Market: Reform Is The Key Driving Factor And Concept Expansion.

Judging from the performance of A shares in recent two years, the stock market's dependence on policy has been increasing. In particular, since the late November 2014, this wave of market prices has been strongly speculative because of the large number of capital entering through the way of adding leverage.

Some industry insiders also said that due to the downward pressure on the economy still exists, the profitability of Listed Companies in the short term is expected to be greatly improved. In the background of no obvious improvement in the fundamentals, once investors form a common mentality of "bag for safety", the market is likely to reverse.

With the rapid rise of the stock index, the frequent switching of hot spots in the market has also embarrassed Chinese shareholders in 2014. A shares can really show the wealth effect and become their common expectation for the new year market.

In the eyes of many people in the industry, whether the A shares in 2015 can achieve a "bull market", the continued release of the dividend is still the key. Driving factors 。

It is worth noting that in 2014, known as "the first year of comprehensive deepening reform", a series of major reform measures, such as fiscal and taxation system, household registration system, judicial system and land circulation, will be implemented in 2015. At the same time, more areas of deepening reform initiatives are expected to be unveiled in the coming year, which will bring the concept of A share "reform benefit" continuous expansion.

Among them, the reform of state-owned enterprises is considered to be the biggest investment opportunity. Zhou Ning said that through the reform of invigorated over 50 trillion yuan of state-owned enterprises' stock assets, increasing the efficiency of state-owned enterprises' contribution to government revenue is particularly important and urgent.

Grasp the comprehensive Deepening reform At the same time, the reform of the capital market is also considered to be an important factor affecting the direction and quality of A shares. Some industry experts have called for "further raising the proportion of direct financing to 30%" into the formulation of the "13th Five-Year plan". From the top level design, we will create a better environment for the development of the stock market and bond market, so that it can play a better role in boosting the transformation of the economy.

And in the establishment of market regulation means to change the status of supply and demand imbalance, the IPO registration system is high hopes.

Huaxin securities investment director Chou Yan Ying The sharp shocks at the end of 2014 showed that the supply and demand of the stock market was in contradiction or increasing. Management should reasonably regulate supply and demand to avoid overheating or undercooling, and frequently damage the stock market ecology.

But he also said that the balance between supply and demand can not rely on simply and rudely increasing the issuance and financing of the stock market. Instead, we should make full use of the current market prosperity to promote the registration system reform and promote the enterprises with high quality and real financing needs to enter the market. At the same time, the supply side will speed up pension and other large capital market, and stabilize the market by improving investor structure.

Similar to macroeconomic, capital market also needs a round of "deepening reform". It is expected that in the new year, the Chinese stock market can truly assume the function of "barometer of the national economy" and become a platform for carrying out the dream of national wealth.