The recent decline in the market is characterized by panic and irrationality. In fact, it is rooted in funds, but there are too many reasons to bearish on the market, such as:

1. expansion will hold and issue a large number of new shares.

2.cpi is high, and I am worried about the central bank's credit policy.

3. Financial stocks are heavily financed.

4. Many stocks issued in the early stage were broken, and the growth rate of new shares issued on the Growth Enterprise Market was greatly reduced.

5. The fund position is too high, unilaterally reducing its holdings of blue chips such as real estate, finance, nonferrous metals, coal and steel.

6. Interest rate hike is expected in advance, and liquidity concerns.

7. Non-accelerated reduction arbitrage

And so on.

However, with the continuous decline of the market, A shares will form local value depressions in many sectors, and annual reports, high delivery, theme investment and re-entry of insurance funds will stretch A shares in the short term. However, since 10 will be a year of systemic risk, the above-mentioned reasons for the decline will continue to act on 10, so the rebound space is limited, and the stock market of 10 will be a year of continuous oscillation. At present, the lowest can be seen around 2500 points, but it will fluctuate higher afterwards, especially after the introduction of stock index futures, it will actively trade and broaden the oscillation range of A shares.