So why did A-shares plummet today?

When will the market adjust?

Is the next independent A-share market worth looking forward to?

Reporters from China Fund News interviewed Harvest, Boshi, China Merchants, Guo Fu, HuaXia, CEIBS, Ping An, Morgan Stanley Huaxin, Cathay Pacific, CITIC Prudential, Jinchuang Hexin, Shanghai Investment Morgan, Guohai Franklin, Ying Yong, Xinxin

Many fund managers including Da Ao Asia, Golden Eagle, CCB, Hang Seng Qianhai, SDIC UBS, Qianhai Kaiyuan, Haifutong, Nordisk, Industrial Holdings, Deppon, etc. said that the short-term market adjustment is the result of the superposition of multiple factors.

Looking forward to the market outlook, there is not much room for the market to fall, and you can buy on dips during the period of shock.

Under the tide of China's economic upgrading and transformation, we can still pay appropriate attention to high-quality stock opportunities in high-end manufacturing and new energy sectors.

Many factors caused the A-share market to plummet.

Regarding the sharp drop in A-shares today, China Asset Management said that the expected game was the trigger for the sharp drop in the market today.

The essence is that there is pressure for leveling in the short-term style.

Recently, mid-term reports have disclosed that the short-term expectations of the capital game have been fulfilled, bringing outflow pressure; secondly, in the past month, the degree of market valuation differentiation has expanded, and the boom strategy continues to create excess returns.

But at the same time, the hype of photovoltaic energy storage has spread some bad performance targets, and the upsurge of the two has brought about a cooling of sentiment.

In the early micro-strategy, we judged that "the trend of A-shares will enter the shock stage from a rebound."

The main reason is that the current economy is in a weak recovery stage, real estate is in a slow clearing process, and consumer income, expectations and behavior also need a long time to repair, making it difficult to see exponential opportunities.

Times Fund stated that today’s GEM had a larger correction due to the following main reasons: First, the latest real estate data and PMI data released in the United States performed poorly, and the superimposition of data from the Eurozone and the United Kingdom further aggravated market concerns about the global economic recession and reduced

2. It is currently the last week of interim report disclosure, and market sentiment is relatively fragile.

Growth stocks in the early stage have accumulated a certain amount of gains, and there is pressure for a correction.

Wells Fargo Fund said that after "cash recycling" turned into "loose support", the market became more sensitive to bad news and volatility gradually amplified.

As the macroeconomic recovery slowed down in July, the core driving force of A-shares switched from profitability to liquidity, and the structural market of small-cap growth supported by liquidity has a certain degree of "fragility" and is particularly susceptible to market sentiment.

The impact is that the fluctuation range is rapidly enlarging.

China Europe Fund said that against the background of abundant market transactions, the continued shocks since August reflect the slowdown in domestic economic recovery and the high degree of uncertainty in subsequent economic trends.

At the same time, due to the random spread of the epidemic, it is difficult to fully assess its impact on the economy.

This not only leads to higher uncertainty in the implementation of economic policies, business resumption of production, and consumer consumption, but also makes it difficult for the market to have new and consistent expectations for the economic outlook.

At the same time, inflation also restricts the prospects for global economic recovery.

European energy prices are soaring, and British inflation has reached double digits.

Topics discussed by Federal Reserve Chairman Powell at the upcoming Jackson Hole Symposium also emphasize the policy constraints on inflation posed by the real economy and the labor market.

In addition, the recent outbreak of extreme weather phenomena around the world has created certain instability factors in the international financial market.

Morgan Stanley Huaxin Fund mentioned that Huawei plans to shrink its edge business, and sales guidance for new car-making forces in the third quarter will decline, and pessimistic expectations are spreading.

On the afternoon of August 22, Ren stated in an article on Huawei’s internal forum that Huawei must change its thinking and management approach from pursuing scale to pursuing profits and cash flow to ensure that it can survive the crisis in the next three years.

As a benchmark enterprise in China's technology field, Huawei's business spans multiple fields, such as communication equipment, consumer electronics, cloud computing, smart cars, digital energy, etc.

The relevant content attracted widespread attention once it was reprinted by the media; in addition, Xpeng Motors' guidance for third-quarter sales at its second-quarter results conference was also significantly lower than market expectations, which also had a negative impact on the performance expectations of the new energy vehicle industry chain.

Certain impact.

Benchmarking companies' judgments on the trends of their industries may affect investors' growth expectations for related industry chains, and the spread of pessimism has also caused adjustments in most industries.

It is expected that easing will be implemented, capital interest rates will rise from low levels, and style differentiation will begin to converge.

Last week, the central bank lowered the MLF interest rate, but the funding rate rebounded from lows, indicating that the most easing phase of macro liquidity expectations may have passed.

Although weak economic expectations have weighed on long-term interest rates, term spreads have gradually narrowed.

At the same time, there has been a huge divergence in how crowded the market-cap and small-cap growth trades are.

Under the background that the fundamental expectations of the interim report have been gradually realized and the expectation of loose liquidity has weakened, the style has begun to return to equilibrium, which has also caused the prosperity track that led the early gains to give back more gains.

CITIC Prudential Fund stated that today’s market decline is a normal fluctuation in a volatile pattern.

Based on the judgment that the domestic economic recovery will be weak and liquidity will be abundant in the second half of the year, we tend to believe that the systemic repair of the market is not over yet.

As domestic and foreign economic growth faces downward pressure on expectations, structurally it is more conducive for growth assets to be related to a weak economy.

In addition, the direct cause of today's market plunge was Ren's remarks yesterday that "the global economy is in a long-term recession, and survival should be the main agenda," which attracted market attention.

The core reason may be the recent lack of incremental funds in the market, resulting in increased market vulnerability.