The Shanghai and Shenzhen stock markets rose unilaterally throughout the day, and the Prev once again stood at the 3,600-point round mark, with the turnover of the two markets exceeding 1.4 trillion yuan, exceeding 1 trillion yuan for 34 consecutive trading days, and a net northward capital inflow of 3.381 billion yuan.

White Horse plates such as liquor, medicine, food and beverages on the plate ushered in a rebound, but the performance of high-level plates such as silicone and photovoltaic was depressed, and the market as a whole was still dominated by rotation.

By the close, the Prev index was up 1.12%, the Shenzhen Composite Index was up 2.59%, and the gem index was up 4.06%.

　　The market of "drinking and taking medicine" returns.

The pattern of today's market is the high and low switch, the early high hot stocks callback, the traditional white horse rebound. Among them, liquor and medicine are the most eye-catching.

In the past period of time, liquor, medicine, these two major sectors continue to adjust, so that investors can not help but doubt life. There are even jokes about liquor, medicine and the Internet as the new "three idiots" of the stock market.

Today, liquor and medicine are finally in high spirits, and many of the leading stocks in the traditional Chinese medicine and medical sectors have gained gratifying gains.

For example, Kailiying and Tongshi Medical rose by the limit, and Mindray Medical rose by 7.68%. Earl Ophthalmology rose by more than 9.19%.

And Mindray Medical, Ayre ophthalmology are the gem heavyweight stocks, their surge also contributed to the gem index rebound sharply. As for the reasons for the rebound of liquor medicine, there is nothing special, mainly because the plate has fallen a lot.

At the same time, today's early hot lithium ore, photovoltaic building integration, organosilicon and other high-level plates ushered in a collective pullback, of which the Tibetan mining industry once fell to the limit.

On the news side, Tibet Mining announced on the evening of September 2 that the company received a "letter of notification of the share reduction plan" from Tibet Zanghua Industry and Trade Co., Ltd. on the same day, the cumulative number of shares to be reduced does not exceed 10.4164 million shares, accounting for no more than 2 per cent of the company's total share capital.

It should be noted that on September 2, the share price of Tibet Mining hit an all-time high.

The sudden reduction of shareholders' holdings naturally suppressed the speculation mood of the relevant sectors, and these high-level track stocks rose relatively large in the early stage, accumulated a larger profit market, and they will naturally face adjustment pressure.

　　What kind of funds are behind the trillions of transactions?

It is worth noting that the recent A-share trading volume has been explosive, its turnover has been more than trillion for 34 consecutive trading days.

According to historical experience, the A-share market with high turnover for such a long time should show a general upward trend. But now, the recent trend of A-shares is still lukewarm, and the market is still structural.

GF Securities Co., LTD. 's strategic research report also pointed out two abnormal phenomena under the global asset linkage in late February and mid-May this year, which helped Guangfa grasp the two most important beta judgments this year. These two judgments are "the market value of the microstructure adjustment layout is sinking", and "the peak of global inflation expectations is conducive to growth."

Now the third abnormal phenomenon has appeared, that is, the turnover of A shares has exceeded trillion yuan for several consecutive trading days, but the index fluctuates in a narrow range, and the moneymaking effect of individual stocks has not spread.

So who is buying behind the trillions of daily transactions? Is there any incremental funds coming in?

In terms of incremental funds, there are two main directions. One is the transfer of property market funds to A shares, and the other is the enhancement of residents' awareness of wealth management and the willingness to buy equity assets.

In addition, there are three main reasons for the high trading volume of A shares for many days in a row.

The first is the adjustment of positions and the exchange of shares of the organization. At present, the dominant force of A-share trading is domestic capital, in which institutional funds are the bulk. So far, the size of new public offering funds has exceeded 2 trillion yuan this year.

At the same time, it should be pointed out that the institutional position adjustment behavior can not make the market rise, and if it wants to achieve smooth position adjustment, it must rely on a huge trading volume to achieve.

The most recent example of this behavior is September 1. The market on that day was similar to that of today, when hot "tracks" such as lithium electricity collectively fell, while the traditional blue-chip sector broke out, and the turnover on the day exceeded 1.7 trillion.

The second is the continuous purchase of northward funds. As of today, northbound funds have achieved net buying for 11 consecutive trading days.

The third is the quantitative fund with rising popularity recently. Recently, there has been a view that the high trading volume of A shares is attributed to quantitative funds.

According to the China Fund News, a number of head quantitative agencies and securities firms said the data were completely distorted. In the long run, quantitative investment will not affect subjective investment.

Citic's research report also pointed out that the proportion of quantitative strategies in the A-share market is currently stable at 10%-15%, and has not been significantly magnified recently. on the contrary, the increase in market-wide volatility has reduced the leverage level of some quantitative strategies and reduced their actual exposure.

　　Outlook for the future of A-share market

After the end of the China News season, the pre-popular track entered the recuperation stage, and with the improvement of steady growth expectations, undervalued sectors such as infrastructure chain and financial real estate chain have shown a strong performance in the near future. the market is characterized by style rebalancing and "high-low switching" and "size switching".

From the perspective of the middle line, from the fundamental situation such as industrial trends, reported capital expenditure and high profit growth, from the point of view that macro policies tend to be stable and loose, and industrial policies still support scientific and technological innovation and industrial upgrading, the medium-term style will still be "biased towards growth", and the adjustment of some high-quality companies may bring opportunities for bargain absorption.