Market volatility, differentiation, mass entrepreneurship and innovation continue to decline


On the fourth trading day of the Year of the Tiger, the A-share market continued to shock and divide, with the Shanghai Composite Index mainly fluctuating within A narrow range throughout the day. The ningde Times, the leader of trillion market value, fell again, with A maximum intraday drop of more than 8%, driving the GEM index to fall 3% at one time, and the index decline narrowed at the end of the day.Financial investment newspaper reporter Liu Qinghua as of the close, the Shanghai Composite index reported 3485.91 points, up 0.17%;Shenzhen component Index closed at 13432.07 points, down 0.73%;Mass entrepreneurship and innovation continued to fall, with the GEM index closing at 2826.52 points, down 1.98 percent, and the KEChuang 50 index at 1188.2 points, down 1.83 percent.Full day turnover of 0.94 trillion yuan.In terms of capital, according to Wind data, northbound capital inflows accelerated at the end of the day, with a net purchase of 4.52 billion yuan.Among them, Shanghai Stock Connect net buying 5.271 billion yuan, four consecutive days of net buying;Shenzhen stock connect net sale of 750 million yuan, has been a net sale for six consecutive days.Specifically, the trading of the day, the combination of Ningde fell again, by the end of the ningde times down 5.3%, intraday shares once fell more than 8%.Clariin fell more than 8%, while Enjet, Ev Lithium energy and Sunshine Power all fell more than 5%.Since February, Ningde times stock price has been falling continuously, with a total decline of nearly 13%, and the market value has evaporated by hundreds of billions.As the institution of heavy warehouse target, ningde era’s decline, also dragged down the performance of the institution’s positions.CRO plate aftershock did not rest, wuxi Apptec fell more than 7%, the daily turnover reached 7.038 billion yuan, trading volume continued to enlarge compared to the previous several trading days.In contrast, financials, infrastructure and other sectors are solid.Coal plate afternoon struggling to lift, China Shenhua hit a new high in recent years.Big infrastructure central enterprises, cement, insurance, petrochemical plate active.Jufeng investment care pointed out that the market is still a structural market, especially since the year of the Tiger Shanghai index continued to rebound and gem continuous decline, in fact, the structural market has been more obvious.However, monetary easing and policy support, the market is not so pessimistic, there are still more structural opportunities.Compared with before the Spring Festival, the market sentiment also ushered in a rebound, Ningde times and other technology stocks still have performance support, a greater decline is less likely.Once increment capital is involved, also still have the possibility that leads gem to pick up.Therefore, after continuous adjustment, Jufeng cast gu said that the market is not pessimistic.On the contrary, at the end of the mood approaching, the market stage multiple “bottom” to usher in resonance, repair market and spring market is expected to open the prelude, the current can consider the first quarter of the latent market and configuration.China Fortune Securities believes that the short cycle, wait for the market to enter the bottom stage, cautious optimism at present.Looking ahead, “mixed” liquidity indicators suggest asset price volatility will remain high.We should grasp the spring offensive from two dimensions. First, we should implement and increase the policy of steady growth to counter the pessimistic expectation of upward pressure on the economy.The second is the gradual change in global liquidity expectations, the expansion of domestic broad liquidity, the landing of structural broad credit, and the stability of narrow liquidity.Key allocation ideas are closely related to “steady growth”, energy revolution and scientific and technological innovation.

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