Although Qunxing Capital did not respond, there was a lot of discussion and analysis from the outside world about Huijin, which has the identity of "Guo Jia's team", and Qunxing Capital.

Most market analysts believe that for the reason for Thursday's plunge, from the current point of view, Huijin's reduction of the four major banks and the reduction of Qunxing Capital's holdings of brokerage stocks did have a greater comprehensive impact on the market, which is considered to be the departure of Guo Jia's team and the super main force, and investors followed the trend and caused the market to plummet, but the incident should not be interpreted too early and excessively.

Analysts believe that just as Huijin has increased its holdings in previous years, Qunxing Capital has also continued to increase its holdings, aiming to inject confidence into the market.

Whether it is Huijin's reduction of the four major banks or the reduction of Stars Capital's holdings of brokerage stocks, it also releases a signal of overheating in the market, which is the imagination of the market later, and the interpretation of the event can end here.

Researchers from some investment institutions told the financial media that the management continues to release signals that the market adjustment is conducive to healthy development, and the reduction of Huijin and Qunxing Capital may be purely coincidental.

All in all, the experts' statement is: you don't beep blindly, there is a problem with the big plate, it is just a technical adjustment, and the pullback and washing is for a better rise......

It is worth noting that the central government also issued a document to promote the steady and healthy development of the stock market, continue to expand the main board and small and medium-sized board markets, actively promote the internal stratification of the stock exchange market, launch a strategic emerging board, and comprehensively promote the reform of the gem.

Including the official media and the management have released positive signals, which can be regarded as hedging the negative effects of the previous Huijin and Qunxing reductions, which has alleviated the current market tension to a certain extent, and the overall impact on the A-share market is positive, and investors' confidence has also been boosted.

……

On this weekend and weekend, Fang Hong did not scroll through Weibo and respond to hot topics that the market is concerned about, but he was not idle, but was thinking about another issue.

That is the arrival of the catastrophic market in late June, what to do after the stock market crash?

"Maybe you can take this opportunity to pilot out the entire 'SGX' ......" At this moment, Fang Hong stayed alone in the study and muttered to himself in his heart, the so-called SGX, that is, the Xincheng Stock Exchange.

After the stock market crash, the bailout failed, and the big A became a mess, and some people were sure to get out of class.

But the mess left behind must also be cleaned up, and at the same time, professionals like Fang Hong and professional institutions like Qunxing will definitely be asked.

In recent years, Xincheng has also made the city's financial industry develop rapidly because of Qunxing Capital, and Xincheng has actually wanted to have a financial exchange for a long time.

Fang Hong soon made a decision, when the time comes, he will put forward the idea of the "Singapore Exchange", whether Chengdu can take advantage of this opportunity to promote it, if it can be successful, it will definitely be like a tiger with wings and a fish in water for the strategy of building an independent valuation system in the future.

However, the water in the financial circle is too deep, there are not too many stories, and it is probably difficult to completely perform a major operation on Big A through this catastrophic market, of course Fang Hong wants to do this, but he also knows that he does not have such conditions at the moment.

If you don't want to completely tear down the lid of the house, it's not too much to open a window, right?

At that time, you can propose to lift the roof directly, there will definitely be many people who strongly oppose and obstruct, after some pulling, take a step back, the roof will not be lifted, or open a window.

And this "SGX" is the window to be opened!

Fang Hong leaned back in his chair, he thought and said to himself: "How can we get the SGX to carry out the pilot implementation of the registration system?" There is no refinancing of restricted shares, no quantitative trading, no options, and no futures index delivery, and small and medium-sized retail investors should invest in SGX-listed targets through ETF funds, etc., so as to achieve a truly de-retail and institutionalized ......"

In his vision, the SGX will allow retail investors to hold the corresponding passive ETF funds on the market, so that institutions can play games in the market.

However, it does not mean that retail investors will be completely removed, but that the proportion of institutional funds will become the absolute mainstream of the SGX, and the proportion of retail funds will be about 20%, so to raise the entry threshold for retail investors, it will be much higher than the threshold of the GEM.

A mature market does need to be de-retailed, not that there are no retail investors at all, but that the proportion of retail investors should be reduced, so that institutions become the core force that dominates the market.

It is fair and reasonable to carry out PK between sickle and sickle, and PK between sickle and leek, which is unilateral crushing.

If retail investors account for the largest proportion of the market, it is inevitable that the situation of retail investors and institutions being opponents of each other will become the main tone of the market, and retail investors are far inferior to institutions in terms of information acquisition and professionalism, and retail investors are basically the end of being cut and waiting to be cut.

There is naturally no shortage of cattle among retail investors, who can take meat out of the wolf's mouth and quickly avoid it before the yamen's quick knife falls, but that is always a very small number of top players in the track, and the absolute majority of retail investors do not have this strength.

At this time, Fang Hong thought that the threshold of the SGX must not be low, and the market value of 1 million yuan plus two years of investment experience should be set as the market entry threshold, that is to say, if retail investors want to open an account on the SGX to speculate in stocks, the account capital must be at least 1 million yuan, and the position funds plus two years of investment experience must be the position funds.

If you can't meet the entry threshold, you can buy ETF fund products, which can be bought without opening a trading account on the SGX, and ETFs on the floor can be traded as long as you have a stock account.

Therefore, we have to get a "New Stock 50 Index" out, and then a "New Stock 50 ETF" passive index fund should be created, and the selected sample stocks are the top 50 stocks in terms of total market capitalization and liquidity in SGX.

The companies listed on the SGX are mainly high-tech innovative enterprises, and then all the listed companies in the galaxy such as Xingyu Technology and Kyushu Blue Arrow are packaged and turned into constituent stocks of the "SGX 50 Index", which is also the fixing star and ballast stone of the SGX.

Including those high-quality companies under Qunxing Capital that have not yet been listed, they will all be listed on the SGX in the future. Moreover, as a pilot of the registration-based system, SGX can quickly complete the listing without taking the backdoor route even if it does not meet the relevant requirements of the main board such as three-year profit.

In short, I won't lift your table or smash your pot, but you'll have to get me a small table and a small stove for me to play with.

Your original table, your original pot, you can toss as much as you want, and I will never make irresponsible remarks about you, let alone smash your pot or lift your table.

Each plays its own game, focusing on a chicken and dog smelling each other but not getting along with each other.

If the SGX plan can be successfully implemented, then the "New Stock 50 Index" will become the most unique landscape of the big A, and the same bullish trend as the North American stock index, no matter how it goes, it will be upward, and become the most specific direct manifestation of the independent valuation system with the characteristics of the A-share market.

Fang Hong couldn't help nodding to himself while thinking about it, and immediately created a new document on the computer, and began to improve some top-level design ideas of the "SGX".

It must be very difficult to promote the smooth landing of this matter, the current opportunity can be said to be a rare opportunity, Fang Hong naturally has to work hard to push it, as for whether it can be done, it is up to people to make things happen.

……