Motherboard Weak Shocks, Small And Medium Enterprises Are Active.

Today, the Shanghai composite index reported 3285.41 points, down 8.05 points, or 0.24%, and clinch a deal of 458 billion 600 million yuan. The Shenzhen composite index reported 11324.76 points, down 140.38 points, or 1.22%, and traded at 244 billion yuan. Small and medium-sized board index closed at 5667.03 points, down 7.28 points, or 0.13%, and 1553.24 points for gem newspaper, up 11.35 points, or 0.74%. A total of 573 stocks rose and 1705 fell in two cities, with a rise and fall ratio of 1:3. Non ST class trading stocks 13, no limit stocks.

Today Morning index Continuation of yesterday's differentiation trend, motherboard weak shocks, small and medium Gem Active. After noon, insurance, bank two financial weight plate force up, A shares four insurance companies once collective trading, the Shanghai stock index broke through the 3400 point pass, but near the end of the weight plate fall down drag index dive. On the disk, insurance, banks, ships and other blue chip sector are among the top gainers; environmental protection and coal decline are leading indicators. The concept of "one belt and one road" is active.

On the whole, today's main board is closing down and trading volume has been slightly enlarged compared to yesterday. Small and medium enterprises are robust. In terms of fundamentals, there will be 22 next week. New shares Intensive issuance, according to estimates, new shares will be frozen or 2.8 trillion yuan next week. Against this background, the market expects stronger interest rate cuts for the weekend, which has also triggered a rise in the financial weight sector after midday.

However, we believe that the current IPO purchase is more intensive, but it does not overlap with the factors such as holidays, taxes and so on. Although there are disturbances to the capital side, the extent may not be as good as the purchase of new shares. The central bank has suspended the repo operation for Twelfth times this week. If the new stock purchase funds are tight enough, the central bank's rate will remain open and there will be no operation. At the same time, SLO will be used to ease the financial tensions. At the end of the week, the central bank will have a lower probability of cutting interest rates.

In addition, we believe that the short term stock index 3400 point line is facing the high level of the four trillion market in 2009, and the short-term resistance is relatively large. Moreover, from the quantitative perspective, the recent market volume has rarely been enlarged, indicating that investors still have a certain "fear of heights" mentality for the current index position. If there is no volume support under strong resistance, the short-term market will probably maintain the trend of turbulence consolidation. On the operation, it is advisable for investors to be cautious in the short term. They should continue to focus on the most clear financial weight plate in the current market, and underestimate the value of state-owned enterprises.