This economic work conference clarified three directions: mobility will remain abundant, the registration system will be fully implemented, and housing will continue without speculation.
Monetary policy still takes the lead, but it emphasizes the need to maintain reasonable and abundant liquidity, and basically clarifies the tone for general easing next year.
Originally, the market was worried that if the Federal Reserve tightened too quickly, it would affect overall macro-liquidity. “Maintaining reasonable and abundant” is considered to have given the market a reassurance pill ahead of time.
Not speculating on housing is an old topic. It has to be raised at almost every major conference. Once again, it is impossible to return to the old path of stimulating real estate and boosting the economy in the short term.
The registration system was mentioned when the securities law was revised at the beginning of last year. “The full implementation of the registration system should be used as the basic position for issuing securities.”
This is a direct “full implementation of the registration system”.
Next, the main board should speed up the implementation of the registration system, and the next step is to liberalize gains and losses, as well as same-day trading (T+0).
Conclusions:
1) The benefits of a full registration system for brokerage firms are quite direct. After the full registration system, it will directly increase the size of IPOs for main boards and small boards, bringing additional volume to brokers' sponsorship in the underwriting business. At the same time, the registration system has accelerated the number of issuances and improved issuance efficiency. Coupled with the opening of the Beijing Stock Exchange, the brokerage underwriting and sponsorship business will explode, including small and medium-sized brokerage firms.
2) Currently, real estate is still the main direction of asset allocation for residents. After the divestment of the house's investment attributes, hot money will flow more to the stock market. In the long run, the direction of residents' capital entering the market is still clear.
3) Continued easing of liquidity will stimulate the evaluation of excellent performance such as Hakuba Blue Chip...