1. Inventory supply

This is one of the direct factors that affect the change of the power of buyers and sellers in the securities market, which usually includes initial public offering, additional issuance, placing and delisting. In the transitional market, there are also special circumstances in the special stage of listing of non-tradable shares. Stock issuance and IPO are one of the basic functions of the securities market. Generally speaking, the expansion of market capacity is the embodiment of market vitality. Generally speaking, the expansion speed and the proportion of incremental capital inflow have a direct impact on the index, which is a very sensitive indicator. In addition, the abnormal acceleration of IPO is usually regarded as one of the government's measures to control the overheating of the capital market, so special attention should be paid to risk control.

2. The government's macro-control measures on the securities market

Financial reform, banking reform and foreign exchange reform, the capital market operates in the process of reform and innovation. Our capital market is an emerging market and a transitional market. At present, the total market value, circulating market value and market of A-shares in Shanghai and Shenzhen stock markets have formed a considerable scale, and the capital market is increasingly important to the national economy, and its healthy development is of great significance to the national financial security. For abnormal or radical market changes, intervention is inevitable. In a relatively mature financial market, the state should intervene, and even the state should intervene together. In most cases, government intervention is surgery, and its main purpose is to remove unhealthy or unreasonable ingredients. Simple government intervention will have a short-term impact on the market and will not fundamentally change the operating rules of the market.

3. Other investment markets

The price of crude oil is particularly high, which is unfavorable to the stock index. Because oil is the most important energy source in industry at present, the rise of oil price reflects the increase of industrial cost and the decrease of expected income of enterprises. The stock market rose and the price of gold fell, because investors were generally optimistic about the economic prospects, a large amount of funds flowed to the stock market, and the stock market investment was hot and the price of gold fell. Of course, the price of gold is more related to the exchange rate of the world's major currencies. In addition, in a relatively balanced market, there is a seesaw effect of capital flow between investment markets, which usually shows a stage swing of one up and one down. But this is only the influence of related factors, and the main influence also comes from the supply and demand relationship within each market.