With the arrival of the big red envelopes after the holiday, the Shanghai Composite Index finally practiced Jiuyang Shengong. The songs are played, the dances are danced, and everyone continues to watch the excitement. This week, the Shanghai Composite Index **485%, successfully recovered 3,000 points, and other major indices have **, but the increase did not exceed the Shanghai Composite Index.
Many people said that the index returned to 3,000 points, but it felt that the account balance was not as large as before. This has to talk about the structure of the index during this defense war. The 54th 3000-point defense battle lasted for 72 days from December 13, 2023 to February 23, 2024, during which the SSE 50** range was up to 556%, CSI 300**184%, the tragic GEM, CSI 500, Shenzhen Component Index ** range is 5-7%, CSI 1000 is even more **14%. There are two main reasons for the obvious differentiation of large and small caps, one is that GJD has increased its holdings, and the other is the impact of cyclical fluctuations. The impact of this cycle fluctuation will be mentioned later in the statistics of historical data, and there will be room for correction. 
This 72-day period below 3,000 points belongs to the second longest cycle since March 2019, and the last time it was below 3,000 points for 114 days was affected by YQ in March 20. Previously, some people have counted the correlation between the rise and fall of the CSI 300 index and GDP change data, and found that the correlation between China** is lower than that of markets such as Europe, the United States and Japan. This reminds me of a question, many people like to compare Japan's 30-year shift with the current China, if China's low correlation is long-term, then is it equivalent to having digested the vast majority of Japan's lost 30 years? 
In the five trading days after the Spring Festival, the average daily turnover was 905.1 billion, a decrease of more than 60 billion yuan from the daily average of the four days before the Spring Festival.
The total market capitalization of Shanghai, Shenzhen and North continued to be rapid**, returning to 75 trillion. When the market fluctuates violently, the change in wealth is really the number, the total market value of the lowest A shares before the Spring Festival was only 66 trillion, and it has come to 75 trillion in a few days. 
At present, the central bank's 7-day reverse repo + 14-day reverse repo + MLF total is 782 trillion, in line with the historical trend, the total is at a high level. 
Northbound funds saw a large outflow on the first day after the opening of the market, and gradually stabilized in the following days, with a cumulative inflow of 10.7 billion yuan this week.
CFFEX stock index changes over the same period in historyHeading into the first week of the March settlement cycle, all three major indices remained strong. Historical statistics show that in the two weeks leading up to the March settlement date, the major indices moved in a downward direction. It should still be stable in the early part of the meeting, and the probability of a sharp decline in the index in the following week is low. Whether the historical cycle can be reversed, I look forward to whether some of the measures mentioned in the previous small essay can be implemented during this time. 
According to the historical March data, the CSI 1000 will be relatively stronger than the CSI 300 and the SSE 50.
Transaction data of major stock indexesThis week, the rise and fall, amplitude and turnover of various indices have decreased significantly, and the first stage after deleveraging has basically passed. At present, the index is nine consecutive yang, confidence is slowly recovering, 3000 points is just a starting point, there are some fluctuations in the market, but the trend and range are more considered upward.
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