Under the slump of A shares, funds were withdrawn.

　　On April 25, A shares fell below 3,000 points, the Shanghai Composite Index closed down 5.13%, and the Shenzhen Component Index closed down 6.08%.

More than 4,600 stocks in Shanghai and Shenzhen fell, more than 700 stocks fell by the limit, and more than 3,000 stocks fell by more than 7%.

At the opening on April 26, the Shanghai Composite Index fell below 2,900 points again, and then recovered somewhat. As of the close of noon, it rose 0.94% to 2,955.93 points.

　　With the sharp drop in the A-share market, a large amount of funds have been withdrawn on April 25.

Among them, on April 25, the balance of two financing and financing decreased by 29.650 billion yuan compared with the previous day, and the decline reached a new high since February this year; the cumulative net outflow of northbound funds was 4.397 billion yuan.

　　In the opinion of many people in the industry, pessimistic expectations are largely reflected in the stock price, and the bottom of the market policy has been very clear, but it will take time to confirm the transition to the bottom of the market. Short-term volatility risks still require attention and prevention.

The balance of two financing and financing dropped by nearly 30 billion

　　As the A-share market continued to fluctuate and decline, the balance of the two financing also continued to decline.

On April 25, the amount of decline in the balance of two financing and financing compared with the previous day was the highest since February this year.

　　Since April 15, the balance of two financing and financing has dropped for seven consecutive trading days, of which the balance of two financing and financing has dropped by more than 10 billion yuan in the past three consecutive trading days.

On April 25, the balance of two financing and financing had the largest decrease compared with that on April 22, reaching 29.65 billion yuan, down from the previous 1.6 trillion level to 1.5 trillion level.

This is also the largest drop in the balance of the two financing since February this year compared with the previous day.

　　As of April 25, the balance of financing between Shanghai and Shenzhen was 1.57 trillion yuan, of which the financing balance was 1.49 trillion yuan and the securities lending balance was 77.677 billion yuan.

　　From the perspective of Shenwan’s first-tier industries (2021), on April 25, only the banking and textile and apparel industries were net purchasers of financing, and the remaining 29 industries were all in the state of net financing.

　　Among them, the electronic (-2.870 billion yuan), computer (-2.747 billion yuan), non-ferrous metals (-2.665 billion yuan), power equipment (-2.627 billion yuan) and other industries have larger net sales of financing, all at 2 billion yuan above.

　　In terms of securities lending transactions, the net sales of securities lending were in 15 industries, and the net sales of textiles and clothing, food and beverage, agriculture, forestry, animal husbandry and fishery took the lead; among the 16 industries with net purchases, non-banking finance, power equipment, real estate, basic chemicals The net purchases of the four industries are all over 100 million yuan.

　　As far as individual stocks are concerned, according to Wind data, from April 22 to April 25, the financing balance of 33 stocks increased by more than 10%, of which Jindao Technology and Masterli increased by 158.17% and 70.39% respectively; In addition, Shanghai Yizhong, Rongmei, and Yirui Technology increased by more than 40%.

　　During the same period, the financing balance of 44 stocks fell by more than 10%. Among them, the new stock Jiechuang Intelligence listed on April 20 fell by more than 50%; Changguang Huaxin, Jingwei Hengrui, Qingyan Environment and other five stocks fell by more than 20%. %.

From this point of view, the recent decline in the balance of financing is mostly new shares.

　　In terms of changes in the balance of securities lending, from April 22 to April 25, the balance of securities lending for 38 stocks increased by more than 1 times. Among them, on Saturday, Sinotruk, Dongfeng Technology, Dongfeng, and Rapoo Technology increased by more than 100%. 10 times.

The net outflow of northbound funds is about 4.4 billion yuan

　　As of April 25, foreign capital held 106.549 billion A-shares, with a stock market value of 2.06 trillion yuan. Among them, northbound funds held shares with 103.872 billion shares and a stock market value of 2.01 trillion yuan, accounting for 2.01 trillion yuan. The proportion of circulating A-share market value is 3.41%.

　　After two consecutive trading days of net purchases, on April 25, northbound funds returned to a state of net outflow, with a cumulative net outflow of 4.397 billion yuan, of which the net selling of Shanghai Stock Connect was 4.847 billion yuan, and the net purchase of Shenzhen Stock Connect was 4.5 billion yuan. billion.

　　From the perspective of industries, among the 31 first-level industries of Shenwan (2021), on the 25th, northbound funds bought net 10 industries, and 21 industries were in a state of net outflow.

　　According to Wind data, the top five industries with net purchases are power equipment (1.811 billion yuan), electronics (556 million yuan), non-ferrous metals (473 million yuan), coal (321 million yuan), and communications (63 million yuan).

　　The top five industries with net purchases are banking (-2.796 billion yuan), food and beverage (-1.404 billion yuan), pharmaceutical biology (-614 million yuan), machinery and equipment (-496 million yuan), steel (-410 million yuan) .

　　On April 25, among the top 20 active stocks, northbound funds bought a net 6 stocks and sold a net 14 stocks.

　　Among them, Enjie, Ganfeng Lithium, and Sungrow received relatively large net purchases from northbound funds, which were 431 million yuan, 264 million yuan, and 125 million yuan respectively. On April 25, their share prices fell by 6.08% and 9.08% respectively. %, 9.59%.

　　China Merchants Bank, Wuliangye, and Hengrui Medicine were sold by northbound funds. The net sales amounted to 2.412 billion yuan, 722 million yuan, and 572 million yuan respectively. On April 25, their stock prices fell by 8.64%, 6.3%, and 10% respectively. .

Short-term volatility risks still need to be guarded against

　　Has the A-share market bottomed out, and what risks need to be paid attention to?

　　Regarding the reasons for the recent A-share adjustment, Jing Tao, chief analyst of Shenwan Hongyuan Research Strategy, believes that the damage to the fundamentals of the epidemic is gradually becoming clear (the impact of the epidemic on the supply chain has become a common topic in the whole market), while the timing of the improvement of the epidemic is gradually blurred.

The adjustment basically reflects the downward revision of the fundamentals of A shares.

　　"The current operating environment for A-shares is relatively complex, and short-term uncertainties continue to disturb. From an internal point of view, the epidemic is still in the process of trying to control, and the risks spread from multiple points have caused concern, and the downward pressure on economic fundamentals is more obvious in stages. From the external point of view, the expected process of tightening in the United States has accelerated, the yield of US bonds has continued to rise, and the short-term decline in the RMB exchange rate has also put pressure on the market.” China Asset Management said.

　　In the view of China Asset Management, after the sharp sell-off in the early stage, the inherent risks of A-shares have been fully released, and pessimistic expectations are also reflected in the stock price to a large extent.

Suppressed by multiple factors, although the index is difficult to reverse in the short term, it is not appropriate to be too pessimistic at the current time. The bottom of the market policy has been very clear, but it will take time to confirm the transition to the bottom of the market.

　　Fu Jingtao also said that the short-term expectations about the impact of the epidemic, the tightening of the Federal Reserve, and the interest rate gap between China and the United States have quickly reached a very pessimistic state. The probability of these factors forming a medium-term downside risk has been reduced. a chance" judgment.

　　"Looking at the short term, excessively pessimistic expectations have emerged, and an oversold rebound may not be far away. Looking at the medium term, the fundamentals fell back in the second quarter, and the recovery growth in the third quarter was a marginal improvement; all short-term and medium-term concerns are in the second quarter. The quarterly concentration reflects that in the third quarter, the probability of the market picking up is increasing.” Fu Jingtao analyzed.

　　In terms of trading strategy, China Asset Management believes that short-term fluctuation risks still need to be paid attention to and guarded against, but in the medium and long term, the market opportunities have already outweighed the risks, and the opportunities on the left side focus on the growth direction of high prosperity.