Since February, Shanghai and Shenzhen stock markets have continued to fluctuate within a narrow range. Affected by the pre-holiday effect, yesterday (February 4), the Shanghai Composite Index was still hovering around 3500 points, with no obvious upward breakthrough signal.

The downturn of the index can't stop Kweichow Moutai from hitting a new high. At the close, Kweichow Moutai closed at 2,320.85 yuan per share, a one-day increase of 5.98%. Since Kweichow Moutai successfully hit a market value of 2 trillion yuan on July 6 last year, and its share price broke through the 1.600 yuan mark, its investment value has been continuously recognized by the market, and now it is only one step away from a market value of 3 trillion yuan.

In addition to the frequent news of Kweichow Moutai, "Yinmao" China Merchants Bank also broke through a new high for two consecutive days. In terms of overall performance, yesterday's performance of the bank was second only to that of food, beverage and comprehensive, and it became one of only three industries with positive growth among the 28 Shenwan first-class industry indexes. In the frequently fluctuating market, banks once again play the role of "protector" and "safe haven".

The repeated volatility of the index marks the final "battle" stage of the two camps, namely, stock holding and currency stocks before the holiday. The preliminary survey of private placement network shows that 89% of private placements tend to hold shares for the holidays.

Therefore, Paipai.com interviewed a number of private equity institutions including Broadcom Investment, Zheng Rong Chuangyuan, Han Hong Investment, Wenduo Assets and Jian Hong Times.

Botong Investment responded without giving specific answers, and the short-term market changed rapidly. Generally speaking, the current index is pushed to this position by leading companies with large market capitalization, and the valuations of these companies with large market capitalization are not low and fluctuate greatly. Recently, there have also been some explosions in publicly offered white horse stocks. Therefore, they are not very optimistic about the A-share index at this stage. They chose to use the financial sector and Internet leaders as the core to make the Hang Seng Index, and at the same time short the Shanghai and Shenzhen 300 Index by a small amount.

Wang Xuhui, manager of Zheng Rong Chuangyuan Fund, expressed his view that the overall market sentiment is still relatively cautious, and the two major variables in the market are liquidity and economy. At present, the market has expected the marginal tightening of liquidity, and the manufacturing boom is now at a high level, which has limited marginal utility in boosting the economy. However, the recurrence of the epidemic may have an impact on the recovery of exports and services. Risk appetite is likely to be sorted out before the holiday and will probably rise after the holiday.

Han Hong Investment said in an interview with Paipai.com: "Before the festival, we will adjust our positions and reduce our holdings of varieties that have increased too much. We don't think holding shares or money is important in itself. Specific to the outlook before and after the Spring Festival, the market will have certain adjustment pressure, liquidity factor is the main concern, and leaving room for strategy is a suitable choice. "

"You can hold shares for the holidays. At present, there are no major risk events during the Spring Festival. Small trading volume before the Spring Festival will lead to large market fluctuations. " Round Zhao Yuan, the fund manager of Jian Hong Times, believes that "the strength of the post-holiday currency depends on whether the epidemic is out of control, whether the RMB appreciates sharply, and whether there is a credit default. This year, the floating population across provinces in Spring Festival travel rush is small, and the nucleic acid is strictly investigated. It is believed that there will not be a new round of monetary stimulus because the epidemic is out of control.

The gradual normalization of European and American markets will reduce the pressure of China's export and appreciation, and there is no need for the central bank to loosen the currency to curb the rate of appreciation. Judging from public opinion, the all-round tightening of real estate policy has also reduced the probability of monetary easing. So I think there is no index market after the holiday, and the key is stock selection. Investors are advised to choose professional investment institutions. "

Is liquidity now a "sharp turn"? DR007 index reached a new high of 20 15! 89% of private placements still hold shares for the holidays.