Main contract of futures indexIF1606Suspected of being pointed out by an oolong, briefly hitting the limit down during trading

Chinastock market indexfuturesIt is the second time this month that the market has experienced such intense momentary fluctuations, achieving a rebound in less than a minute after the limit down.

Tuesday（5month31Day)ALed by financial stocks, stocks quickly rose, and the Shanghai Composite Index briefly surpassed2%approximation2900Point, the futures market is also strengthening, but in the10spot42Divided into left and right, with a sudden appearance of the oolong index during trading, Shanghai and Shenzhen300Index futures main contractIF1606Once dropped to2732.4Point, hit the limit down, and then quickly regained almost all lost ground in less than a minute. Currently, the main contractIF1606rise2.70%Left and right, report3118.8Points.

Main contractIF1606Time sharing chart:Foreign exchange gold


Main contractIF1606Daily chart:


Bloomberg summary data shows that the China Financial Futures Exchange6Monthly contract turnover exceeds1500Zhang, set a record for the highest daily trading volume. This big drop and rise trend has an impact on Shanghai and Shenzhen300The index did not have much impact and rose at the end of early trading2.62%。

Previously, the Hang Seng State Owned Enterprise Index futures5month16Similar inexplicable phenomena have also occurred in the past, which intensified the market's tension. Investors were worried about the prospects of the Chinese stock market under the slowdown of economic growth and the continuous decline of the renminbi. Shanghai and Shenzhen300The index has fallen so far this year16%, andMSCIEmerging market indices rose during the same period2.2%。

Market insiders suspect that this may be due to the contract encountering a "dragon finger". Fang Shisheng, Deputy General Manager of Dongzheng Futures, said in a telephone interview that it looks like an oolong finger; At that time, the market trading was really light, so once there were large orders, the market was likely to experience drastic fluctuations, and the orders seemed to come from hedging investors.

However, another analysis suggests that it may also be hedging, buying a lot of stocks, shorting the futures index, and locking in profits. Because there are now restrictions on placing orders for stock index futures (after the stock market crash, the daily limit for a single speculative account in the futures market is even)10Hand), exceeding10Hands are all abnormal transactions. This exceeds10I'm sorry, I can't point my finger.


[blockquote]Such a large volume of orders can only be covered by hedging policies, and opening a short hedging policy means buying spot goods,700The corresponding spot price for the Zhang contract is approximately7

21According to interviews conducted by Century Business Herald with multiple industry insiders,IF1606The probability of a single day crash being related to speculative trading is relatively low, and the reason for the rapid decline may be due to the lack of liquidity in the futures market caused by large hedging orders.
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along withMSCIEvaluate whether to includeAThe date for stocks to be included in emerging market indices is approaching, and a large amount of "smart money" is starting to betAStocks. Today's International Investment Bank Goldman Sachs（GS）Sent a report stating that China has70%Probability passedMSCIShenzhen Hong Kong Stock ConnectMSCIThe positive news stimulated a sharp rise in brokerage stocks in the early trading session.

[blockquote]As of early closing, Shanghai Composite Index Report2891.15Point, up68.70Point increase2.43%, Transaction amount:1200.34RMB100mn
Shenzhen Component Index Report10041.60Point, up272.76Point increase2.79%, Transaction amount:2058.47RMB100mn
Shanghai and Shenzhen300Stock index report3147.13Point, up80.42Point increase2.62%, Transaction amount:831.38RMB100mn
ChiNext Index2125.36Point, up66.84Point increase3.25%, Transaction amount:639.40RMB100mn
[/blockquote]
Credit Suisse analyst Chen Li stated in a research report that at investor conferences held in Shanghai and Beijing over the past two weeks, most mainland investors believe that the valuation of large cap stocks and government policies will support the Shanghai Composite Index to remain stable in the short term2700Point above. In addition, mainland investors believe that the depreciation of the renminbi has limited impact. Given the improvement in return on equity, investors are still seeking investment opportunities in consumer stocks.

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