2016 insured White Paper: price investment philosophy had become 49% of investors holding over six months


      Recently, the China Securities Investor Protection Fund Corporation issued the "2016 Annual China Capital Market Investor Protection White Paper" (referred to as the "White Paper") series of reports。
"White Paper" on China's capital market and investors run the annual overview, investor protection and the implementation of policies issued, the law enforcement inspection, the self-regulatory organization of investor protection as well as investment in three main market (listed companies, securities companies, raised funds) of who summed up the situation and to protect evaluation and find insufficient to make recommendations。   Changes in investor behavior characteristics, the survey shows that in 2016 investors gradually formed the concept of value investing, buying and selling stocks operating style gradually shift to the long-term, average holding time investors accounted for more than 6 months%, an increase of the percentage。   Liu Cheng market capitalization held by institutional investors, "White Paper" show in 2016, the steady development of China's capital market in full accordance with the law and strict regulatory environment, investment and financing capacity was significantly increased, to promote the development of the real economy, boosting the supply-side structural reforms and encourage entrepreneurship and innovation to provide a strong support。
  In the structure of investors, by the end of 2016, A-share investors, the number of accounts totaling million, an increase compared with the end of 2015%, where% number of natural person account of the total number of investor accounts, still dominated, but the proportion has declined, the proportion of non natural person account number has increased。
  From holding market capitalization accounted look, the proportion of institutional investors holding tradable A stock market value has improved, the general institutions hold the highest market capitalization。
By the end of 2016, institutional investors hold the stock has traded% armor value, including professional organizations accounted%, accounting for the general organization%, both an increase of percentage points; natural person who holds have been traded on the stock market value of A %, down one percentage point year on year。
  From the Shanghai and Shenzhen stock exchange situation, the stock turnover accounted for the highest natural person investors as a whole were net buyers of state, institutional investors were net sellers of state。
2016, professional institutions sold a net A shares billion, institutions sold a net A shares generally billion A-share net buying natural billion yuan, Shanghai stock through deep and net purchases of shares through one hundred million yuan A shares。
  The survey found that two major changes occurred in 2016 investor behavior characteristics: First, the active efforts of regulators and market parties, investors gradually formed the concept of value investing, buying and selling stocks operating style gradually shift to the long-term。
In 2016, the average holding time investors accounted for more than 6 months%, an increase of two percentage points。
Second, by the stock market's positive impact on the smooth operation of the proportion of investors can withstand the loss of 2016 has increased compared to 2015,% investors that investment losses will be below 30% of anxiety,% of investors said the investment losses of more than 30% will feel anxiety, the ratio rose by two percentage points。
  A shares of the company's continued profitability improvement survey of A-share companies insured status display: the right to information is the right of investors are most concerned; minority shareholders the right to participate in decision-making to further enhance system security; minority shareholders influence on directors, supervisors of elections to improve; the voting rights of minority shareholders further implementation; performance of listed companies pre-disclosure of quality improvement; listed companies to further improve interaction with investors; listed companies make a profit from operating activities has improved accounting; listed companies to reduce the potential risk of transfer of benefits; cash dividends of listed companies further improve the situation。
  Among them, the continued profitability of listed companies is an important guarantee for investors to obtain investment income。
After experts, survey set the "sustainability of earnings (operating business accounting)" index, by operating activities to create profits proportion of total profits, examine the sustainability of the profitability of listed companies。 By 2016, the index score of points, points over the previous year。
In the study of 3027 listed companies, profit from operating activities accounted for 90% and the creation of more than 935 companies, accounting for the number of sample firms% increase over the previous year percentage points。   In addition, cash flow from operating activities quality of listed companies is rising。
Quality Survey set the "operating cash flow ratio", "the proportion of operating cash inflow of subsidies and activities between the models" and "net cash flow from operating activities Operating profit ratio" indicator study cash flow from operating activities。 The results show that in 2016, there are two points above three indicators improved significantly。 "Proportional operating activities cash inflow in the current payment of subsidies and" scores points, points over the previous year; the "net cash flow from operating activities Operating profit ratio" score points, points over the previous year; only "operating cash flow ratio "score points over the previous year decreased slightly。
  The survey also found some deficiencies insurance work, including: the new corporate governance system perfect situation needs to be improved; part-time chairman and general manager of listed companies phenomenon is still quite prominent; the need to further protect the effectiveness of internal controls; minority shareholders the right to nominate independent directors the need to further improve; the directors, executives need to pay attention decline integrity status; investor telephone channels need to strengthen。