股民必看！吴晓求直言：总想“一夜暴富”的人把市场搞乱了

Core Viewpoint - The current A-share market rally is driven by the release of reform dividends and is a significant reflection of institutional rule reforms, rather than mere speculation or bubble dynamics [1][4][5]. Group 1: Market Dynamics - The market's changes are not spontaneous; they are results of reforms that have addressed previous constraints on capital market development [4][5]. - The core logic of reform is to eliminate institutional barriers to capital market growth, provide stable expectations for investors, and impose high costs on violators [5][6]. - The ongoing reforms suggest that the current market rally may continue as long as reforms are in progress, with long-term market development being the main trend [6][12]. Group 2: Investor Behavior - There is a concern about investors who seek quick wealth, which disrupts market stability; the market should be viewed as a wealth growth platform rather than a gambling arena [7][8]. - Even with the index rising from 3000 to 3800 points, not all investors are profiting, indicating the importance of stock selection and market understanding [8][9]. Group 3: Market Valuation and Transparency - The high price-to-earnings ratio of companies like Cambrian (3000 times) reflects market expectations, and while bubbles may form, they will eventually find a rational valuation [10][11]. - Transparency and accurate information disclosure are crucial for maintaining market order and preventing speculative bubbles [10][11]. Group 4: A-share Market Strength - The A-share market has become stronger than the Hong Kong market and is less dependent on it, with growth driven by internal reforms and policy adjustments [12][13]. - The perception of the market as primarily a financing platform has shifted towards recognizing it as an investment market, which is essential for its growth [13]. Group 5: Asset Structure and Financial Reform - The asset structure in China is expected to change, with a growing proportion of financial assets, particularly securities, which should ideally account for 40%-50% of household assets [22][25]. - The era of relying on real estate for wealth preservation is ending, and there is a need to transition towards financial assets for better liquidity and returns [26][28]. Group 6: Regulatory Framework - A compensation mechanism for forced delisting due to violations is necessary to protect individual investors, as they are often the most affected by such actions [29][30]. - The need for a robust legal framework to deter severe financial crimes is emphasized, with suggestions for harsher penalties, including the possibility of capital punishment for significant fraud [31][32].