in sharp contrast to more than 2 daily limit stocks (including S and ST stocks) in the previous trading day, the number of daily limit stocks exceeded 8 (approximately, excluding S and ST stocks) on Tuesday, with the biggest drop of 276 points, and the volume of energy also increased sharply, forming a historical volume. The rapid decline has led to an irrational "kill more" phenomenon in the market.

Market participants may also be looking for various reasons, which may be more technical. In fact, purely from the perspective of the recent stock market, there is no sufficient reason to short, because the stock market, whether from the perspective of funds or valuation, and the degree of previous risk release, does not support such a huge decline in the broader market on Tuesday. If we have to find the reason, the macro-tightening regulation trend may be the main reason.

from a policy perspective, the state has taken controlling liquidity as its main regulatory goal in the future, and controlling investment and credit rebound is also one of the important goals. It can be considered that regulation is not aimed at the stock market, but it has to affect the stock market. On the one hand, it must be regulated, on the other hand, it does not want to break the current beautiful prosperity of the stock market, which shows that the management is in a dilemma. The increase in the reserve ratio introduced during the Spring Festival is also the time point chosen by the management to minimize the impact on the market.

In fact, the adjustment of the reserve ratio is only a moderate way of regulation and control, and it should not cause such great damage to the market. However, the mainstream funds in the market are not as optimistic as ordinary investors. In fact, they are already frightened. In their view, the psychological implication of the adjustment of the reserve ratio is far greater than the actual impact. It is expected that in 27, the adjustment of the deposit reserve ratio will be a more frequent action, and the interest rate hike with great influence will also be used. Therefore, the current stock market operation is not purely driven by its own factors, or the impact of the macro environment will be stronger and longer.