Memories are always beautiful. 1 year ago in July, A shares ended their six-year "Long Bear Tour". 20 14 June, the central bank cut interest rates for the first time in more than two years, which promoted the bull market of A shares in the next seven months. Now A shares have fallen by nearly 40% or 2000 points from the highest point. So what happened to A shares after the first anniversary of the bull market? In order to answer this question, we might as well compare various data of A shares this year. What will happen?

Let's look at the core data of the index's rise and fall: A shares rose by 52.87% last year. Since the beginning of this year, A shares have changed from 56% at the peak to 1% at present. In terms of global stock markets, the United States and Britain also rose first and then fell. In 20 14, the stock markets of the United States, Germany, France, Britain and Japan rose by 7.52%, 2.65%, -0.54%, -2.7 1% and 7. 12% respectively. Since 20 15, it has been -8.37%, 4.75%, 8.06%, -6.06% and 4.66% respectively. Closely related to the rise and fall of the stock market is the comparison of market value. At the end of 20 14, the total market value of Shanghai and Shenzhen stock markets was 37 trillion yuan, which rose to a historical high of 62.7 trillion yuan in May this year. By the end of August, this figure had dropped to 43.8 trillion yuan.

Look at the comparison of various data in the stock market. At the end of 20 14, the P/E ratios of CSI 300, SME board and GEM were 12.9 1, 42.59 and 63.76 times respectively, and by the end of May this year, they were 16.83, 83. 12, respectively. At present, in terms of financing balance, the change is relatively intuitive. At the end of 20 14, the balance between Shanghai and Shenzhen stock markets just broke through the 1 trillion mark. At the end of May this year, this number exceeded 2 trillion, but then it fell like a cliff. Only three months later, the balance of Shanghai and Shenzhen stock markets has fallen below one trillion.

From the perspective of individual stocks, at the end of 20 14, there was only one 100-yuan stock in Kweichow Moutai in the two cities. By the end of May this year, the number of 100-yuan shares had expanded to 79, some of which (all-pass education) reached the historical high price higher than that of 400 yuan. At present, the number of 100-yuan shares is 1 1, and the highest price is 2 18.89 yuan for Xun You Science and Technology.

It can be said that most stock data are basically consistent with the stock market, but there are exceptions. The AH premium index has been rising continuously since the middle of last year. Even though A-shares have experienced two sharp falls, they can still hit a new high, which may be related to the poor performance of the Hong Kong stock market this year. Hong Kong's Hang Seng Index has fallen by nearly 9% this year, and the Hang Seng China Enterprises Index has fallen by 18.9%.

The stock market rallied and fell back, and the result may not be exactly the same as people think. There are many differences and similarities between 1 year ago and 1 year later. What is more important than the result is the enlightenment brought by this process.

First of all, we should pay attention to the deleveraging of financial products. Looking back on the ups and downs of the stock market this year, the overuse of capital leverage and the subsequent rapid contraction undoubtedly played a great role. Because of this, it has become the focus of people's attention to formulate reasonable rules for the use of leverage and establish a leverage ratio that conforms to the actual situation of the market. Gui, an analyst at Shenwan Hongyuan, believes that the capital market needs leverage, but the use of leverage must conform to the reality of China's capital market. Whether it is a credit transaction or a leveraged financial product, how to grasp their "degree" is the key. Here, as a leading financial institution, it really needs to take responsibility. From the perspective of stabilizing the market and being conducive to sustainable development, we should seriously examine the problem of reducing leverage of financial products and solve this problem from the institutional level.

Second, there are "dangers" and "opportunities" in stock market fluctuations. A-shares, which struggled to rise in the first half of the year and ignited the market fever, were exhausted in the last two months, and all the gains were "retreated". Xu Keqiang, CEO of Northeast noah wealth, believes that this fluctuation is an opportunity for China's capital market to transform the market dominated by individual investors into the market dominated by institutional investors. Secondly, Internet finance has developed rapidly, and most of the practitioners are people from the Internet. No matter what kind of finance you do, as long as it involves finance, risk control ability is the core. Therefore, this kind of stock market fluctuation must be experienced, and the sooner it is experienced, the better.

Third, the operating logic of the stock market has not changed. Guotai Junan said that reform and innovation are still the core logic of China's endogenous economic transformation. The ideas of reform, innovation and entrepreneurship of state-owned enterprises and central enterprises are deeply rooted in people's hearts. China's new growth momentum is still abundant, which implies a core logic. The core logic of innovation and reform and gradual economic stabilization remains unchanged.

Back in the stock market, investors are somewhat pessimistic about the later expectations. If the economy shows an L-shaped trend this year, strengthening reform expectations is the most important thing to restore market confidence. For example, the recent gradual introduction of the reform plan for the integration of central enterprises and state-owned enterprises is a relatively obvious signal.

To sum up, we can still actively look forward to the later market. China's future after transformation and the vigorous development of China's capital market are inseparable twins. The stability at the national policy level has begun to gradually call back the confidence of the market.

These are the changes that Bian Xiao shared for everyone. Judging from the data analysis, A shares were analyzed a year ago. For more information, you can pay attention to Global Ivy and share more dry goods.