Zhongxin Finance, January 25 (Reporter Xie Yiguan) On the 25th, the three major A-share stock indexes collectively fell by more than 2%.
Under the bleak market conditions, "A shares", "funds", "stock market" and "stocks" took turns on Weibo's hot search.
As of the close, the Shanghai Composite Index fell 2.58% to 3433.06 points, below 3500 points; the Shenzhen Component Index fell 2.83% to 13683.89 points; the ChiNext Index fell 2.67% to 2974.96 points, below 3000 points.
Shanghai index daily K chart.
Under the sluggish market performance, the trading volume of the Shanghai and Shenzhen stock markets was less than one trillion yuan throughout the day.
Northbound funds sold a net 3.574 billion yuan throughout the day, ending the 7-day net buying trend. Among them, the Shanghai Stock Connect sold a net 1.372 billion yuan and the Shenzhen Stock Connect sold a net 2.201 billion yuan.
From the perspective of the disk, only 283 stocks in the two cities rose, 33 stocks rose by the limit; 4409 stocks fell, and 81 stocks fell by the limit.
Industry sectors such as media and entertainment, Internet, advertising packaging, IT equipment, and software services were among the top decliners.
In the concept sector, cloud games fell more than 7% to lead the broader market.
"Since the beginning of the year, A-shares have been continuously adjusted, which has caused both external emotional disturbances and internal financial differences." Tan Qian, director of Huaxin Securities Research Institute, believes that externally, the US bond interest rate, as the "anchor of global asset pricing", continues to soar for the global market. The market has caused disturbances, especially in emerging markets and high-valued sectors. Internally, the demand for funds to hedge against risks has surged, bond funds have attracted capital inflows, and equity and debt funds have shown a seesaw effect, and domestic and foreign capital in the stock market cannot form a synergy.
Zheshang Securities analyst Wang Yang said that looking forward to February, we expect a staged rebound, with small-cap stocks taking the lead.
The reason is that, firstly, the risk of holding groups in the early stage has been released, and some sectors have been oversold in the short term; secondly, the review shows that since 2000, the probability of Windquan A rising in February is close to 80%, and since 2011 , the probability of small-cap dominance in February is more than 90%, and the reason behind it may lie in the Spring Festival effect and the seasonal pattern of credit issuance.
Under the successive adjustments of A shares, can the spring market still be expected?
In this regard, Cai Fangyuan, a strategist at Galaxy Securities, pointed out that the start of the spring market has several characteristics: First, the market generally experiences a period of decline before the start of the spring market, and the extent of the previous market decline determines the rebound of the spring market to a certain extent.
Second, the optimistic policy side is a sufficient condition for the spring market to start. The release of liquidity by the central bank, the recovery of credit data, and the maintenance of stability by the regulators over the years are the driving force for the market to rise in the spring. The increase will be even greater.
Third, electronics, home appliances, building materials, computers, etc. performed well in the previous spring market.
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