Chinanews Client Beijing, February 26 (Reporter Xie Yiguan) On the 26th, after the three major A-share stock indexes opened lower, they maintained a turbulent trend throughout the day. The Shanghai index reached its lowest point to 3,500.70 points, and the GEM index fell below the 2900 point integer. pass.

　　As of the close, the Shanghai Composite Index fell 2.12% to 3,509.08 points, and fell 5.06% this week, and rose 0.75% in February; Shenzhen Component Index fell 2.17% to 14,507.45 points, fell 8.31% this week, and fell 2.12 in February. %; The Growth Enterprise Market Index fell 2.12% to 2,114.11 points, a total of 11.30% this week, and a total of 6.86% in February.

The Shanghai index daily chart.

　　On the 26th, the Shanghai and Shenzhen stock markets had a turnover of 906.9 billion yuan, which was below one trillion for two consecutive trading days; the net outflow of northbound funds was 5.632 billion yuan, which was a net outflow for three consecutive days.

Among them, the net outflow of Shanghai Stock Connect was 4.576 billion yuan, and the net outflow of Shenzhen Stock Connect was 1.057 billion yuan.

On the disk, the hotel and catering, chemical fiber, non-ferrous, aviation, insurance, coal and other sectors ranked among the top decliners, and the previous "coal dance" market is no longer.

　　Looking back at the entire February market, before the Spring Festival (February 11-February 17), the market was strong, and the Shanghai stock index rose from 3,505.28 at the beginning of the month to 3,655.09 on February 10.

After the Spring Festival, the market continued to pull back from its high point, and the ChiNext index fell from 3413.81 points before the holiday.

Market hotspots have changed. The highly sought-after "drinking and taking medicine" market ceased, institutional stocks have adjusted back, and non-ferrous, coal and other pro-cyclical sectors have made efforts.

　　"Recently, the A-share market has undergone significant adjustments. First, due to the exogenous impact, Beishang's capital has shifted from inflow to outflow, and this has led to changes in domestic investor sentiment, which has caused significant adjustments in the stock prices of blue-chip leading stocks favored by Beishang. , The price of some stocks is indeed rising too fast and too significant; third, investors have doubts about the sustainability of the rapid stock market rise." Zhang Ming, deputy director of the Institute of Finance, Chinese Academy of Social Sciences, said.

　　In Zhang Ming's view, there is no need to be overly pessimistic about the A-share market. Generally speaking, the influence of Beijing capital on the A-share market is limited, and Beijing capital may not continue to flow out in the future.

Even if the U.S. 10-year Treasury bond yield rises significantly, the negative impact on the U.S. stock market will significantly exceed the negative impact on the A-share market.

In addition, the probability of China's monetary policy tightening quickly in the short term is very low.

　　"After the market has experienced continuous decline, the risk is obviously released, and there is a need for emotional repair in the market outlook." Guosheng Securities pointed out that from a large level, the Shanghai Index is still in the upward trend of the box after breaking through 3450 points, but there is still a further step back to test 3450 in the short term. Point a line to support expectations.

Operationally, the 3450-3650-point space box may be the main range of recent market shocks. If the market outlook stabilizes effectively, we can continue to pay attention to the procyclical industries on the main line of economic recovery.

　　"The increase in the proportion of A-share institutional investors is the general trend, and the style of large-cap stocks is more likely to dominate in the medium and long-term; but from a relatively short-term perspective, due to changes in the economic cycle and market environment, and fluctuations in the institutional share, small caps may still appear The style is dominant in stages." China Merchants Securities believes.

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