Pi Haizhou: Pilot T+0 Tarnish Blue Chips

Although the Shanghai Stock Exchange only said "launching a pilot project", it did not mean that the T+0 pilot project was carried out in the blue chips. However, based on the call for "T+0 pilot in blue chips" in the Shanghai Stock Exchange and the A share market this spring, the industry and public opinion still thought of the "T+0 pilot project in blue chips".

At present, the implementation of stock index futures is T+0. In the A share market, after the "8. 16" Everbright "Oolong finger incident", the necessity of launching T+0 trading in the A share market is well known.

With the addition of Shanghai and Hong Kong and other factors, the resumption of T+0 trading in the A share market is indeed popular.

But if we want to carry out the T+0 pilot in blue chips, it is undoubtedly a waste of one's luck and a stain on the blue chips.

In fact, T+0 has become an old acquaintance of the A share market.

The advantages and disadvantages of T+0 have long been recognized by the market.

Choosing blue chips for trial is nothing more than worrying.

It encourages the speculation in the A share market and encourages speculative speculation in small cap stocks.

At the same time, it hopes to further activate the blue chips trading with the help of the frequent paction function of T+0.

In fact, this starting point is wrong in itself. It only sees T+0.

While ignoring the error correction function of T+0.

The reason is that the pollution of blue chips is because the "pilot" gives investors the impression that blue chips are not actively traded and abandoned by investors, so it is necessary to conduct T+0 experiments to activate the blue chips trading.

This is clearly not the case.

The investment value of blue chips is not reflected in T+0 pactions.

Blue chips should be long-term investment varieties and investors hold long lines. As long as listed companies can give investors enough cash dividends, the investment value of blue chips can also be reflected.

It is imperative to turn blue chips into theme stocks, forcing long term investments into short-term pactions, which makes the faces of blue chips.

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The pilot T+0 is actually a risky move.

Blue chips are the cornerstone of the A share market, so long as the blue chips are steady, there will be no big turbulence in the A share market.

Even if the gem and small and medium-sized board index fell sharply, the Shanghai Composite Index will remain stable.

However, if the T+0 is deliberately piloting in blue chips and investors are encouraged to frequent pactions in blue chips, no one can guarantee that this will not exacerbate the ups and downs of blue chip stocks, thereby driving the whole market to shake.

Therefore, in terms of maintaining market stability, T+0 prefers to pilot in small and medium sized boards, or in blue chips.

In fact, since the A-share market already has the conditions to restore T+0, since the stock index futures T+0 and stock spot T+1 have brought unfair stock pactions, since facing the Everbright "Oolong finger incident" and the T+1 paction are not conducive to protecting the interests of investors, we should implement the T+0 in an all-round way. A