On April 11, the A-share market fell sharply, the Shanghai index fell below 3200 points, and the gem index fell more than 4.4%, below the previous low of 246217 points, a new low since July 2020.
Northbound funds sold a net 5.762 billion yuan throughout the day, which has been sold for four consecutive days. Among them, the Shanghai Stock connect sold a net 3.029 billion yuan and the Shenzhen Stock connect sold a net 2.732 billion yuan.
Among the top ten traded stocks of Shanghai Shenzhen Stock connect, the net purchases of Midea Group Co.Ltd(000333) ( Midea Group Co.Ltd(000333) ), Luxshare Precision Industry Co.Ltd(002475) ( Luxshare Precision Industry Co.Ltd(002475) ), Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) ) ranked the top three, with net purchases of 300 million yuan, 245 million yuan and 241 million yuan respectively.
The top three stocks that were net sold were Wuliangye Yibin Co.Ltd(000858) ( Wuliangye Yibin Co.Ltd(000858) ), Jiangsu Hengrui Medicine Co.Ltd(600276) ( Jiangsu Hengrui Medicine Co.Ltd(600276) ) and China stock market news ( East Money Information Co.Ltd(300059) ), with net sales of 463 million yuan, 396 million yuan and 350 million yuan respectively.
At the end of March, the northward capital ended the sharp outflow and turned to steady inflow, but turned to net outflow again since April. Compared with the cumulative outflow of 68.114 billion yuan in the first three weeks of March, a record high, and the inflow of 23.043 billion yuan in the last week. The north-looking funds have been flowing out again since April. As of April 11, the accumulated outflow of northbound funds in April was 7.898 billion yuan.
Dongxing Securities Corporation Limited(601198) believes that the upside down of the term of US bond interest rate superimposes the upside down of the interest spread between China and the United States, or it is the source of capital outflow from the north. Since April, it has been observed that the maturity upside down of US bonds occurred in February and October. From historical experience, the upside down of US bond maturity and interest rate is often accompanied by the pressure on risky assets: VIX volatility rises sharply, the US dollar and gold are more favored, and the attractiveness of stocks decreases relatively. During this period, northward funds will also flow out. In addition, the interest rate spread between China and the United States has narrowed significantly to 3bp, close to the upside down range, which has never occurred since 2010. It is more rare for both to occur at the same time.
Xingshi investment believes that there are two reasons behind today’s sharp decline in the stock market: on the one hand, the local epidemic situation in China is severe; On the other hand, the upside down of interest rates in China and the United States has a great impact on market sentiment. In addition, China’s speculation mood has cooled down. On April 10, the “opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market” was issued, which was beneficial to the medium and long-term economy and capital market.
The agency believes that the current market confidence still needs to be improved. In this environment, the market has more stringent requirements for positive information, and negative information may be amplified by sentiment. Therefore, it is difficult to avoid short-term fluctuations. The rise and fall of one day can not change the fact that the medium and long-term cost performance is prominent.
\u3000\u3000 “At present, the market is still in the stage of shock and bottom grinding, and the market opportunities outweigh the risks in the medium term. On the one hand, although the policy is based on the long term, economic stabilization is also a probability event. The turning point in fundamentals will greatly enhance market confidence. At present, it is necessary to wait for the turning point of the epidemic and the continuous implementation of stable growth policies to form a joint force. On the other hand, reasonable valuation is an important support for the medium and long-term improvement. As of April 11, Wande A’s P / E ratio Valuation Office has been established The level of 26% quantile since 2000. ” Xingshi investment said.
