The A-share market was significantly adjusted. After the three major indexes opened sharply lower, they fluctuated lower, and the two markets fell sharply in the afternoon. The Shanghai stock index fell below the 3000 point mark in the intraday, breaking the new low since July 2020, and then continued to decline. As of the close, the Shanghai Composite Index fell 5.13% to close at 292851 points, the gem index fell 5.56% to close at 216900 points, and the Shenzhen composite index fell 6.08% to close at 1037928 points.
In this regard, qinghequan investment said that the recent sharp decline in the market was mainly affected by the impact of the epidemic on profits, pessimistic market sentiment and the deterioration of micro liquidity. In terms of the epidemic situation, the impact of the epidemic situation in China has continued to ferment since the Spring Festival. Since March, the real estate industry and the service industry have been facing negative pressure on the growth of their financial reports, and the listed companies have also faced a certain degree of negative pressure on the supply chain since March and April.
In terms of micro liquidity, qinghequan investment said that the current market funds are in the stage of reduction game, the new development fund continues to be depressed, and the decline of residents' income may even bring redemption pressure. Private placement, fixed income +, financing purchase and other leveraged funds faced great pressure after a sharp decline, and passive selling formed a certain negative feedback.
Qinghequan investment said, "this position is enough to attract long-term funds and increase allocation." In terms of valuation dimension, the whole a valuation quantile is as low as 20%. In terms of adjustment range, the adjustment of CSI 300 high point has been close to 35%, and the withdrawal of all a high points has been close to 30%, which is close to the adjustment range in 2018.
In terms of overseas factors, qinghequan investment believes that the current global inflationary pressure and the hawkish attitude of the Federal Reserve are at the stage of the strongest expected impact. With the marginal decline of inflation pressure, the marginal weakening of the US economy, the US debt is expected to rise and fall, and the overseas liquidity pressure is expected to gradually ease.
In addition, qinghequan investment also mentioned that the bottom probability of profit is not far away. "If the national epidemic can be controlled in the second quarter and the resumption of work and production is carried out in an orderly manner, it will be a high probability that the second quarter will become the bottom of profits. At the same time, under the background of the stabilization of the epidemic, the policy of steady growth will also increase its effectiveness. Then, with the recovery of profits, the market will attack."
