Registration System Is Still Better Than Market Expectations.

The executive meeting of the State Council deliberated and adopted the decision to authorize the State Council to adjust the relevant provisions of the "People's Republic of China Securities Law" in the implementation of the registration system of stock issuance, which is being considered by the Standing Committee of the National People's Congress for the first time.

Subsequently, the SFC also said in the first timetable of the official website that it will "actively and steadily push forward the reform of stock issue registration system".

Some public funds indicated that the registration system could be officially launched as early as 3-4 next year.

The progress is expected to be gradual, with limited market impact, and in the long run, favorable capital markets, and the valuation of individual stocks may be divided.

Some public funds say the registration system is in line with market expectations, but in the details, it is better than the market expectations.

In December 9th, the SFC said, "registration system reform is a gradual process, and it will not be implemented in one step. The pace and price of IPO will not be released at once, and will not cause large-scale expansion of new shares".

Dacheng Fund analysis, from this point of view, the progress of registration system will not be consistent with the supermarket market expected next 3-4 months.

In addition, from the process point of view, the State Council needs to be authorized by the Standing Committee of the National People's Congress after the adoption of the draft, and the Standing Committee meeting of the National People's Congress will normally be held in late February. Therefore, the draft is expected to be authorized in late December. After that, the State Council will adjust the relevant provisions in the securities law according to the authorization, and the Commission will formulate the "Regulations on the registration and management of public issuance of shares" and so on, and then issue a formal document, which will be the fastest in the 3-4 month of next year.

In view of the speculation that the registration system will lead to an increase in stock supply and trigger a fall in the market, Dacheng Fund said that the registration system would not be the reason for the decline of the A share market, because it is conducive to further improving the capital market construction and enhancing the risk preference of the market.

"The increase in stock supply will lead to changes in supply and demand in the A share market, and finally lead to a fall". The logic of the problem is that the management will add great importance to the registration system reform.

We should increase penalties for crimes involving crimes.

Generally speaking, a large number of excellent companies will enter the market after the registration system reform, and the companies whose performance is going down or entering the recession will be blocked or not listed.

The public fund has different opinions on the long-term impact of registration system, but it is generally considered to be positive.

The financing fund said that the release rhythm would be gradually liberalized on the basis of considering the market's ability to bear, so the market should not worry too much after the registration system has officially landed.

In addition, in the era of registration, the listing opportunities of innovative and modern service companies will bring the economy closer to the enterprises and industries that represent the future development, and investors will have more choices.

It is expected that the gem will evolve into NASDAQ in the US, that is, serious differentiation, and truly innovative in the future.

Investors who are unique and enterprisers are willing to give high valuations.

The eighteen put forward the establishment and improvement of multi-level.

The stock market is the best way to finance enterprises. The "bear" market environment is not conducive to the financing of enterprises, and is not conducive to the recovery of the economy. So the government also wants to concentrate resources to create a "slow bull market" or at least a relatively stable market.

Even if the registration system starts next year, according to the general market estimates, the scale of financing next year will be around 400 billion yuan, which is not large compared with the incremental funds that the market expects to enter the market next year.

"The impact of registration system on the market, apart from specific aspects, such as IPO distribution, is the core impact of the A share investors' investment strategy."

Li Quansheng, managing director of the stock investment department of Boshi, believes that the future market changes will be more conducive to the investment style based on the company's fundamental research.