered the stock market in 2008. In addition to stock trading, I have also worked in foreign exchange for ten years. I can say responsibly that judging from the history of large funds such as the National Social Security Fund entering the market, the biggest impact of the 200 billion local pension entering the market is that it will be used by bookmakers to tell stories, attract investors to get on the sedan chair or incite retail investors to take over.

First, in 2008, the total market value of the stock market was as high as nearly 30 trillion, and the circulating market value was nearly 10 trillion. At present, the total market value of A shares is more than 60 trillion, and 200 billion can be said to be a drop in the bucket.

Second, it is not the first time that pensions have entered the market. Social security funds have been in the market for many years, and the amount of funds is far more than 200 billion. Other types of funds are also constantly entering the market. The insurance industry has also increased a lot of funds by increasing the proportion of insurance funds entering the market, but it has no obvious impact on the stock market. More influence is used to tell stories.

Third, the way of pension entering the market is very different from that of retail investors in the secondary market. Pensions require high security of funds, so they often take over state-owned enterprises at low prices through the primary market, or participate in additional issuance and innovation. The impact of this method on the secondary market stock market is very limited. Even if they participate in the secondary market, most of them will buy low-risk white horse stocks, and will not give others a sedan chair to boost the stock price.

Fourthly, the trend of China stock market depends on the change of capital supply (not 200 billion pension here, but the hot money flow of 10 trillion). If hot money increases and flows into the stock market, the stock market will skyrocket). Second, depending on national policies, such as adjusting the reserve ratio, adjusting stamp duty, or introducing a trillion investment plan, it will immediately have a direct and obvious impact on the stock market. Things like new capital entering the market have very limited impact on the stock market trend.

200 billion pensions entered the market. If such stories are put together and released together, it may have a little impact on the stock market. Believe it or not, it will make the stock market soar. Anyway, I don't believe in stories, and I don't rely on listening to stories to speculate! !