中國股市為什麼不能跌? - 股票
By Daph Bay
at 2020-02-20T14:57
at 2020-02-20T14:57
Table of Contents
https://www.facebook.com/102702907986351/posts/110787910511184/
中國股市為什麼不能跌?
至少在這個時間點不能大規模崩跌。經過去年貿易摩擦的摧殘,中國股市已有相當程度的
修正,在安全邊際的縮減後,關鍵在大股東股票質押比率高的公司上,這類型企業通常也
是資金短缺或虛假成分高的投機股,崩盤將引發被迫平倉觸發再一波下跌,又啟動更多恐
慌性賣壓,這當中消失的市值是不會再回復的。
屆時積極型的大眾投資人哀鴻遍野,體質不佳的上市公司下市甚或破產倒閉,波及往來的
中小企業,失業率上升影響消費信心與政府稅收,可能導致部分內陸省份GDP直接陷入衰
退。
此外房地產泡沫與諸多將違約的公司債原本就岌岌可危,恐怕禁不起慌亂的去槓桿過程,
預期信託產品違約狀況擴大,保守型的大眾投資人哀鴻遍野,經濟下行連環爆的引信永遠
與金融體系連結,經營不善的城商行與農商行,因原本就試圖掩蓋的NPL暴增而被接管,
連不投資的底層民眾都會覺得自己的存款沒那麼安全…
去年以來因為豬瘟造成CPI居高不下,就算沒引發金融風暴,在冠狀病毒的陰霾下,中國
經濟越來越接近落入停滯性通膨的懸崖邊緣,棘手的停滯性通膨會擴大社會問題,而社會
問題終將指向政治問題。
中國式繁榮這幾年歷經內外部因素的淘洗,已是鋼筋水泥堆砌而成的紙牌屋,也許當下的
股市就是當權者需勉力維持的那張骨牌。
--
中國股市為什麼不能跌?
至少在這個時間點不能大規模崩跌。經過去年貿易摩擦的摧殘,中國股市已有相當程度的
修正,在安全邊際的縮減後,關鍵在大股東股票質押比率高的公司上,這類型企業通常也
是資金短缺或虛假成分高的投機股,崩盤將引發被迫平倉觸發再一波下跌,又啟動更多恐
慌性賣壓,這當中消失的市值是不會再回復的。
屆時積極型的大眾投資人哀鴻遍野,體質不佳的上市公司下市甚或破產倒閉,波及往來的
中小企業,失業率上升影響消費信心與政府稅收,可能導致部分內陸省份GDP直接陷入衰
退。
此外房地產泡沫與諸多將違約的公司債原本就岌岌可危,恐怕禁不起慌亂的去槓桿過程,
預期信託產品違約狀況擴大,保守型的大眾投資人哀鴻遍野,經濟下行連環爆的引信永遠
與金融體系連結,經營不善的城商行與農商行,因原本就試圖掩蓋的NPL暴增而被接管,
連不投資的底層民眾都會覺得自己的存款沒那麼安全…
去年以來因為豬瘟造成CPI居高不下,就算沒引發金融風暴,在冠狀病毒的陰霾下,中國
經濟越來越接近落入停滯性通膨的懸崖邊緣,棘手的停滯性通膨會擴大社會問題,而社會
問題終將指向政治問題。
中國式繁榮這幾年歷經內外部因素的淘洗,已是鋼筋水泥堆砌而成的紙牌屋,也許當下的
股市就是當權者需勉力維持的那張骨牌。
--
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