A-shares adjustment, three main reasons

This morning, the index fluctuated significantly. The Shanghai Composite Index once fell below 4100 points during the trading session, with a maximum decline of over 0.8%, followed by a rebound and narrowing of the decline. On the market, technology stocks retreated, and the computing power industry chain experienced a major drop. Consumer goods, high dividend assets, and chemical sectors rose. Regarding the reasons for the market fluctuations, based on various market perspectives, the main factors are as follows: First, on Monday local time, the US stock market was closed for Martin Luther King Jr. Day, and trading resumed on Tuesday. US stock index futures fell sharply today, causing concern about the performance of US stocks on Tuesday, leading to poor performance in most of the Asia-Pacific stock markets this morning. In terms of news, Xinhua News Agency reported that on the 17th, US President Trump announced on social media that starting from February 1, the US will impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland. Second, changes in market liquidity. First, since January 15, the turnover of the overall market has rapidly decreased. Secondly, the margin balance has ended a 10-day consecutive increase. As of January 19, the margin balance of the A-share market was 2,705.9 billion yuan, a decrease of 8.5 billion yuan from the previous day. Since the beginning of 2026, as of January 16, the margin balance of the A-share market had increased for 10 consecutive trading days. In addition, several broad-based ETFs have been trading at high volumes recently, including the Huatai Bairui CSI 300 ETF, the SSE 50 ETF, the Kechuang 50 ETF, and the CSI 300 ETF, among others. Third, the cooling of the commercial space concept.