[stock market close] the three major indexes closed slightly lower, organosilicon, steel and other pro-cyclical sectors continued to be strong.

Index volatility weakened in the afternoon, the market differentiation is obvious, individual stocks fell, up more than 9% of the stocks only 50, the market moneymaking effect is poor. Plate, paper, chemical, silicone, steel and other pro-cyclical plates continued to be strong, pork, banking, tourism, secondary new stocks and other sectors pulled up in intraday trading. In the afternoon, technology stocks dived sharply, semiconductor sector led the decline, iFLYTEK, Haikang Weishi and other technology core stocks tumbled, capital risk aversion increased, core assets Guizhou Moutai new high. On the whole, the performance of pre-holiday funds is cautious, and we should pay attention to short-term market risks. On the disk, the aquaculture industry, animal vaccines, silicone and other plates led the rise, SMIC, HIT batteries, third-generation semiconductors and other plates led the decline.

As of the close, the Prev index fell 0.46% to close at 3517 points; the Shenzhen Composite Index fell 0.67% to close at 15233 points; and the gem index fell 0.15% to close at 3223 points. Shanghai shares have a net inflow of 566 million, while Shenzhen stocks have a net inflow of 2.857 billion.

Huaxi Securities analysis, pre-holiday liquidity disturbance, investors are mostly waiting for the central bank to step in to dispel doubts. In February alone, factors such as "repeated epidemics" and "local festivals" put downward pressure on the economy, and did not agree that the central bank's monetary policy had turned to the point of view. Historically, A-shares "rose more and fell less" in February, which is still a "spring restless" month. In February, the industry configuration of essential consumer goods (such as medicine, food and beverage, etc.) is dominant; in addition, following the US stock mapping is also an important configuration idea, such as "new energy, electric vehicle industry chain (non-ferrous, Dianxin)" and so on.

Wanhe Securities believes that the market is approaching the Spring Festival or shrinking, the market is relatively insipid. The current spring market is still not completely over, the overall logic of the market remains unchanged. On the one hand, the issuance of public funds and fund-raising are still relatively active; on the other hand, the profits of industrial enterprises in 2020 and January PMI are relatively good, pointing to the continued recovery of fundamentals. Looking back, the market will still be dominated by structural prices, and some overvalued industries need to be relatively cautious. When the market changes, overvalued industries may fluctuate more. From the perspective before the Spring Festival, the Spring Festival period is a stage of greater capital demand for enterprises and residents, liquidity is still one of the main contradictions in the current market, and we need to pay attention to the changes of liquidity and the open operation of the central bank in the future.

China International Capital Corporation said that the market may enter a temporary period of calm, and the subsequent debate over whether the policy is loose or tight and whether growth has peaked may be an ongoing focus. Industry suggestion: focus on structure rather than index. 1) consumption may continue to recover from a low base throughout the year, with relatively high certainty, it is still the key direction of stock selection from the bottom up; 2) absorb new energy and new energy vehicle industry chain in the middle and upper reaches of the industry chain; 3) science and technology and industrial independence pay attention to low-tech hardware such as electronic semiconductors; 4) cyclical industries pay attention to some metal raw materials, crude oil industry chain, and so on.

Societe Generale Securities Research and judgment, liquidity disturbance, increased volatility, absolute income bagged before the Spring Festival for a strong mood, a variety of factors to accelerate market adjustment. But on the whole, the view of being optimistic about the long window period before the two sessions has not changed. The fundamentals are still in the upward stage of domestic and global resonance, the overall liquidity of the stock market is relatively abundant, and residents' financial management funds and global allocation funds continue to enter the market. Standing at this point in time, liquidity has become the focus of attention at the end of January, but perhaps the tightest stage has passed. Make use of the better window period at this stage, combined with the prosperity direction of the annual report, adjust the position structure, select high-quality companies, and embrace core assets.