Stock Index Continued To Decline, Gem Fell 6.07%

After the stock market crash, investors' mood showed a "panic" for a long time. Therefore, the bailout operation will continue for a long time. The aim is to restore the market to a relatively stable state.

Taking into account the recent easing of monetary policy and the increase of uncertainties overseas, it is suggested that investors continue to be cautious in their overall operation.

Opening afternoon, stock index continued to drop, or nearly 3%.

2400 points were lost.

As of press time, the Shanghai stock index reported 3567.45 points, or 2.63%.

Shenzhen composite index reported 11988.89 points, or 3.11%.

Gem index reported 2385.71, or 6.07%.

Plate, cement, Beijing, Tianjin and Hebei rose earlier, military, domestic software, oil, Tibet fell.

The national team has entered a critical stage.

On the whole, the national team has entered a critical period. With the development of the stock market last week, the stock index will temporarily stop its decline, and the hot spots will continue to switch. From the perspective of the national team's bottom line, investors should try to deploy military, agricultural, pharmaceutical and other defensive sectors.

If the index falls down, it is necessary to dare to absorb it. When it rises to the high resistance area, it must be evacuated in time.

Societe Generale Securities: rebound window period is still in the short term should not be overly pessimistic, self rescue rebound window period is still in.

First of all, considering that the great efforts of the "rescue market" took place in the "

After the panic spread, investors' mood in the wake of the stock market crash has been "alarming" for a long time. Therefore, the rescue operation will continue for a long time. The aim is to restore the market to a relatively stable state.

The hosting of the Winter Olympic Games will become an important fulcrum for the implementation and implementation of the strategy for the coordinated development of Beijing, Tianjin and Hebei, and enhance the risk preference in the medium term.

In addition, the volume of trading in the two cities shrank sharply last Friday, representing at least a short decline in short term strength and a further decline in momentum.

Reiterating that the medium term market trend is the shock market and the split market.

In this stage of investment, it is most necessary to think clearly: first, where is the bottom line of the index fluctuation? The lowest rate in July 9th this year will be the bottom area in the next few years. Second, where does the market determine the most excess return?

Short term investment strategy: stick to snooker's tactics, keep the flexibility of the positions, and accumulate small wins to win.

We can take advantage of the market sentiment reverse game, the band operation policy, the deterministic industry into the military industry, the reform of state-owned enterprises, and pay attention to the areas of steady economic policy, including the integration of the Winter Olympics and Beijing Tianjin Hebei, environmental protection PPP, railway, highway, water conservancy and other infrastructure areas, power equipment and clean energy, at least can be anticipated; and we can also pay attention to the industries with short-term basic certainty, such as aquaculture, new energy automotive industry chain, film and television, tourism and so on.

For a long time, it has followed the layout of industrial capital, merger and reorganization, and recently been greatly increased by large shareholders / executives.

Haitong Securities: shrinkage of the bottom of the building is concerned about certainty, review past policy rescue experience, the bottom of the policy will shake the bottom of the market, shrinking volume is a tracking indicator.

Trading volume usually shrank to three to 40% of the previous high point, maintaining neutral positions and flexible operation.

The structural differentiation of the market after the end of the policy shows that investors are making short-term decisions and pursuing certainty after the wind and rain.

The steady growth of positive financial support and the improvement of people's livelihood are the direction of certainty.

Mid term selection really grows, optimizes and integrates white horse growth stocks, such as the Internet plus of technology cycle and China's manufacturing 2025, and the population cycle corresponds to medical health, entertainment education and so on.

In the short term, we can pay attention to the Tongzhou, the construction of the city tube corridor and so on.

GF Securities: focus on emerging industry leaders. Market stabilization really needs to rely on the real "long term investment" power. On the one hand, it needs to cooperate with the system, and on the other hand, investors need to see the hope of reform and pformation again.

For reform and pformation, we should not only retain hope, but also be patient.

The domestic economic development mode has shifted from "incremental economic mode" to "stock economy mode".

Because the force of policy shifts from demand side to supply side, this will surely slow down the effect, but it can often bring more lasting results.

The regulatory dilemma faced by Internet finance does not mean that pformation has become a bubble. The growth of emerging industries is just beginning to show.

State Securities: more cautious, standing near the 3663 point, although the index has a certain decline, but taking into account the uncertainties of the market still exist, the market or in the "lower valuation" stage, the whole is still advised investors to be more cautious.

Looking back at the continuous decline of this round of market and the rebound after overfall, the purpose of the combination policy is to pass the liquidity crisis.

The rise and fall may not be the core of the policy of "combined boxing". We need not be able to kidnap the effect of the policy combined boxing with the rise and fall of the index.

In spite of the general decline in institutional positions as the market goes down, this does not mean that the market stabilizes. We consider that the policy in the second half of the year has shifted to "bottom up, keeping systemic risks" and the content of the enhanced market reform announced by the SFC at the weekend. Considering the limited space for further easing of monetary policy in the near future and the increase of overseas uncertainties, it is suggested that investors continue to be cautious in their overall operation.