Billion QFII holdings soared in the first quarter.

<P Align=center> </ P> <P> QFII's influence and global perspective in the first quarter of the equity investments is no doubt in the expose. .</ P> <P> WIND information of listed companies under a quarterly statistics, QFII holdings in the market value of the first three months of this year rose nearly a hundred billion, or more than 7 percent, as the quarter and the biggest Masukura .Masukura the largest amount of investment groups. .This clearly explains the A-share market in the first quarter of this year a large scratch "QFII Cyclone," the reason behind. .</ P> <P> Masukura significantly improve voice </ P> <P> the end of the first quarter of this year, QFII top ten shareholders in a championship held quarterly market value of A has more than 18.3 billion yuan, beyond the domestic securities .companies, the social security funds, insurance companies and other institutions group, to become the second largest venue A stock market investment groups, after the public fund. .While taking into account the potential positions outside the top ten shareholders, QFII actual holdings much more. .</ P> <P> influence from the market point of view, investors apparently more critical Masukura lighten up. .In this indicators, QFII overwhelmed other investment groups. .This may explain why the QFII was occupied at the beginning of the market "discourse." .WIND information on various types of investors, according to lighten up by statistics, QFII market value of the first quarter increased by 8.0 billion shares, accounting for the full market value of the ratio of the market increased by 0.54%, ranking first. .In the first quarter, the public offering market value of the Fund's shares dropped by nearly 10 million, net of index rises, the Fund's market share plummeted nearly 10%. .</ P> <P> global vision called the main line </ P> <P> specific positions from the QFII, the global perspective and with Chinese characteristics into the main line, the blue chips are still the favorite, QFII obvious characteristics of long-term investment. .</ P> <P> taste as a reflection of current QFII, QFII holding the highest percentage of outstanding shares of the stock fully reflects its global vision and concern about the valuation of shares of AH. .Statistics show that, QFII holding the highest percentage of outstanding shares of stock is 5, G Anshan Iron and Steel, G conch, G Longxi, Tsingtao Beer and Yanjing Beer. .With the exception of G Longxi, the remaining four are two companies listed on the AH. .</ P> <P> season QFII biggest stock holdings reflects the QFII is the choice of the future. .Qingdao Beer, G Longxi, G Tianwei, G Anshan, in gold stocks as gold 5 QFII holdings of the highest proportion in the first quarter of the stock. .Obviously, beer, auto parts, new energy, steel, nonferrous metal fit hot and relying on a huge global market shares in China become the new darling of QFII. .</ P> <P> new body esteem concentrated position </ P> <P> public information also shows some new, substantial Masukura QFII, a significant overall QFII Masukura the main driving force. .While the new QFII still the focus position as the main investment model, but its approach is more radical. .</ P> <P> data show that, when the quarter, mostly from ABN AMRO Masukura QFII's investment in Nikko, Fortis Bank, the Gates Foundation, the Martin Currie, the Singapore investment agency, of which the vast .Some institutions are in the fourth quarter and the first quarter of this year, get the new QFII quota, or the recent New institutions. .</ P> <P> these institutions for the A share market was significantly higher than the taste of a wide range of established institutions, it is clear and its A-share market and the increasing number of the relevant exchange. .Among them, the Fortis Bank and Singapore investment Shigekura G Tianwei, Nikko Asset and Dutch banks are heavily loaded with gold in gold holdings of the Gates Foundation a quarter of the Tsingtao Brewery 10.47% of the outstanding shares, Deutsche Bank, winning wide .Boat International 6.21% of the outstanding shares, have called generous. .The performance of the stock apparently showing new features. .</ P>.

Securities and Exchange issued new rules for T +0, the gate opening margin.

IPO inquiry system will make major adjustments.

<P> China Securities Regulatory Commission announced yesterday a "securities issuance and underwriting management approach," the draft shows, IPO Inquiry program from four major adjustments in the mechanism for further inquiry on the basis of norms, the securities issuance process .shortened significantly. .</ P> <P> "management approach" focuses on the IPO of the inquiry, and other aspects of pricing and placement were standardized, four aspects will be a material adjustment to the existing inquiry process. .</ P> <P> First, the SME board in Shenzhen Stock Exchange listed company, the initial inquiry through direct pricing, the issue of small and medium enterprises will be reduced 4 days. .In the Main Board listed company must go through a preliminary inquiry and accumulated bidding price inquiry in two stages, no longer mandatory for all companies go through two stages of inquiry. .</ P> <P> Second, under the net total of the current bidding mechanism with the online purchase step by step adjustment, the provisions of the offline subscription simultaneously with the online purchase. .The institutional arrangements with the Hong Kong market, the same public offering process, distribution process than the current procedure can be shortened two days, the A shares, H shares issued by companies with simultaneous set prices, while listing is very important. .</ P> <P> inquiry is to require all three objects can choose whether to participate in the initial inquiry, consignee may not refuse to participate in the initial inquiry inquiry objects; not involved in the initial inquiry and the inquiry objects offer an effective, .shall not participate in the tender inquiry and accumulated under the placement. .After the initial inquiry, the inquiry objects to provide an effective offer less than 20 (the number of public offering of 4 million shares of stock over the inquiry objects to provide an effective offer less than 50), the issuer and the underwriter shall determine the issue .price, and distribution should be discontinued. .</ P> <P> which is conducive to enhancing representation of price, the market will help strengthen the constraints on the issuer. .</ P> <P> Fourth, the provisions of the company IPO issue size of more than 4 million shares, the stock can be rationed to strategic investors, subject to holding lock for 12 months or more, no holding period after release .limit the number of shares shall not be less than the number of shares outstanding by 25%. .This is conducive to attracting long-term incremental funding into the stock market, investors will help to improve the structure, and help alleviate the financial pressure on the market, stability, investors expect a smooth distribution of large capitalization stocks listed on an important role. .Also, you can use "over-allotment option (green shoe)" mechanism. .Prior to the Commission with reference to the specific implementation of the release of "over-allotment option pilot views." .</ P> <P> "management approach", the lead underwriter's own business may not participate in the inquiry in this issue of shares, offline and online issue of the Placing; lead underwriter collective asset management, securities and other investment products management plan .can participate in the online issue, but shall not participate in inquiry and rationing. .Existence of the issuer or underwriter with the actual control object relations inquiry shall not participate in this inquiry issued shares, offline placement, you can participate in online distribution. .</ P> <P> "management approach" also defined the relevant inquiry objects proportion of the stock placement, public offering of 4 million shares the number below, placing the number should not exceed 20% of the total issued; on 4 million shares .above (with 4 million shares), the placement should not exceed the number of placements to strategic investors, the number remaining after the release of 50%. .</ P> <P> "management approach" from now on till 15th of this month to the public for comments. .</ P>.

A first time in more than fifteen trillion market value.

<P> Hearing, according to http://, Shanghai and Shenzhen stock market yesterday, opening to go, speed up the rise, the Shanghai index broke the 3,700 point mark, the highest point of 3710.89 to close all day, up 126.69 points, or up to 3.53%, reaching record highs .; Shenzhen Component Index closed at 10,685 points, up 426 points, or up to 4.16%, also reaching record highs. .Total turnover of 290 billion yuan between the two cities. .</ P> <P> experienced a crash last Thursday, the index rose sharply for two consecutive trading days. .The Shanghai Composite Index rose 261.87 points in two days, or 7.59%, Shenzhen Component Index rose 827.83 points two days, or 8.4%. .Index has also brought a sharp rise in the rapid growth of the market value on Friday and Monday, two trading days, the two cities A total stock market value increased 1.0888 trillion yuan, to 15.0555 trillion yuan. .</ P> <P> from the flow of funds perspective, most of the flow of capital cities yesterday, steel, electricity, finance and other blue-chip sector. .Market analysts believe that the amount of days from the transaction can be seen, is continuing influx of outside capital, while the new agency, they not only pay attention to price margin of safety, but also for the future strategy for stock index futures to do so, with .leverage additional funds in the sought after blue chip under the repeated rise. .In addition, a full quarter after the release, A shares of corporate earnings growth may fall, and the current index point and takes a long time to digest, investors may show relatively large fluctuations, and thus from the level of earnings growth and valuation point of view, .the mainstream of the broader market segment is still valid haven. .</ P> <P> yesterday, the Commission issued three documents on stock index futures, stock index futures for the introduction of further paving the way; deputy general manager of gold in the Hu administration has also made it clear that "the stock index futures preparations near the end .. " .Stimulated by the news, futures, stocks of collective strength, Mailyard, the large share limit, Hong Yuan Securities rose 5.3%, Hong industry shares rose 4.6%. .</ P> <P> brokerage stocks yesterday's performance is quite eye-catching. .Haixin, Huamao shares Wenergy electricity, East business, Xiamen States Mao, Lan Health Shares, COFCO Property, Younger and other brokerage stocks more than 10 mass limit only. .The view from the drop list, ranks among the top are mostly sought after funds some time ago and some themes ST class cap, lower stocks. .(Chen Xia) </ P>.

China's securities market into a giant gold affection overseas Chinese.

<P> Hearing, according to http://, April 25, the Commission announced "a foreign stock exchange representative offices in China Management Measures (Draft)", the official management approach will be after the May 10 launch. .This indicates that the major overseas stock exchanges is expected to put down roots in the mainland! In overseas stock view, China is gradually developing the securities market is like a gold mine, and numerous fascinating wealth of listed resources. .The introduction of draft, so that these overseas stock exchange finally have the opportunity to develop this sense of the word gold. .With China's rapid economic development and the growing strength of Chinese enterprises, many more emphasis on overseas stock exchanges in China. .In 2007, along with the hot stock market in China, listed on overseas stock exchanges competition for resources in China is also heating up. .April 25, the Commission published "Foreign Exchange Administration of Representative Offices in China (draft)", the official management approach will be after the May 10 launch. .This indicates that the major overseas stock exchanges is expected to put down roots in the mainland! In overseas stock view, China is gradually developing the securities market is like a gold mine, and numerous fascinating wealth of listed resources. .The introduction of draft, so that these overseas stock exchange finally have the opportunity to develop this sense of the word gold. .</ P> <P> "Chinese elements" cause attention at 21:30 on April 3, the world's largest electronic stock market - Nasdaq opening bell ceremony will be moved to China. .To celebrate the 40 Chinese companies listed on NASDAQ, and to meet more outstanding representative of Chinese enterprises to lobby for its Nasdaq listing. .April 4, Nasdaq announced in Beijing that Nasdaq will launch China Index, from the second quarter of this year in the United States to track the performance of listed companies in China. .At the same time, the Nasdaq also announced the formal appointment of its chief representative in China Xu Guangxun, replacing Lauren Greenspan had left, and the personnel changes in the Nasdaq is considered a strategic adjustment of the Chinese market. .It should be said that this is the Nasdaq last year, "hostile takeover" missed the London Stock Exchange, in order to fulfill their dreams of 24-hour trading market made another effort, but also since last year as major overseas stock exchanges .compete for more market share and set off a wave of merger integration war sequel. .In other words, the major overseas stock exchanges is a clear understanding that: the 21st century who has mastered the "China element", will win a more splendid future. .Major stock exchanges in Europe and America are busy fighting for the occasion of the site, they also understand that in order to become 24-hour trading place, existing exchanges in Europe and America alone is not enough, must be synchronized to create a package in Asia .exchange Caixing. .Moreover, for a global exchange, the only first-class electronic trading technology is not enough, more critical to have good resources listed. .To accomplish this, we must develop excellent Chinese enterprises listed resources. .Market in the world's largest 18 exchanges in Asia accounted for the 8, but in the global capital transactions account for only a small part of the Asian region. .With the revival of Asia, especially China's economic rise, the Asian capital market entered a new world of rapid development. .According to statistics, in 2006 first raised the issue of the Greater China region, the average size of the first time in Europe and America, only in the Hong Kong main board market scale of the first issue raised over the New York Stock Exchange. .The largest in Hong Kong, raised 10 times the first issue, there are eight companies from mainland China. .To raise funds, Hong Kong is the world's fourth and first in Asia, two thirds of the funds absorbed by the Chinese mainland enterprises, Hong Kong Stock Exchange has become the best company in Mainland China the first choice of listing and financing. .And since 2005, with the smooth progress of the share reform, the Chinese stock market out of slump up to 5 years, entered a new era of rapid progress. .At the same time, China's stock market resumed issuance of new shares issued and the old stocks, a group related to the people's livelihood, "carrier class" companies have landed in the market. .In particular, along with "A + H" of the simultaneous release, simultaneous listing in Hong Kong Stock Exchange and Shanghai Stock Exchange to achieve a "win-win" scenario, in the global capital markets has stirred up a wave of "China's whirlwind .. " .</ P> <P>.

A unit of plunged 75 billion market value evaporates four conjecture

News: http://, July 20, A-share market has risen to the regulation, surpassed the prior-high point, however, enable the market to the market in the current round of inflation almost no adjustment, not to mention, the Shanghai composite index last station 4300 points of shadow also here. Thus, the suction confirmation to become market at this point the better choice.

Under the influence of external markets plummeted, and the Shenzhen Stock Exchange stock index into means of yesterday in financial stocks fell down plunge 3.81% respectively and 2.66%. Close, two city into a share of over 80, total turnover is in the panic weipan zoom in to 2688 Yuan.

According to exchange the latest data show that as of market close on Wednesday, the Shanghai market as 147916 billion, circulation market value 42626.2 billion; total 43685 in Shenzhen, circulation market value is $; two city 21968 total 191601 billion, reduced 7590 billion on Tuesday.

Short-term gains too quickly

July 20 to Tuesday's short eight trading day, stock index and the Shenzhen Stock Exchange into means of rose 14%, respectively, and 19%. In the course of the entire price, the market is not only not appear once in the true sense of the adjustment, also in the market at the beginning of the stay a jumped vacancies. As a result, analysts point out, the market needs in a continuous rise after digestion, floating discs inherent adjustment requirements, yesterday's decline remains normal. But, in the peripheral market fell under the influence of yesterday back to pumping slightly "too".

United States affected by the subprime mortgage problem caused by the influence of the "domino effect", the global stock markets plunged in the Dow Jones index company, along with the recently have dropped considerably. Yesterday, the Hong Kong Hang Seng index closing 22455, plunge 729.58 points. Nikkei 225 stock average index, Korea and Australia stock market yesterday close respectively fell 2.19%, 3.97 3.2 percent.

However, the analysts, A stock market and the peripheral market linkage does not currently, in order to explain the decrease in "yesterday to head" is clearly insufficient. Get to the bottom of which may lie in the market. Debang securities analyst ancient Jingdong told reporters that many customers yesterday's response are more panic, they thought is, "the last bounce didn't run away, this time to run" anyway. Clearly, although stock index hit a new high, but remember stock index last station 4300 points, the Minister of Finance announced increases in stamp duty late at night, in the heart of the market and not at ease.

Incentives or to trigger the five Chinese "liquidity black hole".

<P>: Http:// hearing, the five largest Chinese-style incentives may cause liquidity black holes: First, compared to a mature financial market, China's financial market is a very immature market, a number of structural problems make the domestic market .naturally has a strong liquidity characteristics of volatility; second, information on the volatility of financial market liquidity has affected more and more; the third, the market sensitivity of the convergence of risk management system to reduce the diversity of the market; fourth .excess liquidity caused by excessive growth in asset prices; Fifth, the "Chinese-style regulation," the administrative intervention on the market to make up and alternative adjustment mechanism. .</ P> <P> problem of excess liquidity is the current macroeconomic and financial operation of a hot topic. .While the central bank and other financial regulatory authorities to strengthen the regulation of excess liquidity issued a series of policy measures, but excess liquidity risk is still not effectively resolved. .Of course, we must not only focus on addressing the problem of excess domestic liquidity, but also must be fully alert and attention to excess liquidity may produce a black hole mobility problems to curb excess liquidity that could have many negative effects. .Zhe Yeshijinqi give the U.S. subprime mortgage crisis, one of our Important Enlightenment. .</ P> <P> guard against a "liquidity black holes" </ P> <P> "liquidity black holes" by Avinash D. Persaud, and other foreign scholars, a concept, this concept refers to the financial markets in a short time .sudden loss of liquidity phenomenon. .When financial institutions engaged in market transactions, due to changes in the external environment, internal risk control and regulatory requirements, will appear at some point sell-off of financial products, while members of the trading portfolio with similar risk management objectives and .trading mentality, there will also be selling a lot of needs, this time the buyer the seller is not only the entire market, market liquidity suddenly disappears, is selling assets, selling prices continued to increase rapidly declines coexist liquidity conditions will deteriorate further, culminating in .liquid markets and institutions seem to be absorbed away in an instant, like the image of this phenomenon was known as "liquidity black hole." .</ P> <P> under the liquidity black hole theory, the diversity of financial markets is the core of liquidity, liquidity, the formation of black holes the diversity of the general financial markets are closely correlated with the size of the market there is no necessary relationship gradually. .Further analysis found that the diversity of financial markets and information and the diversification of the diversification behavior of market participants, trading tools, diversity, diversity of decision rules related to such factors. .</ P> <P> compare the current reality of China's economic and financial situation, causing a liquidity black hole is actually a lot of incentive to exist, and the excess liquidity caused by the some of the negative issues are likely to be causing a liquidity black hole .the fuse. .In this regard, we must be clear and understand the following five aspects. .</ P> <P> First, relative to a mature financial market, China's financial market is a very immature market, a number of structural problems naturally makes the domestic market with strong liquidity characteristics of volatility. .This is mainly reflected in: First, a single product structure and portfolio. .At present varieties of inter-bank market transactions are spot, market participants focused on the bond portfolio, lending, repurchase and other closed-end variety, and forwards, swaps, outright repo transactions and other derivatives .very light. .</ P> <P> Second, the main focus on a single bond market, bond market is currently the main commercial banks, commercial banks holdings proportion of total debt is about 75%, while insurance companies, fund companies and securities companies held .Some bonds are very rarely, not to the highest proportion of 10% or even less than 1%. .</ P> <P> Third, commercial banks, asset and liability structure of convergence, all commercial banks deposit and loan structure is almost the same. .Convergence in the structure, the lack of diversity in the market, once the accident occurs, they may want to take consistent action to avoid the risk, this "herding" will undoubtedly become a catalyst for generating liquidity black holes..