Our reporter Zhao Ziqiang trainee reporter Chu Lijun

　　At the close on April 25, the three major A-share indexes collectively fell by more than 5%. Among them, the Shanghai Composite Index fell 5.13%, falling below 3,000 points to 2,928.51 points, the Shenzhen Component Index fell 6.08%, and the ChiNext Index fell 5.56%. The indices both hit new lows this year, with a combined turnover of 896.9 billion yuan in the two cities. Overall, more than 4,600 stocks in the A-share market fell. In addition, northbound funds sold a net 4.397 billion yuan throughout the day.

　　In terms of Shenwan's primary industries, 31 industry indexes fell across the board.

Among them, the non-bank financial industry fell relatively small, down 3.64%, and the five industry indexes including non-ferrous metals, defense and military industry, electronics, basic chemicals, and machinery and equipment all fell by more than 7.5%, with a large correction.

　　"When the A-share market lacks confidence or even panics, institutional investors should set an example, stick to high-quality stocks, adhere to the concept of value investment, and guide market sentiment to stabilize and improve." Yang Delong, chief economist of Qianhai Open Source Fund, said in a statement. In an interview with the "Securities Daily" reporter, he said.

　　"The market performance has been weak recently, and there is basically a trend of continuous adjustment. 3000 points is an important policy threshold. During this period of time, favorable policies have frequently appeared, which plays a role in supporting the bottom to a certain extent. However, due to internal and external negative factors, there is still no Eliminated, so the market bottomed out again after a period of rebound." Yang Delong said.

　　Regarding the reasons for the decline, Yang Delong analyzed that from the perspective of the external environment, the primary negative factor is the accelerated pace of interest rate hikes by the Federal Reserve. Although the depreciation of the RMB is smaller than that of other major currencies, the recent continuous depreciation has also attracted the attention of many investors; The development of geopolitical conflict is also an uncertain factor affecting the market.

From the perspective of domestic factors, the recent repeated epidemics in many places, the prevention and control measures have to continue to increase, which has a great impact on investor confidence.

　　Despite the sharp correction in the market, in interviews, most analysts believe that there is no need to be overly pessimistic about the A-share market, and they can focus on companies with good operating conditions.

　　Shen Shengcai, a researcher at Ningshui Capital who was interviewed by a reporter from Securities Daily, said that at present, investors can focus on the bottom investment opportunities of last year's annual report, this year's first quarterly report, and high-dividend stocks.

　　From the perspective of valuation, as of the close on April 25, the latest dynamic price-earnings ratio of CSI 300 was 10.87 times, very close to the low of 10.73 times on March 19, 2020.

　　In terms of investment opportunities, the Ping An Securities Research Report pointed out that the market still needs more confidence and patience.

Combining the fundamentals and the historical performance of the impact of the epidemic in the first quarter of 2020, investors are advised to pay attention to sectors with relative returns such as finance, medicine and agriculture in the short term, and in the medium and long term, investors are advised to choose oversold opportunities such as new energy, new energy vehicles and semiconductors .

(Securities Daily)