At the close, the Shanghai Composite Index fell 1.56% to 336 1.30; Shenzhen Component Index fell1.87%; Growth enterprise market index fell 1.6%.
On that day, the turnover of the two cities exceeded 10.5 trillion yuan, and the turnover of the two cities has exceeded10 trillion yuan for eight consecutive trading days.
"The emergence of this round of adjustment, on the one hand, announced the end of this round of fast cattle stage, on the other hand, also reflected some recent negative factors." Yang Delong, chief economist of Qianhai Open Source Fund, said, "The adjustment has provided investors with opportunities to increase their holdings."
Li, chairman of Qianhai Longmen Asset Management, also believes that after the "mad cow" since July, A shares have entered a sideways adjustment state. "This is a healthy adjustment, which is conducive to the market returning to rationality."
The correction of A shares was expected by the market, but the correction for two consecutive days was unexpected by the market.
After all, before the reversal of "Fast Bull", the Shanghai Composite Index, Shenzhen Composite Index and Growth Enterprise Market Index of A shares had risen by 15.37%, 17.98% and 18 respectively in the "Fast Bull" market that started on July 3 and July 0. 39866
The A-share callback in July 14 was not unexpected. On that day, the Shanghai Composite Index fell 0.83% to 34 14.62. Shenzhen Component Index fell1.08%; Growth enterprise market index fell 1.06%.
However, when the three A-share indexes continued to pull back at 15 in July, and the declines all exceeded 1%, the market began to worry that the wind direction had changed.
"In the past two days, the A-share market has seen a certain correction from the previous surge. The main reasons are as follows: on the one hand, the market has increased rapidly recently, and some profit-taking discs have been safe in the short term; On the other hand, the new trend of overseas trade friction has also triggered emotional shocks and the downturn in the communications and electronics sector. " Zhang Ting, senior macro analyst of Geshang Fortune, said.
Zhuang Hongdong, chairman of the Cheese Fund, believes that the market correction is the result of a combination of factors such as capital outflow and market sentiment. "Recently, the market has risen rapidly, and liquor, medicine, brokerage, chips, 5G and other sectors have performed in turn. Some industries have higher valuations and greater accumulated risks. Therefore, there is a high probability of an average return in the market. "
"There has been a correction in the market these days, mainly due to the excessive increase in the previous period and the accumulation of a large number of profit-taking discs. On the weekend, the regulatory authorities have expressed their position to strictly control off-exchange fund-raising, and some cautious funds have been cashed in for the sake of insurance. " Zhang Menfa, chairman of Haokun Shengfa Investment, said.
"At present, except for a few industries, most of them are already in the peak range of historical valuation. Although funds have a good support for the market, this expectation has been fully reflected in the trend, and there is no expectation for the decline of listed companies' performance and macroeconomic downturn. Insufficient overseas environmental variables. " Xia Jing said.
It is worth noting that in this callback, technology stocks fell sharply, while consumer stocks were among the top gainers. In July 15, concepts such as semiconductors and communication equipment were among the top losers. Consumption concepts such as motorcycles, liquor, food and catering were among the top gainers.
"Consumer stocks with performance support have maintained a relatively strong performance in the market turmoil, while technology stocks have adjusted significantly." Yang Delong, chief economist of Qianhai Open Source Fund, said, "There are still many opportunities in the market outlook, but some high-tech stocks and brokerage stocks may face short-term adjustment."
"In the callback, fund managers generally avoid short-term adjustments by adjusting positions, especially some technology stocks with large gains, and take profits first. On the other hand, funds with lower positions in the previous period may also use this adjustment to increase their positions and seize the opportunity of the next market. " Yang Delong said.
During the callback, some fund managers adjusted their positions.
"For stocks with good gains in the previous period, we adjust our positions appropriately for the purpose of controlling risks. At the same time, we are firmly optimistic about industries with reasonable valuations such as bank insurance, real estate and home appliances, and gradually increase our holdings of stocks with large margins of safety. " Zhuang Hongdong said.
Zhuang Hongdong suggested, "Investors should not judge the timing of entering the market according to market trends. It is still necessary to proceed from the fundamentals of individual stocks, choose enterprises with growing intrinsic value and large margin of safety, and develop good investment habits for long-term tracking. "
A private equity fund person pointed out, "our current round of increase is mainly to adjust positions. We feel that the valuation of medicine and liquor is too exaggerated, and some of them have been sold, and other stocks such as home appliances have been added. "
"We keep about 70% positions for a long time, leaving 30% cash, so that there will be bullets to add positions when it falls." The above private investors said.
"I will make a small adjustment, such as buying a plate that is seriously affected by the epidemic." Li, general manager of Hongquan Private Equity Fund, said, "The next wave will go up, or it will be driven by brokers, and then buy brokers when the callback continues."
Li Jian suggested, "If you are short at this time, you can consider making up some stocks that have not increased much, but it is not appropriate to chase after them. After this adjustment and consolidation, the market should attack again. "
"After a wave of gains in recent days, there has been a correction in the market. We cleared the warehouse last Friday. " Zhang Menfa said.
Some fund managers have not been affected by this wave of callback.
"We take controlling positions and selecting individual stocks as the main strategy, try to grasp the two main lines of valuation and growth, and dilute the impact of the index." Summer scenery theory.
"Our configuration is carried out with a long logical thinking, and the basic positions and positions will not be adjusted too much." Li also said to him.
Zhang Ting believes that from a big perspective, the situation of "weak profit recovery+loose liquidity+incremental institutional capital inflow" will continue in the second half of the year, and the general direction of the A-share market will continue to rise.
"The market style will shift from the extreme bias in the first half of the year to the gradual convergence of styles, and cyclical finance will also have certain investment opportunities, but it is difficult to go up sharply. More is the valuation repair of leading stocks, but from the perspective of the big cycle, technology and consumption are still the main investment directions. Judging from the semi-annual performance forecast, the profit of technology consumption still has a comparative advantage. " Zhang Ting said.
"Investors need to examine their own market style configuration. If the position of the technology growth style is too high, they can transfer some positions to the value blue chip to balance the position style. " Zhang Ting said.
Editor Li Jianhua Intern Li Geli
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