Stock Market Adjustment Will Not Change Upward Trend

　 Showing sideways finishing situation

After the Mid Autumn Festival holiday, the A share market failed to continue the upward trend since the beginning of September. The market began to adjust at the top of 2300 points, showing a trend of sideways finishing for several days. However, the balance between the two sides of the stock market was broken by the two sharp drop. After a sharp fall of 1.82% last Tuesday, the market fell 1.70% again after 3 trading days, and the market suffered more confidence. However, the stock market stabilized again on Tuesday, rising 0.87%, returning to 2300.

In fact, the A stock market rally began in July and has lasted for more than two months. The market has risen from 2000 points to 2300 points, making it the biggest market share this year. The continuous rise of the stock market is not only an objective reaction of the market to the stabilization of China's economy in the first half of the year, but also a manifestation of "people's thinking" after the stock market's long downturn.

Gui Haoming, director of market research at Shenyang Wanguo Securities Research Institute, looks at the rise of the stock market, which is based on the expectation that investors are full of reform, and at the same time, the market is relatively low. In the operation of the market, the continuous strengthening of the reform theme constitutes a partial structural strong rise.

　　 Economic downturn or the main reason

For the recent adjustment of the stock market, the market generally believed that the downward pressure on the economy increased, especially in the big market, which was directly related to the August economic data lower than expected.

In the interview with our reporter, he Vinda, director of the Department of economics and trade, School of management, University of Science and Technology Beijing, pointed out that the economic data one after another were slightly weaker than expected, which would have a negative impact on investors. And the external market is also adjusting recently, indirectly. A share market 。 In addition, the possibility that Hong Kong stocks will soon start structural adjustment will be relatively large. The growth of small and medium sized boards in gem will need to be adjusted. However, the banks, securities and real estate sectors which have been affected by the early stage will not perform well. This adjustment is also a foundation for further strengthening of the stock market after the Hong Kong stock exchange.

In the view of GUI Hao Ming, the market needs to have a finishing process after the rise.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, also believes that regular adjustment is a new normal in the long term slow cow. For example, it is normal for two to turn back one step, or to go back three times. Adjustment is conducive to market consolidation and continuous progress. This is the concentrated response of the macroeconomic fundamentals of economic transformation and industrial upgrading.

　　 The future presents upward trend.

　　 equity market The recent continuous adjustment not only lets Investors? There are worries about the market, and institutional brokerages also have different views on the direction of the stock market. Guo Tai Junan, who has seen much since this year, believes that the A share market is in the third stage, and the market should be more optimistic about the magnitude and sustainability of the third stage market. However, the Shenyang and Wanguo countries, which are looking down on the sky, pointed out that the current rally has basically come to an end.

For the different views of the two sides of the market, GUI Hao Ming said that the market should not be over, and with the expected interest rate, the central bank is continuing to guide interest rates downward. In the case of falling economic data, the relevant parties are also adopting some pre fine-tuning policies. Therefore, the market has certain confidence in the steady and orderly development of the future economy and the release of dividend reform. Therefore, in the medium to long term, the market should have room for further development.

He Weida also pointed out that there are many favorable factors at present, such as the State encourages SME financing and GEM Listing Financing; most brokerages and investors are optimistic about the future expectations; and China's economic development has slowed down, it will not fall from the whole, and the gradual improvement of the economy will support the stock market's "slow cow" pattern.