Recently, the market has repeatedly fluctuated above 3000 points, indicating that the current long and short differences are large, and the market is waiting for more positive impetus to usher in a new round of upsurge, while 3000 points, as an important integer barrier, is an important support that many investors pay more attention to, so we should maintain confidence and patience at present.

From a policy point of view, the recent continuous introduction of policies to support the medium-and long-term healthy development of the market has effectively enhanced the confidence of the market, and the new "National Nine articles" has been officially issued, mainly for the purpose of building a high-quality capital market, so as to promote the long-term and healthy development of the capital market. The new "National Nine articles" guides the market to the road of value investment and long-term investment from many aspects. For example, the new "National Nine articles" requires strict control of the entrance to the issuance of new shares, improving the quality of listed companies from the source, and encouraging cash dividends of listed companies. Take risk warnings or some of them for companies that do not pay dividends or whose dividends are too low.AsianpokerHis measures will crack down on some iron Roosters who do not pay dividends all the year round, which will objectively encourage more investors to make value investments to allocate companies with performance support and high dividend rates. Good companies with good recent performance have continued to perform, while some poor performance stocks and subject stocks have continued to decline, indicating that investors are now paying more attention to the performance and long-term development potential of listed companies.

The new "National Nine articles" strictly supervise listed companies and severely crack down on financial fraud or other acts of deceiving investors, so as to protect the interests of medium and small investors, because in the long run, only by improving the quality of listed companies and protecting the interests of medium and small investors can more investors be willing to enter the capital market to share the growth of enterprises, through the establishment of a class action system. To form a certain degree of shock and awe to counterfeiters, which is an important aspect to improve the investability of the market. In the aspect of delisting, we should strictly implement the new delisting rules and add some new delisting provisions, so that some junk stocks can be delisted in time. For those delisting due to major shareholders, it is necessary to establish an investor compensation mechanism to effectively protect medium and small investors, and strictly regulate the illegal reduction and pattern reduction of some major shareholders, and punish them in accordance with the rules if they are suspected of violating the rules. Because the illegal reduction of major shareholders not only harms the shareholders of the company, but also has a negative impact on the atmosphere of the whole market.

Recently, Premier Li Qiang presided over the seventh special study with the theme of "further deepening the reform of the capital market and promoting the stable and healthy development of the capital market". The premier pointed out that it is necessary to implement the new "National Nine articles". We will do a solid job in the reform and development of the capital market, speed up the improvement of the basic institutional system of the capital market, improve the key systems such as issuance, trading and delisting, and promote the virtuous circle of investment and financing and the dynamic balance of listing and delisting. Strive to improve the quality of listed companies, strictly allow the issuance and listing of listed companies to enter the customs, promote listed companies to enhance the awareness of investors in return, and enhance the value of investment. We will improve and strengthen the supervision of the capital market and strengthen the punishment of violations of laws and regulations. We will earnestly strengthen the protection of the rights and interests of medium and small investors and create an open, fair and just market environment. Policy support to the capital market is increasing. After listening to lectures and exchanging speeches, the prime minister pointed out that the capital market is an important part of the modern financial system. We should use systematic concepts and professional thinking to understand the basic laws of the operation of the capital market, continue to deepen the reform of the capital market, constantly improve work ability and professional accomplishment, and strengthen coordination. Comprehensive consideration of economic and non-economic factors, better co-ordinate economic and non-economic policies, and form a joint force to promote the high-quality development of the capital market.

According to the recent disclosure of the first quarterly report, the national team reversed the downward trend of the market through a large number of purchases of all kinds of ETF in the first quarter, forming a relatively obvious effect, and the market also stood at the 3000-point round mark. Recently, Huijin continued to increase its holdings in the four major banks, which also reflects a very obvious policy intention. After the national team continues to increase its efforts to enter the market, there is little room for the market to go down, and the next step is to call on the national team to further increase its efforts to enter the market, not only to support the bottom, but also to pull up to form an upward trend. in this way, after the confidence of investors is gradually restored, the trend of the market is expected to be completely reversed, and it is easier said than done to make value investments, especially when the market remains in the doldrums.

It takes patience to make a value investment. After more than ten years of investment and research experience, I think patience is the most valuable quality in investment. when you have spare money in your account, you should do nothing and wait patiently for the market to fall out of the opportunity. Patiently wait for the return. Patience is when you see the stock price of the company you buy fall by 50%, you can keep a good mindset, if you don't have the money, you can keep it, and if you have the money, you can buy it on the bargain and reduce the cost. When the stock price of your favorite company does not rise for a year or two, other companies are likely to rise sharply, because the market goes up by the limit every day, and if you can still stick to your choice without outside interference, it shows that you are patient. When the company you buy goes up, if the valuation is not high, many people will choose to sell, but you still hold on, undisturbed by fluctuations, which also requires patience. When you buy shares in a company, you are actually a partner in the company. the daily rise and fall of the stock price has nothing to do with you. It is only the business of the company that concerns you. Remember what Buffett said.AsianpokerIf you don't plan to hold a stock for ten years, don't hold it for a minute, it doesn't mean you have to hold it for ten years, but you should have strong confidence in it at the moment you buy it, that is to say, even if the stock market shuts down after buying, it won't have any effect on you.

Most people in the market are impatient, if they can invest patiently, they will not care too much about the short-term fluctuations of the market, but look for some high-quality stocks or funds that have been killed in the medium to long term. and then wait patiently for the market to come. The stock price is a voting machine in the short term and a weighing machine in the long term. Buffett quoted the famous saying of his teacher Graham again in his letter to shareholders this year, which is also a great inspiration to us. Buffett's partner Munger left us in November last year, but Munger's thought is forever, and his verbal sentence is the other way round, precisely because of the lack of confidence in the current market. It is precisely because there are still some problems in the process of economic growth that the prices of many stocks are only discounted by 70% or 60% of their highs. This is the time to lay out a good company, not when it is time to panic and sell. Of course, do not touch stocks with poor performance or subject matter. Buffett's shareholders' meeting was held in Buffett's hometown of Omaha on May 4 this year. I will also go to the United States for the sixth time. At that time, the conference will introduce Buffett's insights through live broadcast and articles, and now is the right time to return to value investment.

(the writer is chief economist and fund manager of Qianhai Open Source Fund.)