People Sneeze And We Catch Cold &Nbsp; A Shares Don't Go Up With Three Years.

A shares before the 2307 point stabilized, the reaction to the external stock market to "sneeze yourself to catch a cold", while others rose sharply, A shares are still in constant decline.

In August 1st, the US sovereign credit rating was downgraded and the peripheral stock index plummeted. A share investors should be deeply impressed by the performance of the stock market: the largest decline in stock index reached 8% on the two day. For example, in August 18th, the Dow Jones index plunged 3.6%, and the Shanghai index fell 1.6%; in September 5th, the Dow Jones index fell 2.5%, the Shanghai index fell 1.98%; in September 22nd, the Dow Jones index fell 3.5%, and Shanghai index fell 2.78%.

But when the outside is rising, we still bear the burden. In October 10th, the three major U.S. stock indexes rose sharply after employment and consumption data were better than expected. The Dow Jones index rose 3%, while the NASDAQ index rose 3.5%. The same evening, the domestic media stir up Huijin to increase the holdings of the four major lines of stock news, all indicates that the opening day of the A shares will have a chance to sweep the haze before. However, in October 11th, the Shanghai stock index hit a downward adjustment of 2 percentage points, setting a new low of 2326 points.

Such things seem illogical. According to reason, China's economy is far better than that of the US economy. No matter the GDP growth rate or the government's solvency, the United States does not have Chinese cattle; if the profitability of listed companies is greater than that of the US oil companies, the Bank of China (2.99,0.00,0.00%) is also able to make more money than the American banks; on the price earnings ratio, China's Bank shares and oil shares are lower than those of the United States of America (10.09,0.03,0.30%).

But this is the case. Even in a big dimension, after the financial crisis, China's stock market is exploring the "bottom line" of "going up or down". Data show that US stocks hit a record high in 2007, while the Shanghai and Shenzhen stock markets also set their new high in that year. But after the subprime crisis, stocks quickly rebounded and almost reached a new high. In contrast, the biggest rebound in the Shanghai stock market from 6100 points to more than 3400 points is the only one.

Internal problems remain the main cause.

Yesterday night, the Euramerican stock market was affected by the escalation of the debt crisis in Italy, and the group plunged, while the Shanghai and Shenzhen stock markets of A shares opened sharply lower than 1%, and the afternoon decline widened. The stock index closed down nearly 2% in the whole day. The A stock market has repeatedly followed the fall of the peripheral stock market. In the past few months, falling A shares and falling stocks did not follow the rise of the peripheral stock market. Even from a large dimension, after the 2008 financial crisis, the relationship between A shares and the external stock market did not rise or fall. Market participants believe that the weakness of A shares is mainly affected by the domestic macro fundamentals, and the market confidence is very weak. Therefore, in the process of forming a periodic resonance with the peripheral economy, they often show "follow up or fall".

Gui Haoming, chief analyst of Shenyin Wanguo Research Institute, pointed out that "we must admit that this phenomenon of" going up or falling "does exist, mainly in the last one or two years.

Mr. Guo, a senior shareholder in Guangzhou, deeply agreed with the interview with the Yangcheng Evening News reporter that the stock market had nothing to do with the outside market. "That is, after 2008, we will habitually see the performance of the peripheral market before opening the market."

Gui Haoming believes that the impact of overseas stock market on the domestic stock market is mainly reflected in the psychological level, because the West occupies the leading role in the world economic arena, and the fluctuation of foreign stock markets, to domestic investors, represents a certain trend to a large extent, and has an effect on investment psychology.

Han Yuefeng, director of investment in Ming Yuan investment company of Shenzhen, also interviewed the Yangcheng Evening News reporter that the domestic stock market was not affected by the external influence. But some time ago, domestic institutions were pessimistic about the market, and the external fluctuation aggravated the psychological pressure. "Europe first bottomed out, we did not go to the bottom until Huijin holdings increased, indicating that domestic institutions are still concerned about the domestic problems, and the external market is more psychological, and this effect has been magnified in the weak position," Han Yuefeng said. However, Han Yuefeng believes that there is a correlation between the internal and external stock markets at the macro level, which is reflected in the cyclical resonance of the economy. "In 2008, the world began to save the economy almost at the same time, resulting in emerging markets facing bad debts caused by inflation and over stimulation. This year, the United States did not have QE3, Europe's tightening and China's regulation. At the same time, a slack year in 2009 also turned into a contraction this year. Next year, it seems that macroeconomic policies are now in sync, China's currency will be looser, the US economy is in a slump, and QE3 will come out. Europe is the key period to solve the debt crisis, and it needs to stimulate the economy. The global loose pattern may come out again. There are more or less the bottom resonance of some economic weeks," Han Yuefeng said.