The Prev fluctuated in a narrow range throughout the day, and the intraday impact of 3700 points fell back. The daily turnover of the two cities was close to 1.5 trillion, exceeding 1 trillion for 36 consecutive trading days.

The plate continued to divide, and periodic sectors such as chemical industry, coal, and electric power continued to be popular with funds. Meta-cosmic concept stocks staged a rise in the afternoon, with Tom Cat, Digital Video, Shunwang Technology and so on only rising by more than 20%. Plate leader Gore shares rose by the limit in late trading, and the stock price hit an all-time high.

By the end of the day, the Prev index was down 0.04%, the Shenzhen index was down 0.1%, and the gem index was down 0.97%. Northbound funds sold 1.618 billion yuan net throughout the day, ending 12 consecutive net purchases, of which Shanghai shares sold 2.884 billion yuan and Shenzhen stocks bought 1.266 billion yuan.

　　Rapid increase in the number of quantified products

While A-shares have made over-trillion transactions for many consecutive days, the index fluctuates in a narrow range, and the moneymaking effect of individual stocks has not spread significantly. This has led the market to discuss who is driving up trading volumes.

At present, quantitative trading is generally considered to be the main driving force of the current round of A-share trading volume. Some sellers even throw out the judgment that quantitative transactions account for as much as 50%, so is this really the case?

According to the Securities Times, the quantitative daily turnover of the A-share market at this stage is about 200 billion yuan, accounting for about 20% of the total turnover.

CITIC research newspaper believes 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 volatility has reduced the leverage level of some quantitative strategies and reduced their actual exposure.

Whether it's 20% or 10% to 15%, it's a far cry from 50%. That being the case, why is the market so sensitive to quantitative trading?

In the final analysis, there is an obvious gap between people and computers. If quantitative trading becomes mainstream, it will be much more difficult for individual investors to invest. And there are some problems with quantitative trading itself.

Yi Huiman, chairman of the Securities Regulatory Commission, also mentioned recently that quantitative trading and high-frequency trading are more common in mature markets, which not only enhance market liquidity and pricing efficiency, but also easily lead to trading convergence, increased volatility, violation of market fairness and other problems.

In addition, it is worth noting that although quantitative trading may bring some problems, it is undeniable that the number of quantitative private equity products has increased rapidly in recent years.

Private placement network data show that by the end of August, the number of 10 billion quantified private placement has reached 20, a total of 1930 private equity new products have been filed, accounting for half of the 10 billion private equity new products.

　　Did not encounter window guidance.

Perhaps because of the sudden increase in attention, the news around quantification has become more and more recently.

According to the China Fund News, there are market rumors that regulators are providing window guidance and on-site interviews for quantitative private placement, which may be required to reduce the frequency and limit the size.

On this news, Magic Quantification related people responded that regulators only understand the market situation, and did not make requirements to reduce the frequency, limit the scale and so on.

At the same time, it is worth noting that there are many quantitative products have been closed recently. Yesterday, Tianxiang Capital, which reached 30 billion in size, announced a moratorium on fund-raising.

On September 3, Evolutionist Asset issued a suspension announcement for its quantitative line products. Before that, the 10 billion Qilin private equity investment announcement said that from August 16, the company suspended the issuance and offering of market-neutral strategy products.

In this regard, some analysts believe that to a certain extent, because the iterative speed of investment and research strength and strategy can not keep up with the growth rate of management scale, the lack of R & D investment limits the improvement of strategy capacity.

Finally, the fundamental reason why Quantification has been pushed to the forefront recently is that it has achieved very good performance in the past period of time.

In the capital market, making money is the only absolute truth, your products can make money for a long time, then your attention and exposure will naturally come.

　　Outlook for the future of A-share market

As far as the future is concerned, technically, after the Prev index accelerates its rise, if it can break through the previous high, or open a new round of rising space.

The recent transformation of the market structure is not only caused by the flow of funds from the overvalued plate to the undervalued plate, the deeper reason lies in the change of the prosperity of the industry.

At the same time, superimposing the trend trading characteristics that are particularly obvious this year, in the case of cyclical plates and "Chinese prefixes" stocks forming a more obvious moneymaking effect, the above-mentioned plates may become a new hot spot in the market and drive the market to further rise, challenging the highs of the year.

Therefore, under the background that there is no lack of market liquidity, today's shock adjustment is more about digesting the increase of the previous period.