Zhang Qi was still browsing the materials, and Fang Hong said in an orderly manner: "Based on these five inclusion conditions, when selecting the constituent stocks of the New Stock Exchange 50 Index, non-financial companies will be screened according to different industries, and companies that are among the best in the industry or have high growth potential will be selected to be included in the sample stocks." ”

Hearing this, Zhang Qi couldn't help but say: "That will test the judgment of the auditors very much, especially for the selection of growth potential stocks." ”

Fang Hong smiled: "So this matter must be done by the most professional team." ”

As soon as Zhang Qi heard this, it is not surprising that this professional team will definitely be a consultant from Qunxing Capital to take the lead, the value mining of the capital market, the value potential mining of various industries, and the ability of Qunxing Capital is definitely the top players.

Fang Hong added: "In order to ensure the influence and high quality of the new stock 50 index, the constituent stocks compiled by it must be strictly in place, once a company has a significant loss, the auditors quickly assess whether it can return to the original market peak, once it is found or the evaluation results show that the company has no hope of improvement, then quickly propose the constituent stock, which is the target of the galaxy is no exception." ”

Fang Hong continued: "Therefore, the adjustment cycle of the constituent stocks of the New Stock Exchange 50 Index is carried out quarterly, and there are four adjustment windows in a year. ”

Hearing Fang Hong's explanation, Zhang Qi is now very confident that the new stock 50 index will maintain the overall trend of long-term bull growth for ten years in the future, provided that this SGX registration-based pilot can be successfully implemented.

According to the adjustment of the constituent stocks of the New Stock Exchange 50 Index under this set of top-level design rules, it can be simply summarized in one sentence: the votes that are about to fall sharply or enter the downward cycle will be transferred out, and the votes that have potential growth stocks and have not yet risen will be transferred in.

If the falling tickets are transferred out, and the rising tickets are transferred in, the new stock 50 index must not rattle to rise, but it will not maintain a long-term bull upward trend for ten years.

This is also a very good mechanism to curb madness, which can suppress the occurrence of the siphon effect, because when everyone knows that these tickets can rattle up, they will definitely rush up, and pulling it out is equivalent to telling investors that the votes are going to fall, don't rush in.

In the same way, the stocks transferred in are also telling investors that the probability of a big rise in the future is very high, and it is worth investing, so this target will be popular in the capital market.

But this is not the optimal solution, it needs to be patched, because it is too direct and too simple, and the result will inevitably cause the transferred stocks to plummet immediately, and the transferred stocks will skyrocket immediately, and investors will not have the brains to see the adjustment window of your new stock 50 index to expand the operation, but it will exacerbate short-term violent fluctuations.

Therefore, theory is at the theoretical level, and the practical level is the same thing, and completely copying the theory to implement it often fails to achieve the expected effect, and may even lead to the expected reverse evolution.

Fang Hong's solution is actually very simple, the constituent stocks transferred out will generally enter the adjustment cycle, but there must be some of them that will continue to rise, and in the same way, not all the constituent stocks transferred in will rise sharply, and there will be some targets that do not rise or even fall.

In this way, investors will not brainlessly track the new stock 50 index to operate, thereby amplifying market volatility, and they still have to use their brains to make money.

However, this idea seems simple, but in fact it is extremely difficult, requiring the auditors' judgment, analysis of major listed companies, and understanding of the prospects of various industries to have extremely professional ability in order to be at ease.

Retail investors are very easy to get up, when forming a joint force, whether it is long or short energy is huge, such as long, last year's next door GEM was the best portrayal of the first trading day of the year; For example, shorting, the current collapse situation is also the best portrayal, when the market plummeted, the panicked retail investors fled to form a tragic stampede situation.

In the final analysis, the army of retail investors often either rushes up or scatters, and this kind of group behavior effect, whether it is empty or long, is not a good thing.

Fang Hong does not want too many retail investors to participate directly in SGX, and it is ideal to measure the proportion of about 20% of the total amount of funds, and not more than one-third of the proportion at most.

Therefore, it is necessary to raise the threshold for direct participation in the market, and the capital threshold alone is not less than one million yuan.

While raising the threshold, it does not mean that Xiaosan will not have the opportunity to invest in SGX-listed companies, because it will definitely correspond to the issuance of new stock 50 ETF on-exchange index funds, and shareholders do not need to open SGX permissions, and they can directly invest in ETF funds with A-share accounts.

Over-the-counter people can also invest, and there will definitely be passive index funds such as the New Stock 50 ETF Index Connection, which directly track the New Stock 50 Index.

There will also be some active mutual funds with SGX themes, that is, fund managers themselves select stocks to invest in SGX.

In the future, if any shareholder asks what target to invest in, Fang Hong will give the only answer: regular investment in the New Stock 50 Index. Just answer with the stock god Buffett that investors buy the S&P 500 index.

Don't ask, it's the regular investment in the New Stock 50 Index.

Fang Hong's promotion of the SGX to build the New Stock Exchange 50 Index is not only for the big goal of independent valuation system strategy, but also to allow domestic public investors to enjoy the dividends of the upgrading of the technology industry.

The theme is bigger, and the pattern is higher, which is also one of the important ways to achieve the goal of common prosperity.

……

At the end, Zhang Qi read this material, and he generally had a spectrum in his heart, first and foremost, the promotion of the SGX is in line with the common intention of both parties, and also in line with the intention of the city, the three parties are consistent, and there are no internal differences.

Zhang Qi put the materials on the table, turned to look at Fang Hong and said, "What do you need me to do?" ”

Hearing this, Fang Hong did not respond directly: "Lu Xun once commented that the character of Chinese people always likes to be reconciled and compromised. For example, this room is too dark, and you have to open a window here, and you must not allow it. But if you advocate removing the roof of the house, they will come to the mediation and be willing to open the windows. In the end, it is a great writer, which can really be described as a deep and vital point. ”

Hearing this, Zhang Qi probably understood in his heart, and at this time, Fang Hong looked at him and said bluntly: "Mr. Zhang, I advocate demolishing the roof at the Beijing meeting, and you come to help reconcile, and the SGE is that window." ”

Zhang Qi suddenly laughed and said quickly: "Mr. Fang, there is a sentence that you said wrong, this is not helping, but jointly promoting, and there is no shirk within the power of your ability." To tell you the truth, I have long imagined that there will be an exchange in the new city, and as far as I know, the city also has this idea, even if you don't come to me today, I will come uninvited in the future, and the city may discuss this matter with you, which is not a coincidence, as the so-called heroes see the same. ”

Things just hit it off.

After a while, Zhang Qi suddenly sighed: "It's just that with a top-level design route like yours, I'm afraid it won't be easy to land the SGX pilot." ”

Zhang Qi does not have any objections to the SGX under the framework of Fang Hong's design, because it is clear that if he can't do it according to his top-level design, he, including Qunxing Capital, will definitely not spare no effort to promote the landing of SGX, and if he doesn't follow this idea, it is just one more mediocre exchange.

Fang Hong said succinctly: "Things are man-made, do your best, and obey the destiny of heaven." ”

If you do everything you need to do, you can do everything that manpower can do, and in the end, it depends on God to decide whether you can achieve it, and wait for the result.

……

(End of chapter)