Yesterday, the A-share market suffered a violent shock, and the three indexes fell by more than 4% at one time, both reaching a new low. Subsequently, driven by funds, the three indexes bottomed out and rebounded, and the decline converged greatly. As of the close, the Shanghai Composite Index fell 1.13% to close at 325639 points; The Shenzhen composite index fell 1.12% to close at 1210717; The gem index fell 0.63% to close at 256672.
Respondents believe that after the continuous adjustment of the market, the oversold rebound demand is obvious.
index bottomed out and rebounded
Since this week, the Shanghai index has continuously missed the integer mark of 3400 points and 3300 points. Yesterday afternoon, it once fell below 3200 points, hitting a new low of 314768 points. The Shenzhen composite index once fell below the 12000 point mark yesterday, the first time since July 2020.
Since then, driven by heavyweights, the three major indexes have rebounded sharply, of which the Shanghai index rebounded by more than 100 points. Some market participants said that from the historical trend of a shares, this form appeared in the main indexes, and there was a rebound in varying degrees in the follow-up. From the time cycle and oversold degree, the short-term rebound demand of stock indexes in Shanghai and Shenzhen is obvious.
The Hong Kong stock market also walked out of the “deep V” trend yesterday. The Hang Seng index once fell more than 3% to 20102, a new low since the current round of adjustment; The Hang Seng technology index also fell more than 3%, hitting a record low. As of the close, the decline of the Hang Seng Index narrowed to 0.67%, while the Hang Seng technology index closed up 0.26%.
Affected by the news related to lunni’s position closing event, A-share nickel concept stocks fell sharply yesterday, Qingdao Zhongzi Zhongcheng Group Co.Ltd(300208) fell by more than 19%, and Ningbo United Group Co.Ltd(600051) , Chengtun Mining Group Co.Ltd(600711) fell by the limit Zhejiang Huayou Cobalt Co.Ltd(603799) affected by rumors, the share price fell by the limit for two consecutive days. In response, the staff of Zhejiang Huayou Cobalt Co.Ltd(603799) Securities Department responded that Zhejiang Huayou Cobalt Co.Ltd(603799) and Qingshan holdings have a joint venture, and the accounts receivable related to Qingshan holdings are being verified.
After hours data showed that four institutions bought Zhejiang Huayou Cobalt Co.Ltd(603799) nearly 300 million yuan yesterday. In addition, Chengtun Mining Group Co.Ltd(600711) , Qingdao Zhongzi Zhongcheng Group Co.Ltd(300208) also won institutional seats.
Why is there a “thrilling jump”?
“The main reason for the sharp decline in the market is the passive selling of funds.” China Securities Co.Ltd(601066) chief strategist Chen Guo said that one of the important reasons for the short-term sharp decline of A-Shares is that absolute investors have no safety cushion since the beginning of the year and passively stop loss selling. The sharp decline of this nature is expected to be repaired in the future.
Zhongrui Heyin said that the market decline included internal and external reasons. In terms of external factors, the escalation of the conflict between Russia and Ukraine further pushed up global commodity prices, especially energy prices, which led to market concerns about the stability of the global supply chain. In terms of internal factors, the current negative outlook of the peripheral market is unfavorable to China’s export expectations. Coupled with the repeated epidemic, the consumption outlook is not optimistic for the time being.
Gao Jinjie, chairman of Shanghai Xinjiang Investment Management Co., Ltd., said that due to the rising risk aversion caused by the escalation of the conflict between Russia and Ukraine, the market fell due to the active or passive closing of funds, including the passive stop loss of the investment targets of some professional institutions because they fell to the stop loss line; There are also some financing funds, which may also lead to liquidation due to successive declines.
Gao Jinjie believes that the follow-up of A-Shares is expected to stabilize. He said that yesterday afternoon, the Shanghai stock market rebounded by more than 100 points, indicating that there were signs of bottom reading of institutional funds.
risk appetite is expected to stabilize gradually
Although the geographical conflict caused the global market risk appetite to decline, institutional people generally believe that the subsequent A-share risk appetite is expected to gradually stabilize and recover.
First of all, from the perspective of macro economy, China’s economic development and enterprise fundamentals are highly uncertain, and the short-term emotional disturbance does not hinder the long-term stability and improvement of the market China International Capital Corporation Limited(601995) chief strategist Wang Hanfeng judged that although the global market may still fluctuate in the future, the gradual improvement of China’s economic fundamentals under the background of the continuous development of the “steady growth” policy is still a probability event. In the medium term, China’s capital market is expected to show relative resilience.
Secondly, in terms of capital, the reporter of Shanghai Securities News learned that the number of financiers who touched the closing position and early warning line of some institutions did increase slightly, but the risk of leveraged capital was generally controllable.
Xiangcai Securities said that the number of customers who broke through the early warning line has increased to a certain extent recently. “We have taken a lot of risk control, concentration management and other measures in the early stage. As long as the stock does not fall by the limit continuously, the problem is not big.”
Public funds also released positive signals. On March 8, e fund announced that the purchase restrictions of the two largest funds under Zhang Kun’s management, e fund blue chip selection fund and e fund high-quality selection fund, were lifted again, from 10000 yuan to 50000 yuan. Previously, many star fund managers such as Qianhai Kaiyuan Cui Chenlong, Wells Fargo fund Zhu Shaoxing and GF fund Liu Gesong have also successively liberalized the upper limit of large subscription.
Insiders believe that on the one hand, this move is to take advantage of the new inflow of funds to counter the trend, so as to avoid the redemption of funds by Jimin due to market shocks to a certain extent and smooth the impact on performance; On the other hand, it also shows that the fund manager judges that there have been investment opportunities in A-Shares in the medium and long term.
Listed companies have also implemented buybacks and increased holdings. On March 8 alone, 40 listed companies in Shanghai and Shenzhen disclosed the announcement of repurchase plan and repurchase progress, and a number of listed companies disclosed the announcement of increasing shareholding of shareholders or executives. Among them, 21 companies in Shanghai stock market alone submitted announcements related to share increase and repurchase, including large and medium-sized companies such as Qi An Xin Technology Group Inc(688561) , Haier Smart Home Co.Ltd(600690) , Zhejiang Chint Electrics Co.Ltd(601877) , 360 Security Technology Inc(601360) . Market participants believe that this is industrial capital, using real gold and silver to boost market confidence.
