[Commentary] On April 20, US crude oil futures fell to a negative value, the first time in history. As of the close of the day, the light crude oil futures delivered by the New York Mercantile Exchange in May closed at -37.63 US dollars / barrel, a decrease of 305.97%. With the sharp drop in crude oil futures prices, all three major US stock indexes fell.

  On April 21, both the A-share market opened slightly lower. As of the close of the day, the Shanghai Composite Index fell 0.9% to 2827.01 points; the Shenzhen Component Index fell 1.08% to 10506.86 points; the GEM Index fell 0.95% to 2023.94 points .

  On the disk, telecommunications operations, engineering construction, shipbuilding and other industries led the gains, while gold, electronic components, winemaking, securities firms, automobiles, and diversified finance led the decline. Some experts pointed out that the Chinese stock market is limited by the international crude oil market, and has generally emerged from a relatively independent market. With the improvement of the epidemic prevention and control situation in China, the overall economic fundamentals are quite predictable, while crude oil is closely related to energy stocks. And aviation stocks may enter a layout time window.

  [Same period] (Jiang Han, senior researcher at Pangu Think Tank) Today, the overall stock market showed a shocking and consolidating pattern. Affected by the plunge in international oil prices last night, the U.S. stock market showed a downward trend. But on the whole, China has not continued the trend of the US stock market, and in fact it has gone out of a relatively independent market. What we are seeing is that China currently has very good performance in the military industry and the new infrastructure sector. It can be seen that the current Chinese stock index actually has its own unique growth momentum. These growth points are completely different from the world pattern. It is independent of the world market, we have the self-growth motivation. This is also closely related to China's first economic recovery. It is already the general trend that China's overall economy is basically looking good.

  (Financial commentator Buna Xin) Today, the decline in the domestic market stock index is actually gradually narrowing, so the A-share market is still at a bottom area, and the impact of the international crude oil market is extremely limited. Under the epidemic, the demand for crude oil is still extremely weak, and it cannot be ruled out that oil prices will hover at a low level for a period of time in the future. In the short term, there will still be some panic in the stock markets of the world market, which will drive the index down. However, energy and aviation stocks closely related to crude oil may have entered a time window for layout.

  [Commentary] Guotai Junan believes that the market volatility is lower, but it still believes that the restoration of market risk appetite and sentiment is a slow process, and the short-term market is expected to repeatedly oscillate at its current position. Therefore, in operation, it is recommended to control the positions and participate in the rebound.

  Reporter Xu Yinkang Yu Zhan reports from Shanghai

Editor in charge: [Wang Kai]