The fund manager's mouse warehouse, said that the capital preservation has become a huge loss, and the fund is pitted to the [fund exposure station]! The credit card was stolen without any reason, the bank deposit became insurance, and the financial management was cheated, please poke [Financial Exposure Desk]!
Original title: Negative basic cashing stock index adjustment space is limited
As the funds gradually stabilize, the market or the turn
Since December, the A-shares have entered the adjustment trend due to the negative impact of the insurance brand reorganization, the Fed’s interest rate hike, and the bond holdings. As of the close of the 20th, the Shanghai Composite Index has a 3100-point barrier, which is down by 200 points from the beginning of the month. The author believes that the short-term factors affecting the stock market have basically been fulfilled. As the capital market gradually stabilizes, the stock market may turn around.
Analysis of the core factors that caused the current round of A-share adjustment, the author believes that the primary reason is the unexpected change in the funding side. On the one hand, the rectification of insurance funds and placards has restricted the important players in the secondary market, which has a major impact on the funds. The first and foremost signs of the proposed signs have reversed the V-shaped reversal and led to the adjustment of the composition index. On the other hand, the Fed’s interest rate hike in December was within expectations, but the domestic market interest rate triggered by the pressure of RMB depreciation rose rapidly, which greatly exceeded market expectations. The bond market experienced a cliff-like decline, and the “radish chapter†incident of Guohai Securities was even more The bond market turmoil was pushed to the forefront, and the government bond futures once fell. Before the reaction of everyone, the funds in the interbank market suddenly became tight, and the “asset shortage†instantly became a “money shortageâ€, and the stock market was dragged down accordingly. However, only the expected external factors can really affect the market, and the bearish cash will not continue to dominate the market.
The central bank injected liquidity into the market, and the capital fabrics at the end of the year will stabilize. Recently, the central bank has carried out an obvious net operation in the open market. Last week, the central bank reversed its repurchase and placed a total of 840 billion yuan, with a net investment of 250 billion yuan. This week, the central bank continued its net investment of 230 billion yuan. At the same time, the central bank carried out MLF operations on 19 financial institutions last Friday totaling 394 billion yuan to ease market liquidity.
In addition, the Ministry of Finance announced on Tuesday that it will reduce the size of the next day's national debt, and CDB also canceled the issuance of seven-year and 20-year bonds. Affected by this, the bond market sentiment showed a significant improvement. Treasury bond futures rebounded in the afternoon on Tuesday, regaining the early decline, and the inter-bank market repo rate fell sharply. The situation of liquidity tension has been eased to a large extent.
The A-share market performed better than expected, and market confidence remained. In the past two months, due to the “riots†of blue-chip stocks, the market index was obviously distorted. The rise in November was a typical market. A few blue chips continued to soar, and individual stocks fell in large areas. In December, individual stocks became active, and Sanjiang Shopping emerged. A group of popular stocks such as Shanghai Phoenix, market participants once ridiculed: "In the early stage, the broader market rose the feeling of stock market crash. Today, the market fell out of the bull market atmosphere."
Judging from the recent performance of the disk, the leading companies are blue-chips such as banks and real estate. Most of the stocks have resisted the decline. The number of daily limit is maintained at around 50, and the plate effect has been well maintained. At the same time, some of the more volatile constituent stocks have also been adjusted to the previous rising point, and the probability of subsequent turn to sideways is greater. Another noteworthy phenomenon is that strong stocks have fallen in recent trading days, which is often an important signal that the short-term downtrend is coming to an end.
In summary, the negative factors of the funds have been basically fulfilled. As the market sentiment is gradually stabilized, the A-shares continue to adjust the space is relatively limited, investors do not have to be too pessimistic. In operation, the previous period suggested that the short-term index can be replenished on a dip.
(Author: Southwest Futures)
Copyright statement: All contents of this website, all sources, pictures and audio and video materials of the "Futures Daily", copyrights are all owned by the futures daily newspaper. Any media, website or individual may not reprint, link, repost or reproduce without the authorization of this website agreement. Copy/publish in other ways. Media and websites authorized by this website agreement must indicate "Source of the manuscript: Futures Daily" when downloading and using. Offenders will be held accountable according to law.
Enter [Sina Finance and Economics Unit] Discussion
Long Sleeve T-Shirt,Long Sleeve,Mens Long Sleeve T Shirts,Long Sleeve Graphic Tees
Changzhou Xinzhi Chain Information Technology Co.Ltd , https://www.zgczxzl.com