On March 26th, A-shares closed: the three major indexes collectively fell more than 1%

The Shanghai Composite Index closed at 3889.08 points, down 1.09%, and fell below the integer level of 3900 points. The Shenzhen Component Index closed at 13606.44 points, down 1.41%. The ChiNext Index closed down 1.34%, while the Sci Tech Innovation 50 Index fell 2.1%. The total transaction volume between the two markets was 1.94 trillion yuan, a decrease of 236.2 billion yuan from the previous trading day; Individual stocks generally fell, with over 4400 stocks closing down, with a rise fall ratio of about 915:4490, and the profit making effect dropped to freezing point.

1、 Market characteristics: High level tracks collectively retreat, defensive sectors resist the trend and resist the decline

Leading the decline sectors: previously strong AI computing power, semiconductors CPO、 The photovoltaic energy storage and other tracks have experienced a sharp decline across the board, with multiple high priced targets hitting the limit down or falling sharply, indicating a strong desire for funds to take profits.

Countertrend sectors: Defensive sectors such as lithium batteries, electricity, precious metals, and traditional Chinese medicine have slightly strengthened, becoming a safe haven for funds.

Capital flow: The main funds have significantly flowed out from the technology growth track, with a small net outflow of northbound funds. The balance of the two funds has decreased, and market risk appetite has fallen.

2、 Reason for adjustment: Triple factor resonance, market enters into oscillation consolidation

High profit orders are concentrated and cashed out: AI, semiconductor and other tracks have seen excessive short-term gains, accumulating a large amount of floating funds, causing funds to "abandon high and low" and triggering a stampede.

The decline in volume and the intensification of the stock game: the transaction volume has fallen below 2 trillion yuan, the entry of incremental funds is insufficient, and the "seesaw" effect between sectors is obvious, making it difficult to form a general upward trend.

External and emotional suppression: hawkish statements from the Federal Reserve cooling down expectations of interest rate cuts, suppressing global risk appetite; Overlaying the high-level continuous board stock gap, the market's relay sentiment has dropped to freezing point.