On April 28, China Settlement issued a notice that starting from April 29, 2022, the stock transaction transfer fee will be reduced by 50% as a whole, that is, the stock transaction transfer fee will be 0.02‰ of the transaction amount for A shares in the current Shanghai and Shenzhen markets, and 0.02‰ for A shares in the Beijing market. Stocks and listed company shares will be charged in both directions according to the transaction amount of 0.025‰, and the unified reduction will be reduced to 0.01% of the transaction amount in both directions.

This move is to thoroughly implement the spirit of the special meeting of the Financial Committee of the State Council, promote the stable and healthy operation of the capital market, further stimulate market vitality by reducing investor costs, and increase support for the real economy.

　　An investment banker of a brokerage said that the reduction of stock transaction transfer fees shows the firm attitude of the regulators to care for the stock market and encourage trading. The current market fluctuations are mainly affected by investors' expectations and emotions. The market lacks confidence the most. This policy can be described as Reducing the transaction transfer fee is a good medicine. The key is to return to confidence and let the market return to rationality.

Overall 50% reduction in transfer fees for stock transactions

　　From April 29, 2022, the stock transaction transfer fee will be reduced by 50% as a whole, that is, the stock transaction transfer fee will be 0.02‰ of the current transaction value of A shares in Shanghai and Shenzhen markets, and 0.025% of transaction value of A shares and listed company shares in Beijing market For two-way charging, the unified reduction is reduced to two-way charging according to the transaction amount of 0.01‰.

Based on the 256 trillion turnover of the Shanghai and Shenzhen stock exchanges in 2021, this move can reduce transaction costs for investors by about 5 billion per year.

　　Yang Delong, chief economist of Qianhai Open Source Fund, believes that the reduction of stock transaction transfer fees reflects the management's caring attitude towards the capital market.

Recently, favorable policies have appeared frequently, ranging from promotional fees, infrastructure construction, and RRR cuts, to the reduction of stock transaction transfer fees, which has released the management's protective attitude towards the capital market, which is conducive to the restoration of market confidence and promotes the rebound of the broader market.

It is still crucial to maintain a good attitude at the bottom of the market, insist on value investment, and grasp the direction that will benefit the most from economic transformation.

Through the epidemic, through the downturn in the stock market, everything will be fine.

Cherish the opportunity to build good stocks and good funds below 3000 points. In the long run, value investing will only lose time, not money.

　　The last time the stock transfer transaction fee was reduced was on July 9, 2015. The Shanghai Stock Exchange charged 0.3‰ of the transaction face value and the Shenzhen Stock Exchange based on the transaction value of 0.0255‰. Both investors are charged separately.

The day after the release of the good news, the Shanghai Stock Exchange rose 4.54%. Among the more than 20 stocks in the brokerage sector, 16 stocks including Northeast Securities, Guohai Securities, Oriental Fortune, and Guotai Junan achieved the daily limit. more than 7%.

　　According to data released by China Settlement on April 15, the number of new investors in my country's domestic securities market reached 2.302 million in March this year.

As of the end of March, the number of investors in my country's domestic securities market exceeded 202 million.

China Clearing launched a series of measures to promote the smooth operation of the market

　　Recently, China Clearing has taken a series of measures to reduce the cost of various market participants, improve the efficiency of capital use, and directly benefit the market.

In early April, China Settlement lowered the minimum settlement reserve payment ratio for stock business from 18% to 16%. On the basis of ensuring the security of the settlement system, the transaction settlement cost was reduced and the market efficiency was improved.

At the same time, the DVP reform is actively and steadily advancing. The reform plan has been fully demonstrated and market opinions have been fully solicited, which has been unanimously affirmed by market institutions. The reduction of the minimum settlement reserve payment ratio is also in line with the DVP reform. , to release some of the reform dividends ahead of schedule.

After the reform is implemented, the capital market risk prevention and control capabilities will be further improved.

　　In recent years, China Settlement has successively introduced a number of fee reduction measures to continuously reduce market costs and support the accelerated recovery and development of the economy in areas that have been greatly affected by the epidemic, which fully reflects the supporting role of China Settlement as a financial infrastructure.

Stabilizing market forces and condensing positive factors to emerge

　　The fee reduction measure of China Clearing this time is one of a series of policies to stabilize growth. The recent coordinated efforts to stabilize growth have released a positive signal of stabilizing the market and boosting investor confidence.

　　From April 26, the Central Financial and Economic Commission held its 11th meeting to study the issue of comprehensively strengthening infrastructure construction. , focusing on five key points, including the construction of network-based infrastructure such as transportation, energy, and water conservancy; the construction of industrial upgrading infrastructure such as information, technology, and logistics; the construction of urban infrastructure; the construction of agricultural and rural infrastructure; and the construction of national security infrastructure.

Go to the China Securities Regulatory Commission to issue a notice on high-quality development of the public fund industry, guide investors to pay attention to long-term investment performance, value investment, and rational investment, and increase the proportion of medium and long-term funds.

All of the above reveal the ardent hope of the regulatory authorities to promote the high-quality development of the capital market and the urgent requirement to further enhance the resilience of the capital market.

　　Positive factors that help the smooth operation of the capital market are also gathering.

　　As of April 27, 2022, according to Wind data, 3,528 of the 4,799 listed companies in Shanghai, Shenzhen, and North have released annual reports, accounting for 73.52% of the total number of listed companies.

The total revenue of 3,528 listed companies increased steadily, and the overall performance was good. The total operating income was 57.06 trillion yuan, a year-on-year increase of 20.82%; the total net profit was 4.94 trillion yuan, a year-on-year increase of 22.37%.

In terms of different industries, the annual profit growth rate of leisure services, transportation, mining, non-ferrous metals and other industries is relatively high. From the perspective of growth rate changes, the profit growth rate of leisure services, transportation, mining, and chemical industries has increased significantly compared with the previous year.

Among the 3,528 listed companies that have published their annual reports, 2,760 companies have dividend plans, accounting for 78.23%.

Most of the big dividends are "white horse" companies with higher total market value, total revenue and net profit, which is also an important reason why such companies are more likely to be favored by institutional investors.

　　At the same time, Sinopharm Group China Biotechnology and Kexing Holding Biotechnology Co., Ltd. obtained clinical approval from the State Food and Drug Administration for the inactivated vaccine against the new coronavirus of the Omicron variant strain, and new progress has been made in epidemic prevention and control.

　　The reform of the capital market is also deepening. The deepening reform of the capital market led by the reform of the whole market registration system will be steadily advanced, and the implementation of a new round of independent opening-up and pragmatic measures will be accelerated. The "two unswerving" principles are supporting the financing process of private enterprises It is more deeply reflected in the CCP that more forces have gathered into a trend in terms of stabilizing the market and stabilizing expectations.

　　"A series of positive factors have gathered, and the investment value of the A-share market has become prominent." Wang Hanfeng, chief strategist and managing director of CICC, said that sentiment indicators are "grinding the bottom", stable growth direction has relative benefits, and the market has mid-line value. "Stable growth" has encountered "supply shock", the overall market valuation has been reduced to a level similar to the historical bottom, the cumulative market correction time is long and the magnitude is relatively large, the valuation is relatively low, and the market is in a short-term "grinding". The bottom period", the middle line already has value.

　　"From a medium-term perspective, China's domestic demand is large, resilient, and policy space is relatively sufficient. Although the short-term market is more likely to be driven by emotions and has uncertainty, it is not appropriate to be overly pessimistic about the medium-term outlook." Wang Hanfeng said.