In the current market, it seems that short-term risks are mainly reflected in the pressure of digesting the valuation of "Bao Tuan" stocks. Due to the improvement of the stock market funds, the new year's market started from 65438+February last year. During this period, the core assets represented by the fund's heavyweight stocks increased greatly, and the valuation also expanded a lot. However, since February, with the continuous strength of commodity prices, inflation expectations have warmed up, and institutional funds have been collectively adjusted, which has led to a significant increase in market volatility and an impact on the market.