First of all, from the structural point of view, the "pro-cyclical" sector closely related to economic recovery led the decline, indicating that the overseas epidemic situation was "on the rise", which had a negative impact on the expectation of sustained economic recovery and led to a market decline. Looking ahead, we need to pay attention to the profit and PMI data of industrial enterprises released on February 27th, which are 10 and 3 1 respectively, to verify the kinetic energy of economic recovery. If the high-frequency economic data shows that the economy continues to recover strongly, then the "pro-cyclical" sector still has opportunities for performance, otherwise the "pro-cyclical" sector may be greatly suppressed.

Second, the spread of "mutated" viruses has increased, and overseas epidemics have further "fermented", which has suppressed the risk appetite of global financial markets and has a conductive effect on A-shares. The spread of "mutant" virus in Britain has greatly increased, and the market is worried that the epidemic prevention effect of vaccine on "mutant" virus will be weakened. Global stock markets fell. The Dow and Nasdaq fell nearly 2% overnight, while the FTSE 100 in Britain, CAC40 in France and DAX in Germany fell 1.73%, 2.43% and 2.82% respectively. The decline in overseas markets has formed a negative emotional transmission to today's A shares, pushing them to open lower.

Third, the Hang Seng Index and US stock index futures weakened in the afternoon, driving the market down. In the afternoon, both Hang Seng Index and US stock index futures fell, and the decline in overseas markets affected the risk appetite of A shares, driving the market down.

Fourth, there was a substantial net outflow of funds from the north, which affected market confidence. Today, the net outflow of funds from the north was 3.585 billion yuan, of which the net outflow of Shanghai Stock Connect was 3.265438 billion yuan and that of Shenzhen Stock Connect was 3.264 billion yuan, which accelerated in the afternoon, leading to an expansion of the market decline in the afternoon. As a "smart fund", northbound capital has a large net outflow and market confidence is negatively affected.