The Impact Of Devaluation On The Stock Market Is Still In Its Savings Stage.

The stock market has improved overall since October, and the future changes deserve our attention.

Short term market will remain volatile, but investors are advised to pay attention to marginal changes in capital side and investor risk preference.

Short term market will remain volatile, but investors are advised to pay attention to marginal changes in capital side and investor risk preference.

Capital inflow, as of October 20th, this month

For two consecutive weeks, a total net inflow of 2 billion 630 million yuan has been achieved. At the same time, a net inflow of 63 billion yuan has been achieved in the first trading week this month, which is the largest weekly net turnover since March of this year, and the net outflow of 104 billion 200 million yuan in the last week of September.

According to the latest statistics, the capital market in October tends to be obvious. On behalf of individual investors, there is a continuous net inflow of silver and credit pfer projects, margin financing and margin lending projects, and Shanghai stock exchange projects representing overseas funds.

It is noteworthy that the B-share market collapsed in October, followed by the RMB exchange rate hitting a new low of six years and now breaking through the 6.76 pass.

The current depreciation of the RMB mainly stems from the strong US dollar. Since October, the US dollar index has risen by 3.3%, and the renminbi has depreciated about 1.4% against the US dollar.

The impact of devaluation on the stock market is mainly due to its interest rate and interest rate.

The impact of short-term RMB devaluation, foreign exchange outflow pressure is increasing, but restricted by the end of the year, the exchange rate of individuals basically bottomed out, the pressure of panic outflow of funds does not exist, and the impact of RMB devaluation on the stock market is still in the savings stage.

There are some good changes in the market, but the implied risks have not yet been eliminated.

The good change is in the context of tighter market regulation, improved corporate profits, and over 8 months of stock market shock.

Risk appetite has been restored at the margin, and individual investors' funds, leveraged funds and overseas capital will gradually increase.

The potential risk is that the devaluation of the RMB is still accumulating on the stock market. There is a possibility of breaking out at any moment. The pressure from the Federal Reserve to stimulate global liquidity has not been reduced. The political and economic risks such as the Italy referendum and the European banking crisis have not disappeared. This also inhibits the continuous improvement of investors' risk preference to a certain extent.

According to the content of the inter ministerial joint conference system of "actively and steadily reducing the leverage ratio of enterprises" submitted by the NDRC, the joint meeting of 17 departments and units, including the NDRC, the people's Bank of China, the Ministry of Finance and the Banking Regulatory Commission, will be responsible for the study of ten aspects, namely, the relevant supporting documents formulated by the State Council on "actively and steadily lowering the leverage ratio of enterprises", and organizing the pilot work of marketization of bank debt to equity swap.

This week, the market hit the high point in August. Although it failed to break through the previous high, it was close at hand, believing that it would continue to charge after the high pressure before the shock and digestion.

When the weekly line is down, Xiao Yang returns, and the pattern of the bull market is clearer.

Since the 2638 points since the Shanghai stock market, the bottom has been lingering for 8 months, and the market is expected to complete the bottom to build up the upside market.

In short, the current market opportunities outweigh the risks. Even if there is a brief pullback, the market is expected to rise in the concussion.

On the operation of the company, the high growth and development potential is the first choice for the year-end market. It is recommended that the stock market be carefully excavated in the new share market, and the long term stock selection and band operation will be carried out for better returns.