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[introduction] why did a-shares plummet on the 2nd?

china fund news reporter taylor

brothers and sisters, today's a-shares opened september with a green! the big rally last friday did not continue to the first trading day of september.

let’s review what happened.

on the 2nd, the three major a-share indexes opened low and fell, and the decline accelerated in the late trading. the shanghai composite index continued to hit a new low since the adjustment. as of the close, the shanghai composite index fell 1.1%, the shenzhen component index fell 2.11%, and the chinext index fell 2.75%.

a total of 823 stocks in the market rose, 54 stocks hit the daily limit, and 4,415 stocks fell.

in the market, only high dividend sectors such as coal, banking, insurance and oil rose.

chip stocks collectively adjusted,weijie innovationdown more than 10%.

stocks with chinese characters in their names fluctuated downward!

why did the market suddenly fall today? market analysis shows that there are three reasons.

first, in august, the manufacturing purchasing managers' index (pmi) was 49.1%, down 0.3 percentage points from the previous month, and the manufacturing boom declined slightly. in terms of enterprise size, the pmi of large enterprises was 50.4%, down 0.1 percentage points from the previous month, still above the critical point; the pmis of medium and small enterprises were 48.7% and 46.4% respectively, down 0.7 and 0.3 percentage points from the previous month. in terms of sub-indexes, among the five sub-indexes that make up the manufacturing pmi, the production index, new order index, raw material inventory index, employee index and supplier delivery time index were all below the critical point.

second, the reasons for the big rise last friday were falsified today.

september 2,china merchants bankpresident wang liang said at the bank's 2024 mid-term performance exchange meeting: "regarding the policy on mortgage transfer, we have also seen such information in the media, but we have not received any opinions from the macro-management department, the people's bank of china or the financial administration, nor have we sought the opinions of commercial banks, so this policy has not been confirmed yet, it is just some rumors in the media."

recently, foreign media reported that china is considering further lowering the interest rates on existing mortgage loans and allowing existing mortgage loans worth up to 38 trillion yuan to be converted into mortgages in order to reduce residents' debt burden and boost consumption.

wang liang said that if this policy is to be introduced, it will have a certain negative impact on the existing mortgage interest rates in the banking industry. the macro-management department will conduct sufficient demonstration and research before introducing such a policy.

influenced by the news, real estate stocks generally fell today.

third, the new "curse" of a-shares has been trending among investors.

the so-called new "curse" means that in the past three months, new rules have emerged in the a-share market.6in january, july and august, there was a big positive line on the last trading day of the month, followed by a downward trend for almost a month.

investors are generally worried that the rebound will be short-lived, so in the context of a general surge last friday, they may take profits at highs on monday and their willingness to go long has also begun to weaken.