The market will continue to fluctuate.

In fact, while adding positions last week, the fund manager did not show optimism about the market outlook. On the contrary, most funds believe that although there are investment opportunities in A shares in terms of valuation, it is still difficult to rebound in the short term.

Morgan Stanley believes that with the gradual decline of CPI data and the gradual decline of international crude oil and other commodity prices, PPI may usher in a turning point from high to low, and the profitability of related enterprises may improve, which is unfavorable to enterprises. The factors are gradually weakening. However, in the current situation of insufficient market confidence, lack of market funds and uncertain economic fundamentals, the market will still fluctuate in the short term. HSBC Jintrust pointed out that although the current market valuation is obviously low, the low valuation is not enough to reverse investors' confidence. At present, under the background of tight monetary policy and high oil prices, a large number of high-quality enterprises in the middle and lower reaches are facing the trend of declining profitability, so from the perspective of dynamic price-earnings ratio, the stock price may be adjusted. In addition, the A-share market will also face the pressure of stock price structure adjustment. In the future, with the arrival of full circulation and the improvement of asset restructuring threshold, the structural adjustment of stock price will also complicate the bottom form of A-share market.

In fact, while implementing conservative strategies, some funds have begun to "slim down" by restricting subscription. Analysts believe that controlling the scale will help to avoid passively adding positions in the current weak market, and also help the fund to be less affected by redemption during the position adjustment process, but this is only a stopgap measure.

TOPVIEW data shows that the fund has significantly increased its positions in recent days, but it still cannot stop the market from falling.

The highest price of the fund is 2.7 19 yuan.