In the afternoon, A-shares weakened across the board again! What happened?

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every reporter| Zhao     Yunmei edited| Xiao Ruidong    
On October 17, the market fluctuated throughout the day, and the three major indices all fell more than 2% intraday. At the close, the Shanghai Composite Index fell 1.95%, the Shenzhen Component Index fell 3.04%, and the GEM Index fell 3.36%.
In terms of sectors, precious metals, gas and other sectors were among the top gainers, while power grid, photovoltaic, wind power, controllable nuclear fusion and other sectors were among the top losers.
Nearly 4800 stocks fell across the market. Turnover in the Shanghai and Shenzhen stock markets was 1.94 trillion yuan, 6.9 billion yuan higher than the previous trading day.
There is another contraction (less than 2 trillion yuan) and another general decline.
In early trading today, A-shares weakened simultaneously with Asia-Pacific stock markets.
At first glance, risk aversion continues to spread, and the market has to rely on banks, dividends and other big players to support it.
But this is A-shares-the basis of the market in the morning is not (certain)basis in the afternoon.
Since 13:30, the average stock price of all A has basically fallen all the way, and dividend assets have also turned green. As of the close, the Shanghai Composite Index "crossed multiple lines with one shade" and dropped to around 3835 points.
Other stock indexes have begun to testthe support of the 10-week line.
In the morning,Agricultural Bank hit a new high, ushering in 11 consecutive gains. The dividend index was significantly stronger than the market.
However, after 10 o'clock, the banking sector as a whole had moved out of the upper shadow line, and then surged higher twice but continued to fall back in the afternoon. The same trend of rising and falling back also appeared insectors such as precious metals and coal that led the gains for half a day.
Some analysts believe that this may bring certain variables to the sustainability of dividend assets.
But on the other hand,the gas (oil and gas exploration) sector has relatively maintained a turbulent upward trend.
According to Xinhua Agency, in October, cold air frequently affects my country. Many places in the north have experienced "winter overnight", and the "autumn tiger" that has lasted for many days in the south is finally going offline. In order to cope with the continuous cooling, many places such as Gansu have started winter heating in advance. As the winter heating mode opens, the peak season for natural gas demand has arrived.
With the same logic of "heating", why did coal stocks fall more obviously today?
This may be because since September 29, the coal sector has increased even more (the highest intraday trading today reached 15%), while the gas sector has increased less than 9% over the same period, causing safe-haven funds to also play a "high-low cut".
During most trading hours today, there were less than 1200 rising stocks in the entire market; after the late plunge, only about 600 stocks were in the red.
As soon as the market opened in the afternoon, there were still some "unpopular" sectors that launched a local counterattack. Unfortunately, it was followedby an indiscriminate killing across the market. Rather than bargain-hunting today, more funds still choose to wait for the panic to subside and wait for the weekend news before making plans.
Hainan's free trade concept once rose against the trend,Straits shares hit a daily limit, andHainan Airport,Hainan Mining,Haiqi Group, andHainan Development followed suit. Horse-racing concepts, duty-free shops and other sectors have also strengthened.
On the news front,the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued an announcement to adjust the duty-free shopping policy for Hainan's outlying islands, which is scheduled to be implemented on November 1.
The first is to expand the scope of duty-free goods on outlying islands, adding pet supplies, portable musical instruments, micro drones, small home appliances and other goods. The optimized duty-free goods on outlying islands have been increased from 45 categories to 47 categories.
The second is to allow domestic goods such as clothing, shoes and hats, ceramic products, silk scarves, coffee, and tea to be sold in duty-free shops on outlying islands, with a refund (exemption) of value-added tax and consumption tax.
The third is to adjust the duty-free shopping age for outlying island passengers from 16 years of age to 18 years of age.
Fourth, departing passengers are allowed to enjoy the off-island duty-free policy. The amount of duty-free goods purchased by departing passengers on the off-island and departing passengers is included in their annual duty-free shopping quota of 100,000 yuan, for unlimited number of times.
Fifth, for island residents who have records of outlying islands in a natural year, they can purchase duty-free goods on outlying islands as many times as they are required in the "buy and pick up" pick-up method during the current natural year.
The policy adjustment will help expand the benefits of the tax-free policy on outlying islands, increase the supply of goods, improve consumers 'shopping experience, enhance island residents' sense of gain, and promote the construction of Hainan Free Trade Port to continuously achieve new results.
It is worth noting that due to the contraction of the market in recent trading days, the big market is temporarily difficult to expect, and phenomena such as speculation on names (horses) and speculation on "regions" have also become active. In the morning,the concept of the Fujian Free Trade Zone briefly bucked the trend, but except for the front-row trading stocks that were grouped, the overall sector still fell.
The last strong sector that has to be mentioned is precious metals.
In the morning, the international spot gold price once broke through the US$4380/ounce mark, reaching a high of US$4,380.79, setting a new record. Some people believe that this is not only a milestone leap in gold prices, but also marks an unprecedented moment-thetotal market value of gold officially exceeded US$30 trillion, surpassing the sum of the world's top ten technology giants in one fell swoopand becoming the most valuable in the world. A single asset class.
Market analysis pointed out that the logic supporting the continued rise of gold prices has evolved from the traditional "dollar-interest rate framework" to a new paradigm driven by"central bank gold purchase + de-dollarization + geopolitical risk".
The agency said that there are still many potential catalysts worth looking forward to in the future:
If the Federal Reserve launches a more than expected interest rate cut (such as a 50BP rate cut in October), it will further suppress the real interest rate;
Whether the pace of gold purchases by central banks in various countries is accelerating;
Escalation of geopolitical conflicts or financial market turmoil exacerbates the need for hedging;
Peak consumption seasons such as the "Double Eleven" and "Spring Festival" have driven demand for physical gold bars and jewelry to rebound.
The World Gold Council recently released a monthly comment stating that investors are currently worried that gold is in a significantly overbought state, and that long-lingering low interest rates and the US dollar may rebound and suppress gold prices.But from a strategic perspective, the overall position of gold is still at a low level. According to a data sheet produced by the World Gold Council, retail gold investment currently accounts for less than 2% of global assets, and central bank gold accounts for less than 30% of total foreign exchange reserves. Neither proportion is far from reaching the historical high in 1980.