All the major A-share indexes fell back on Wednesday.AmberspinscasinoBy the end of the dayAmberspinscasinoThe Shanghai Composite Index fell 0.Amberspinscasino.61% to 3128Amberspinscasino.48: 00. Other major stock indexes fell significantly more, with the Shenzhen Composite Index down 1.33%, the gem Composite Index down 1.49%, the Kechuang 50 Index down 1.06%, and the Northern Securities 50 Index down 0.76%. The total turnover of all A reached 868.6 billion yuan, down from 972.7 billion yuan on Tuesday.

From the point of view of the disk, the concept of synthetic biological and cellular immunotherapy soared. Pork, precious metals, banks, coal, oil and other performance is also relatively strong. The vast majority of stocks fell, with AI, media, mobile games, Huawei concept, real estate and other sectors leading the decline.

The surge in the concept of synthetic biology and cellular immunotherapy is related to some industries. The rise in banks, oil and coal should be related to the return of market sentiment to caution, as such stocks have a "bond-like" nature. As a general rule, fixed-income assets are relatively more popular when markets turn conservative.

Most stocks fell, while stocks that fell a little more may be bearish. For example, the decline in Huawei's stock should be related to a piece of bad news from the outside.

Property stocks in places such as Wanke A fell significantly on Wednesday. Personally, I think this may dampen the sentiment of the whole market, because the market can easily regard the trend of the property market as an alternative economic indicator. As long as real estate stocks fall, the market's expectations of the property market will be hit somewhat. Expectations of the economy as a whole will also be affected to some extent. The expected volatility in the property market is most obvious in terms of foreign investment, and mainland property stocks in Hong Kong stocks were the first to fall on Wednesday, eventually driving real estate stocks in A shares.

Northbound funds sold 4.044 billion net throughout the day, with an outflow slightly higher than the previous day. In terms of the surrounding stock market, US stocks closed flat overnight. On Wednesday, the Hang Seng index of China's Hong Kong stock market surged, closing down 0.77%, inner housing stocks fell significantly, and Vanke fell 6.87%. In addition, the Japanese stock market fell 1.63% on Wednesday.

In the foreign exchange market, the dollar index, which fell sharply last week, rebounded slightly for three consecutive days this week, and the RMB exchange rate basically kept a small depreciation at the same time. It is worth mentioning that the yen, which rose sharply late last week as a result of intervention by the Japanese financial authorities, lost momentum this week, which should have affected the Japanese stock market. Judging from historical experience, foreign exchange intervention can only have a temporary effect in most cases, but the market itself is relatively strong and stubborn.

If the yen weakens further in the future, the Japanese yen will disappear in the RMB exchange rate support, and the RMB exchange rate will be completely dominated by the Chinese economy itself. Judging from China's recent economic indicators, although some indicators have improved, there are also many indicators whose performance is mediocre, so the RMB exchange rate has only changed to two-way fluctuations, and it is difficult to form a trend upward trend for the time being.

In the second few days of last week, the peripheral stock market, foreign exchange market and other financial markets and domestic policy factors were quite favorable to A shares, and the market's perception of A shares greatly improved. however, since Tuesday, the optimism reflected in A shares seems to be slowly fading. Judging from the northbound capital performance, after its significant inflow into A shares on Monday, it turned to a net outflow on Tuesday and Wednesday, and the outflow has a gradual increasing trend.

From a technical point of view, Monday's sharp rise in A-shares left a short gap, if it is expected to form an aggressive gap to match the trading volume, but unfortunately, A-shares shrank for two days in a row, the momentum of bulls quickly weakened. In the trading volume can not keep up with the situation, it is generally difficult for the stock index to stand at a relatively high position.

In terms of operation, it is recommended that investors hold shares temporarily and wait until the stock index to further explore the gap before looking for opportunities to fill positions. Although the stock market lacks the momentum of continuous rise in the short term, policy factors should generally block the room for excessive downward exploration of the stock index. to put it simply, I think that the opportunity of holding shares in this period of time should be greater than the risk.