Policy Easing Has Greater Space, A Shares Are Still Overvalued Relative To H-Shares.

1, in February, HSBC's PMI index picked up. The consumption data of power generation enterprises were positive, and the prices of important industrial products rose slightly.

The past few months have been driven by the recovery of fiscal expenditure, the stabilization of oil prices and the rebound of developed countries' data.

The drag on the economy may be ending.

Gao Shanwen believed that

The weakness and the fall in crude oil prices constitute a significant drag on the CPI since July 2014.

In January this year, CPI was also affected by the dislocation of the Spring Festival as low as 0.8%, the lowest level since 2010. In February, despite the support of seasonal prices such as aquatic products, fruits and vegetables, fuel, and services, the CPI will still be at a very low level, which will bring more room for monetary policy easing.

For the recent RMB devaluation in the spot market, Gao Shanwen said that if the intervention of the central bank is not considered, the depreciation of the RMB exchange rate may come from two driving forces.

The rise of attractiveness or the fear of domestic economy has led to capital outflow. Second, under the background of weakening domestic economy and monetary easing, liquidity and liquidity are expected to improve, leading to the allocation of capital outflows.

Gao Shanwen believes that before the substantial stabilization and improvement of the domestic real economy, the RMB exchange rate may maintain a weak position.

For the A share market, Gao Shanwen believes that A shares are still overvalued relative to H shares, but they have improved compared with January.

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In 2015, the IPO significantly increased.

As of March 2nd, the securities and Futures Commission approved the IPO of 68 companies this year.

In January 5th, 20 companies were approved by IPO, 24 companies were approved by IPO in January 30th, and 24 approved by IPO in March 2nd.

Because of this, many investors are worried about the issue of IPO too fast.

In response to this problem, Xiaogang, chairman of the SFC, attended the "two sessions" in March 5th, saying that the IPO will be basically balanced on a monthly basis this year, and appropriately increase the supply of new shares.

Xiao Gang also responded to investors: no need to worry too fast.

However, Xiao Gang also said that the specific audit progress should be determined according to the audit status of the issuance examination committee, and no specific figure will be determined manually. However, according to the current audit situation, it is expected that the total experience will exceed last year.

He said that the SFC had two trial committees, including the main board and the gem, and the audit progress was determined according to the monthly progress of the Commission.

Xiao Gang said, "it's hard to say how many companies there are in IPO this year, and it's hard to say that IPO is no more than 300 this year."

Judging from the above statement by Chairman Xiaogang, there is uncertainty in the progress and quantity of IPO this year. In particular, Xiao Gang said, "it is hard to say that IPO will not exceed 300 this year", which is obviously a huge increase compared with 125 new shares last year. I am afraid it is not the scope of "moderately increasing the supply of new shares".

In such a case, if investors want to "do not have to worry about the expansion too fast", it is a bit "standing and talking".

It should be said that this year's IPO speed increase is inevitable.

On the one hand, the stock market has bid farewell to the downturn, and the Shanghai Composite Index has been from 2000 points to 3000 points.

The market is getting warmer, and the market's ability to bear will also be strengthened. Therefore, it is almost natural for IPO to speed up.

On the other hand, there are more than 600 IPO queuing companies, and IPO registration reform will be implemented this year. Therefore, before the formal implementation of the registration system, it is necessary for the IPO to catch up as soon as possible, so that more IPO queuing companies can complete the IPO before the registration system is implemented.

Under these two factors, the acceleration of IPO will be expected.