Disk observation: The market fluctuated within a narrow range on Wednesday, with turnover in the two cities reaching 1.23 trillion.

On the disk, the construction and decoration, transportation, public utilities, and communication sectors rose, while leisure services, electrical equipment, lithium battery resources, etc. fell.

As of the close, the Shanghai Stock Index fell 0.27% to 3598.65 points, with a turnover of 554.9 billion yuan; the Shenzhen Component Index fell 0.61% to 15365.43 points, with a turnover of 679.7 billion yuan; the Chuang Index fell 1.57% to 3130.30 points, with a turnover of 679.7 billion yuan.

224.9 billion yuan.

The actual net purchases of northbound funds today were 2.712 billion yuan.

Outlook: The financial data for December disclosed last night were overall weaker than market expectations. New social financing in December was 1.72 trillion yuan (November 2.13 trillion yuan), and new RMB loans were 1.26 trillion yuan (November 1.43 trillion yuan).

, the year-on-year growth rate of social financing stock, M1 and M2 growth rates have all dropped significantly.

The year-end assessment of non-standard pressure reduction and the slowdown in short-term issuance of credit bonds are the main reasons for the lower-than-expected growth rate of social financing. Looking at the overall data, the data also confirms the inflection point of the downward trend of social financing growth, and begins to realize that the money supply will return to neutrality in 2021.

, financial policies are relatively tight and the credit environment is gradually shrinking.

However, from the perspective of stock market liquidity, in only 6 working days since the beginning of the year, the new funds launched have attracted more than 300 billion yuan. In the entire January, nearly 90 new products were intensively issued, including new products from overseas institutions.

With the annual asset allocation adjustment, northbound funds are often in the opening period of new capital allocation to A-shares at the beginning of the year.

On the whole, although the overall macro liquidity environment has confirmed a downward trend, the stock market capital is still at its most abundant stage at the beginning of the year. After the first quarter, the pace of capital entry slows down. If macro liquidity continues to converge in the future, you need to pay attention to liquidity.

The material impact of changes on the market.

Operational strategy: The downward turning point of the social financing growth trend in December has been confirmed. The stock market liquidity is still at a relatively abundant stage. Market differentiation and industry rotation are accelerating. We maintain the view of consolidating the trend of shocks. In the short-term strategy, it is recommended to maintain flexible position responses and pay more attention to valuations.

The value has a margin of safety and a good target for annual performance growth.