Today, it fell below the 3,000-point integer mark, and the shareholders were in tears.
Today, a number of A-share related topics fell on the hot search. The market is worried about the fed's aggressive interest rate hikes, the recurrence of the epidemic in the mainland, and the impact of the continued weakening of the renminbi, and the three major A-share indexes opened low and walked low to close.
A shares not only fell below 3000 points, but also all the way down, as of the close, individual stocks showed a general downward trend, the two cities more than 4500 shares drifted green, more than 360 individual stocks fell to a stop, nearly a thousand shares fell more than 9%, today's transaction reached 896.9 billion yuan.
By the end of the day, the Shanghai index was down 5.13%, the Shenzhen component index was down 6.08%, and the ChiNext index was down 5.56%. Northbound funds sold a net of 4.397 billion yuan.
Nearly 700 shares fell to a halt, only 147 companies rose in the two cities, and 4540 companies fell...
In terms of focus stocks, a number of leading companies were smashed, China Merchants Bank fell 8%, Hengrui Pharmaceutical fell to a halt, and Xinhua Insurance fell to a halt.
Zhongrong Fund said that the factors that have led to the recent decline in the A-share market are:
First, the domestic epidemic has led to economic weakness, policy relaxation is less than expected, and the supply chain is damaged, resulting in difficulties in the operation of some enterprises.
Second, the direction of Sino-US monetary policy is opposite, resulting in a narrowing of the Interest Rate Differential between China and the United States, the market is worried about capital outflows, and the price of RMB-priced assets has fallen. There are also some technical factors.
However, standing at the current point in time, we believe that the market has relatively limited room for decline in the future, and it will gradually improve in the future. Because:
In terms of the epidemic, Jilin Province has achieved zero social clearance, and various production activities have gradually returned to normal. The number of new daily increases in Shanghai has gradually decreased after April 13, and it is currently strictly sealed and controlled to promote the "tough battle" to achieve zero social clearance. It is expected that the social clearance will be achieved at the end of April and the beginning of May, and then logistics will resume, enterprises will fully resume work and production, and investment and consumption will improve. Other cities can effectively curb the spread of the epidemic because of timely measures.
In terms of sino-US interest rate differentials, from historical experience, the central bank has various policy tools to curb capital outflows and maintain the stability of RMB asset prices.
In the long run, the direction of China's economic transformation and the rise of science and technology is very clear, and the current decline is only a small episode in the great historical process. From the valuation point of view, the current valuation of many industries such as new energy, new energy vehicles, automobiles, machinery, military industry, medicine, food and beverage has returned to a lower level, and some even return to the level at the end of 2018, with investment value. Therefore, at the current point in time, there is no need to be overly pessimistic.
Huaxia Fund said that the current A-share operating environment is more complicated, and short-term uncertainties continue to be disturbed. Internally, the epidemic is still in the process of trying to control, the risk of multi-point emissions has caused concern, and the downward pressure on economic fundamentals is more obvious in stages; from the perspective of the outside, the US tightening expectation process has accelerated, the US Treasury yield has continued to rise, and the short-term decline of the RMB exchange rate has also put pressure on the market.
China Merchants Fund believes that the A-share market has begun to react to the risk of global recession and enter a risk-averse mode. First, a new economic shock has been formed in China, and sealing and control measures have appeared in key cities. Second, under the background of "housing not speculation" and "local government hidden debt control", the transmission of wide currency- wide credit - profit bottom is not smooth, and the recovery of economic bottom and A-share profit bottom needs longer. Third, the collapse of liquidity has led to a sharp rise in the correlation of various types of assets, and the core reason behind it is that the hidden worries of a global recession have begun to emerge, global trade activity has begun to slow down, the United States has sharply suppressed demand in order to control inflation, and the rising interest rate of the US dollar has widened the spread between commercial paper and junk debt. Coupled with the depreciation of the renminbi, the instability of the transaction structure has increased significantly. As a result, the A-share market has experienced a broad-spectrum decline.
The RMB exchange rate lost the 6.55 mark
On April 25, the onshore yuan lost the 6.55 mark against the US dollar, falling more than 600 basis points during the day, and the offshore yuan lost the 6.59 mark, falling more than 600 points during the day.
According to the analysis of GF Securities, the increasing expectation of a broad divergence between the Chinese and US economic and financial cycles is the reason for the rapid depreciation of the RMB exchange rate this week.
In addition, the 3-month real interest rate differential between China and the United States, which supports the RMB exchange rate, also showed an inflection point. There is still depreciation pressure on the short-term RMB exchange rate, but there is support in the medium term:
(1) With the improvement of domestic epidemic prevention and control and the downward growth of the US economy, the Sino-US economic split will ease; (2) At present, the balance of foreign exchange deposits of financial institutions is about 300 billion yuan to be settled compared with the trend value, and enterprises can choose the opportunity to settle foreign exchange, which is conducive to the smooth operation of the foreign exchange market.
China Merchants Securities analysis, the depreciation of the RMB exchange rate has become a new concern in the market, but we believe that the depreciation of the RMB exchange rate does not necessarily bring about capital outflows, the core is still to look at the domestic economy and corporate earnings expectations, the acceleration of the improvement of new social financing is a watershed in the impact of depreciation on A shares, the domestic economy is weakening, the exchange rate depreciation is more likely to cause capital outflow concerns, and after the acceleration of the improvement of new social financing, the exchange rate depreciation is more likely to be seen as a signal conducive to the improvement of China's exports.
In March before the big devaluation, the northbound funds had already had a more obvious outflow of A shares in advance, and the recent accelerated depreciation of the renminbi against the US dollar did not trigger greater fluctuations in the northbound funds, and the market was more concerned about which industries benefited from the exchange rate depreciation.
Domestic commodity futures closed down Zheng alcohol main contract fell to a halt
Domestic commodity futures closed down, Zheng alcohol main contract fell to a halt, iron ore fell more than 7%, soda ash, Shanghai tin, ferrosilicon fell more than 6%, pulp, EG and other fell more than 5%, manganese silicon, SS and other fell more than 4%, hot coil, LU and other fell more than 3%, cotton yarn, coke and other fell more than 2%, fuel oil, rapeseed meal and other fell more than 1%, Zheng cotton, peanuts and other slight declines; eggs rose more than 4, palm oil rose more than 1%, pigs, urea rose slightly.
Peripheral markets are also falling sharply
European stocks collectively opened sharply lower, with the European Stoxx 50 falling 2%, france's CAC40 down 1.3%, Germany's DAX down 1.4%, and Britain's FTSE 100 down 1.3%.
Sri Lankan stocks stopped trading due to a sharp drop in major indices.
Vietnam's VN index fell 5%.