On May 28, 2015 (April 11, 2015 in the lunar calendar), both the Shanghai and Shenzhen stock indexes plummeted by 6%, exceeding the limit of 500 shares. On May 28, 2015, A-shares were tragic on Thursday! Following the sharp rise in the previous trading days, A-shares pulled back sharply, falling below 4,900, 4,800 and 4,700 points in intraday trading, ending the previous eight consecutive positive days, and the Shanghai Composite Index plummeted by more than 300 points; The Shanghai and Shenzhen stock indexes both plummeted by 6%. At the same time, the transaction volume of the two cities still exceeded one trillion yuan. "May 30 this year is a Saturday, so don't worry about the plunge." It was once a joke ridiculed by stockholders, but unfortunately it became a reality. On May 28th, 2015, due to the negative impact of new share subscription and Huijin's reduction, the Shanghai Composite Index plummeted by more than 6%, falling below the three integer marks of 4,900, 4,800 and 4,700 points in a row. The sector fell almost across the board, with more than 2,000 shares in the two cities falling, exceeding 500 shares falling by the limit, and the trading volume broke another 2 trillion, setting a new historical record. Investors were stunned by this bloody scene, and May 30 once again became a huge shadow: the old investors who experienced the bull market in 2007 seemed to have sprinkled a handful of salt on their wounds; New investors who have not experienced a plunge have a vivid teaching lesson. The most coincidence is that the Shanghai Composite Index plummeted by 6.50% on May 30, 2007. Today, this figure reappears. As of the close, the Shanghai Composite Index also fell by 6.50%, and history has staged a strikingly similar drama. The 8th Anniversary of May 30: If you never forget it, there will be an echo. The so-called "5.30" refers to the five consecutive days of heavy setbacks on May 30, 2007 caused by bad news such as the Ministry of Finance raising the stamp duty rate on securities transactions the night before. On May 29, 2007, the Ministry of Finance adjusted the stamp duty rate on securities transactions from 1 ¡ë to 3 ¡ë. The next day, both the Shanghai and Shenzhen stock markets suffered heavy setbacks. The Shanghai Composite Index plummeted 281.84 points to close at 4053.09, and the Shenzhen Component Index fell 829.45 points, both of which fell by more than 6%. The total market value of the Shanghai and Shenzhen stock markets shrank by 1.2432 trillion in one day. The plunge in 2007 became the last far-reaching event in China's stock market, so that in the following years, around May 30, there would be a wave of panic in the market, even in the current bull market. "After chanting for many days, it finally came true." After the market closed, an old stock investor said. Who created the plunge: Those unexpected negative market went up 5,000 points and once again suffered from intensive counter-pressure from short sellers. Looking behind this, the unexpected negative encounter is the main incentive, which can be sorted out as follows: First, the brokerage firm will reduce the leverage of the two financial services again. On May 26th, GF Securities and Haitong Securities both announced an increase in the margin ratio of the two financing. According to the notice of Haitong Securities official website, the company will increase the margin ratio of margin financing and securities lending for all credit customers by 5% since May 28. This is the second time this month that Haitong Securities has tightened the leverage of margin financing and securities lending business. GF Securities also announced in the official website announcement that it will raise the margin ratio of margin financing and securities lending from 0.7 to 0.75 from May 26. Margin financing and securities lending incited the current round of the market to charge to 5,000 points. This time, the brokerage company lowered the leverage of the two financing and securities lending again, which undoubtedly triggered market panic; Secondly, the regulatory authorities are informed to find out the situation of bank funds entering the market. Recently, the regulatory authorities have required banks to report the entry of funds into the market, including wealth management funds. The interviewed industry insiders believe that the intention of this move is more partial to understand the situation, but there are certain difficulties in the corresponding data statistics. At the beginning of this month, the China Banking Regulatory Commission carried out on-site inspections to strengthen internal control, strengthen risk management, curb illegal and criminal activities, and curb illegal business practices, including checking the illegal entry of funds into the market. Many bank outlets also confirmed that they had received inspection notices. This undoubtedly boosted the market's escape sentiment; Thirdly, according to the public information disclosure of the Hong Kong Stock Exchange, Central Huijin reduced its holdings of China Construction Bank and ICBC in A shares on May 26, involving amounts of 1.9 billion and 1.6 billion respectively. The "shipment" of the national team "adds fuel to the fire" to the plunge; Fourth, rumors about the central bank's recent targeted positive repurchase have caused waves in the bond market. According to sources quoted by foreign media, the central bank has recently conducted targeted positive repurchases to some institutions, with terms including seven days, 14 days and 28 days; In terms of price, it is priced at market interest rates. The central bank's withdrawal of market funds is more equivalent to cutting off the "water source" of the market; In addition, the seventh batch of new shares will be issued next week, including the listing of giant China Nuclear Power. The market expects its frozen funds to be as high as an astonishing 8 trillion yuan. Such a huge blood-drawing effect has led to a strong shock in the market, and the long-lost short-selling power has finally been released. It can be said that this time, A-shares were once again "scared to death" by many negative news. Whose 5000 points: So close and so far Objectively speaking, under all kinds of negative invasions, investors' psychological changes are undoubtedly important influencing factors. According to the survey, many investors have taken profits in the trading days near May 30th, "I'd rather miss it than do something wrong." Many investors said that some investors even opened the market on the morning of the 28th and emptied all stocks. "It's a bull market now, and it's easy to rise and fall, so whenever there is any trouble in my stock, I will clear my position immediately," said a senior investor. "If there is too much floating profit, it will be easier to trample on it." The investor's mentality more or less reflects the group consciousness under today's stock market crash. From the disk, many stocks have gone from the daily limit to the daily limit, which is the result of investors scrambling to flee. One day ago, the Shanghai Composite Index was still hovering before the 5,000-point mark. One day later, investors experienced a frightening transition from heaven to hell. 5,000 points seemed so close and so far away. Where to go after the adjustment: Investors should not forget to bend over and pick up "diamonds". Regarding the operation strategy after today's plunge, many market participants said that the adjustment will not change the bull market pattern, and the market outlook is still optimistic about A shares. Some analysts said that this adjustment will fully digest the pressure of profit-taking, which will help the market go further. In the second half of the year, the blue-chip market is still worth looking forward to. Stagflation sectors in the early stage, such as real estate, banking, securities firms, automobiles and other sectors, are expected to become the valuation depression of capital concern and become the leading sector in the next round of rise. In addition, some private equity fund managers said that after this adjustment, it is time to choose excellent stocks like gold and diamonds. Generally speaking, when the market is facing a huge sum of money and investors are worried about the 5.30-style negative situation, the early general rise and eruption market will no longer exist, and individual stocks in the sector will show a large differentiation phenomenon. More analysis shows that in terms of general policy orientation, under the background of the positive medium and long-term trend of the market, the high savings rate makes the securities market full of reserve strength, and the A-share market will still be the main battlefield for the allocation of large funds in the later period. The attraction of funds may continue to remain at a high level, and we are still optimistic about the medium and long-term operability of the market.