A股再度陷入调整，有这些原因

Market Overview - The three major indices in the A-share market collectively declined, with the ChiNext index dropping over 2% at one point. The Shanghai Composite Index closed down 0.01%, the Shenzhen Component Index down 0.97%, and the ChiNext Index down 1.79% [1] - Over 3,100 stocks in the market experienced declines, with total trading volume reaching 2.78 trillion yuan, an increase of 694 billion yuan compared to the previous trading day [1] Sector Performance - The chemical sector showed strong performance, while precious metals continued their upward trend, and the real estate sector was active. Conversely, sectors such as computing hardware and commercial aerospace saw significant declines [1] - The average stock price across the A-share market recorded its second bearish signal for 2026, indicating a cooling trend [3] External Influences - Concerns from the U.S. stock market, particularly due to negative sentiment stemming from news related to Japan and Greenland, affected the Asia-Pacific markets [4] - Japan's Prime Minister announced the dissolution of the House of Representatives for elections, leading to a sell-off in long-term Japanese government bonds and rising yields [5] - The impending U.S. tariffs on Greenland are contributing to increasing trade tensions, which may impact demand for U.S. assets and accelerate declines in global bond prices [5] A-share Market Dynamics - The financing buy-in amount for A-shares dropped to 267.4 billion yuan on January 19, down 20.35% from the previous Friday and 40.68% from the peak of 450.8 billion yuan on January 14 [6] - There has been a significant outflow of funds from stock ETFs, with over 400 billion yuan net outflow recorded, marking the third consecutive day of substantial outflows [8] Stock Trends - The market has seen a shift in trading dynamics, with a notable cooling in aggressive short-term trading styles. The number of consecutive daily limit-up stocks has decreased from six to three [9] - Technology stocks, particularly in computing hardware and AI applications, have generally retreated, while sectors like precious metals and chemicals have shown gains [9] Policy and Industry Insights - The Ministry of Industry and Information Technology and other departments have issued guidelines to promote zero-carbon factory construction, which is expected to support the green transformation and high-quality development of the chemical industry [11] - Analysts suggest that the Chinese chemical industry may experience a revaluation due to reduced capacity expansion, potentially leading to higher dividend yields and a shift from being a cash-consuming sector to a cash-generating one [11]