A-shares hit a new low, with more than 5,100 stocks falling
A-shares continued to fall and continued to struggle to grind the bottom.
On January 22, the three major A-share indexes fluctuated all the way down, with the Shenzhen Component Index falling to 4% at one point, and the Shanghai Composite Index and ChiNext Index falling by more than 3%.
By the end of the day, all three major indexes were down more than 2%. Among them, the Shanghai Composite Index closed at 2756.34 points, down 2.68%, the Shenzhen Component Index closed at 8479.55 points, down 3.50%, and the ChiNext Index closed at 1666.88 points, down 2.83%.
The Shanghai Composite Index hit its lowest level since April 2020.
The total full-day turnover of the two cities was 794.1 billion yuan, an increase of 127.5 billion yuan from the previous trading day.
Stocks in the two cities rose less and fell more, with more than 5,100 stocks falling and less than 200 stocks rising.
On the disk, none of the industry and concept sectors rose. Sectors such as hotel catering, media and entertainment, tourism, and Internet were among the top decliners.
Why did A-shares plummet?
Shenwan Hongyuan Securities believes that the current problems faced by the market can be summarized as: insufficient supply of medium-term demand elasticity, supply release pressure, superimposed short-term chip structure repair slowly, market pricing marginal improvement of the financial force is still weak, counteroffensive still needs to accumulate positive factors.
In addition, investors' worries have intensified, and they are particularly concerned about the "pipes" of capital outflows such as IPOs, refinancing, and reductions, as well as about leveraged forces such as financial institutions, stock index futures, and snowball products.
It is worth mentioning that the China Securities Regulatory Commission held the second press conference of this year on the 19th.
The China Securities Regulatory Commission said that at present, the new rules on margin financing and securities lending have achieved good results: the balance of securities lending and borrowing has decreased by 23.4%.
Regarding the news that some institutions have opened large short orders on stock index futures and maliciously shorted the market, the China Securities Regulatory Commission said that at present, the overall position of stock index futures is relatively scattered, and the phenomenon of customers concentrating on a large number of short positions has not been found for the time being, nor has it been found that the related accounts are jointly shorted.
Regarding the delisting rate of A-shares, the China Securities Regulatory Commission said that the core of the delisting reform is to adhere to the principle of "retreating as much as possible", and at the same time, it is necessary to retreat steadily, and it is not that the more withdrawals, the better.
In addition, the China Securities Regulatory Commission also said that the registration system does not mean that the control is relaxed. It can be said that the issuance supervision is more stringent, and the quality requirements for IPO companies are higher.
For the A-share market outlook, many institutions expressed optimism.
Guotai Junan believes that the bottom characteristics of A-shares are approaching, but the current constraint lies in the lack of expected upward revision momentum, and the index is expected to be dominated by shocks and bottoms.
Yongying Fund said that the market valuation has been as low as the historical extreme level, and it maintains a neutral and optimistic judgment on the future trend of A-shares.
China Merchants Fund said that the current market valuation has been at a historical low, and the revision of investors' pessimistic expectations may bring investment opportunities for an over-falling rebound.
Author | Zhang Xiaolei