Today’s capital market has a huge amount of information.

　　During the downturn of the stock market, Vice Premier Liu He and the leaders of the NPC and CPPCC made their voices in the official media successively, with high specifications and quite consistent pace. They responded to social concerns about the current economic and financial focus (especially the stock market issue) and gave many important judgments and measures, which were highly instructive.

　　The market also seems to be "a long drought meets rain", and A shares have ushered in a long-lost surge. Let’s take a look.

　　cause

　　The Shanghai Composite Index dropped from the highest point of 3,587 in January this year to the lowest point of 2,449 this morning, dropping more than 1,100 points, nearly one third, and the market value of many stocks was below 1 billion yuan. Shareholders joked, "the stock market is this thing, Audi goes in and Alto comes out; Buffett goes in and Hobbit comes out. "

　　Under the joke, it revealed the sadness of investors. Last Sunday, Chairman Liu Shiyu of the China Securities Regulatory Commission talked with investors and used "the spring of the stock market is not far away" to cheer up the market.

　　However, market participants also said that "spring is not far away, but many enterprises can’t survive winter", which represents the general aspiration of the market. Since the beginning of this year, the financing difficulties of private enterprises and the frequent "explosion" of the equity pledge of major shareholders of private listed companies have caused the market confidence to collapse and attracted the attention of the regulatory authorities.

　　China’s stock market fell sharply, which was influenced by many uncertain factors. Liu He summed it up with four reasons:First, external factors; Second, internal structural factors; Third, expected changes; Fourth, market technical factors.

　　From the external factors, Sino-US trade frictions have been repeated, the central banks of major countries such as the United States have stepped into the interest rate hike cycle, and global stock markets have significantly adjusted back in the near future. Domestically, the task of economic restructuring has not yet been completed, and the year-on-year GDP growth in the third quarter has also slipped to 6.5%. The development of private economy and the protection of property rights have yet to be implemented.

　　From the voice of the regulatory authorities, targeted measures have been taken on specific issues such as "equity pledge financing business risk", "private enterprise financing" and "market long-term capital source". It is worth noting that under the leadership of the State Council Financial Stability Committee, the coordination of supervision has been greatly enhanced, which is refreshing.

　　Specifically.

　　measure

　　Everyone must be deeply impressed by the "skyrocketing" and "plunging" in the abnormal fluctuations of the stock market in 2015. After the deleveraging of the stock market in recent years, the scale of over-the-counter fund-raising and financing has decreased greatly, but the "leverage" mode of "equity pledge" is still an important financing tool for the major shareholders of listed companies.

　　Once leveraged funds encounter market volatility, it will aggravate market volatility. Simply put, this process is "stock price decline — Burst positions — Investor confidence is frustrated — — Aggravating the vicious stampede of stock price decline.

　　This is also the "technical factor of the market" pointed out by Liu He.

　　According to the statistics of a securities company, as of October 17th, there were 2,423 major shareholders of listed companies in Shanghai and Shenzhen stock markets, accounting for 68.2% of all A-shares, with a total market value of 3.9 trillion shares pledged and a total market value of 985.2 billion yuan of open positions. The major shareholders were suspected to have touched the market value of closed positions of 2.95 trillion yuan.

　　It can be seen that there are many companies close to the liquidation line, and the potential risks are greater. In response to the "risk of equity pledge financing", Guo Shuqing, Chairman of China Banking and Insurance Regulatory Commission, asked "banking financial institutions to scientifically and reasonably manage the risk of equity pledge financing business and take appropriate measures to handle it safely."

　　Recently, after Shenzhen invested tens of billions of dollars to help listed companies, Guangzhou, Beijing and other places introduced measures to solve the problem of equity pledge of listed private enterprises, which provided "timely assistance" for high-quality listed companies, especially private high-tech enterprises.

　　The CSRC paid more attention to the reform of the basic market system, and put forward seven measures, such as formulating the Administrative Measures for Private Equity Management of Securities and Futures Operating Institutions, improving the share repurchase system of listed companies, deepening the market-oriented reform of mergers and acquisitions, promoting the reform of the New Third Board system, and increasing the support for the listing of scientific and technological innovation enterprises.

　　To save the market, not all listed companies have to save it. Some "junk" companies still need to be cleared to make the market more effective. Liu He said that the adjustment and clearing of the stock market is creating good investment opportunities for its long-term healthy development.

　　private enterprise

　　The speech of the top management reflects the care for private enterprises. Although financial policies have always been beneficial to the release of private enterprises, there are still many "obstacles" in the transmission of actual funds to private enterprises.

　　In terms of importance, the private economy plays an important role in the whole economic system, contributing more than 50% of tax revenue, more than 60% of GDP, more than 70% of technological innovation, more than 80% of urban employment, and more than 90% of new jobs and enterprises.

　　In view of the social anxiety about private enterprises, Liu He reiterated his adherence to the "two unswerving" principle. On the one hand, he unswervingly consolidated and developed the public sector of the economy, on the other hand, he unswervingly encouraged, supported and guided the development of the non-public sector of the economy.

　　Liu He also cleared up the misunderstandings and deviations in the actual implementation process. "For example, the business personnel of some institutions think that it is safe to provide loans to state-owned enterprises, but it is politically risky to provide loans to private enterprises, so they would rather not do anything and not make political mistakes. This kind of understanding and practice is completely wrong. We must understand this issue from the perspective of politics and the overall situation. "

　　If Liu He is pointing out the general direction, the two sessions are concrete implementation.

　　Yi Gang, the governor of the central bank, proposed three ways to solve the financing difficulties of private enterprises, namely: (1) bond financing and providing credit enhancement services; (2) equity financing; and (3) supporting commercial banks to provide credit to private enterprises.

　　The CSRC focuses on strengthening services from the capital market, which is also three measures: (1) enhancing the financing service function of the GEM and the New Third Board; (2) encouraging all kinds of asset management institutions to participate in mergers and acquisitions of private listed companies; and (3) using various debt instruments to solve the problem of difficulty in issuing bonds.

　　fund

　　The recovery of the stock market is inseparable from the "liquidity factor", that is to say, where does the "money" come from?

　　In the first half of this year, regulatory documents such as the "New Regulations on Asset Management" made strict regulations on the entry of asset management products and funds into the stock market. However, under the current situation, the regulatory rules have been eased and improved to some extent: (1) the public wealth management products issued by bank wealth management subsidiaries are allowed to directly invest in stocks; (2) Do not set the sales starting amount of wealth management products; (3) Individual investors are not required to purchase wealth management products for the first time for face-to-face signing.

　　This means that the threshold of financial management is adjusted. Billion-scale bank financial management is a potential capital to enter the market, which is conducive to stabilizing stock market expectations, but investors should also have the awareness of "taking risks at their own risk".

　　For a time, insurance funds "made waves" in the stock market. It is undeniable that insurance funds have the advantage of long-term stable investment. China Banking and Insurance Regulatory Commission’s latest attitude is: "Increase the financial nature of insurance funds and strategically invest in high-quality listed companies, and allow insurance funds to set up special products to participate in resolving the liquidity risk of stock pledge of listed companies, and not to be included in the supervision of equity investment ratio."

　　This time, market supervision must keep up.

　　confidence

　　Does the favorable admission of funds mean that the stock market can be "immediate"?

　　Throughout the high-level speech, it conveys the meaning of "stable expectations". No matter from the laws of the market itself, or investors’ expectations, economic fundamentals, etc., there is no basis for a sharp rise.

　　From the perspective of opportunities, Liu He believes that "the bubble of listed companies has been greatly reduced, the quality of listed companies is improving, and the valuation is at a historical low. Therefore, many institutions suggest paying close attention to the China stock market and think that the China stock market has a high investment value."

　　He also reminded everyone, "I believe investors will make rational judgments."

　　When the policy bottoms out, the market will also grind the bottom repeatedly.

　　From the perspective of the real economy, China’s economy is still in the "three-phase superposition" stage, and some enterprises are facing some difficulties. This is precisely the stage where entrepreneurs can make great achievements. Entrepreneurs with courage, vision and courage should take the lead and live up to expectations.

　　Liu He told everyone that the China government will create an equal environment, strengthen the rule of law, strengthen the protection of property rights and intellectual property rights, adhere to the basic economic system, and deepen reform and opening up. There is no reason why we should not be full of confidence in the broad prospects of China’s economic development. "Now is a critical moment when actions are better than a dozen programs. All aspects should be implemented more vigorously, with a stronger sense of responsibility, dare to take responsibility, act quickly, and effectively introduce some specific policies to promote the healthy development of the stock market."

　　Wen Yaoding rides an ox.

Reporter Wang Wei reports On the evening of November 1st, China women’s football team ushered in the second stage of the Paris Olympic preliminaries in Xiamen. The 1-1 result resulted in neither China nor South Korea qualifying. This is also the second time that China women’s football team missed the final stage of the Olympic Games after missing the 2012 London Olympic Games. After the game, China women’s football team Wang Shanshan, Dou Jiaxing and other players shed tears on the court. Without the Paris Olympic Games, China women’s football team failed to achieve their goals in the 2023 Women’s World Cup, Hangzhou Asian Games and Paris Olympic preliminaries.

Before the battle of life and death, the AFC held the 2022 annual award ceremony, and Shui Qingxia won the title of the best women’s football coach in 2022-in recognition of her leading the team to win the 2022 women’s Asian Cup. But this honor is more like an invisible pressure for the women’s football team in China, last stand in the final round of the group stage. In addition, before the match, the Filipino women’s football team ranked second in Group A had already scored 6 points. On the evening of November 1st, the confrontation between Chinese and Korean women’s football teams became a "life-and-death battle". No matter whether it was the China women’s football team with 3 points or the Korean women’s football team with 4 points, only the winner had a chance to advance.

In this game, Shui Qingxia used Liu Yanqiu as the right avant-garde in the starting lineup, which is a big change. However, Yan Jinjin, who scored in both games before the Olympic preliminaries, was put on the bench. Obviously, Shui Qingxia still wanted to leave the back hand at the end.

In the first half, there were not many opportunities for the two teams. Uyghur Gumula once scored a goal for the China women’s football team, but Wu Chengshu’s offside goal was invalid. On the other hand, South Korean women’s football relies more on the 16-year-old mixed-race teenager Cathy Fair to make a killing in the frontcourt. Her breakthrough in the first half of stoppage time created a killing for veteran Chi Xiaoran, who surprised the China women’s football team with a cold sweat when she hit the post.

In the second half, it was still the Korean women’s football team that took the lead in rewriting the score. In the 61st minute, they took advantage of the free kick and Chi Xiaoran assisted Shen Yi to grab the header and then broke the deadlock. China women’s football team was forced to die. It wasn’t until the 70th minute that Shui Qingxia finally took a chance and put on Wang Linlin, the central defender, and pushed the captain Wang Shanshan to the front line. The change was immediate. In the 78th minute, China women’s football team used a free kick to equalize the score. Yan Jinjin passed the ball into the penalty area and Wang Shanshan headed the ball to score a beautiful goal.

However, the score of 1-1 was not enough for both China and South China. In the 84th minute, the women’s football team made a beautiful left-wing counterattack, and Yan Jinjin received a pass from her teammates on the right to form a single-handed trend. Unfortunately, her final shot missed the post. In the end, after five minutes of stoppage time, the China women’s football team and the Korean women’s football team drew 1-1, and both teams missed the third stage of the Paris Olympic preliminaries. Japan, Australia, North Korea and Uzbekistan (the best group is second) entered the third stage of the competition, and they will compete for the last two tickets to the Paris Olympic Games.

For China women’s football team, there are three major events this year, among which the first event failed to qualify for the Women’s World Cup group match, setting the worst result in the history of China women’s football team participating in the World Cup; Hangzhou Asian Games only won the bronze medal when Japanese women’s football team and Korean women’s football team didn’t send the strongest team to participate, which didn’t meet the expectations of the outside world. This time, the exit from the Paris Olympic preliminaries failed to extend the hope to the third stage-three sap notes, which means that China women’s football team failed to achieve the expected goals in all three major competitions this year.

The elimination of the Paris Olympic preliminaries means that the China women’s football team will have no major competition to play in the next year or two. Shui Qingxia took over as the head coach of China women’s football team after the Tokyo Olympic Games, but now she has missed the Paris Olympic Games, and a complete cycle of leading this coaching team has ended.

In this Olympic preliminaries, China women’s football team did encounter many difficulties, including Shoupeng Wang’s injury and Tang Jiali’s failure to return to the team, and Zhang Linyan’s state failed to reach the best because of some injuries. Another player studying abroad, Wu Chengshu, missed the match against Thailand because of a fever, and Li Mengwen failed to register for the match against South Korea because of injury. Because of her poor record, some tactical arrangements and personnel arrangements of Shui Qingxia have naturally been questioned by some outside voices.

After the game, some media asked Shui Qingxia whether she would continue to lead the women’s football team in China. Shui Qingxia responded: "We didn’t achieve the original goal in terms of results alone, but more young people can get exercise through the game, and we can really see that China women’s football team can do better in terms of skills and tactics besides spirit, and we can find the right way in the process of failure in the future. This is ok. As for the future, I’m not sure now. In any case, I hope that the women’s football team in China will get better and better. I hope that these girls will really enjoy the happiness brought by football on the football field and hope that they will get better and better in the future. "

After the game, Shui Qingxia talked about the preparation of the team and the topic of players studying abroad. "After training in Xiamen, I learned that overseas players came back late. I am still worried about their physical fitness, including recovery and jet lag. I will play the game two days after returning. There must be many people asking, since you have so many worries, why did you call them back? China Football Association has been encouraging more young players to go out, not just to go out, hoping that more players will gain experience and serve the motherland in the future. Personally, I am very supportive from the beginning to the present. I hope that our players will go out and see the outside world, what advantages and shortcomings they have, and see how football is played in European countries. " Shui Qingxia said.

Shui Qingxia also took the initiative to talk about Tang Jiali, who was not selected for the national team this time. "I have always supported studying abroad. Maybe many people care about Tang Jiali’s problem. She is also one of the overseas players. She is a good player. We have been communicating before, including her trip from Shanghai to Spain, including her performance in the league. She is a very powerful player. I hope she can maintain a good competitive level through the Spanish league and have the opportunity to serve her motherland and return to the team."

China women’s football team failed in the World Cup, the Asian Games and the Paris Olympic preliminaries, which made the women’s football girls very sad. After the game, Shui Qingxia hugged each team member. Wang Shanshan, captain of the China women’s football team, shed tears on the field. "In fact, we played very well in today’s game. In the future, I hope more young people can get up and carry forward the spirit of women’s football in China and never give up."

"I’m sorry that I didn’t win today’s game, which means that I can’t enter the Olympic Games in the following games. The players performed very well in today’s game, including the fighting style. The players really tried their best in this game, and I am especially grateful to the players. " Shui Qingxia apologized after the Olympic preliminaries.

At the same time, she said: "From the heart, I am quite sad. I feel sorry for these girls, because everyone has been struggling since the beginning of this year, and the women’s football team in China has its highlights. We have also seen many technical and tactical gaps and deficiencies. In fact, we are trying to adjust and change every day. From now on, the change is not good enough or fast enough. Our team members also tried their best, and I am very grateful to my team members and thank my team. "

Throughout 2023, women’s football competitions in China have been held one after another. It can’t be said that the team doesn’t work hard, but the dilemma of weak foundation and unclear direction can’t be changed in a day or two. Regarding the future of China women’s football team, Shui Qingxia said after the game: "Everyone has seen the World Cup, the Asian Games and the Olympic preliminaries. In fact, there is a big gap between us, especially in youth training, which is an important direction for future development. We don’t have any big competitions in the next two years, but if we are soberly aware of the gaps and shortcomings and calm down to deal with some details, I think the China women’s football team will go in the right direction. "