There are six main reasons for market censure: first, securities companies generally do not enter the market when they transfer their shares, which causes market concern; Second, the financing balance rose for six consecutive years, and Galaxy and Great Wall Securities resumed T 1 trading, indicating that venture capital began to rise again; Third, the United States announced that the final PPI value and industrial production in July were less than expected, and the possibility of raising interest rates in September was strengthened; Fourth, the curse of stock index futures delivery is approaching, and whenever stock index futures are delivered, the stock market will fluctuate greatly; Fifth, the main funds fled, and the funds continued to flow out in the afternoon, which aggravated the market panic; Sixth, the network is rumored that Guotai Junan is seriously bearish on the stock market, which aggravates the collapse of confidence. Personally, I think this wave of decline is mainly a technical deviation, plus the pressure above 4000-405 1, which requires a second dishwashing. Short-term state-owned assets reform and the doubling of securities companies' stocks caused profit taking, and yesterday's stock index futures plummeted across the board, and the CSI 500 fell, so there was a step adjustment, and the market once again saw a thousand shares falling.