The three major indexes bottomed out in the afternoon, antiviral stocks rose in the afternoon, Lanwei Medical reached the daily limit, Tianrui Instruments, Jiu'an Medical and other stocks continued to close; the port and shipping plate changed, COSCO Shipping Holdings surged higher. In addition, the national defense industry, digital currency plate is strong, network security, domestic software, big data and other science and technology plates are collectively strong.

On the whole, stocks rose more than fell less, with nearly 2900 stocks floating red, and the turnover on the Shanghai and Shenzhen stock markets exceeded trillion yuan for the 28th trading day in a row. By the close, the Prev index was up 0.03%, the Shenzhen index was down 0.1%, and the gem index was down 0.22%. Beixiang funds sold more than 3.4 billion yuan net throughout the day.

　　The Hang Seng Index of Hong Kong stocks hit a new low for the year.

Today, the Hang Seng index, which characterizes the trend of Hong Kong stocks, continued to fall in the afternoon, narrowing its losses in late trading, hitting 23175.37 points at one point, the lowest in the last 13 months since October 2020.

At the beginning of this year, I don't know if everyone still had an impression. At that time, many organizations were optimistic about Hong Kong stocks and said they wanted to go south to "seize the pricing power of Hong Kong stocks."

Interestingly, this is not the first time this slogan has been shouted out. At that time, in 2015, many institutions said that they would seize the pricing power of Hong Kong stocks. In fact, the logic behind this is that there are many good companies in Hong Kong stocks, and the price is cheaper than A-shares. Now the Hang Seng Index of Hong Kong stocks has hit a new low for the year.

Let's move on to the topic, that is, why do the share prices of Hong Kong companies look cheaper than those of A-shares?

First of all, the Hong Kong stock market is a global Unicom market, it does not have a local capital market, that is to say, the capital coming here is liquid, so when it comes to risks, these liquidity will often take the lead to flee.

Secondly, the mechanism of Hong Kong stocks allows short selling. There are many tools for Hong Kong stocks to short, which means that very often there will be a change in the roles of the participants in the market, and the shareholders of some companies may not be multi-party, and they can lend their shares to become helpers of the short side.

In addition, it is worth noting that Hong Kong stocks hit a new low this year, which is largely dragged down by the share prices of Internet technology companies. Especially after the introduction of the antitrust policy, the business model and profitability of many Internet companies have been affected.

The Hong Kong stock prices of Internet companies such as Meituan, BABA, Tencent, NetEase, Inc and Kuaishou Technology have all fallen to varying degrees this year.

Among them, the share price of BABA Hong Kong stock also hit an all-time low today.

According to its financial report for the third quarter of 2021, BABA achieved an operating income of 200.69 billion yuan, an increase of 29% over the same period last year. The net profit of returning to the mother was 5.367 billion yuan, down 81.34% from the same period last year.

　　A number of A-share companies have exposed bad news.

And back to the A-share market, a number of companies exposed bad news last night.

On the evening of November 29, Baan Water Affairs announced that the company provided guarantee for Zhang Chunlin (former controller and former chairman) to borrow money from Ren Yuan, but failed to comply with the deliberation and decision-making procedures of the company's board of directors and shareholders' meetings. the company has violated the rules to provide guarantee to the outside world, and the company's stock may be warned of other risks.

At the same time, Hengrui Pharmaceutical announced that it had received a regulatory work letter.

Among the announcements yesterday night, the announcement of Hesheng new material is the most eye-catching. On the evening of November 29, he Sheng Xincai disclosed the criminal ruling of Zhang Wei, the actual controller of the company.

The verdict showed that Zhang Wei, the actual accuser, committed as many as 11 projects, including the crime of organizing and leading underworld organizations, the crime of illegally absorbing public deposits, and the crime of forced trading, and decided to impose life imprisonment and deprivation of political rights for life. He was also sentenced to confiscation of all personal property and a fine of 12.17 million yuan.

At present, Zhong Kechuang, which is controlled by Zhang Wei, holds 31.34% of the shares of Hesheng Xincai, which has been judicially frozen. The company also suggests that there is a risk of changes in actual control in the future.

In fact, in recent years, there have been many cases of "thunder explosions" by real controllers of listed companies, of which more than 10 shares of actual controllers were taken compulsory measures or filed for investigation during the year, including Zangge Holdings, Sansheng shares, HTC shares, Shennan shares and other actual controllers were taken compulsory measures.

There are also a variety of reasons, including suspected manipulation of the securities market, breach of trust and use of fiduciary property, as well as illegal mining.

This reflects that the corporate governance mechanism needs to be improved urgently. The capital market should improve the rule of law and strengthen supervision, effectively balance and restrain the actual controllers and executives of listed companies, and urge them to abide by the law and not harm the interests of listed companies.

　　Outlook for the future of A-share market

At present, A shares as a whole in the market as a whole in the shock upward trend, the entire market stock of funds game, the amount of energy is relatively insufficient, falling momentum is also insufficient, the news is relatively cautious, patiently waiting for the emergence of big opportunities in the industry or plate.

For the recent trend, Zhongyuan Securities also believes that near the end of the year, all parties in the market are more cautious, investors pay attention to the policy and capital aspects at the same time, balanced allocation. Whether Prev can break through the market and rise again in the future still needs external forces and the continuous promotion of leading rising hot spots.

As for the future of A-shares, Shanxi Securities said that the emergence of COVID-19 's new variants will have a limited negative impact on A-shares, and may even magnify the momentum, driving the market to start in advance of the New year, bringing trend market opportunities for some sectors of the market.

At present, the tone of "taking the lead" in China's monetary policy is very clear, and the emergence of new variants has further strengthened loose expectations. China's A-shares have risen sharply in the structural market since the beginning of this year, and the overall performance is relatively stable, and there is relatively limited room for the recurrence of the epidemic to lead to a decline in asset prices in China.

To sum up, the market fluctuations caused by emotional changes may be difficult to sustain, and China's A-share market still has a better layout opportunity at present.